Old Men, New Money®: Bitcoin, Blockchain & Tokenization

The Blueprint of Tokenization in Modern Entertainment: Real Ownership and ParticipationIn Episode 22, host Phil Larmon shifts from the 'why' of fan ownership to the 'how', detailing the mechanics behind tokenization within the entertainment industry. This episode delves into how tokenization collapses the traditional layers of access, ownership, and monetization, using blockchain technology to create verifiable, programmable, and transparent ecosystems. Larmon explores practical applications such as tokenized ticketing, fan access, compliant equity models, media distribution, loyalty pipelines, and real-world authentication. He emphasizes that tokenization is transforming everything from music and film to sports and digital collectibles by shifting fans from passive consumers to active participants with real economic stakes. The episode highlights current implementations and future predictions, asserting that regulated, transparent tokenization will revolutionize entertainment.00:00 Introduction and Recap00:56 The Blueprint for Fan Ownership02:04 Tokenized Ticketing Revolution03:59 Fan Access and Engagement05:47 Compliant Equity Models07:25 Media Distribution Tokens08:58 Loyalty to Equity Pipelines10:03 Authentication and Digital Twins11:01 The New Fan Economy12:01 Real-World Applications and Future Predictions15:31 Regulation and Compliance18:39 Conclusion and Next Episode Preview Get full access to Bitcoin, Blockchain and Tokenization at oldmennewmoney.substack.com/subscribe

Fan Ownership in Sports and Entertainment: The Future of Digital SecuritiesIn this episode of 'Old Men New Money,' Phil Larmon dives into how digital securities can revolutionize the sports and entertainment industries. By applying the concepts of digital assets, compliance, and tokenization, fans, athletes, and creators can all benefit in unprecedented ways. Larmon illustrates how stadium districts can be tokenized, offering fans real, fractional ownership and creating new economic alignments between stakeholders. He also discusses the potential for regulated digital securities to transform fan participation, support athletes' financial health, and reshape the entertainment industry. The future of fan ownership is explored through practical examples and the promise of a more inclusive, economically aligned model.00:00 Introduction to the Series00:55 The Emotional Power of Sports and Entertainment01:47 The Problem with the Old Model02:17 The Promise of Digital Securities03:55 Stadium Districts: The Future of Sports Real Estate06:12 Fan Tokens vs. Real Ownership11:35 The Role of Digital Securities in Entertainment12:34 The Future of Fan Ownership14:28 Conclusion and Next Steps Get full access to Bitcoin, Blockchain and Tokenization at oldmennewmoney.substack.com/subscribe

The Rise of Community Marketing Officers: Transforming Customer AdvocacyIn this episode of 'Old Men, New Money,' Douglas Borthwick discusses the emergence of community marketing officers (CMOs), who differ from traditional chief marketing officers. CMOs are customer investors actively involved in promoting the business, motivated by their financial stakes in the company's success. Borthwick covers effective CMO program structures, the importance of compliance, and the impact of aligning ownership with advocacy incentives. He provides practical guidelines for businesses to implement CMO programs and discusses the future potential of this marketing strategy. Real-world examples from Web3 projects and insumer companies are highlighted to showcase the effectiveness of community-driven marketing.00:00 Introduction to Community Marketing Officers01:23 The Power of Customer Investors04:19 Structures for Incentivizing CMOs06:32 Legal Considerations and Compliance08:07 Implementing a CMO Program09:33 Web3 Examples of Community Marketing11:03 Measuring CMO Program Success13:03 Common Mistakes and Risks16:28 Future of Community Marketing19:13 Conclusion and ResourcesExplore further with my books, The Insumer Model and Your Equity in Your Pocket, both available on Amazon. Get full access to Bitcoin, Blockchain and Tokenization at oldmennewmoney.substack.com/subscribe

