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Sam Bankman-Fried and Matt Levine on How to Make Money in Crypto | Odd Lots
Explaining unique crypto market dynamics and using a Starlink analogy to illustrate stablecoins as efficient financial infrastructure.
TRANSCRIPT
So it's hyper-efficient. The interesting dynamic at play is that in the fiat FX markets, as you get bigger, your pricing comes down. In the crypto markets, as you get bigger, your pricing goes up because the spreads widen. So the market is way more efficient for startups. Over time, the markets get deeper and deeper. And so those startups are
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Founders discuss the challenges of starting a crypto company in 2022, navigating the Terra Luna and FTX market collapses.
TRANSCRIPT
Okay, lots to talk about with both Bridge and Privy. I realized with Bridge, when you started it, it was 2023. Was that like at the very nadir of the doom loop for crypto? We started right before then. So we started right when it was interesting, which maybe made it worse. Which is fine. You did not know it was going to be horrible.
This was, it
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Explaining why crypto has low correlation with risk assets and predicting its future as a major institutional asset class.
TRANSCRIPT
Yeah, so I actually strongly believe that Bitcoin and other blockchain assets are going to generally have a very low correlation with risk assets.
The reason is smart money doesn't own it.
And the reason all these other weird asset classes that intrinsically have nothing in common or highly correlated is modern portfolio theory was so successful
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