Six cases covering the full arc of the crypto industry: from El Salvador adopting Bitcoin as legal tender to BlackRock tokenizing Treasuries. Protocol, treasury, exchange, DeFi, governance and institutionalization.
In 2021, the first country in the world adopted Bitcoin as legal tender. The Chivo wallet, the Volcano Bond, the IMF critique and what network theory says about digital money.
Crypto · TreasuryMichael Saylor turned a B2B software company into the world's largest corporate holder of Bitcoin. Signaling theory, convertible notes and the reinvention of the corporate balance sheet.
Crypto · ExchangeIn April 2021 Coinbase gave up billions in new capital by choosing a direct listing instead of an IPO. Market microstructure and the business of trust in exchanges.
Crypto · DeFiIn May 2022, US$60 billion evaporated in 7 days. Diamond-Dybvig, mechanism design and the most expensive lesson ever charged in DeFi.
Crypto · GovernanceNine days for a US$32 billion exchange to turn to dust. Agency theory, commingling and what John Ray III documented upon taking over.
Crypto · InstitutionalizationThe world's largest asset manager brought Treasuries to Ethereum in March 2024. What this means for banks, DeFi and the future of financial infrastructure.
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