An Amazon Prime delivery truck, downtown New Orleans, Louisiana. (Tony Webster/Flickr)
Jeff Dorman, a CoinDesk columnist, is chief investment officer at Arca where he leads the investment committee and is responsible for portfolio sizing and risk management. He has more than 17 years of trading and asset management experience at firms including Merrill Lynch and Citadel Securities.
Decentralized money is important, but tokenized ownership is perhaps an even bigger and more important concept, as it stands today. The idea an ownable asset can be both a utility and an investment at the same time could change the course of investing, and company formation as we know it. And based on recent actions from the government and corporations, we may be closer than ever to achieving this.
A capitalist society means private property rights and the free market serve as the basis of trade, distribution of goods, and development, whereby private ownership and production is operated for profit. But society is now beginning to recognize that “shareholder capitalism” is also rife with negative externalities. You need only look at the pressure companies felt (and the greediness and misaligned incentives of management teams) to increase stock prices by spending billions of dollars of idle cash on stock buybacks, only to be left with no rainy day funds during a three-month pandemic.