저자: CathieWood · 외국인
요약 보기
캐시 우드는 비트코인을 가장 순수한 디지털 화폐이자 규칙 기반 통화 시스템으로 보며 장기 보유 입장을 밝힘. 스테이블코인(USDC)은 DeFi에서 약 10%대 이자 수익이 가능하다고 설명하고, 중개인이 빠지면 거래 수수료가 1% 이하로 떨어질 것이라 주장. 이더리움(레이어2 수수료 구조)과 솔라나도 보유 중이며 비트코인 외 주요 보유 자산으로 언급. 전반적으로 탈중앙 금융의 장기 성장과 투명성을 강조.
다듬은 글
Bitcoin is the cryptocurrency and we think it's going to be uh the biggest one by far. By far. Uh now it's focused on it's a monetary system rules-based. The rule is quantity theory of money. So 21 million units that's where it's stopping and we're at about 20 million units right now. Uh so that's quantity theory.
Stable coins are are based as I mentioned before on the dollar and uh if you can find a way to use those stable coins which you can in the decentralized finan in DeFi decentralized financial services you can earn money uh you can earn uh money from your stable coins. Kathy Wood starts off by pointing out a crucial difference that most people overlook.
Cryptocurrencies and crypto assets are not the same thing. Because it is transparent, decentralized, and theoretically rare, Bitcoin is the purest form of digital currency, she explains. And as such, it dominates the cryptocurrency market. No central authority can print more of it since its supply is controlled by the quantity theory of money.
Bitcoin's hard cap of 21 million coins, almost all of which have already been mined, provides it enduring worth in a world where printed money is everywhere. For further updates on Bitcoin and the wider world of digital assets, please take a moment to like this video, subscribe to the channel, and enable post notifications.
Before we go any further, thanks and enjoy the video. Supposed cryptocurrencies. We don't think there are going to be very many cryptocurrencies. In fact, um there's cryptocurrencies and then crypto assets. Bitcoin owns the cryptocurrency space when it comes to pure crypto. And now we have stable coins uh which are cryptocurrencies as well uh but they are tied to the dollar uh because they're collateralized primarily by treasury securities.
Uh so Bitcoin is the cryptocurrency and we think it's going to be uh the biggest one by far by far. uh now it's focused on it's a monetary system rules-based the rule is quantity theory of money so 21 million units that's where it's stopping and we're at about 20 million units right now uh so that's quantity theory stable coins are are based as I mentioned before on the dollar and uh if you can find a way to use those stable coins which you can in the decentralized finan in DeFi, decentralized financial services.
You can earn money uh you can earn uh money from your stable coins. Uh just this last week, Coinbase introduced a product allowing holders of USDC who do not get the interest payments. They're not allowed to by regulation, but they're allowed to lend uh their or to loan their uh USDC in the DeFi ecosystem, and they can earn as of last week 10.4% 4%.
So, Bitcoin serves three roles and Yes. And we would differ with um I know you get on very well with Tom. We do. We do. Yes. Yes. Uh so the three roles, Bitcoin, as I mentioned, is the global monetary system. Rules-based quantity rule to be sure. Uh and that alone is a very big idea. It is also a technology.
So, uh layer 1 blockchain technology never been hacked. The other blockchains cannot say that, right? Uh and and so that's why the monetary system is is based on it. Uh and it is the first of its kind in a new asset class. We we wrote our first white paper on that in 2016. Uh so a new asset class. uh so it's it's got three very important attributes to it.
I do think uh that Ethereum is playing a very important role and therefore Ether uh the the the native currency in the DeFi ecosystem. Uh a lot of the fees are going to the layer 2s. Robin Hood for example announced that it was going to start its own layer 2 like Coinbase has. it's called base. Uh they get a disproportionate amount of the fees.
Now the question is are there going to be so many layer twos out there that um they're going to start competing against one another and confer more importance to the layer 1. Uh that is a possibility and that is why we're invested in ether and we do think it powers the DeFi world. Uh, but I think these competing interests are are maybe something uh that Tom and I can debate a little bit.
You and and uh they're always great debates when you have them and very friendly and I know you're a buyer of of Bitmine, the company chair of what about is there a long list of other crypto currencies that you're you believe in or is it actually a handful only? It's really only a handful so far. Um,
which are the other ones? Well, of course, we've got Bitcoin. Now, in our public funds, these trades are public. So, I can I can tell you our exposures are Bitcoin, Ether. We're finally able to get an acceptable from a regulator's point of view, a way to play Ether, and we chose Bit Mine immersion. And in the um and then Solana is the third one, and and we can talk about that as well in terms of its role.
Uh that one uh is through well it's Breera Sports and everybody thinks I I or Arc just bought bought a bunch of sports teams which we did not. Uh this is the company uh into which soulmate uh is a Salana Treasury is being folded and supported by uh the UAE uh Middle Eastern and my mentor uh our adviser and my friend Art Laugher is on the board of that one.
