Points of Focus

• Chesky said tokenization could make ownership more liquid.
• Berckmans called the deleted thread an Ethereum bull case.
• Airbnb announced no crypto or tokenization product.

A deleted X thread from Airbnb CEO Brian Chesky has become an unexpected talking point for Ethereum supporters.

Ethereum advocate Ryan Berckmans reposted screenshots of the full thread, describing it as a “massive Ethereum bullpost.” Yet, Chesky never mentioned Ethereum, Ether, or any other blockchain by name.

Instead, the Airbnb co-founder emphasized real-world asset (RWA) tokenization and how it could change how people own and trade property, securities, artwork, and more.

So why Ethereum? Supporters latched onto what the network already offers.

Chesky says tokenization could lead to liquid ownership

In the deleted thread, Chesky argued that tokenization could make ownership “global, fractional, and instant.”

“The internet made information liquid. This makes ownership liquid,” he wrote.

RWA tokenization turns ownership rights into blockchain-based tokens, which can represent assets such as: 

• Real estate 
• Stocks 
• Government debt 
• Gold 
• Collectibles 

What many enjoy about RWAs is that they can also be divided into smaller pieces, potentially allowing more people to invest without purchasing an entire asset.

Chesky also emphasizes trust, comparing decentralized trust to that of Airbnb’s. Airbnb enabled strangers to trust one another enough to share homes. Tokenized assets are only useful when buyers trust that it represents a real, legally enforceable claim.

What’s important to note Chesky’s thread did not announce an Airbnb tokenization product. Chesky also did not indicate that Airbnb plans to add crypto payments or place properties onchain.

Why Ethereum supporters saw a bull case

Berckmans’ insights are similar to how others consider Ethereum’s position in the RWA market.

RWA.xyz lists Ethereum as the largest network for distributed tokenized assets, with about $14.8 billion spread throughout over 900 assets. Hence why Chesky’s vision is familiar to Ethereum supporters. 

Ethereum’s smart contracts can divide assets into tradable units, automate transfers, and connect tokens to decentralized finance applications. The network’s established token standards and large developer base also give institutions a framework to build around.

Chesky’s focus on trust may strengthen that argument. Institutions need fast transactions, but they also need dependable infrastructure, clear ownership records, legal protections, compliance controls, and enough liquidity for investors to enter or leave positions.

Ethereum cannot provide all of those protections by itself. Issuers, custodians, regulators, and courts must still rule on whether a token represents a claim on an offchain asset.

Validation without an Ethereum endorsement

Of course, it’s important to note that Chesky’s post was not an endorsement of Ethereum, nor was it an Airbnb product reveal.

But Berckmans and other Ethereum supporters saw validation in a major technology CEO’s description of tokenization as a sort of ownership layer for the internet.

So one could consider this a bull case, but it’s not a direct one. If tokenized ownership becomes global, fractional, and continuously available, the blockchains already hosting these assets could benefit. Ethereum supporters believe its current RWA lead makes it one of the clearest candidates.

So while Chesky did not name the network, he may not have needed to. Ethereum advocates drew their own conclusions.