Integrating Marketing and Investor Relations: The Insumer Model ExplainedIn this episode of Old Men New Money, Douglas Borthwick delves into the convergence of marketing and investor relations departments through the insumer model. Traditionally, these two business functions operate in isolation, but when combined, they create unique competitive advantages. The insumer model transforms customer loyalty into an investment thesis and integrates brand loyalty with equity appreciation. Real-world examples, such as Blue Mountain Coffee, demonstrate how businesses can benefit from this integrated approach by converting emotional ownership into financial ownership. The episode also discusses practical steps for implementing the insumer model, including customer acquisition, capital raising, measuring ROI, and maintaining privacy. With references to extensive market research and successful case studies, Borthwick provides a comprehensive guide for consumer-facing companies to align customer loyalty with shareholder value.00:00 Introduction to Insumer Model00:57 The 30-Second Version02:16 Real-World Examples02:51 Marketing and Investor Relations Integration04:32 Implementing the Insumer Model11:15 Privacy Concerns and Solutions12:59 Case Study: Treasure Experience15:06 Metrics That Matter16:47 Action Steps for Businesses18:01 Conclusion and Next Steps Get full access to Bitcoin, Blockchain and Tokenization at oldmennewmoney.substack.com/subscribe

Bridging the Gap: Understanding Hybrid Security TokensIn this episode of Old Men New Money, Douglas Borthwick discusses common fears associated with pure digital securities and introduces the concept of hybrid security tokens. Hybrid tokens offer both traditional paper certificates and digital tokens, easing the transition to digital securities. Douglas explains the technical process behind hybrid tokens, shares insights from his experience at INX, and highlights the benefits of providing both options to cater to different investor preferences. He also provides practical advice for companies implementing these models and investors considering them.00:00 Introduction to Digital Securities00:15 Common Concerns with Digital Securities00:46 Introducing Hybrid Security Tokens01:27 Real-World Examples and Benefits04:21 Mechanics of Hybrid Security Tokens05:37 Implementation and Costs06:50 Conversion Processes Explained08:24 Case Studies and Adoption13:44 Future Predictions and Advice17:06 Conclusion and Next Episode Preview Get full access to Bitcoin, Blockchain and Tokenization at oldmennewmoney.substack.com/subscribe

Unlocking the Potential of the Insumer Model™: Aligning Consumers and Investors with Tokenized EquityIn this episode of 'Old Men, New Money®,' Douglas Borthwick introduces the Insumer Model™, a concept merging investor and consumer identities through tokenized equity. Borthwick explains how traditional stock ownership can be transformed using blockchain technology to provide immediate benefits at the point of sale. He details the advantages of this model, including enhanced customer loyalty, better feedback, and reduced marketing costs. Real-life examples and potential challenges are discussed, highlighting how businesses and individuals can benefit from this integrated approach. Future episodes will delve deeper into related topics like hybrid security tokens and brand loyalty.00:00 Introduction to The Insumer Model™00:19 The Starbucks Scenario: A Wake-Up Call00:55 The Concept of Tokenized Equity01:28 The Genesis of The Insumer Model™02:50 The Apple Example: Invisible Ownership04:33 The Three Dimensions of Value06:14 Real-World Applications and Examples07:48 The Role of NFTs in Verification09:25 Implementing The Insumer Model™11:52 Psychological Shifts and Behavioral Changes15:34 Challenges and Solutions16:42 Future Predictions and Action Steps19:56 Conclusion and Upcoming EpisodesAbout the AuthorDouglas Borthwick is not only one of the voices behind “Old Men, New Money®” but also a visionary championing the integration of consumer and investor identities through groundbreaking concepts like The Insumer Model™. With practical experience intertwining stock ownership and retail benefits, Douglas invites you to join his journey of shaping tomorrow’s business landscape today. His books, The Insumer Model and Your Equity in Your Pocket are available on Amazon today. Get full access to Bitcoin, Blockchain and Tokenization at oldmennewmoney.substack.com/subscribe

Unlocking Private Equity: The Future of TokenizationIn this final episode of Module Four on Real World Asset Tokenization, Ali Davoudi discusses the transformative potential of private equity tokenization. He explains why private equity matters, highlighting its $10 trillion global value but noting that access is limited to accredited investors. Ali explores three models for tokenizing private equity: tokenizing fund shares, direct investments in private companies, and secondary markets for existing stakes. He delves into the challenges, such as regulatory compliance and governance, and shares examples of successful implementations. He also provides practical advice for investors, underscoring the importance of understanding underlying investments, evaluating platforms, and reading legal documents. Ali concludes with his vision for the next decade, outlining a future where tokenization could democratize access and improve liquidity in private markets.00:00 Introduction to Private Equity Tokenization00:52 Why Private Markets Matter02:18 Approaches to Tokenizing Private Equity03:46 Tokenizing Private Equity Funds05:17 Direct Tokenization of Private Companies06:42 Secondary Markets for Private Equity07:59 Regulatory Challenges09:23 Personal Insights on Private Investing10:22 Success Stories and Future Vision12:52 Lessons from Real World Asset Tokenization14:08 Investor's Guide to Tokenized Private Equity15:37 Connecting to the Next Module16:21 Closing Thoughts Get full access to Bitcoin, Blockchain and Tokenization at oldmennewmoney.substack.com/subscribe

