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Everyone's asking why Bitcoin is lagging while the S&P prints all-time highs. Michael Saylor gave me the cleanest answer in Prague: "We're living right now in the summer of the AI bubble... $500 billion of capital is being lurped into the AI complex right now." His framing: a "massive...

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Michaël van de Poppe

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74,081 Aufrufe • vor 11 Tagen •via X (Twitter)

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"I haven't sold a single sat." Michael Saylor (Michael Saylor) is Executive Chairman of Strategy, the largest corporate holder of Bitcoin on earth. While crypto twitter blamed him for the correction over a 32-coin sale, he sat down with me in Prague and explained why Bitcoin is really lagging and why it has almost nothing to do with Bitcoin. "We bought 175,000 Bitcoin this year, which is like 20% of all the Bitcoin ever bought. We sold 32. 32 works out to be two basis points." We cover: - Why Bitcoin is lagging while the S&P prints all-time highs, the "massive AI black hole" pulling capital out of crypto - Why he thinks the money rotates back by Q4 - The 32-BTC sale, the scapegoat dynamic, and why he hasn't sold a sat of his own - Why a 50% drawdown is normal, the 2022 one was 75% - The Apple and Amazon adoption curve, and the "Warren Buffett moment" he says is still coming - What actually happens to Strategy if Bitcoin stalls for 40 years - Why he believes being irrelevant is the only thing worse than being hated Thanks to Michael for coming on New Era Finance Podcast. Highlights: 00:00 - Intro 00:25 - Bitcoin Is Now Digital Capital 03:30 - Digital Credit, Invented In 12 Months 07:40 - Why Bitcoin Is Lagging The Market 12:15 - The Apple & Amazon Comparison 18:30 - Did Saylor Sell His Bitcoin? 21:00 - We Bought 175,000. We Sold 32. 25:00 - Defending The Credit & The Equity 29:30 - What If Bitcoin Stalls For 40 Years? 33:00 - The Warren Buffett Moment Is Coming 37:00 - Being Hated vs Being Irrelevant
40:09

"I haven't sold a single sat." Michael Saylor (Michael Saylor) is Executive Chairman of Strategy, the largest corporate holder of Bitcoin on earth. While crypto twitter blamed him for the correction over a 32-coin sale, he sat down with me in Prague and explained why Bitcoin is really lagging and why it has almost nothing to do with Bitcoin. "We bought 175,000 Bitcoin this year, which is like 20% of all the Bitcoin ever bought. We sold 32. 32 works out to be two basis points." We cover: - Why Bitcoin is lagging while the S&P prints all-time highs, the "massive AI black hole" pulling capital out of crypto - Why he thinks the money rotates back by Q4 - The 32-BTC sale, the scapegoat dynamic, and why he hasn't sold a sat of his own - Why a 50% drawdown is normal, the 2022 one was 75% - The Apple and Amazon adoption curve, and the "Warren Buffett moment" he says is still coming - What actually happens to Strategy if Bitcoin stalls for 40 years - Why he believes being irrelevant is the only thing worse than being hated Thanks to Michael for coming on New Era Finance Podcast. Highlights: 00:00 - Intro 00:25 - Bitcoin Is Now Digital Capital 03:30 - Digital Credit, Invented In 12 Months 07:40 - Why Bitcoin Is Lagging The Market 12:15 - The Apple & Amazon Comparison 18:30 - Did Saylor Sell His Bitcoin? 21:00 - We Bought 175,000. We Sold 32. 25:00 - Defending The Credit & The Equity 29:30 - What If Bitcoin Stalls For 40 Years? 33:00 - The Warren Buffett Moment Is Coming 37:00 - Being Hated vs Being Irrelevant

Michaël van de Poppe

472,512 Aufrufe • vor 15 Tagen

CHARLES SCHWAB DIRECTOR OF EQUITY RESEARCH ON WHY BITCOIN IS LAGGING RIGHT NOW: "Bitcoin is a hedge against uncertainty. And I think the market right now is very certain about one thing: AI will absorb the next decade of capital, earnings growth, power demand, semiconductor demand, everything. And so the attention is shifting there." That is the whole explanation in two sentences. Bitcoin thrives when the future is unclear. Right now the market thinks it knows exactly what the next decade looks like. AI wins. Everything else waits. The moment that certainty cracks, Bitcoin is the first place uncertain capital runs. Uncertainty is not gone. It is just temporarily overshadowed.
0:20

