When the facts change, I change my mind. What do you do, sir?
-- apocryphal, John Maynard Keynes^1
Here are five new facts in late 2025:
1. the institutions are here
BlackRock, JPMorgan[^2], and Morgan Stanley all hold crypto on their balance sheets, it's no longer just some pure-crypto and a handful of crypto-adjacent companies like Tesla and Block.
2. individual pensions may invest in crypto
Not just some weird grandfathered Grayscale special situation trust entity that was only available to them by accident of history. That was crazy risky, fam! But now, pension investors can put pre-tax (traditional) or post-tax money (Roth) in any of 100s of different pure-play ETFs.
And going further along the risk curve, it's no longer just MicroStrategy[^3] due to certain accidents of history and unique laser-eyed founder situations, but hundreds of corporate structures under the DAT umbrella.
3. DeFi cain't ever be safe
DeFi needs to become easy enough to attract mainstream users AND to be
