The Breakdown 5 Questions Shaping the Near Future of Crypto and Macro
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May 15, 2025 Byron Gilliam, the insightful lead writer for Blockworks' daily newsletter, shares his perspectives on the rapidly evolving landscape of crypto and macroeconomics. He discusses Bitcoin's shifting role as a perceived safe haven amidst economic instability. The conversation highlights the complexities of market dynamics, including the impact of AI enthusiasm and interest rate hikes. Byron also considers how political factors could reshape the future of cryptocurrency, challenging conventional economic wisdom in the process.
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Bitcoin’s Risk-Off Asset Evolution
- Bitcoin is seen as insurance against hyperinflation or dollar default even though its price falls when such risks rise.
- Its price movements suggest it is evolving toward a risk-off asset but hasn't fully become one yet.
Tokenization’s Regulatory Momentum
- The SEC is considering sandboxes to allow securities trading on chain, signaling evolving regulatory acceptance.
- Tokenization could change financial markets by merging traditional finance and crypto, impacting stock and crypto dynamics.
Crypto Valuation Becomes Relevant
- Crypto protocols increasingly resemble companies with revenue models, blurring lines between tokens and stocks.
- Valuation metrics may begin to predict token prices, shifting crypto trading from beta to alpha strategies.