CHARLES SCHWAB DIRECTOR OF EQUITY RESEARCH ON WHY BITCOIN IS LAGGING RIGHT NOW: "Bitcoin is a hedge against uncertainty. And I think the market right now is very certain about one thing: AI will absorb the next decade of capital, earnings growth, power demand, semiconductor demand, everything. And so the attention is shifting there." That is the whole explanation in two sentences. Bitcoin thrives when the future is unclear. Right now the market thinks it knows exactly what the next decade looks like. AI wins. Everything else waits. The moment that certainty cracks, Bitcoin is the first place uncertain capital runs. Uncertainty is not gone. It is just temporarily overshadowed.

WOLF Bitcoin

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"Is Stretch really that innovative Bitcoin-backed credit, or is it just yield chasing right now?" David Duong on the real debate around Michael Saylor and Strategy "So far Saylor has demonstrated the ability to raise capital and grow his Bitcoin per share. That kind of stays ahead of the compounding dividend obligation he has. That engine so far has been running" "But is that an autopilot thing where he can just keep doing that in perpetuity? I don't have the answer to that. I don't think anyone does" "A lot of it comes down to Michael Saylor. How good is he at continuing this trend? I don't know what the answer is gonna be at the end of all things, but this is what a lot of people are internalizing at the moment"
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"Is Stretch really that innovative Bitcoin-backed credit, or is it just yield chasing right now?" David Duong on the real debate around Michael Saylor and Strategy "So far Saylor has demonstrated the ability to raise capital and grow his Bitcoin per share. That kind of stays ahead of the compounding dividend obligation he has. That engine so far has been running" "But is that an autopilot thing where he can just keep doing that in perpetuity? I don't have the answer to that. I don't think anyone does" "A lot of it comes down to Michael Saylor. How good is he at continuing this trend? I don't know what the answer is gonna be at the end of all things, but this is what a lot of people are internalizing at the moment"

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BITCOIN CIVIL WAR: Digital Cash vs Digital Capital Michael Saylor calls Bitcoin digital capital, but now says he is turning Bitcoin into money through digital credit. So what is Bitcoin really? Is it peer-to-peer digital cash meant to be spent, or pristine digital capital meant to be saved, collateralized, and used to attack the fiat system? In this video, Adam Livingston breaks down the ideological split inside Bitcoin between the digital cash camp and the digital capital camp, why both sides have strong arguments, and how Bitcoin may ultimately become cash because it first becomes the dominant form of capital.
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BITCOIN CIVIL WAR: Digital Cash vs Digital Capital Michael Saylor calls Bitcoin digital capital, but now says he is turning Bitcoin into money through digital credit. So what is Bitcoin really? Is it peer-to-peer digital cash meant to be spent, or pristine digital capital meant to be saved, collateralized, and used to attack the fiat system? In this video, Adam Livingston breaks down the ideological split inside Bitcoin between the digital cash camp and the digital capital camp, why both sides have strong arguments, and how Bitcoin may ultimately become cash because it first becomes the dominant form of capital.

Swan

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LYN ALDEN SAYS AI IS STEALING BITCOIN’S SPOTLIGHT “For a long time, Bitcoin was the fastest horse really that you could invest in.” But now AI and semiconductors are pulling capital away from bitcoin:native. When the AI trade cools off, capital will rotate back into Bitcoin.
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LYN ALDEN SAYS AI IS STEALING BITCOIN’S SPOTLIGHT “For a long time, Bitcoin was the fastest horse really that you could invest in.” But now AI and semiconductors are pulling capital away from bitcoin:native. When the AI trade cools off, capital will rotate back into Bitcoin.

