0
0
Article

100 Million Bank Accounts

Market Monday for June 8, 2020
0
0
Jun 8, 20205 min read

Dear Crypto Natives,

Ethereum passed 100m addresses last week—5 years after its birth.

100 million bank accounts—and zero banks.

A major milestone.

Why do I call them bank accounts?

Because an Ethereum address is like a bank account.

A bank account that’s:

  • Accessible to anyone
  • Can’t be shut down
  • Open
  • Programmable
  • Borderless
  • Neutral

No tech company required. No nation state required. No bank required.

Permissionless and open like the internet.

Speaking of the internet…

Did you know the internet first hit 100m websites in 2006? Fifteen years after its birth.

A major milestone.

And just like opening an Ethereum address…publishing a website is permissionless.

A website is like a newspaper without a newspaper company. That’s how we might have described it in the early 90s. Now anyone can be their own publisher. Global distribution—no borders. Accessible to anyone. Revolutionary!

That’s what’s happening here.

Ethereum is doing to value what the internet did for communication.

Not websites, videos, and images but accounts, tokens, and capital pools.

Not likes, links, and views but value, liquidity, and volume.

Not .gifs and .jpgs but erc20s and erc721s.

Not the internet of communication the internet of value.

I read an article last week that said DeFi was reaching its limit.

As if 100m bank accounts, 270k tokens, $1 billion locked value is the peak.

No.

DeFi isn’t reaching its limit.

Traditional finance is reaching its limit.

It took Lending Club 5 years to originate $250m loans. Maker already originated $2.4b.

Entire FinTech companies are going to be built on stablecoins.

Entire industries are about to be disrupted.

World powers will be forced to adapt.

This is the next wave of the internet.

100m bankless bank accounts.

And we’re just getting started. 🚀

- RSA

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

Account Light mode Log Out