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In this live panel from Permissionless IV, we unpack the rapid rise of token acquisition vehicles like MicroStrategy and Defi Dev Corp. We explore why institutions are using these vehicles to accumulate crypto faster, analyze premium-to-NAV dynamics, discuss the evolution from equity issuance to innovative debt structures like converts and moving strike warrants, and debate sustainability risks if NAV premiums collapse. Enjoy!
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Follow Dan: https://x.com/CryptoIRGuy
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Follow Forward Guidance: https://twitter.com/ForwardGuidance
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Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx
Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance
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Ledger, the world leader in digital asset security for consumers and enterprises, proudly sponsors Forward Guidance, where traditional finance meets crypto. As Ledger celebrates a decade of securing 20% of the world’s crypto assets, it offers a secure gateway for those entering digital finance. Buy a LEDGER device today and protect your assets with top-tier security technology. Buy now on https://Ledger.com.
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Timestamps:
(00:00) Introduction
(01:05) The Rise of Crypto Treasury Companies
(07:45) What Catalyzed this Trend?
(08:27) Ledger Ad
(09:24) What Catalyzed this Trend?
(14:17) Unpacking the Capital Structure
(20:26) Risks to Crypto Treasury Companies
(22:06) Ledger Ad
(23:00) Risks to Crypto Treasury Companies
(30:53) Asset Unwind Risk
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Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.
#Macro #Investing #Crypto #Markets #ForwardGuidance
In this episode, Raoul Pal and Julien Bittel explain their “Everything Code” framework showing how global debt cycles, demographics, and liquidity drive all asset prices. They argue fiat debasement is running at ~8% annually, meaning only tech stocks and crypto have outperformed over time, while gold just preserves purchasing power. They discuss the societal and economic implications of AI replacing human labor, the end of traditional recessions, why liquidity will keep increasing to roll debts, and how this cycle could mirror or exceed 2017’s asset booms. Enjoy!
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Follow Raoul: https://x.com/RaoulGMI
Follow Julien: https://x.com/BittelJulien
Follow Felix: https://x.com/fejau_inc
Follow Forward Guidance: https://twitter.com/ForwardGuidance
Follow Blockworks: https://twitter.com/Blockworks_
Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx
Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance
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Join us at Digital Asset Summit in London October 13-15. Use code FORWARD100 for $100 OFF
https://blockworks.co/event/digital-asset-summit-2025-london
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Echo Protocol is the first Bitcoin liquid re-staking and yield layer on MoveVM. As the second-largest protocol on Aptos by TVL, Echo secures nearly half of the network’s bridged assets with ~$270M in aBTC minted.
https://www.echo-protocol.xyz/
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Timestamps:
(00:00) Introduction
(01:54) Big Macro Picture
(10:37) Liquidity & Real Returns
(14:32) Aptos Ad
(15:18) What is the Endgame?
(17:51) The Everything Code
(25:10) Financial Conditions
(31:39) 2017 on Steroids
(35:57) Aptos Ad
(36:54) Nothing Stops This Train
(38:34) Removing Recession Risk
(44:24) Immigration
(46:38) All Jobs Are Gone
(52:08) What Happens Next?
(54:50) Resurgence of Religion
(58:12) When Banana Zone?
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Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.
#Macro #Investing #Markets #ForwardGuidance
