The following piece originally appeared on Medium. It was written by The Block technical advisor Arjun Balaji and is republished here in its entirety with Arjun’s permission. If you would like to receive regular updates directly from Arjun, you can subscribe to his e-mail newsletter here and Medium here.
As another year wraps up, I started writing an email to close friends and investors on the “state of crypto” and my forecasts. As it got longer, it turned into this sprawling post. A few notes: