Jon Quast

Management would really need to have a thorough and urgent plan of attack.

to make sure that it paid off for shareholders.

But this could really elevate Spotify to something that nobody saw coming years ago.

And so I do like this idea of Spotify potentially getting paramount.

Have you ever seen the videos of penguins in Antarctica and they're all standing up there on the ice cliff and nobody wants to jump in, then finally one of them kind of slips and then they all start jumping in?

I think that's what just happened.

You have all these penguins up on the cliff, and I'm talking about BlackRock, I'm talking about Robinhood, I'm talking about Coinbase, and Intercontinental Exchange, the parent company hereof, and the New York Stock Exchange is saying, we're getting into this tokenized trading.

How I think that this works is that the New York Stock Exchange would physically buy a stock and then issue tokens based on that.

It's asset-backed, just like a stablecoin is supposedly backed with real dollars.

This is going to be backed by real stocks.

What this does is it allows

the 24-7 trading, and it also allows just fewer restrictions.

It's not going to be restricted like a stock.

It can trade all over the world, potentially faster, potentially cheaper.

But this is a very interesting development, and I think that a lot more penguins are going to jump in the water.

I think that we need to think about this, though, beyond just stocks.

When you think about the liquidity issue, stocks are already pretty liquid.

BlackRock CEO Larry Fink says we're headed towards the tokenization of all assets.

I think he's a pretty formidable authority when it comes to the direction of the financial system.

Basically, you look at things like real estate, that's pretty illiquid.