CryptosRus

16,099 Aufrufe • vor 17 Tagen

The danger of AI is not just the slop, but what we lose in the process. Michael Pollan explains: "We're moving into this time where we're gonna sub out writing to AI. And AI can write our papers, and professors are dealing with this everywhere now. But what is lost is a way of thinking. Writing does something to your brain. It gives you access to things you can't know just walking around or thinking or planning or outlining. If you were just transcribing what was in your head, it would be kind of onerous. But it really is what you learn in the course of a day spent writing, things you didn't know, ideas that you didn't expect. And that's the thrill of it."
1:20

The danger of AI is not just the slop, but what we lose in the process. Michael Pollan explains: "We're moving into this time where we're gonna sub out writing to AI. And AI can write our papers, and professors are dealing with this everywhere now. But what is lost is a way of thinking. Writing does something to your brain. It gives you access to things you can't know just walking around or thinking or planning or outlining. If you were just transcribing what was in your head, it would be kind of onerous. But it really is what you learn in the course of a day spent writing, things you didn't know, ideas that you didn't expect. And that's the thrill of it."

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VanEck CEO Jan van Eck on CNBC: “There’s something else going on within the Bitcoin community that non-crypto people need to know about. And that is: ultimately, VanEck has been around before Bitcoin. We will walk away from Bitcoin if we think the thesis is fundamentally broken. We don’t right now, but you always have to look at the underlying technology and the crypto. What the Bitcoin community has been asking itself is: Is there enough encryption in Bitcoin, because quantum computing is coming? And secondly: Is there enough privacy in Bitcoin? And so a lot of Bitcoin OGs or maxis have been looking at Zcash. Zcash is a token. It’s sort of related to Bitcoin with a lot more privacy. The kind of garbage that we got about Bitcoin four years ago was: ‘It’s used for all bad illicit behavior.’ But now everyone kind of realizes that when you move money around on the Bitcoin blockchain, you can see it. You can see it move from one wallet to another. And a lot of people are looking for more privacy.”
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VanEck CEO Jan van Eck on CNBC: “There’s something else going on within the Bitcoin community that non-crypto people need to know about. And that is: ultimately, VanEck has been around before Bitcoin. We will walk away from Bitcoin if we think the thesis is fundamentally broken. We don’t right now, but you always have to look at the underlying technology and the crypto. What the Bitcoin community has been asking itself is: Is there enough encryption in Bitcoin, because quantum computing is coming? And secondly: Is there enough privacy in Bitcoin? And so a lot of Bitcoin OGs or maxis have been looking at Zcash. Zcash is a token. It’s sort of related to Bitcoin with a lot more privacy. The kind of garbage that we got about Bitcoin four years ago was: ‘It’s used for all bad illicit behavior.’ But now everyone kind of realizes that when you move money around on the Bitcoin blockchain, you can see it. You can see it move from one wallet to another. And a lot of people are looking for more privacy.”

Arjun Khemani

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Bitcoin is Suffering From Capital Rotation Michael Saylor (Michael Saylor) notes that capital markets have deployed approximately $400B into the AI sector over the last six months, triggering a massive liquidity rotation away from digital assets. Market data and institutional filings confirm roughly $4B in outflows from $BTC ETFs since May 14, placing significant downward pressure on the $BTC price action. He added, "This is a capital rotation, not a Bitcoin impairment." What do you think?
0:30

Bitcoin is Suffering From Capital Rotation Michael Saylor (Michael Saylor) notes that capital markets have deployed approximately $400B into the AI sector over the last six months, triggering a massive liquidity rotation away from digital assets. Market data and institutional filings confirm roughly $4B in outflows from $BTC ETFs since May 14, placing significant downward pressure on the $BTC price action. He added, "This is a capital rotation, not a Bitcoin impairment." What do you think?

BSCN

10,625 Aufrufe • vor 1 Monat

Paradigm co-founder Matt Huang says allocating capital to Bitcoin and Ethereum in 2018 is a lot like investing in the AI sector today: "When we launched Paradigm in 2018, a lot of our thesis was that we knew crypto would expand massively. And then there was this open question — should you invest in the core protocols like Bitcoin and Ethereum, or invest in startups?" "Obviously in hindsight, the answer was both." "I think it's a lot like the AI landscape now, with this question of — do you own the model companies, or do you own the application layer on top? In 2018, Bitcoin and Ethereum were like OpenAI and Anthropic, and those are the things to own."
1:28

Paradigm co-founder Matt Huang says allocating capital to Bitcoin and Ethereum in 2018 is a lot like investing in the AI sector today: "When we launched Paradigm in 2018, a lot of our thesis was that we knew crypto would expand massively. And then there was this open question — should you invest in the core protocols like Bitcoin and Ethereum, or invest in startups?" "Obviously in hindsight, the answer was both." "I think it's a lot like the AI landscape now, with this question of — do you own the model companies, or do you own the application layer on top? In 2018, Bitcoin and Ethereum were like OpenAI and Anthropic, and those are the things to own."

