on the tokenization supercycle imagine discovering youtube in 2010 and thinking: great, american tv shows can now be distributed globally. you’d be right. but you’d miss the point. the real 1000x was that youtube created an entirely new class of global-native content that traditional tv could never compete with (ie., medium is the message) tokenization will do the same to capital markets it won’t just make american equities easier to buy. it will take high-quality, under-distributed companies around the world and violently reprice them. the subtler point is: distribution is valuation. distribution was always one of the great moats of US capital markets. and that monopoly has now met its final boss: internet-scale distribution of any stock in the world to anyone with a smartphone. imagine every public company on earth were listed on the NYSE, and every person on earth had robinhood installed do you think today’s relative valuations would survive? that is the multi-trillion dollar question