A five-step sequence from 15th century Florence: currency fragmentation>information arbitrage>concentrated wealth>institutional channeling>cultural patronage. Steps 1-4 are visible in Bitcoin today, the structural parallel goes deeper than analogy. Renaissance monetary systems had three layers (gold / bills of exchange / local coins) that seemingly map directly onto Bitcoin's emerging tech stack (base layer / lightning channels / Cashu ecash) The missing piece is the guild equivalent: trust infrastructure between individuals and the network. I based this on my readings of Niall Ferguson, Davidson, & Rees-Mogg.