TBPN

58,410 Aufrufe • vor 3 Monaten

"Bitcoin is oversold. It's been artificially lumped in with software stocks for no good reason." Lyn Alden (Lyn Alden) on why the crash hit Bitcoin harder than it should have: "The washout from the Treasury company mNAVs was painful. The quantum FUD had to be explored. The four-year cycle had to be tested. But I think the majority of the pain is behind us." "Gold went from undervalued to fairly valued fast, the market rightsized it. It's not a bubble, but it's somewhat euphoric right now." "Sentiment on Bitcoin is unfairly negative, to say the least." "Gun to my head, if I had to bet Bitcoin or gold over the next two to three years, I'd bet Bitcoin. I own both. I've always owned both. But if I had to pick, it's Bitcoin." Translation: the crash lumped Bitcoin in with the AI software selloff it has nothing to do with. Gold ran its move and is now near fair value. Bitcoin got sold on sentiment, not fundamentals, which is exactly the setup that reverses when risk appetite returns.
5:56

"Bitcoin is oversold. It's been artificially lumped in with software stocks for no good reason." Lyn Alden (Lyn Alden) on why the crash hit Bitcoin harder than it should have: "The washout from the Treasury company mNAVs was painful. The quantum FUD had to be explored. The four-year cycle had to be tested. But I think the majority of the pain is behind us." "Gold went from undervalued to fairly valued fast, the market rightsized it. It's not a bubble, but it's somewhat euphoric right now." "Sentiment on Bitcoin is unfairly negative, to say the least." "Gun to my head, if I had to bet Bitcoin or gold over the next two to three years, I'd bet Bitcoin. I own both. I've always owned both. But if I had to pick, it's Bitcoin." Translation: the crash lumped Bitcoin in with the AI software selloff it has nothing to do with. Gold ran its move and is now near fair value. Bitcoin got sold on sentiment, not fundamentals, which is exactly the setup that reverses when risk appetite returns.

Michaël van de Poppe

127,417 Aufrufe • vor 26 Tagen

Linus Torvalds, creator of Linux, on why AI is both a bubble and a revolution at the same time: His answer refuses the binary, laying out why both things can be true at once: "I mean, clearly, it's clearly both, right? It's clearly a bubble and at the same time, it's very interesting and I think it will change society and I think it will change how most skilled jobs get done." But he pushes back on the maximalist framing: "At the same time, I don't think it's as revolutionary as people make it out to be." When asked about artists being angry that AI models were trained on their work without consent, Linus is blunt: "That's reality. Deal with it. That genie is out of the bottle. You're not getting it back. And you're not getting it back whether you are a photographer who's out of work… or you're a programmer that has to learn to deal with a new reality." On programming specifically, he's more optimistic, though he has a sharp caveat about vibe coding: "I really think that AI will be a tool and it will make people more productive. I think that vibe coding is great for getting into programming. I think it's going to be a horrible thing to maintain." His conclusion is that programmers aren't going anywhere: "You still want to have the people who know how to maintain the end result." Linus separates the technology from the noise around it: "I'm a huge believer in AI. I'm not a huge believer in the whole things going on around AI. I find the marketing and the market to be sick and twisted and there is going to be a crash and it's not… it's going to be ugly."
1:59

