Presents the thesis that the Genius Act destroyed Bitcoin by enshrining stablecoins, removing Bitcoin's intermediary use case, coinciding with Bitcoin's price peak last July.
Kelly
Emily Partners
Argues the surge in gold undermined Bitcoin's 'digital gold' narrative, as gold acts more effectively as a hedge against global instability. Bitcoin is a narrative-driven asset, and the narrative is lost, causing panic.
Cosmo Jiang
While prices are down, fundamental adoption of digital assets is increasing. New financial companies are entering the space (JP Morgan, Robinhood, Western Union), creating long-term opportunity.
Challenges the relevance of tokenization flows to Bitcoin's price, arguing Bitcoin lost its narrative as it went mainstream. Questions Bitcoin's intrinsic value.
Kelly
Emily Partners
Tokenization tailwinds benefit Ethereum, not Bitcoin. Bitcoin's original anti-Wall Street/government narrative has been co-opted by institutional and government support (ETFs), creating a crisis of confidence.
Cosmo Jiang
Distinguishes Bitcoin (digital gold/store of value) from blockchain technology. Believes Bitcoin goes through cycles and its value as a censorship-resistant store of value will be recognized again.
Bitcoin's price drop by half changes the institutional adoption story, making it hard to see a more bullish narrative than the past year. Regulatory success led to the opposite price outcome.
Kelly
Emily Partners
Real-world asset tokenization is booming due to tangible use cases, unlike Bitcoin. Gold has physical utility (jewelry), while few people use Bitcoin for payments.