The Wolf Of All Streets

“Mike says copper could be next on the pump-and-dump list after Bitcoin, gold and silver "A key theme is what's really happening in metals. That two-year note at almost 5% is just too high. Fed tightening, the key thing is, never fight the Fed. That's a key pressure on cryptos and metals." "Next on the list that might be on that pump and dump list so far, which includes Bitcoin, gold, silver, platinum, palladium, iron ore, is copper." "Still keeping my eye on copper. I expect that's the one that's gonna have a problem and get smacked a little bit. Just follow the trend."”

“Dave says being bond bullish is the same as being Bitcoin bullish "I keep saying to Mike that being bond bullish is actually the same thing as being Bitcoin bullish. If there were to be a big rally in bonds, it would benefit Bitcoin more, for a whole host of reasons." "But if you're incredibly bearish on bonds, then you can make an argument that that will be destructive for what we term risk assets." "I will, however, report something. We're now coming up on the one-year anniversary of a complete delinking between Bitcoin and risk assets, in fact, of crypto and the rest of risk assets. Where the crypto markets got absolutely hammered while stock markets and other risk markets did extremely well." "And so to say that it can't go in opposite direction is wrong. They can. But obviously, if you're having a massive sell-off, it won't."”

“Avichal Garg on his $5-10M $BTC thesis "The way we've always thought about it is, this is digital gold. It's a fixed supply asset, it's easy to transport, it's easy to subdivide, it's a global liquid market." "People in the United States sometimes, or people in the west sometimes, forget how easy it is for us to acquire gold. You can go to the store and buy some, or you can get some gold futures. In a lot of the world, you can't get gold that easily. And people want it, people want dollars and gold." "So I tend to think as many people will have BTC as hold gold. If you just look at it from a market cap perspective, if BTC and gold get to a similar market cap, you're talking well in excess of a million dollars per BTC." "One of the lessons of the internet is, when you put things on a phone, you get addressable market expansion. Back in the day people used to talk about, how could Uber possibly be worth more than $10 billion, because the entire taxi industry is only worth $10 billion. Without realizing that when you put Uber on one of these things, all of a sudden 10x as many people can do it." "If you went back 15 years and told your friends there are gonna be 10 companies worth more than a trillion dollars, nobody would have believed you. So I don't think it's crazy that BTC ends up being bigger than gold in the fullness of time."”

“Avichal Garg on the three crypto categories he's investing in "One is, I think the store of value chains are still very interesting. So for us that's primarily BTC and ETH. I think those have ascended into sort of prospective store of value territory. Effectively fixed supply, easy to subdivide, easy to transfer, all the check marks that you would want. And they appeal to different communities." "The second category is anything that has some sort of fee mechanism built into it and deals with financial assets and transactions. You could put SOL into this, put HYPE into this. Our take on those has always been that you have to be very mindful of the fees, you have to think about what the fee take rate is, and then you treat it like an equity." "These are assets that take fees in dollars and make them available to people all over the world who don't have access to dollar instruments. So if you're in Vietnam, if you're in Nigeria, if you're in Turkey, you can buy into these things, and you may not be able to get actual US equities." "To own a piece of a thing that produces US dollar cash flows and can effectively give you a distribution of US dollars in the form of buybacks is a really valuable thing. And the way that the market will express that is a much higher PE ratio, in my opinion, than you get on the US equity markets, because the buyers have fewer alternatives." "Then there's this emerging category of applications that use these primitives that could not otherwise exist. Applications that essentially use distributed compute, confidential compute, zero knowledge proofs and proof generation. Some of those things will look like companies, some of those things won't even look like token networks."”