Linus Torvalds, creator of Linux, on why AI is both a bubble and a revolution at the same time: His answer refuses the binary, laying out why both things can be true at once: "I mean, clearly, it's clearly both, right? It's clearly a bubble and at the same time, it's very interesting and I think it will change society and I think it will change how most skilled jobs get done." But he pushes back on the maximalist framing: "At the same time, I don't think it's as revolutionary as people make it out to be." When asked about artists being angry that AI models were trained on their work without consent, Linus is blunt: "That's reality. Deal with it. That genie is out of the bottle. You're not getting it back. And you're not getting it back whether you are a photographer who's out of work… or you're a programmer that has to learn to deal with a new reality." On programming specifically, he's more optimistic, though he has a sharp caveat about vibe coding: "I really think that AI will be a tool and it will make people more productive. I think that vibe coding is great for getting into programming. I think it's going to be a horrible thing to maintain." His conclusion is that programmers aren't going anywhere: "You still want to have the people who know how to maintain the end result." Linus separates the technology from the noise around it: "I'm a huge believer in AI. I'm not a huge believer in the whole things going on around AI. I find the marketing and the market to be sick and twisted and there is going to be a crash and it's not… it's going to be ugly."

Big Brain AI

52,726 Aufrufe • vor 2 Monaten

WHY AI WILL MAKE BITCOIN MORE VALUABLE THAN EVER Elon Musk has argued that AI-driven productivity gains will make nearly everything we want abundant and push prices toward zero. For goods like software, he is absolutely right. But in a world of extreme abundance, scarcity becomes even more valuable. When capital is constantly deflating because goods and services get cheaper, it must flow somewhere. Bitcoin is the only asset with absolute, provable scarcity. As AI turns productivity into an infinite resource, Bitcoin becomes a financial black hole, absorbing excess capital and preserving value in a way nothing else can. Even in a deflationary world, Bitcoin protects purchasing power because it cannot be reproduced or inflated away. AI makes abundance inevitable and Bitcoin is what makes saving possible in that world.
2:24

WHY AI WILL MAKE BITCOIN MORE VALUABLE THAN EVER Elon Musk has argued that AI-driven productivity gains will make nearly everything we want abundant and push prices toward zero. For goods like software, he is absolutely right. But in a world of extreme abundance, scarcity becomes even more valuable. When capital is constantly deflating because goods and services get cheaper, it must flow somewhere. Bitcoin is the only asset with absolute, provable scarcity. As AI turns productivity into an infinite resource, Bitcoin becomes a financial black hole, absorbing excess capital and preserving value in a way nothing else can. Even in a deflationary world, Bitcoin protects purchasing power because it cannot be reproduced or inflated away. AI makes abundance inevitable and Bitcoin is what makes saving possible in that world.

Bitcoin News

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57:16

The End of the 4-Year Bitcoin Cycle — Why the BTC "Capital Cycle" is Next w/ Alex Leishman | Bitcoin Magazine Podcast Ep 15 "Bitcoin is where people park wealth. When they want to start doing things with it, we see cycles. The capital will cycle back — the question is when." Everything lined up for Bitcoin, and then AI sucked the oxygen out of the room. Was this just the typical 4-year cycle in action, or is a new market dynamic taking shape? Alexander Leishman 🇺🇸 of River discusses with Brandon on where the capital actually went, and what the future holds for BTC market cycles.

Bitcoin Magazine

19,345 Aufrufe • vor 14 Tagen

WHY $STRK IS THE MOST POWERFUL FINANCIAL WEAPON ON WALL STREET Michael Saylor and Strategy have created a Bitcoin-backed capital weapon designed to siphon fiat out of the legacy system and redirect it into the hardest monetary asset on Earth. This video is a full breakdown of the STRK thesis and why it's the most elegant capital instrument ever created. Watch it now to understand the future of capital markets.
19:04

WHY $STRK IS THE MOST POWERFUL FINANCIAL WEAPON ON WALL STREET Michael Saylor and Strategy have created a Bitcoin-backed capital weapon designed to siphon fiat out of the legacy system and redirect it into the hardest monetary asset on Earth. This video is a full breakdown of the STRK thesis and why it's the most elegant capital instrument ever created. Watch it now to understand the future of capital markets.