Exploring Tokenization of Public Equity: Innovations and ChallengesIn this episode of Old Men New Money, Ali Davoudi discusses the emerging trend of tokenizing public company shares, illustrating how it could reshape global equity markets. He explains the difference between direct tokenization (as done by Galaxy Digital) and wrapped tokenization (as pursued by Backed and INX). Ali dives into the benefits, such as 24/7 trading and instant settlement, but also outlines challenges such as liquidity fragmentation and regulatory complexity. Through detailed examination, he balances the potential advantages against the current practical challenges and provides insights into the future of tokenized public equity, comparing it to the early internet era. Finally, he previews the next episode, which will focus on the potential of private equity tokenization.00:00 Introduction to Tokenized Public Equity00:45 Understanding Public Equity Tokenization00:58 Direct vs. Wrapped Tokenization Models01:58 Galaxy Digital's Innovative Move03:26 The Wrapped Tokenization Model04:52 Value Propositions of Tokenized Equity06:27 Challenges of Tokenized Public Equity07:57 Personal Views and Predictions11:40 Lessons from Real World Asset Tokenization13:02 Investor Guidance on Tokenized Public Equity14:28 Connecting to Private Equity Tokenization15:21 Closing Thoughts Get full access to Bitcoin, Blockchain and Tokenization at oldmennewmoney.substack.com/subscribe

Success in Asset Tokenization: Why Treasuries Outshine Real EstateIn this episode of 'Old Men New Money,' Ali Davoudi explores the robust success of tokenized treasuries compared to the struggling attempts in real estate tokenization. He highlights the simplicity, liquidity, and regulatory clarity that make treasuries an ideal candidate for tokenization. By reviewing major players like BlackRock and Franklin Templeton, Davoudi explains the benefits, business models, and future growth of tokenized treasuries within the financial ecosystem. He also addresses key risks and provides practical advice for potential investors, emphasizing the lessons learned and future potential in tokenizing other asset classes.00:00 Introduction to Tokenized Treasuries00:51 What Are Tokenized Treasuries?01:59 Why Tokenized Treasuries Succeed03:32 Key Players in Tokenized Treasuries05:13 Use Cases for Tokenized Treasuries06:55 Economics for Asset Managers09:20 Risks and Considerations10:41 Personal Take and Future Predictions13:06 Lessons for Other Asset Classes16:21 Closing Thoughts and Next Episodes Get full access to Bitcoin, Blockchain and Tokenization at oldmennewmoney.substack.com/subscribe

The Truth About Real Estate Tokenization: Why It Hasn't Worked and What Needs to ChangeIn this episode of Old Men New Money, Ali Davoudi introduces the audience to module four of their educational series on digital securities, focusing on real world asset tokenization, specifically real estate. Ali explains why real estate tokenization, despite its exciting pitch of liquidity and fractional ownership, has largely failed due to regulatory complexities, liquidity illusions, and unclear value propositions. He offers insights into current approaches and suggests practical changes that could make real estate tokenization viable, such as focusing on tokenizing real estate funds or REITs and being honest about liquidity. Ali also shares lessons applicable to other asset classes and previews upcoming episodes covering tokenized treasuries, public equity, and private equity.00:00 Introduction to Module Four: Real World Asset Tokenization00:56 The Hype and Promise of Real Estate Tokenization02:09 Why Real Estate Tokenization Has Failed04:13 Structural Challenges in Real Estate Tokenization05:57 Examples of Failed Tokenization Projects07:52 What Needs to Change for Real Estate Tokenization to Succeed09:49 Potential Models for Successful Tokenization14:17 Lessons for Tokenizing Other Asset Classes15:32 Investor Advice and Looking Ahead18:08 Conclusion and Future Topics Get full access to Bitcoin, Blockchain and Tokenization at oldmennewmoney.substack.com/subscribe

