The most famous Bitcoin bull just broke his own golden rule.
Meanwhile the man holding America's gold hasn't said a word, and he's quietly sitting on a few hundred billion that nobody bothered to put on the books.
One is down in the dumps. The other is rolling in it.
The whole difference is which side of the balance sheet they're standing on.
I explain how, and why a falling Bitcoin price might be exactly what the patient buyer wants (link below)
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I was at a Chamber of Commerce event last night and got talking to an ex-banker who's now a coffee importer.
Nice move, I thought.
I mentioned I was a co-founder of @liquidloansio working on blockchain projects and advising governments and large private ventures on tokenisation.
That was enough to send him into a sermon I've heard hundreds of times: "crypto has no fundamental value", "never going to be a payment system", "mostly speculators."
So I asked him three things about the system he used to work in.
Did he know what fractional reserves were, where banks lend out the same dollar many times over?
Did he know how credit is actually created, as a database entry, not from anything that was saved?
Did he understand the scale of the derivatives market, several times the size of the global economy and built on assets it doesn't actually own?
Silence.
Every charge he laid against crypto... money created from nothing, value untethered from anything real, speculation at scale describes the system he spent his career inside.
The scepticism wasn't wrong.
It was just pointed in the wrong direction.
Base is quietly building the most insane economic machine in crypto, and almost nobody is ranking it properly.
In May 2026 alone, the top protocols on Coinbase's L2 pulled in over $8.5 million in combined revenue.
And there's one clear winner pulling in almost $4 million in a single month.
In this video, @PaulTMatt ranks the top 5 @base apps generating the most revenue right now, and break down how to position early before the Base revenue flywheel goes fully mainstream:
Everyone's still debating how stablecoins should work.
One country has been doing it for five years at national scale. Almost no one mentions them.
The genre has curdled.
Breathless reports, charts, the banking sector "discovering" blockchain a decade late and expecting a parade, the chorus insisting everything down to the kitchen sink will one day move across these rails.
Some of it is true. Stablecoins are a good payment rail, and in dollar form they'll mostly serve people the traditional rails never bothered with. Fine. Worth saying once.
Here's what discredits most of the rest.
The last "definitive" Asia payments roundup I read didn't mention Cambodia. Not in passing, not in a footnote.
Cambodia has run Bakong since 2020. A permissioned blockchain payment system, dual currency in US dollar and riel, live at national scale. While the commentary class workshopped what might someday be theoretically possible, the market everyone shelves under "frontier" shipped the thing and moved on.
The people billing themselves as authorities on Asian payments still managed to leave it out. That isn't oversight, that's not having done the reading.
There's a great deal to learn from Bakong. The reserve design, the dual-currency mechanics, the adoption curve including the parts that stalled. But you have to check the ego at the door first, and most won't. That's rather the point.
Want the real version, reach out.
Jamie Dimon called Brian Armstrong "full of shit" this week, and the whole internet picked it up as another round of banks versus crypto.
It isn't.
The argument they were actually having sits underneath that headline, and almost nobody is looking at it.
There's a number inside the traditional financial system that nobody really sees.
The same asset, pledged as collateral behind three or four different claims at the same time. It's been that way for decades. It's the reason the system breaks every time something genuinely stresses it.
That's the disease. Stablecoins didn't cause it.
If anything, done properly, they're closer to a cure than the banks would like to admit.
The reason Jamie Dimon is so angry isn't really about Armstrong, or about Coinbase.
It's that the conversation is drifting toward a part of the balance sheet he'd rather people kept quiet about.
Here's where the argument actually leads (link in comments)
AI agents just became customers.
And that changes how people think about the internet.
For years, the idea was simple: humans use apps and humans pay for services.
Now software is starting to do both.
On @base, AI agents are already paying for search results, market data, cloud computing, browser sessions, travel information, and even other AI models.
And they're doing it with stablecoins.
Over the last 30 days alone, more than 3.1 million agent-powered transactions moved through x402 on Base, with over $1.2 million in value transferred.
