The Milk Road Show How Crypto Actually Becomes Part of Global Finance w/ Nevin
Dec 25, 2025
In this discussion, Nevin Freeman, Founder of Reserve Protocol, delves into the gritty realities of how crypto is integrating into global finance. He explains the persistent Bitcoin cycle driven by sentiment and explores macro factors that might shift market narratives. Nevin illuminates the importance of compliant tokenized securities through the Digital Securities Initiative and the challenges of institutional adoption. He also discusses innovative solutions for KYC compliance using ZK credentials, showcasing the ongoing evolution in decentralized finance.
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Speculation Drives Crypto Cycles
- Crypto price moves are largely driven by what people expect others to do, making it a self-referential speculative process.
- Nevin Freeman thinks that speculative dynamics can produce roughly four-year cycles even without fundamentals.
Portability Is Crypto's Enduring Edge
- On-chain assets win over time because they are portable and can be moved across platforms and jurisdictions instantly.
- Nevin Freeman sees that portability and composability as a lasting network-effect advantage over traditional finance.
DTFs Are On-Chain ETFs With A Catch
- A Decentralized Token Folio (DTF) is an on-chain ETF: a redeemable token representing a smart-contract-held basket.
- DTFs face regulatory KYC challenges when underlying assets require issuer whitelists, which Reserve aims to solve.