Gwart (@GwartyGwart)

Apart form price action, if you’re wondering why people are still bearish despite a 180 from the president and regulators it’s because almost nothing people are all torqued about is investable for most people. Stables? ok sick, dollar coins. Coinbase has Base which is crushing for *shareholders* (I guess we’ll see how this turns out) Coinbase —> perps coming soon (?), again not an investable “project” just CB making more money Robinhood and Blackrock tokenizing the world —> changing form factor of an asset still controlled by the incumbents Like all of this is great and a sign of maturation and opens up new participants etc etc but this isn’t like an obvious 100x for all the governance tokens we’ve stashed away, tradfi isn’t “adopting” they are just coming and stealing lol. Of course, there will be products that can innovate faster and challenge the incumbents blah blah but don’t expect us to get excited that Larry fink is sticking the S&P 500 on chain, we don’t want index fund returns and it doesn’t even appear that most of what people are shilling as long term bullish is allowing people to be early to projects any longer. There is 0 reason to think that any of these *current* projects will have outsized gains from the sentiment shift or legitimizing of the industry tbh