“Avichal Garg on the three crypto categories he's investing in "One is, I think the store of value chains are still very interesting. So for us that's primarily BTC and ETH. I think those have ascended into sort of prospective store of value territory. Effectively fixed supply, easy to subdivide, easy to transfer, all the check marks that you would want. And they appeal to different communities." "The second category is anything that has some sort of fee mechanism built into it and deals with financial assets and transactions. You could put SOL into this, put HYPE into this. Our take on those has always been that you have to be very mindful of the fees, you have to think about what the fee take rate is, and then you treat it like an equity." "These are assets that take fees in dollars and make them available to people all over the world who don't have access to dollar instruments. So if you're in Vietnam, if you're in Nigeria, if you're in Turkey, you can buy into these things, and you may not be able to get actual US equities." "To own a piece of a thing that produces US dollar cash flows and can effectively give you a distribution of US dollars in the form of buybacks is a really valuable thing. And the way that the market will express that is a much higher PE ratio, in my opinion, than you get on the US equity markets, because the buyers have fewer alternatives." "Then there's this emerging category of applications that use these primitives that could not otherwise exist. Applications that essentially use distributed compute, confidential compute, zero knowledge proofs and proof generation. Some of those things will look like companies, some of those things won't even look like token networks."”

“Avichal Garg on the three crypto categories he's investing in "One is, I think the store of value chains are still very interesting. So for us that's primarily BTC and ETH. I think those have ascended into sort of prospective store of value territory. Effectively fixed supply, easy to subdivide, easy to transfer, all the check marks that you would want. And they appeal to different communities." "The second category is anything that has some sort of fee mechanism built into it and deals with financial assets and transactions. You could put SOL into this, put HYPE into this. Our take on those has always been that you have to be very mindful of the fees, you have to think about what the fee take rate is, and then you treat it like an equity." "These are assets that take fees in dollars and make them available to people all over the world who don't have access to dollar instruments. So if you're in Vietnam, if you're in Nigeria, if you're in Turkey, you can buy into these things, and you may not be able to get actual US equities." "To own a piece of a thing that produces US dollar cash flows and can effectively give you a distribution of US dollars in the form of buybacks is a really valuable thing. And the way that the market will express that is a much higher PE ratio, in my opinion, than you get on the US equity markets, because the buyers have fewer alternatives." "Then there's this emerging category of applications that use these primitives that could not otherwise exist. Applications that essentially use distributed compute, confidential compute, zero knowledge proofs and proof generation. Some of those things will look like companies, some of those things won't even look like token networks."”

“Why $10 Million Bitcoin Isn’t As Crazy As It Sounds | @avichal 00:00 Bitcoin to $5–10M? The Digital Gold Thesis 03:11 How AI Agents Could Expand Bitcoin’s Market 05:18 Autonomous AI Agents, Money & Jurisdiction 09:09 How Electric Capital Is Already Using AI Agents 11:28 What Work Is Left for Humans? 13:00 How AI Could Create Tiny Billion-Dollar Companies 16:10 Would You Let an AI Agent Transact With Crypto? 22:46 How Electric Capital Decides What to Invest In 24:01 What Becomes Valuable When AI Gets Smarter Than Humans? 30:31 How Crypto Infrastructure Is Moving Into AI 34:50 How Should Investors Value Tokens? 35:36 Fee Switches, Buybacks & Token Value Accrual 38:47 Token Networks as Coordination Technology 42:51 Onchain Companies, Wallets & AI Employees 46:00 A Parallel Global Public Equities Market 49:00 Why Global Investors Understand Tokenization Differently 51:14 Final Thoughts”

“Why $10 Million Bitcoin Isn’t As Crazy As It Sounds | @avichal https://t.co/2C32uGTbFw https://t.co/Afl5VcSrFB”

“STRIVE CEO MATT COLE ON $BTC: "PROBABLY NO BITCOIN PRICE IS TOO HIGH" UNTIL THE US DEBT CRISIS BREAKS "WE THINK BITCOIN CAN EFFECTIVELY GO TO INFINITY VERSUS THE DOLLAR" https://t.co/I5Az4E0Ujk”

“📈 U.S. SPOT BITCOIN $BTC ETFS RECORDED $191M INFLOWS SEPT. 24, EXTENDING INFLOW STREAK TO SIX STRAIGHT TRADING DAYS”