Adam Livingston

71,949 Aufrufe • vor 1 Jahr

Maria Popova on the soul, the self, and what AI will never have: "AI will never have feeling. AI will have the simulacrum of feeling. AI will never write the great American poem, the great French poem, because it hasn't suffered. AI doesn't have the capacity to suffer. Even if you try to make it suffer, meaning write a command that is to execute failure, it'll already be succeeding at executing failure. AI can only ever succeed. And without suffering, what kind of true art can there be? All writing that is truly moving is born of feeling and time. AI has neither; it's an instantaneous, unfeeling delivery of pure information. The function of what we call the soul is real. Whatever it's made of, where it is. And the part that I worry about is that today, most people live on the level of the self and not the level of the soul. Just the costume of personality over the soul." The value of persons does not rest on our "costume of personality," but on the soul beneath it.
2:05

Maria Popova on the soul, the self, and what AI will never have: "AI will never have feeling. AI will have the simulacrum of feeling. AI will never write the great American poem, the great French poem, because it hasn't suffered. AI doesn't have the capacity to suffer. Even if you try to make it suffer, meaning write a command that is to execute failure, it'll already be succeeding at executing failure. AI can only ever succeed. And without suffering, what kind of true art can there be? All writing that is truly moving is born of feeling and time. AI has neither; it's an instantaneous, unfeeling delivery of pure information. The function of what we call the soul is real. Whatever it's made of, where it is. And the part that I worry about is that today, most people live on the level of the self and not the level of the soul. Just the costume of personality over the soul." The value of persons does not rest on our "costume of personality," but on the soul beneath it.

David Perell Clips

12,220 Aufrufe • vor 1 Monat

Dario Amodei just explained why even he cannot buy his way to winning the AI race. He could theoretically purchase $5 trillion in compute over five years, a trillion dollars a year starting in 2027. But if his revenue comes in at even $800 billion instead of a trillion, there is no hedge on earth that saves him from bankruptcy. The math is brutal: if the growth rate is 5x a year instead of 10x, or if he is just one year off on timing, it is over. This is the AI race nobody talks about honestly. The capital requirements are so extreme that even the CEO of one of the most funded AI companies in the world cannot make the bet his own brain is tempted to make. The winners will not just be the smartest. They will be the ones who got the timing exactly right.
0:48

Dario Amodei just explained why even he cannot buy his way to winning the AI race. He could theoretically purchase $5 trillion in compute over five years, a trillion dollars a year starting in 2027. But if his revenue comes in at even $800 billion instead of a trillion, there is no hedge on earth that saves him from bankruptcy. The math is brutal: if the growth rate is 5x a year instead of 10x, or if he is just one year off on timing, it is over. This is the AI race nobody talks about honestly. The capital requirements are so extreme that even the CEO of one of the most funded AI companies in the world cannot make the bet his own brain is tempted to make. The winners will not just be the smartest. They will be the ones who got the timing exactly right.

Uncover AI

19,871 Aufrufe • vor 2 Monaten

"Bitcoin is a narrative. It will always be a narrative. And that's its moat." Jordi Visser (Jordi Visser) on why Bitcoin survives every bear market and what's actually holding it back right now: "It has a moat because belief is harder than fundamentals. Fundamentals come and go. Belief systems don't." "It's survived many, many bear markets. It's in the stage of long-term acceptance now." "The problem is simple: it needs money. And right now the money is going somewhere else." Translation: Bitcoin's strength isn't a cash flow or a fundamental you can model, it's belief, and belief is harder to kill than any balance sheet. That's why it keeps surviving. But belief doesn't move price on its own. It needs capital flowing in, and in a market where AI is absorbing every available dollar, that's the one thing Bitcoin isn't getting yet. Belief keeps it alive. Money makes it move. Which one are you betting shows up first? Jordi Visser: BTC is a narrative, it will always be a narrative. Its in the stage of a long term acceptance, the problem is, it needs money.
3:01

"Bitcoin is a narrative. It will always be a narrative. And that's its moat." Jordi Visser (Jordi Visser) on why Bitcoin survives every bear market and what's actually holding it back right now: "It has a moat because belief is harder than fundamentals. Fundamentals come and go. Belief systems don't." "It's survived many, many bear markets. It's in the stage of long-term acceptance now." "The problem is simple: it needs money. And right now the money is going somewhere else." Translation: Bitcoin's strength isn't a cash flow or a fundamental you can model, it's belief, and belief is harder to kill than any balance sheet. That's why it keeps surviving. But belief doesn't move price on its own. It needs capital flowing in, and in a market where AI is absorbing every available dollar, that's the one thing Bitcoin isn't getting yet. Belief keeps it alive. Money makes it move. Which one are you betting shows up first? Jordi Visser: BTC is a narrative, it will always be a narrative. Its in the stage of a long term acceptance, the problem is, it needs money.

