🥛 Tokenization could 2000x 🐎

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TOKENIZATION COULD 2,000X. WHICH HORSE DO YOU BACK? 🐎

Matt Hougan (Bitwise's chief investment officer) has a pretty simple pitch for anyone who thinks they've missed the tokenization trade.

There's ~$300B of tokenized assets in the world right now, versus ~$600T of assets in total.

By his count, that leaves room for the whole thing to grow ~2,000x.

(Tokenization = the process of putting real-world assets like dollars, bonds or stocks onchain.)

Most of that $300B is still digital dollars, though:

Source: RWA

Stablecoins make up ~88% of RWAs. Everything else (stocks, credit, gold, private funds, Treasury funds) adds up to ~$39B.

Which is a pretty bare shelf…

But the big money does seem to be warming up.

On our podcast last week, Matt told John he's hit eight or nine TradFi conferences in two weeks, and the crowd was "extremely bullish."

He thinks AI has become the trade everyone already owns, so financial advisers are hunting for the next one, and a lot of them are landing on stablecoins and tokenization.