Arnav Pagidyala

market.

Of course, Binance looms large outside of the U.S., but is this what we get?

All we get is two major crypto bank exchanges?

Arnav, since we've talked about three duopolies, I have another duopoly idea for you.

It's not on your list or anything that you've been talking about lately, but this is the store of value duopoly.

Maybe this isn't just me not being able to let go of a thesis or a narrative, but at some level, I still think it's somewhat true that there is a two-horse race.

Some would say it's more than two horses.

Some would include Zcash in there, etc., but

there's some sort of race going on for store of value.

Now, people don't agree with me, say, no, that race is already over.

Bitcoin has won the store of value type race.

I still think that even though it's lost ground over the past five years, Ether, the asset, is still in a duopolistic race with Bitcoin for crypto store of value.

And they can both play at this game, but there's things coming up like quantum, which I worry about.

The ability that Bitcoin not having any sort of on-chain privacy, for example, whereas Ethereum, you can kind of get that at the smart contract layer and L2s.

There's, of course, the security budget, which has been talked about to death, which is a longer term horizon thing.

You have things like Tom Lee and he's doing a debt and that's kind of similar buying pressure of a Michael Saylor.

I don't know.

I just don't think it's over yet for the store of value use case here.

And I think there's still a duopoly running there.

And Ethereum has fallen back a little bit, but it's still in the game with respect to Bitcoin.