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Any firm that approaches $1T in value has tapped into a basic human instinct. Consuming, signalling, loving, and praying have been the fuel of Amazon, Apple, Facebook, and Google’s ascents, respectively. That the crypto asset class universe has reached $2T reveals, I believe, that it taps into two attributes we instinctively pursue: trust and scarcity.
Trust
Our superpower as a species is cooperation, which requires trust. It’s the reason banks, traffic lights, and anesthesiologists exist. Even before crypto, creative minds have been drawn to finance, as trust creates opportunities for leverage and securitization. In 1997, seeking more control over his songwriting catalog, David Bowie raised $55 million with Bowie Bonds. The bonds paid 7.9 percent interest over a 10 year-long term a scant premium to a U.S. 10 Year Treasury Note at 6.4 percent. What made Bowie Bonds unique was the collateral, or source of trust: future royalties on Bowie’s music, which the bondholder felt
Reuters
Scott Galloway is a bestselling author and professor of marketing at NYU Stern.
The following is a recent blog post, republished with permission, that originally ran on his blog, No Mercy / No Malice.
In it, Galloway explains how scarcity is the driving force behind the crypto industry s success.
Any firm that approaches $1 trillion in value has tapped into a basic human instinct. Consuming, signalling, loving, and praying have been the fuel of Amazon, Apple, Facebook, and Google s ascents, respectively. That the crypto asset class universe has reached $2 trillion reveals, I believe, that it taps into two attributes we instinctively pursue: trust and scarcity.