The reason this matters is that traditional payment systems were never built for machines.
A human isn't going to pull out a credit card to pay one cent for a single API request.
But an AI agent can.
It can spend fractions of a penny to gather information, complete a task, and move on to the next step without any human approval.
That's creating an entirely new type of economy.
Instead of companies selling monthly subscriptions to people, businesses can sell tiny pieces of data, computing power, or software services directly to agents in real time.
And we're already seeing it happen.
Agents are paying for AI inference.
They're paying for research.
They're paying for web browsing tools.
They're paying for travel data and booking infrastructure.
The bigger shift is what comes next.
Today, most agents are spending money.
Tomorrow, they'll earn it.
Some are already generating revenue by selling research, running services, building products, and accepting payments directly into their own wallets.
At that point, agents stop being tools.
They become economic participants.
And that's where the Base story becomes important.
Every time an agent sends a payment, buys a service, earns revenue, or interacts with an onchain application, it creates activity inside the Base ecosystem.
The long-term bull case isn't that millions of people suddenly move onchain.
It's that millions of software agents do.
Because humans sleep.
Software doesn't.
Is @base about to carry ethereum:native to $40K, or is the hype getting ahead of itself?
In this video, @PaulTMatt breaks down what Base Azul actually changes, how Base is shipping faster than every other L2, and why crypto shifting from speculation to infrastructure is the realistic bullish case nobody is pricing in yet:
Trump’s latest crypto tweet may have just signaled something much bigger.
After months of war headlines, market chop, and nonstop distractions, Trump suddenly posted that he would "NEVER let crypto down" and doubled down on making America the crypto capital of the world.
In this video, @PaulTMatt breaks down what's actually behind the tweet, why the timing is suspicious, and what it could mean for the upcoming cycle:
Base Azul just changed the Ethereum scaling conversation.
And most people still think this is “just another L2 upgrade.”
Here’s what’s actually happening and why it matters for ethereum:native:
@base just launched Azul on mainnet, its first major upgrade built on infrastructure it fully controls instead of relying on the shared OP Stack roadmap.
That matters because Base is no longer moving at the speed of the broader ecosystem.
It can now ship upgrades faster, optimize performance independently, and compete directly for users, apps, and liquidity.
The headline features sound technical at first:
→ Hybrid TEE + ZK proofs
→ Up to 5,000 TPS bursts
→ Faster Ethereum compatibility upgrades
→ Withdrawal times potentially dropping from 7 days to ~1 day
But the bigger story is what this means for Ethereum itself.
For the past two years, one of the biggest criticisms of Ethereum has been fragmentation.
Too many rollups. Too many bridges. Too much liquidity split across ecosystems.
Azul is part of the next phase where Ethereum L2s stop acting like isolated chains and start feeling more like extensions of Ethereum itself.
Shorter withdrawals reduce the psychological gap between L1 and L2.
Better proving systems increase trust.
Higher throughput makes Ethereum usable for mainstream apps, payments, and AI driven transactions.
And Base has a distribution advantage almost nobody else has.
Coinbase already owns the onboarding funnel:
→ Retail users
→ Stablecoin flows
→ Onchain payments
→ Consumer apps
Now they’re building the infrastructure layer underneath it too.
That changes the ETH bull case.
Ethereum is no longer competing on “can L1 handle everything?”
It’s becoming the settlement layer powering an entire network of high-speed execution environments on top of it.
Every Base transaction still settles back to Ethereum.
Every major upgrade that increases Base activity increases demand for Ethereum blockspace underneath.
The important shift is this:
The market used to value ETH around DeFi speculation and NFT cycles.
The next phase may be infrastructure demand.
Think payments, consumer apps, AI agents, stablecoin settlements.
Millions of low-cost transactions flowing through Ethereum aligned rails every day.
Base Azul is another sign the scaling roadmap is finally moving from theory to product reality.
And if Base keeps growing at this pace, Ethereum may end up looking less like a single chain… and more like the operating system underneath the internet economy.