Who Wins the 2027 Crypto Bull Market | Santiago R. Santos, Inversion

Santiago R. Santos of Inversion was investing in DeFi before “DeFi” was even a widely used term. As a former partner at ParaFi and an early investor in projects including Aave, Arbitrum, and Polymarket, he watched Ethereum evolve from an experimental smart contract platform into the foundation of a massive onchain economy. But the growth of crypto has also changed his investment thesis. In this episode of Endgame, Amanda Cassatt and Santiago R. Santos examine whether Ethereum can succeed while ETH captures less of the value created on top of it, why he expresses his long-term Ethereum thesis through Robinhood stock, and why he believes crypto is increasingly becoming a distribution race. They also explore what Santiago learned from betting on Western Union over Solana, why adding stablecoins to legacy businesses is harder than it looks, whether AI agents actually need crypto-native money, and how autonomous agents could choose between blockchains without the tribal loyalties humans bring to crypto. Finally, they discuss the evolution of prediction markets, why Santiago believes market integrity matters as platforms like Polymarket grow, and how prediction markets and 24/7 crypto markets could evolve beyond speculation into tools for insurance, hedging, and real-time risk management. Timestamps  00:00 - Can Ethereum Win While ETH Loses? 00:36  - Investing in Aave Before DeFi Summer 05:06 - What Changed Santi’s Ethereum Thesis 10:30 - Can Ethereum Win While ETH Loses? 11:40  - Hyperliquid vs. Ethereum 13:44 - Is ETH Properly Valued Today? 18:16 -  Where Crypto Networks Actually Capture Value 21:10 - Why Santiago R. Santos Owns Robinhood Instead of ETH 24:02 - Crypto Is Becoming a Distribution Race 27:37 - Why Santiago R. Santos Bet on Western Union Over Solana 30:30 - Why Adding Crypto to Legacy Businesses Is Hard 35:47 - Do AI Agents Actually Need Stablecoins? 40:42 - How AI Agents Will Choose Blockchains 45:27 - Why 24/7 Crypto Markets Matter 47:59 - AI Agents, Prediction Markets and Insurance 51:26 - Does Polymarket Need Insider Trading Rules? 59:15 - Prediction Markets Beyond Speculation 🎧Stay Connected https://x.com/amandacassatt https://x.com/serotonin\_hq Apple Podcasts & Spotify  https://open.spotify.com/show/6iSvbKOJWoEPiAoGmiulkd https://podcasts.apple.com/us/podcast/endgame-with-amanda-cassatt/id1801809440 Follow Santiago R. Santos https://x.com/santiagoroel?lang=en  https://mc.linkedin.com/in/santiago-rs