Sam Ruskin laid out his crypto neobank vs traditional bank framework.
Traditional bank business model:
- Custody customer deposits
- Lend deposits to financial institutions/borrowers
- Profit on net interest margin (NIM)
- Centuries-old proven economics
- Regulatory framework built around this
Crypto neobank structural differences:
- Don't custody deposits (users hold stables onchain)
- Can't lend user funds
- Can't profit on net interest margin
- Value accrual fundamentally different
- Economics still being discovered

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Bitcoin's price briefly touched $60,000 last week. Under a diminishing returns model, this is no mere noise. The market is touching the weakest link in the entire four-year cycle and logarithmic growth framework.

With the gains at the top of the Bitcoin cycle already significantly compressed, a further historically deep correction would completely negate the allure of its classic cycles.

This is not a prediction; it's a mathematical law.

Cycle Top Gains are Compressing

Historical Bitcoin Cycle Tops:

· 2013: ~$1,242

· 2017: ~$19,700

· 2021: ~...

$55,000 will be the lifeline for Bitcoin.

Goldman Sachs reveals its crypto portfolio of over $2.3 billion for the first time. Photo: CoinGape
Goldman Sachs has revealed its significant exposure to the cryptocurrency market for the first time in a portfolio report submitted to the Securities and Exchange Commission...

Goldman Sachs has revealed its crypto portfolio worth over $2.3 billion for the first time.

Citadel, Ark Invest, and Tether back LayerZero as it launches the Zero blockchain - ZRO price goes on a rollercoaster. Photo: Decrypt.
Early this morning (February 11th), LayerZero officially announced the launch of its new layer-1 blockchain called ...