Fahmi Syed on banks vs crypto
by Freddenver: Fahmi Syed
The part of Fahmi Syed's argument that hits hardest is the SpaceX IPO question, because it flips the whole thing around. Can somebody in Africa or Asia actually get in on it? That, he says, is the value, and it only happens if TradFi and DeFi converge the way hyperliquid and tokenization are already showing. His warning is that Web3.0 needs to blend with 2.0 instead of pretending the old system will just fade. Skip that bridge and the big banks build it themselves, and they have way more money and deeper pockets than anybody in crypto. So they win, and the real point of opening finance to people worldwide gets lost. Only the wealthy come out ahead. And his framing of it is what stays with me: it's not about opening the US market, it's about opening the US market to the rest of the world.
Transcript (en)
It blend the best of Web 3.0 with 2.0. And if you don't bridge that gap, then what will happen is the big banks will just build themselves. And they have way more money and deeper pockets than anybody in crypto. And therefore they win. And then the true value, the true ethos of opening up finance access to people around the world will get lost. And only the wealthy win. What we've seen with things like hyperliquid and tokenization is it's not about opening up the U.S. market. It's the US market to the rest of the world. So now, whether it's SpaceX or other IPOs, somebody from Africa, Asia, it doesn't matter where, can suddenly access that. That is a value. And that's an amalgamation and a convergence of TradFi with DeFi. Yeah, I think that's a good point, actually. We often talk about things from the perspective of the...
