SotN #46 - The ETH Trade with Su Zhu & Kyle Davies of Three Arrows Capital
Su Zhu and Kyle Davies are legendary crypto investors & founders of crypto hedge fund Three Arrows Capital. They join the State of the Nation to discuss the bullish case for ETH.
🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/
🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/
🎖 CLAIM YOUR BADGE: https://newsletter.banklesshq.com/p/-guide-2-using-the-bankless-badge
BANKLESS SPONSOR TOOLS:
💰 GEMINI | FIAT & CRYPTO EXCHANGE
https://bankless.cc/go-gemini
🦊 METAMASK | DEFI PASSPORT
https://bankless.cc/metamask
🦄 UNISWAP | DECENTRALIZED FUNDING
http://bankless.cc/uniswap
🔀 KWENTA | EXCHANGE SYNTHETIC ASSETS
https://bankless.cc/kwenta
📣 UPSHOT | Become an NFT Appraiser!
https://bankless.cc/upshot
State of the Nation #46: The ETH Trade
Guests: Su Zhu & Kyle Davies
Su Zhu & Kyle Davies are renowned investors in the crypto space, and in this episode of State of the Nation, the Three Arrows Capital co-founders come on Bankless to discuss ETH as an investment, and more broadly, Ethereum as an ecosystem. They describe themselves as 'on-chain' maximalists, and we dive into how Ethereum boasts impressive on-chain metrics and its strong, fundamental narrative.
Big money likes productive assets, and ETH is proving itself to be highly productive as a capital asset. We discuss the flippening of Ether & Bitcoin, and the opportunity for it in this cycle. Su & Kyle make it clear that institutions are coming around on Ethereum, and the scope of the ecosystem is such that any EVM-compatible (composable with the Ethereum Virtual Machine) is in turn bullish for ETH.
Ethereum has painted six weekly green candles in a row and is indisputably red-hot at the time of this recording. Despite the bullish narrative, it remains difficult to properly measure the magnitude of this move. The inevitable unknowns do not frighten Three Arrows Capital, who explore denominating net worth in Ether. All in all, they leave us with some of the most bullish projections we have ever seen on the Bankless podcast.
Topics Covered:
0:00 Intro
8:15 Three Arrows Capital
14:10 Why You’re Holding ETH
18:35 Rotating From BTC to ETH
22:40 The Flippening
26:54 A Productive Store of Value
33:03 A Deflationary Store of Value
36:00 Mainstream ETH Culture
41:15 Measuring The ETH Trade
47:25 More Capital, Bigger Buyers
53:20 Hardening ETH Issuance
56:14 A Bull Case
59:10 On-Chain Crypto Maxis
1:04:39 BTC & Other ETH Killers
1:10:15 Is this the last cycle?
1:14:15 15k ETH is FUD
1:17:40 Prefer Wealth
1:20:01 Closing & Disclaimers
Resources:
ZhuSu on Twitter:
https://twitter.com/zhusu?s=20
Kyle Davies:
https://twitter.com/kyled116?s=20
Three Arrows Capital:
https://www.threearrowscap.com/
This Week on Bankless:
⚒️ TACTIC TUESDAY | RAI Arbitrage Opportunities
https://newsletter.banklesshq.com/p/how-to-make-money-from-rai-arbitrage
📈 MARKET MONDAY | The ETH Trade
https://newsletter.banklesshq.com/p/the-eth-trade-market-monday
🎙️ PODCAST | Legitimacy with Vitalik Buterin (5/10)
https://shows.banklesshq.com/p/-legitimacy-vitalik-buterin
🧢 WEEKLY RECAP | Bankless DAO is Born (5/8)
https://newsletter.banklesshq.com/p/bankless-dao-is-born-weekly-recap
🗞️ WEEKLY ROLLUP | Uniswap V3, Bankless DAO (5/7)
https://shows.banklesshq.com/p/-rollup-uniswap-v3-btc-in-bank-accounts
Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here:
https://newsletter.banklesshq.com/p/bankless-disclosures