Macro

As many of you know, we’ve discussed how primed the macro backdrop is for bitcoin at length in our work, but what about the rest of the crypto and digital asset market? Where does that fit in a sector often drowned out by sound money narratives and digital gold comparisons?

Like many emerging industries, crypto has several secular tailwinds at its back, some of the most noteworthy including the rise of digitization, a global growth shortage, record low rates, and widening wealth inequality.

Digitization

The first is arguably the most obvious; more and more economic activity is taking place digitally. However, despite ongoing efforts, the rise of the digital economy has been largely understated in official economic readings because there’s no standardized process for tracking its contribution to GDP. There’s many challenges to quantifying the economic impact of free digital products and services, especially given the way key measures of economic activity (i.e. GDP) are calculated; if we don’t pay for it, odds are it’s not accounted for.

Take the rise of social media and search, for example. We consume Facebook’s core product for free in exchange for access to our data, which is then aggregated and sold to a whole host of end clients. But how do you put a number on what the average user would pay for access to Facebook? Or for access to Google for that matter?

The Harvard Business Review, in collaboration with Felix Eggers of

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