The Rollup Jordi Alexander on BTC vs. Alts, Market Maker Dynamics, and Macro Outlook
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May 24, 2025 
Jordi Alexander, founder of Selini and Chief Alchemist at Mantle, dives into the complexities of the crypto market. He discusses why Bitcoin remains the key macro asset and shares insights on the struggles of Ethereum. The conversation covers market maker dynamics, including ethical concerns around token auctions. Jordi also highlights the impacts of Japan's bond crisis on global finance and debates the potential for alt seasons, while examining the rise of meme coins and their challenges in retaining value.
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Bitcoin as the Ultimate Macro Asset
- Bitcoin is the fastest horse as a macro asset and key dollar replacement.
- Its growth benefits from global concerns over U.S. dollar dominance and macroeconomic instability.
MicroStrategy's Auction Game Theory
- MicroStrategy's strategy resembles an auction game where buyers risk overpaying and dilution happens.
- Early players like Saylor benefit by harvesting premium stock price, while later investors face higher risks.
Avoid Toxic Market Maker Models
- Typical market maker deals involve loan-call option models incentivizing token dumping.
- It's better to use small token grants aligned with liquidity provision to avoid destructive incentives.