- “The SBF saga, at this point, has no bearing on the market.” says Jeff Dorman.
- Dorman tweets about ten much more relevant digital assets stories to follow.
- His tweets include the importance of crypto audit, binance, inflation, and much more.
Jeff Dorman, the Chief Investment Officer (CIO) of Arca tweeted about ten relevant digital assets stories like the importance of crypto audit, binance, inflation, FTX, substitutes, yields, Geminis & RIAs, Genesis/DCG, shorting, and predictions.
In his latest tweet, Jeff Dorman takes a matter-of-fact approach to the SBF theatrics that has engulfed the crypto news world. Instead, he offers a thread of tweets on digital assets stories that he believes will project a better bearing on the crypto market.
When it comes to crypto audit, he says the auditors are learning themselves and that they do not like to take risks, citing the fallout of Andersen and Enron as an example. He urges his followers to reconsider their thoughts to “no audit may = auditors are scared of being wrong”
Dorman’s view on Binance is that “a true exchange is a simple business, send assets in, trade, send assets out”. He adds on with a word of caution explaining that in case of an audit issue with a “guilty til proven innocent” environment, it’s virtually impossible for Binance (or any exchange) actually to prove innocence in a timely fashion.
Dorman notes that inflation has peaked and the market has now switched into recession or growth fears. This is also why treasuries are moving inversely to stocks for the first time all year.
His further observations were that yield exists, Gemini Earn was a bad product, Genesis would be structurally bullish for markets, shorting is hard, FTX does not make up for bad business models, and with perfect substitutes, customers can seamlessly move elsewhere.
Conclusively Dorman comments,
While I do think the bottom is in, I don’t know what sends us higher. So I’m spending a lot of time thinking through 2023 predictions and trying to re-underwrite new themes.
He states that the biggest upside comes from non-crypto native co’s entering the space. KKR, Apollo, Nike, Starbucks, Reddit, Trump, etc bring way more users and wallets than slow crypto-native organic growth.
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