Understanding the Risks of Investing in Treasury CompaniesIn the latest episode of Old Men New Money, Douglas Borthwick delves into the various risks associated with investing in corporate treasury companies that are heavily involved in crypto assets. The episode covers seven major risk categories including asset price risk, NAV premium compression, dilution, debt leverage, regulatory issues, key person risk, and execution risk. Borthwick emphasizes the importance of understanding and managing these risks, especially in volatile market conditions, and provides guidance on position sizing, monitoring metrics, and establishing clear exit rules. He also cautions against treating these investments as conservative or core holdings, recommending them only for those with high risk tolerance and speculative capital.00:00 Introduction to Corporate Treasury Strategies00:45 Understanding Major Risk Categories02:37 Asset Price Risk Explained04:14 NAV Premium Compression05:46 Dilution Risks06:56 Debt and Leverage Risks08:14 Regulatory and Legal Risks09:36 Key Person Risk10:46 Execution Risk12:20 Competition and Technological Disruption15:23 Managing Risks and Position Sizing16:30 Who Should and Shouldn't Invest18:09 Final Thoughts and Next Module Preview Get full access to Bitcoin, Blockchain and Tokenization at oldmennewmoney.substack.com/subscribe

Understanding SOL Strategies: The Future of Treasury CompaniesIn this episode of 'Old Men New Money,' Douglas Borthwick explores SOL Strategies (ticker: STKE), a pioneering Solana Treasury company that goes beyond simple asset accumulation. Unlike other treasury companies, SOL Strategies also operates validator infrastructure, earning fees from institutional clients and building a recurring revenue business. They manage over 3.6 million SOL and provide staking services for major institutions like ARC Invest and VanEck. The episode delves into their revenue streams, including staking yield, validator fees, and purchasing locked SOL at a 15% discount from the Solana Foundation. Borthwick also discusses why Solana's high throughput and low-cost blockchain make it the ideal platform for institutional applications. The episode concludes with an analysis of risks and strategic advantages, positioning SOL Strategies as a model for the future of treasury companies.00:00 Introduction to SOL Strategies00:48 Overview of SOL Strategies06:28 Revenue Streams Explained08:19 Validator Economics and Operations12:02 Institutional Partnerships and Clients15:36 Risks and Challenges19:18 Conclusion and Next Steps Get full access to Bitcoin, Blockchain and Tokenization at oldmennewmoney.substack.com/subscribe

Bitmine's Ambitious Ethereum Accumulation Strategy ExplainedIn this episode of Old Men New Money, host Douglas Borthwick delves into Bitmine's strategic pivot from Bitcoin mining to becoming the world's largest Ethereum treasury. Led by Tom Lee of Fundstrat, Bitmine aims to accumulate 5% of all Ethereum by leveraging capital markets and staking ETH for yield. This episode examines the differences between Bitcoin and Ethereum as assets, Bitmine's innovative immersion cooling technology, and the company's ambitious goal to position itself as a primary counterparty for institutional Ethereum transactions. The episode also highlights the risks involved and compares Bitmine's model to MicroStrategy's Bitcoin accumulation approach.00:00 Introduction to Corporate Treasury Strategies00:19 Bitmine's Bold Ethereum Strategy01:10 Tom Lee's Vision and Strategic Pivot01:43 Ethereum's Supercycle and Institutional Adoption03:14 Bitmine's Accumulation and Staking Strategy08:19 Liquidity and Market Position09:09 Valuation and Future Prospects13:37 Risks and Comparisons15:59 Conclusion and Next Episode Preview Get full access to Bitcoin, Blockchain and Tokenization at oldmennewmoney.substack.com/subscribe

