Crypto is Macro Now

Crypto is Macro Now

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Crypto is Macro Now
What tokenization expectations are getting wrong
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What tokenization expectations are getting wrong

plus, group-think on retail CBDCs

Noelle Acheson's avatar
Noelle Acheson
Dec 12, 2024
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What tokenization expectations are getting wrong
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"Wise men put their trust in ideas and not in circumstances." – Ralph Waldo Emerson ||

Hello everyone! I hope you’re all doing well. Crypto markets sure seem to be feeling more cheerful, which is good to see.

I’m publishing early today, since it’s my birthday 🎉 and family has flown in for celebrations which, of course, are starting early this afternoon. 😊 I’m feeling extremely lucky and grateful.

Below, I look at what mainstream tokenization expectations are getting wrong. And I share yet more indications that people don’t want a retail CBDC, but central banks do.

The latest episode of Bits & Bips is out! This week our special guest was Real Vision’s Jamie Coutts. You can see it here, or listen here.

IN THIS NEWSLETTER:

  • What tokenization expectations are getting wrong

  • Group-think on retail CBDCs

If you’re not a premium subscriber, I hope you’ll consider becoming one! You get ~daily commentary on markets, tokenization, regulation and other signs that crypto IS impacting the macro landscape. As well as audio, relevant links and music recommendations ‘cos why not.

Let me help you pick out the signal from the tokenization noise.

WHAT I’M WATCHING:

What tokenization expectations are getting wrong

Two core beliefs about tokenization have held true ever since the concept first started gaining traction around six years ago:

  1. It can reform how markets work, bringing new efficiencies and functionalities while broadening access.

  2. We don’t know how, when, or what that will look like.

This has led to a strong base of confusion dressed up as conviction, which persists despite successful live tokenization projects, many failed ones, and a deeper institutional understanding of the barriers and risks.

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© 2025 Noelle Acheson
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