I am 100% aligned with almost all of what Tom @fundstrat says here. Yes, Wall Street will stake because they currently pay for their infrastructure and Ethereum will replace much of the many siloed stacks they operate on (e.g. JPMorgam probably operates on several siloed stacks from all of the banks they've acquired and absorbed over the years). They will need their heads fully in our game, because our game will be called ... Finance. They will need to become a TradFi company that operates on decentralized rails, and that means staking, running validators, operating L2s/L3s/etc, participating in DeFi and writing smart contract software for agreements, processes and financial instruments, etc. This will be a relatively easy transition for JPM because they've been exploring and using Ethereum technology for their private blockchain networks since 2014-2015. And many other financial institutions also have solid Ethereum experience. The narrative of L2s cannibalizing L1 will very soon be shattered. See @lineabuild and Proof of Burn at for an example of how this will soon pick up momentum. Yes, ETH will likely 100x from here. Probably much more. Yes, Ethereum/ETH will flippen the Bitcoin/BTC monetary base. Yes, Tom and I are friendly and get on calls intermittently to discuss elements of the strategy and ways we can collaborate in the general furtherance of the strategy even while we compete in highly differentiated ways over time. The one quibble that I have with what Tom has been saying, and I keep telling him this: he is not nearly bullish enough. But the real problem is that it is not possible to be bullish enough. Nobody on the planet can currently fathom how large and fast a rigorously decentralized economy, saturated with hybrid human-machine intelligence, operating on decentralized Ethereum Trustware, can grow. Trust is a new kind of virtual commodity. And ETH, the highest octane decentralized trust commodity, will eventually flippen all the other commodities on the planet. Decentralized trust is all you need.