Understanding Treasury Companies: The Strategy PlaybookIn this episode of Old Men New Money, Douglas Borthwick introduces module three of the educational series, focusing on treasury companies that use their corporate balance sheets to accumulate crypto assets, primarily Bitcoin. Borthwick explores the pioneering case of MicroStrategy, now called Strategy, which began converting its corporate treasury into Bitcoin in August 2020. The episode details Strategy’s financial engineering tactics, their Bitcoin yield metrics, and the associated risks. It also discusses the broader market implications, highlighting how over 70 public companies have adopted similar strategies. The episode concludes by emphasizing the critical role of Bitcoin’s price trajectory in the success of these treasury companies.00:00 Introduction to Module Three00:14 The Rise of Treasury Companies00:36 MicroStrategy's Bold Move01:16 Understanding the Strategy Playbook04:21 Financial Engineering and Bitcoin Yield09:32 Valuation and Market Dynamics17:42 Risks and Considerations22:53 Conclusion and Next Steps Get full access to Bitcoin, Blockchain and Tokenization at oldmennewmoney.substack.com/subscribe

Demystifying Digital Wallets and Key ManagementIn this episode of Old Men New Money, Douglas Borthwick addresses the fears traditional investors have about digital securities, specifically focusing on private keys and digital wallets. He explains the importance of digital wallets, how custody works, and why security tokens offer safety advantages over pure cryptocurrencies. Douglas clarifies key concepts such as hot and cold wallets, seed phrases, and multisignature wallets, providing insights on the security and practicality of each option. He also discusses the regulatory landscape for digital asset custody, the role of custodians, and the future developments in the field. Key takeaways include understanding the critical nature of seed phrases, practicing wallet setup, and considering custodial versus non-custodial solutions.00:00 Introduction to Digital Securities00:51 Understanding Digital Wallets03:21 Hot Wallets vs Cold Wallets05:47 The Importance of Seed Phrases07:00 Custodial vs Non-Custodial Wallets09:31 Multisig Wallets for Institutional Custody10:25 Common Mistakes and Best Practices11:32 Popular Wallet Options12:45 Regulatory Perspective on Custody14:53 Future of Digital Custody16:04 Practical Steps for Secure Custody16:58 Conclusion and Next Steps Get full access to Bitcoin, Blockchain and Tokenization at oldmennewmoney.substack.com/subscribe

Stablecoins: The Unsung Heroes of Digital FinanceIn this episode of 'Old Men New Money,' Douglas Borthwick delves into the significance of stablecoins—cryptocurrencies pegged to stable assets like the US dollar. With over $284 billion in circulation as of October 2025, stablecoins are revolutionizing financial transactions by providing instant, low-cost, 24/7 global transfers. Borthwick explains how stablecoins like USDT, USDC, PY Dollar, and DAI operate, their regulatory landscapes, and their crucial role in digital securities and decentralized finance (DeFi). He highlights the advantages of stablecoins over traditional banking methods, their growing adoption by major institutions like PayPal and Visa, and the potential risks and future of stablecoins in the financial ecosystem.00:00 Introduction to Stable Coins00:44 What Are Stable Coins?03:25 The Main Players in Stable Coins05:23 How Stable Coins Maintain Their Value06:56 Stable Coins in Digital Securities08:24 Regulation and Compliance09:47 Stable Coins in Decentralized Finance (DeFi)10:54 The Growing Adoption of Stable Coins13:36 Potential Risks and Challenges15:00 Central Bank Digital Currencies (CBDCs)16:03 Practical Steps and Conclusion Get full access to Bitcoin, Blockchain and Tokenization at oldmennewmoney.substack.com/subscribe

Ethereum vs. Solana: The Future of Tokenized EquityIn this episode of 'Old Men New Money,' Douglas Borthwick discusses the major infrastructure decision in digital securities: Ethereum versus Solana. He highlights Galaxy Digital's choice to tokenize NASDAQ-listed shares on Solana, marking a significant shift from Ethereum due to Solana's high performance and lower costs. Borthwick argues that while Ethereum has institutional credibility and regulatory comfort, it falls short in terms of transaction speed and cost compared to Solana. He provides a detailed comparison of the two blockchains, emphasizing Solana's advantages for high-frequency trading and consumer-facing applications. Borthwick concludes that trends in developer migration and transaction volume favor Solana, marking it as the future leader in smart contract platforms. The episode also teases a future discussion on stablecoins.00:00 Introduction to the Debate: Ethereum vs. Solana00:12 Galaxy Digital's Groundbreaking Move00:58 Ethereum vs. Solana: A Performance Comparison02:26 The Regulatory Shift and Its Implications04:42 Ethereum's Struggles in High-Frequency Markets05:27 Why Solana is the Future for High Throughput Applications06:31 Developer Migration to Solana07:36 Solana's Real-World Usage and Efficiency09:48 The Layer Two Debate and Solana's Unified Approach10:40 Ethereum's Strengths and Limitations11:42 Solana's Security and Network Stability14:19 Future Predictions and Strategic Advice18:07 Conclusion and Next Episode Preview Get full access to Bitcoin, Blockchain and Tokenization at oldmennewmoney.substack.com/subscribe

