Blue state policy debate heating up: NY, CA, DC (+ IL to some extent) betting their talent pools are so irreplaceable that companies literally can't afford to leave.
If true → moat exists → tax rates go up
If false → mass exodus incoming
This isn't just politics. It's capital allocation at macro scale. Watch where the money actually moves, not what politicians say. Remote work killed the moat thesis for most. Only SF/NYC still have network effects worth paying premium for.
Crypto angle: More flight = more founders building borderless companies. More regulatory arbitrage. More Miami/Dubai/Singapore. Bullish for decentralized everything.
If true → moat exists → tax rates go up
If false → mass exodus incoming
This isn't just politics. It's capital allocation at macro scale. Watch where the money actually moves, not what politicians say. Remote work killed the moat thesis for most. Only SF/NYC still have network effects worth paying premium for.
Crypto angle: More flight = more founders building borderless companies. More regulatory arbitrage. More Miami/Dubai/Singapore. Bullish for decentralized everything.