“Andrew McCormick on financial advisors becoming crypto's biggest unlock "An unlock that I think people never talk about enough is the concept of financial advisors who can actually talk to their clients about these products." "In the US, we have maybe 200,000 to 300,000 financial advisers who meet with their clients, and they talk about, you can buy Ford stock, this ETF, this mutual fund. Most of them can't talk about the ETFs, spot crypto." "That's gonna change, and then suddenly digital assets have an unofficial marketing team of 200,000 financial advisors who are talking to their clients about these products." "It shouldn't say put 100% of your money into it, but even 5%, what a huge unlock. And that wall, I think, is gonna come down."”

“Andrew McCormick on whether institutional adoption accrues value to retail "I still believe in the dream. With increasing adoption comes increasing use of tokens, which comes with typically increasing purchases of tokens. And as more and more, not just institutions, but retail, move into this space, I think those numbers will only go higher." "There's a lot of things in life I'd never say I'm certain about, but I'm certain that crypto usage, institutional adoption is only going to go up. I think regulatory clarity is only going to increase." "I think this idea of career risk is interesting. People are willing to move into the space more and more." "So I'm hopeful, and not just pure blind hope, but actually seeing these day to day adoption after adoption despite price being down 50%. When price goes the other way, I think it'd be a really powerful moment."”

“"NYSE, Nasdaq, I think of these institutions as like black holes." Andrew McCormick on Wall Street's biggest institutions driving tokenization "Like you, I was surprised by the speed there. They're coming in hot. They're so big. And so if they're moving down this train track, everybody else is coming with it." "Chainlink is super close with the DTCC. They said, in Q4, what they call their collateral app chain, which is not just tokenizing but being able to use it as collateral, can use for margin purposes, loan purposes. They're using Chainlink's runtime environment, like our orchestration platform, to do that." "We are all in on the tokenized equity space. We do data and cross chain for firms like Kraken, xStocks, Robinhood, Ondo, Coinbase, and this is gonna be a huge unlock for our industry." "Right now, tokenized equities market cap is a few billion. Overall equities market, $150 trillion. So even if 1% of existing equities are tokenized, from $3 billion to $1.5 trillion is a huge move, and I think it's gonna be a lot more than that. So this opportunity is almost infinite."”

“The S&P 500 is sitting near record highs. But the internals are weak. As of Wednesday, 257 of the 500 stocks in the index were trading below their 200-day moving averages. That’s more than half the index underwater on a widely watched long-term momentum measure. Breadth is bearish. Now look at crypto. Of the top 100 tokens by market cap, 88, including Bitcoin and Ethereum, are trading above their 200-day SMAs. Most of those same coins are also holding above their 50-day and 100-day averages. That’s a clean, bullish configuration across the board. And here’s the part that stands out: $BTC, $ETH, $XRP, $SOL and the majority of the rest are still well below their all-time highs. They look relatively inexpensive compared with equities that are already pricing in a lot of good news. Weak breadth in stocks near highs has historically been a yellow flag. Strong breadth in crypto while prices remain far from peaks is the opposite setup. The data doesn’t lie.”

“The S&P 500 is sitting near record highs. But the internals are weak. As of Wednesday, 257 of the 500 stocks in the index were trading below their 200-day moving averages. That’s more than half the index underwater on a widely watched long-term momentum measure. Breadth is bearish. Now look at crypto. Of the top 100 tokens by market cap, 88, including Bitcoin and Ethereum, are trading above their 200-day SMAs. Most of those same coins are also holding above their 50-day and 100-day averages. That’s a clean, bullish configuration across the board. And here’s the part that stands out: $BTC, $ETH, $XRP, $SOL and the majority of the rest are still well below their all-time highs. They look relatively inexpensive compared with equities that are already pricing in a lot of good news. Weak breadth in stocks near highs has historically been a yellow flag. Strong breadth in crypto while prices remain far from peaks is the opposite setup. The data doesn’t lie.”