Blockchains collapse the cost of digital asset creation, custody & transfer, enabling *programmable value* of all kinds. Money, while an important application of blockchains, is a subset of the broader programmable value universe. Money like Bitcoin is likely to be the greatest *single instance* of value capture within the programmable value universe, which is why many of the top cryptoassets today are battling for this position. But being the greatest single instance of value
Take global asset values:
– Gold: $7.7T
– Stock Markets: $73T
– Broad-Money: $90T
– Debt: $215T
– Real Estate: $217T
– Derivatives (low-end): $544T
Placing the world over $1 quadrillion in value, where monies most broadly defined represent < 10% of that value. Blockchains have already created a new asset class in crypto w/ BTC leading the charge, will reform markets around existing asset classes, and will spawn hybrids that solve principal-agent problems that have plagued social organization for centuries. So while I do agree a crypto-money is likely to be the largest single instance of value capture, saying it will be the *only value capture* ignores what we empirically see in the traditional world today, and the blooming crypto world of tomorrow.
Last thought: due to the expanding world of programmable value within