1) There are enough goods, services, and investments in the crypto ecosystem that this distinction doesnt matter. Even an increasing number of non-crypto relate

1) There are enough goods, services, and investments in the crypto ecosystem that this distinction doesnt matter. Even an increasing number of non-crypto related hedge funds accept crypto as the capital investment for a new limited partner, as long as their fund admin accepts it. Any individual or business can skip local capital controls, or financial institution imposed scrutiny, or merely skip worse service hours. 2) there is enough liquidity to convert $100mm in bitcoin to $100mm in dollars. I would expect intermediaries to take about 50 basis points or less in a combination of fees and slippage. percentage based compensation adds up, but its not different enough. But yes, there are intermediaries if that truly was your only point.