Blockchain Basics: Understanding the Technology that Powers Digital SecuritiesIn this episode of Old Men New Money, Douglas Borthwick begins module two of the educational series on digital securities, focusing on blockchain technology. He explains what a blockchain is, its security features, and the differences between public and private blockchains. The episode covers the benefits of blockchain for finance, including instant settlement, fractional ownership, and programmable compliance. Borthwick emphasizes the importance of understanding the technology as major financial institutions implement blockchain strategies. He also discusses the economic models of various blockchains and highlights their adoption and risks. The concluding advice urges finance professionals to gain hands-on experience and follow thought leaders in the blockchain space.00:00 Introduction to Module Two: Blockchain Technology00:53 Understanding Blockchain Basics01:38 The Importance of Blockchain in Finance02:32 How Blockchain Settlement Works03:39 Detailed Explanation of Blockchain Mechanics06:16 Public vs. Private Blockchains07:47 Smart Contracts and Their Impact09:05 Blockchain's Advantages for Digital Securities10:46 Decentralization and Its Significance13:34 Performance and Scalability of Blockchains15:00 Consensus Mechanisms Explained16:11 Current Blockchain Adoption and Statistics17:15 Risks and Challenges of Blockchain18:22 Practical Steps to Engage with Blockchain19:31 Conclusion and Next Episode Preview Get full access to Bitcoin, Blockchain and Tokenization at oldmennewmoney.substack.com/subscribe

The Critical Role of Infrastructure in Digital SecuritiesIn this episode of Old Men New Money, Douglas Borthwick discusses the often-overlooked but essential role of infrastructure in the digital securities market. He emphasizes the importance of alternative trading systems, transfer agents, and custodians in ensuring the smooth functioning of digital securities. Douglas draws from his experience at INX to explain how they built their own infrastructure to support digital assets, including the acquisition of Open Finance and Tokensoft's transfer agent. He explains the different custody models, the role of transfer agents in maintaining accurate records and compliance, and the challenges ATSs face in achieving liquidity. The episode concludes with an outlook for the future of digital securities infrastructure and practical advice for issuers and investors. This comprehensive discussion highlights the critical importance of robust infrastructure in the success and growth of the digital securities market.00:00 Introduction to Digital Securities Infrastructure00:10 The Importance of Infrastructure in Digital Securities00:44 Building the Necessary Infrastructure01:09 Critical Components of Digital Securities Infrastructure03:20 Custody Models and Providers07:08 Role of Transfer Agents10:41 Trading Venues and Market Liquidity15:39 Global Developments and Regulatory Landscape20:00 Future of Digital Securities Infrastructure21:15 Practical Advice for Issuers and Investors24:10 Conclusion and Future Modules Get full access to Bitcoin, Blockchain and Tokenization at oldmennewmoney.substack.com/subscribe

The Complete Guide to Security Token Offerings (STOs): Costs, Process, and PitfallsIn this episode of Old Men, New Money, Douglas Borthwick demystifies the intricate process of Security Token Offerings (STOs). He details the entire journey from planning to execution, highlighting key parties involved: issuers, securities lawyers, blockchain developers, transfer agents, broker dealers, and custody providers. The episode breaks down costs, timelines, and common pitfalls that companies face. Borthwick draws from his experience at INX, providing practical insights into legal documentation, smart contract creation, investor relations, and compliance. The episode serves as a comprehensive guide for companies considering STOs, underlining the importance of professional execution.00:00 Introduction to Security Token Offerings00:14 Understanding the STO Process02:02 Key Players in an STO04:44 Detailed Breakdown of the STO Timeline13:48 Common Mistakes and How to Avoid Them15:31 Successful STO Case Study: INX17:17 Practical Advice for STOs19:05 Conclusion and Next Steps Get full access to Bitcoin, Blockchain and Tokenization at oldmennewmoney.substack.com/subscribe