Uh so so that's been very interesting. So those are the big three. Hyperlid is the new kid on the block and uh we're waiting to see how how that all plays out. It's it's exciting. It reminds me of Salana in in the earlier days and Salana has proven its worth and is you know there with the big boys. Uh so those those we think are and then of course there are other services a like money market fund and unis swap and and a few like that uh jetto which is related to the the salana uh ecosystem.
So we will play certain derivatives but if you're talking about the the big boys or girls uh those those those are the big three right now. She provides a clear illustration of how people can make 10% interest by lending USDC while small borrowers who are frequently turned down by regular banks are able to obtain credit at last.
Although there are hazards, Kathy adds that DeFi is really safer than many traditional financial institutions because of its transparency and excessive collateralization. The DeFi technology managed liquidations transparently on the blockchain during significant crises such as the three arrows capital and Luna failures, guaranteeing lenders safety.
In the meantime, investors were totally destroyed by centralized platforms like FTX, which functioned in secret. The irony, according to Cathy, is that trusting code on chain proved to be far safer than a dishonest centralized organization. To remain up to date on the most recent developments in Bitcoin, cryptocurrencies, and the digital economy.
Please take a moment to like this video, subscribe to the channel, and enable post notifications. What What's the What's the advantage of doing that via stable coin if you're in one of those countries? So uh and and you're right, there are two major stable coins today. Tether is primarily outside the United States and outside Europe now after Mika or do you call it Micah or Mika?
I either I don't know. Okay. The regulation uh so it dominates the the two have 90% of the market. Circle is quote unquote more regulatory compliant certainly in the United States. uh and and there is a Euro version of uh USDC in in in Europe which has not taken off. Uh so those are the big two. Uh now why would uh we in the developed world you understand the the emerging world and we thought Bitcoin was going to serve that that role.
So stable coins coming along has taken some share from Bitcoin which we didn't expect when we did our original analysis. Uh so in in this world what we're doing is taking the middlemen out of financial services and what are the middlemen you know incorrectly or in in a not fair way I used to say you know these are the toll takers you know it almost sounded nefarious which it's not uh all of those middlemen in tra in the traditional financial world are there to lower risk the risk of a transaction.
action to the various financial institutions participating. Uh when we move into the world of blockchain technology, it's peer-to-peer. The middlemen go away. So the way I like uh to describe it in a way that's more understandable, you know, for credit cards, uh it's automatic 2 and a half% tax on each transaction.
Again, function of middlemen. Um that doesn't have to be anymore. We will and and the tax will be anywhere from 2 a.5% or 2% to 4% in the developed world or 25% if you're doing um uh remittances in the developed world like say Nigeria all of that flattens out and goes to feebased to the blockchains which will drop to 1% or less.
So where are those fees at the moment? cuz it's not like the cost of crypto mining and transaction cost at the moment is it hasn't got down to 1% yet. No, no, no. Um, all of this is going to happen over time. I mean, yes, if you're just if you're operating in the world of of just crypto, just I just gave an example of uh USDC, a person saying, "Hey, personally, I can lend that out for a 10.4% rate.
I'm not going to get that anywhere else. So, that's one side of it. Uh and uh and and that's kind of a a saving rate. And the those who are borrowing at 10.4% could never get that rate. They're too small. The banks won't have anything to do with them. So, that's the other thing that's happening because of des DeFi.
It is those who could not get loans or the loans would be prohibitively expensive now can and savers on the other hand who are loaning the money out. They get a much better yield on their savings. According to Kathy Wood, the two main stable coins that dominate the financial industry today, USDC and Tether, have a combined market share of approximately 90%.
While Circles USDC is thought to be more regulatory compliant and has even created a Euro version which hasn't gained much traction yet, Tether mostly works outside of the United States and Europe. She points out that many people thought Bitcoin would take the place of digital currency in the poor world when stable coins first appeared.
Stable coins, on the other hand, have surprisingly seized a portion of that use case by providing easy access to digital transactions and dollar stability. She goes on to say that DeFi has created new chances for borrowers and savers alike. In contrast to traditional banks, anybody can now lend USDC and earn interest rates of above 10%.
At the same time, small borrowers who are frequently overlooked by big banks can now obtain credit at affordable rates. Although the dangers are greater, DeFi is surprisingly resilient because to its openness and excessive collateralization. In her closing remarks, Kathy reminds the audience that the global financial system is undergoing a historic transition from centralized opaque control to transparent blockchainbased networks.
However, she cautions that until society completely comprehends and accepts the potential of decentralized banking, individuals will continue to gravitate toward traditional assets like gold due to fear, confusion, and policy instability. Please take a moment to like this video, subscribe to the channel, and enable post notifications for future Bitcoin, macroeconomic, and digital asset content. And as always, happy investing.
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