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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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
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35:09
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35:09
All Roads Lead To Debasement | Weekly Roundup
This week, we dive into the latest jobs and unemployment data surprises, the hidden role of immigration in labor force changes, and why both political parties are terrible. We also dig into the looming deficit and treasury issuance implications, the EM-ification of the US, the symptoms of a failed system, and the inevitability of currency debasement. Enjoy!
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Follow Tyler: https://x.com/Tyler_Neville_
Follow Quinn: https://x.com/qthomp
Follow Felix: https://twitter.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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Weekly Roundup Charts: https://drive.google.com/file/d/1WckOC1BLjh33MBzZsCrHM5TatPCd1EZF/view?usp=sharing
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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) Cold Open
(04:00) Bullish NFP?
(08:25) Ads (Aptos)
(11:12) Anti-Immigration Impact
(17:32) Wage Growth, Yields & Controlled Demolition
(21:22) BBB Passed, Now What?
(26:40) Ads (Aptos)
(27:32) Both Sides Are Terrible
(34:32) High-Yield Credit
(37:17) Get Out on the Risk Spectrum
(39:52) Active Treasury Issuance Greater Than QE
(41:37) The Problem is Getting Worse
(44:12) All Roads Lead to Debasement
(46:58) Crushing Global Labor
(48:52) DXY & the End of Central Banking
(51:47) EM-ification of the US
(54:12) MSTR & BTC Volatility
(58:44) Seasonality, Leverage & Momentum
(01:01:32) Symptoms of a Failed System
(01:08:50) Buying vs Renting
(01:13:28) Final Thoughts
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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
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1:13:23
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1:13:23
Bringing The Long Tail Of Markets Onchain
In this panel live from Permissionless IV, we discuss what TradFi can learn from crypto, from instant settlement and transparent markets to permissionless synthetic dollars and on-chain leveraged trading. We cover stablecoin demand dynamics, the future of tokenized structured products, how perps outperform options for retail, the practical limits of decentralization, and more. Enjoy!
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Follow Austin: https://x.com/CampbellJAustin
Follow Kaledora: https://x.com/kaledora
Follow Guy: https://x.com/gdog97_
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
__
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.
—
Timestamps:
(00:00) Introduction
(03:23) What can TradFi Learn from Crypto?
(10:14) Is Decentralization Important?
(10:53) Ledger Ad
(11:43) Is Decentralization Important?
(17:23) Bringing TradFi Onchain
(22:35) Ledger Ad
(23:29) Bringing TradFi Onchain
(26:32) Stablecoins & The GENIUS Act
(30:57) Most Optimistic Innovations
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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
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36:22
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36:22
The Stablecoin Future, Macro Moves & Big Tech Embracing Crypto | Permissionless IV Recap
In this special bonus episode, we dive into the takeaways from Permissionless IV, unpacking the biggest industry narratives and themes shaping crypto today. We discuss the future of stablecoins, give a candid macro outlook, and explore how Big Tech is positioning itself as the next crypto overlord. Finally, we reflect on some predictions we got wrong – and what we learned from them. Enjoy!
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Follow Jack: https://x.com/whosknave
Follow Boccaccio: https://x.com/salveboccaccio
Follow Danny: https://x.com/defi_kay_
Follow Rizzo: https://x.com/pete_rizzo_
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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Timestamps:
00:00 Intro
00:57 Permissionless IV Takeaways
07:00 Biggest Industry Narratives
12:00 Future of Stablecoins
17:44 Macro Outlook
20:47 Big Tech Overlords
28:38 Predictions We Got Wrong
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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
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33:56
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33:56
The Fed’s New Mandate Is Financing The Deficit | Weekly Roundup
In this live Forward Guidance Roundup, we discuss geopolitics and the “peace dividend” theory from Pippa Malmgren, potential Fed regime shifts toward fiscal dominance, Trump’s pressure on FOMC board members, and the effects of tariffs and buybacks on equities. We also explore the implications of a weakening dollar, capital flows out of the U.S., and how AI and crypto could reshape wealth creation and ownership in the coming decade. Enjoy!
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Follow Tyler: https://x.com/Tyler_Neville_
Follow Quinn: https://x.com/qthomp
Follow Felix: https://twitter.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
—
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/
—
Timestamps:
00:00 Intro
01:10 Geopolitical Framework
05:00 Biggest Story in Markets
08:22 Flows vs Fundamentals
13:33 Moving Toward Fiscal Dominance
16:39 Housing, Labor, & the Wealth Gap
20:12 The Dollar Decline & RoW Assets
27:15 Investing in the RIght Themes
30:02 Potential Currency Accord
34:31 Tariffs, AI, & Labor
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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
The laws of macro investing are being re-written, and investors who fail to adapt to the rapidly changing monetary environment will struggle to keep pace. Felix Jauvin interviews the brightest minds in finance about which asset classes they think will thrive in the financial future that they envision.
Follow Felix: https://twitter.com/fejau_inc
Follow Forward Guidance: https://twitter.com/ForwardGuidance
Subscribe on YouTube: https://www.youtube.com/@ForwardGuidanceBW
Follow Blockworks: https://twitter.com/Blockworks_
Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance
Forward Guidance Telegram: https://t.me/+nSVVTQITWSdiYTIx
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