Ethereum will be worth 3x California

by Ben Lilly

Higher Prices... More Credit... More Growth

BTC is at $37,000 and ETH is notching all-time highs now. Which means a lot of you are probably sitting on a high horse at the moment and deciding the $40 bottle of wine might be nice for the weekend as opposed to the normal $15 bottle you normally reach for.

If that sounds like you, I'm here to say enjoy it! Many of you have waited years for this moment. Don't forget to step away from your computer sometimes and have some fun during the ride.

Now while you take some time and have a bit of fun I pulled an essay out from the archives that will be a great accompaniment. It's something a wrote for Deribit last year. I find it very relevant today because of how much growth we're seeing in the market.

What I'm noticing is the growth is beginning to flow into the credit market of crypto again. And what that means is the growth might only be getting started.

Before dropping the link I want to first share a chart with you.

The first is DAI supply. I like to look at this because DAI is a debt backed stablecoin. This makes it a nice indicator for how much credit growth is happening in crypto. I understand there are other ways to create credit in crypto, but for me this is a good gauge for growth within DeFi.

The total is $1.71 billion. You can see in the chart below the growth over the last year.

It's incredible. Seven months ago it was $145 million. That's monumental growth. And it alludes to what is starting to boil up within the Ethereum ecosystem. Which is incredible growth like we saw last year.

Why? Well, that's where this essay I alluded to comes into play. It's a quick essay on why credit creation leads to market growth and how Ethereum might one day be worth multiple times more than the state of California: Deribit Article.

Let's just say if you enjoy wondering how high this market can go, you'll enjoy that essay.

Now, before I leave you I must ask... did you see the Ethereum Grayscale Trust total holdings yesterday? They added 12,684 ETH to the balance sheet. It appears things are becoming clearer.

Enjoy your weekend...

Your pulse on crypto,


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