Because Tom Lee came out as avoiding it.
https://m.stacker.news/152968
Tom Lee as you may know is the Ethereum version of Saylor, has heavy bags running an ETH treasury co.
Tokenization of equity/debt is the consensus direction, that's his bet on Ethereum. That's also the streets bet, but on Robinhood.
The SEC chair is for that, it looks like insiders got the nod about the Clarity Act based on Bitcoin price action... it reduces costs bigly at large banks... accelerates price discovery that's overdue... narratives everywhere about plebs being sidelined from private companies... etc.
Seems inevitable with all the stars aligning. So, why is Lee sitting out this play on his tokenization macro-thesis?
My hunch is that it's cope.
Robinhood is proof that Ethereum and every other shitchain has 0 value accrual narrative.
Robinhood can, and has, simply spun up its own SQL-chain and is in better market position than the shitchains people have been degenning on for years. They are already distributing US stonks in international markets, their Private Company ETF... etc... simply because they have the licenses and legacy rails and can afford a Cursor subscription.
Technical view, its cheaper than where I sold it about this time last year after it went straight up vs. Bitcoin, esp given proven earnings growth since then.
If the Bitcoin bull is running, Hood will run faster for a bit as they are associated with higher crypto exchange revenue. If the tokenization catalyst becomes more broadly apparent, even more so.
No downside catalyst obvious, Vlad just needs to not get hit by a bus. Licensed financials should be relatively immune to AI/tokenized multiple compression due to the artificial scarcity, for at least a while.
Most importantly, it's an expression of the view that blockchains other than Bitcoin are worthless and deserve to go to 0.
The Vlad Narrative:
When I was a little boy in Bulgaria, we tokenized everything. You want a lev? You get an IOU for a lev. You want a Moskvitch? You get an IOU for a Moskvitch. Unfortunately due to unforeseen external circumstances in 1990 all IOUs got wiped. But the system worked.
I bought a small bag of HOOD back when it was $10. I don’t plan on adding or selling. Making it a legacy hold. Once they start paying dividends and splitting the stock my shares will occur more value.
For what’s coming with on chain finance HOOD is well ahead of everyone and they have a great dev team. The app is so user friendly normies can degen.
I really wish they added lightning like they said they were going to do a few years back at a BTC conference but I think HOOD can be the next JP over the next 20-30 years as boomer wealth flows to the tech generation.