Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Sunday, October 27th, and that means it's time for Long Read Sunday.

Before we get into that, however, if you're enjoying The Breakdown, please go subscribe to it,

give it a rating, give it a review, or if you want to dive deeper into the conversation,

come join us on the Breakers Discord. You can find a link of the show notes or go to bit.ly slash

breakdown pod. All right, friends, back with another long read Sunday, and today we have a fun

one from Jesse Newtonson. Jesse is the head of operations at Bitfinex Securities. He's been at Blockstream

before, and his piece is called Bitcoin will lead the future of capital markets.

Now, why I thought this would be a fun one to discuss today is that we've talked a lot this week

around tokenized finance. We've also

talked some about Bitcoin, but let's read this piece and then we will come back and discuss it.

And of course, I'll be turning it over to an AI version of myself from 11 Labs to do the actual

reading. Bitcoin will lead the future of capital markets. As financial institutions continue

to ramp up their tokenization efforts,

many, including BlackRock, have been quick to assume that Ethereum will dominate this space.

However, I think that Bitcoin, with its superior security model and emerging programmability,

is actually poised to become the foundation of the next generation of capital markets.

While Ethereum has taken an early lead in real-world asset RWA tokenization, with the total

value of RWA on Ethereum standing at $2 billion, excluding stablecoins, early leads don't

always last.

In recent years, Bitcoin, the first and probably best-known blockchain, has seen breathtaking

...