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🤩 Erik Voorhees: Bitcoin is the most powerful financial tool ever created by humans.
1. Bitcoin and Ethereum.
• ETH and BTC have reached an almost indestructible network effect.
• Ethereum is the "king of smart contracts," and there is no scenario where it loses its lead.
• Base will become the dominant Layer 2 on top of Ethereum.
• Layer 2 usability is weak, but the ecosystem wins thanks to network effects.
2. Why I believe in Bitcoin.
• Bitcoin solved a fundamental problem: state control over money → distorted markets.
• Gold cannot be protected from states because it is physical.
• Bitcoin is a scarce, market-based, and mathematically protected asset with no physical limitations.
• Voorhees’ first reaction to BTC: "Sounds like a scam." But after 30 minutes he realized—"This is the best financial technology I've ever seen."
3. The future: Bitcoin as global money.
• BTC will become the dominant monetary asset on the planet.
• Gold will not become worthless, but it will lose its role as the basis of the global financial system.
• The change will happen after the collapse of the government debt market—resetting the financial system is inevitable.
• Timeframe: about 5-15 years.
4. Financial collapse.
• People in the Western world have never witnessed a true collapse before—it will be "a scary and defining event of the era."
• The danger is that after the collapse, people will try to solve the problems in the same ways that caused them.
5. The main idea—separating money from the state.
• This is Bitcoin’s core purpose.
• Bitcoin didn't ask anyone's permission—it found its place in society organically.
• Money is an institution much more important than religion, and the state should not control it.
6. On states buying Bitcoin.
• Financially, this is good for BTC holders, but philosophically—it’s bad.
• States are the worst stewards of capital.
• Voorhees prefers that individuals and companies hold Bitcoin rather than governments.
7. Crypto and the state: "Disgusting, but inevitable."
• Political pressure and meetings with politicians are uncomfortable but unavoidable realities.
• The problem is not crypto, but the size of the state.
• If Bitcoin becomes a global standard, states will inevitably shrink economically, as they will no longer be able to debase the currency.
8. SEC and regulation.
• The worst period for the SEC was under Gary Gensler.
• Now the regulator is better.
• He respects Hester Peirce as "the only light" in the dark years.
9. Prediction markets.
• Prediction markets are great.
• Augur came too early. Polymarket is an example of successful growth.
• "Sufficient decentralization" is important—it's not a binary concept but a set of standards.
10. DAO
• DAOs are not a perfect model but an experimental form of coordination.
• Making a DAO a "commune" with no hierarchy is a mistake.
• DAOs need leaders and structure, or they will fail.
• The ShapeShift DAO achieved its goal—the app runs without a company.
11. AI + tokens.
• The world is moving toward tokenization of all financial assets.
• AI will run the economy, and tokens will become the accounting system.
• Crypto was fundamentally "built for machines"—AI is adept at handling cryptography.
Erik Voorhees—one of the earliest Bitcoin maximalists, founder of ShapeShift, and one of the main thinkers in the movement to separate money from the state.