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Dear Bankless Nation,

What a week.

Coinbase went public and it’s currently valued at $66B. Did you buy?

Like clockwork…BTC and ETH also reached new all time highs. Is this early COIN holders rotating into crypto?

Bitcoin is now the 6th largest asset in the world on this leaderboard—only trailing Google, Microsoft, Apple, Amazon, Saudi Americo. Bitcoin is worth more than the entire Brazilian Stock Market. It’s now bigger than the British Pound Sterling.

ETH hit its new all time high of $2,500 with a market cap of $290 billion. Is that high? That depends what you believe about ETH. Should the world’s new financial system backed by ultra sound money be worth less than Paypal, Bank of America, JP Morgan, and Visa? Because ETH is still worth less than these legacy banks.

And here’s the thing. Each of these old school banks will be forced to build on top of DeFi and Ethereum—or else they’ll be replaced by someone that does. (👋 Coinbase)

Even SEC Commissioner Hester Pierce is a fan of the DeFi Mullet Thesis—traditional finance in the front, DeFi in the back.

We made the case for a trillion dollar ETH back when its market cap was $15 billion and everyone thought we were crazy. Now it’s getting close.

We’re still in price discovery mode.

- RSA

P.S. Dharma’s new upgrade is next level. Invest in Aave, Compound, and Yearn directly from a US-bank account—one tap on your phone. Seriously. Get the Dharma App now!

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Recap for the week of April 12th, 2021

🎙️WEEKLY PODCAST EPISODE

Listen in Podcast App | iTunes | Spotify | YouTube | RSS Feed

ACTION RECAP

1. Execute any good market opportunities you saw in Market Monday

2. Trade perpetual swaps on the dYdX rollup

3. Send private payments on Ethereum with Aztec 🔥

4. Learn about all the other things you can do on Layer 2

5. Share whether or not you bought $COIN

Watch & Listen

1. 🎙️ Listen to The SEC and DeFi | Hester Pierce

2. 📺 Watch Eth Devs building DeFi | Preston Van Loon & Will Villanueva

3. 📺 Watch ROLLUP: BTC & ETH ATHs | Coinbase | Berlin Upgrade

4. 📺 Watch our AMA with Stefan Ionescu from Reflexer Labs

Weekly Subscriber Perks 🔥

Bankless premium members get you access to perks like these:

• Early Access to Before Bitcoin with Pet3rPan

• Exclusive debrief following the Hester Pierce podcast

• Full access to Market Monday reports

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📺 Episode 42 of State of the Nation

🎙️Listen to Podcast Episode | 📺 Watch the Episode

We’re now live streaming State of the Nation—join us at 2pm EST every Tuesday!

🗞️ Latest Weekly Rollup.Download the crypto meta to your brain in this weekly show.

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🙏Thanks to our sponsor

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Did someone say DeFi Mullet?

Crypt⟠WifΞ @Crypt0xWife

The DeFi Mullet™ - CeFi in the front and DeFi in the back

Bankless 🏴 @BanklessHQ

The social/reality layer is often slept on, but optimizing Layer 0 for crypto is critical. That's what makes regulators like @HesterPeirce so important. 🔊 Tune in to this week's podcast with Crypto Mom, 1 of the 5 SEC Commissioners: https://t.co/OZtqfTyJB0 https://t.co/fesm3IWrcK

April 13th 2021

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Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.