Here’s a rough view of all money in the world since 1971.

• Blue line = global monetary base, ~$30T

• Gold line = gold, ~$10T

• Teal line = total crypto marketcap excluding Bitcoin, ~$1.5T

• Orange line = Bitcoin, ~$1T

A quick sense-check with CryptoVoices’ BaseMoney chart & VisualCapitalist’s famous infographic shows that’s about right.

But what could these proportions mean?

• After 10 years, digital-gold (Bitcoin) is already worth ~10% of Au79 elemental gold.

• All other crypto-currencies are worth ~5% of nation-state currencies in the world.

Granted, these might be the wrong analogies to draw…

• Maybe I need to include broad money (M2), 3x bigger than narrow money (M1).

• Maybe I need to separate global equities (~$90T) & comp to crypto with P/E ratios.

• Maybe I need to include all global debt ($250T), global wealth ($360T), real estate ($280T), & derivatives (>$550T notional) → but who knows whether those categories are mutually exclusive + completely exhaustive, or even accurate.

All I know is:

• ‘Money’ isn’t exactly what we think it is.

• ‘Intrinsic Value’ morphs the more you try to pin it down.

• ‘Disruption’ is rarely predictable, inevitable, or estimable.

But if I were a betting man…

I would guess we’re only 5-10% of the way through phase 1 of this process; hence there are probably a few bets that could net patient investors a 10-20x return, measured in a trading-pair of new-world value over old-world value (ex: ₿ / $).

Place your bets.

– Sovereign ⚔️ 🔑

Here’s a rough view of all money in the world since 1971.

• Blue line = global monetary base, ~$30T

• Gold line = gold, ~$10T

• Teal line = total crypto marketcap excluding Bitcoin, ~$1.5T

• Orange line = Bitcoin, ~$1T

A quick sense-check with CryptoVoices’ BaseMoney chart & VisualCapitalist’s famous infographic shows that’s about right.

But what could these proportions mean?

• After 10 years, digital-gold (Bitcoin) is already worth ~10% of Au79 elemental gold.

• All other crypto-currencies are worth ~5% of nation-state currencies in the world.

Granted, these might be the wrong analogies to draw…

• Maybe I need to include broad money (M2), 3x bigger than narrow money (M1).

• Maybe I need to separate global equities (~$90T) & comp to crypto with P/E ratios.

• Maybe I need to include all global debt ($250T), global wealth ($360T), real estate ($280T), & derivatives (>$550T notional) → but who knows whether those categories are mutually exclusive + completely exhaustive, or even accurate.

All I know is:

• ‘Money’ isn’t exactly what we think it is.

• ‘Intrinsic Value’ morphs the more you try to pin it down.

• ‘Disruption’ is rarely predictable, inevitable, or estimable.

But if I were a betting man…

I would guess we’re only 5-10% of the way through phase 1 of this process; hence there are probably a few bets that could net patient investors a 10-20x return, measured in a trading-pair of new-world value over old-world value (ex: ₿ / $).

Place your bets.

– Sovereign ⚔️ 🔑