Libra's failure was not technical. The U.S. government intentionally blocked it, recognizing stablecoins as a way to extend the dollar's global dominance. It refused to let a private company control this new financial power, especially with a multi-currency basket.
Contrary to the idea that technology always gets cheaper, building on AI is less expensive now. The current phase is characterized by abundant venture capital and intense competition among AI tool providers, which subsidizes costs for developers. As the market consolidates, these costs will rise.
The key benefit of tokenizing private credit or real estate is not just efficiency, but fractionalizing large, illiquid assets into smaller, tradable units. This unlocks global capital from family offices and other investors who cannot afford the traditional high minimum investment tickets.
Publicly traded companies holding digital assets like Ethereum (FGNX) or Bitcoin (MicroStrategy) serve a specific purpose: they offer a bridge for hedge funds, asset managers, and family offices whose mandates prohibit direct crypto ownership but permit holding equities.
To understand the crypto landscape, categorize assets by function. Bitcoin's primary role is a neutral, hard money store of value—like digital gold. Ethereum acts as a programmable settlement layer for stablecoins, tokenized assets, and AI agents—making it the system's digital oil.
The U.S. government is actively promoting stablecoins and U.S.-based AI to extend its global influence. This strategy shifts from projecting power through military presence to technological and financial dominance, ensuring the dollar and American culture remain central to the global system.
Maja Vujinovic posits that Gary Gensler, despite his pro-crypto past, was strategically positioned by banks to slow innovation. This regulatory friction gave traditional financial institutions the necessary time to understand the technology and formulate their own digital asset strategies before competing.
Maja Vujinovic proposed using waste energy from testing airline engines to mine Bitcoin or power AI. GE's conservative culture and risk-averse legal department rejected the idea, showcasing how large corporations' inertia causes them to miss disruptive opportunities.
Beyond technical features, Ethereum's core value is its "credible neutrality." The protocol doesn't favor any single user, allowing a Nigerian remittance app to have the same infrastructure access as JP Morgan. This fundamental fairness drives its network effect and widespread adoption.