News 
May 23, 2025 
5 min. 
The Solana nCMO, Akshay BD, has issued a compelling critique of traditional capital markets, arguing that they no longer serve the majority of investors. Speaking at the Accelerate 2025 conference, Akshay highlighted the potential of blockchain, particularly Solana’s infrastructure, to bridge widening economic gaps and empower individuals globally. “Solana could make everyone an investor or a dreamer over time,” he declared.
Addressing a growing sense of unease among both retail and institutional investors, Akshay pointed to the fragility of current financial strategies. “You have low bond yields, asset bubbles, and an outdated 60-40 portfolio model that isn’t working anymore,” he noted. Investment managers, he added, are seeing rising anxiety among clients unsure of where to turn.
Akshay emphasized a major source of this financial tension: the increasing disparity between earned income and asset-generated wealth. Retail investors are often shut out of private markets, which remain the domain of accredited investors; this forces the majority into volatile public markets. This imbalance, he warned, is not only unsustainable but risks deepening with the rise of artificial intelligence.
“The question is, which future do we want?” he asked. “One of universal basic income, where we support those left behind, or one of universal basic ownership, where anyone with a smartphone can build wealth through asset ownership?”
The Solana nCMO laid out a transformative vision powered by blockchain: tokenized ownership in everything from clean energy firms to neighborhood cafes, made accessible via a simple QR scan. By leveraging crypto infrastructure, Akshay believes Solana can democratize investing and reimagine wealth distribution for the digital age.
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U.S. Markets Remain Overvalued as Solana nCMO Advocates for Broader Retail Access Through Crypto
Despite economic uncertainties and past corrections, U.S. public equity markets continue to trade above their long-term valuation norms. According to data from market analytics firm Multpl, the S&P 500’s price-to-earnings (P/E) ratio has held steady above 19.6 since December 2018. This is well above its historical average of 16.1, suggesting that investors remain willing to pay a premium for corporate earnings, even amid macroeconomic volatility.
Long-term trends reveal a steady rise in average valuations over the decades, fueled by historically low interest rates, robust corporate profits, and strong investor confidence in innovation-driven sectors like technology. However, these elevated valuations have often preceded significant downturns. Examples include the bursting of the dot-com bubble in the early 2000s and the 2008 financial crisis triggered by the collapse of the subprime mortgage market.
To address concerns of market overheating and exclusivity, Akshay BD, the Solana nCMO, proposed a bold alternative: expanding access to traditionally gated markets by leveraging blockchain technology. Speaking at the Accelerate 2025 conference, Akshay argued that crypto, especially Real World Asset (RWA) tokenization, could democratize ownership and open new pathways for retail investors.
“Some entrepreneurs have tried this in the past, but the technology simply wasn’t ready,” he said. “Crypto starts with play but becomes profound very quickly.”
Akshay envisions a future where blockchain enables the financialization of all productive assets in an economy, turning every economic participant into a stakeholder. “It offers a mechanism where anyone contributing to the economy can also become an owner of that economy,” he emphasized.
By linking blockchain with real-world value, Akshay believes the next wave of financial innovation could unlock equitable access, reduce systemic concentration, and fundamentally reshape how markets operate.
