⚖️ Eight Years Later
Marking eight years of Arca's "Two Satoshis" column, CIO Jeff Dorman revisits recurring theses: crypto's differentiation beyond Bitcoin into distinct sectors, the market's belated demand for token cash-flow and buyback fundamentals — citing Hyperliquid's buybacks as the clearest example — and a shrinking "investable" token universe of roughly 10-20 properly structured tokens. He argues Wall Street is being absorbed into crypto rather than replaced, citing BlackRock's tokenized funds and Robinhood's blockchain build-out, and frames stablecoins as crypto's real killer app, noting about $30 billion of real-world assets onchain today versus over $700 trillion in global stocks, bonds and real estate.
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