Michaël van de Poppe

35,125 Aufrufe • vor 23 Tagen

Six months ago Ethereum was almost $5,000. Today it's under $2,000. When I put that to Tom Lee in Paris, his response was: "Has anything really changed?" Tom Lee (Thomas (Tom) Lee (not drummer) FundstratDirect.com) is one of Wall Street's most-followed forecasters. While the market wrote Ethereum off, he made the case to me that it's one of the most mispriced assets in the world right now. His framing stuck with me. Gold is worth ~$22 trillion. The stock market over $100 trillion. Real estate ~$300 trillion. And to make those assets composable and move them on-chain, he argues, you run them on Ethereum, which sits at a fraction of that. "If Ethereum is at 300 billion, it's grossly undervalued." We cover: - Why he calls this "crypto spring", fundamentals stronger than ever while price lags - Why tokenization is "not even a question," and what happens when Wall Street actually moves on-chain - Why AI agents carrying wallets and making payments is, in his words, "pretty close to 100%" within three years - Why he can see Ethereum as a 1, 2, or even $5 trillion network "in the next few years" - What most investors are missing at exactly the wrong moment That's his call, not mine, but it's one of the clearest bull cases I've heard on why the biggest move may still be ahead. Full conversation is live. 👇 Is Ethereum the most undervalued asset in crypto right now?
34:28

Six months ago Ethereum was almost $5,000. Today it's under $2,000. When I put that to Tom Lee in Paris, his response was: "Has anything really changed?" Tom Lee (Thomas (Tom) Lee (not drummer) FundstratDirect.com) is one of Wall Street's most-followed forecasters. While the market wrote Ethereum off, he made the case to me that it's one of the most mispriced assets in the world right now. His framing stuck with me. Gold is worth ~$22 trillion. The stock market over $100 trillion. Real estate ~$300 trillion. And to make those assets composable and move them on-chain, he argues, you run them on Ethereum, which sits at a fraction of that. "If Ethereum is at 300 billion, it's grossly undervalued." We cover: - Why he calls this "crypto spring", fundamentals stronger than ever while price lags - Why tokenization is "not even a question," and what happens when Wall Street actually moves on-chain - Why AI agents carrying wallets and making payments is, in his words, "pretty close to 100%" within three years - Why he can see Ethereum as a 1, 2, or even $5 trillion network "in the next few years" - What most investors are missing at exactly the wrong moment That's his call, not mine, but it's one of the clearest bull cases I've heard on why the biggest move may still be ahead. Full conversation is live. 👇 Is Ethereum the most undervalued asset in crypto right now?

Michaël van de Poppe

419,626 Aufrufe • vor 8 Tagen

. Michael Saylor explains why Strategy's real business isn't Bitcoin - it's selling credit to people who want the upside without the bumpy ride "We're like a reserve bank. We have a reserve asset - Bitcoin. We will sell credit. We are stripping the performance and the risk off of the bitcoin." "Bitcoin's got 40 vol and it's got high performance. But most of the world wants zero vol. What they want is a bank account that pays them 10 or 11%." "For every dollar of equity capital of Bitcoin that we have - digital capital - you can create 10 to $0.20 of credit. We've sold about $10 billion of credit. We'll create $20 billion of digital credit over the next year, then grow that 30 to 50% a year."
2:38

. Michael Saylor explains why Strategy's real business isn't Bitcoin - it's selling credit to people who want the upside without the bumpy ride "We're like a reserve bank. We have a reserve asset - Bitcoin. We will sell credit. We are stripping the performance and the risk off of the bitcoin." "Bitcoin's got 40 vol and it's got high performance. But most of the world wants zero vol. What they want is a bank account that pays them 10 or 11%." "For every dollar of equity capital of Bitcoin that we have - digital capital - you can create 10 to $0.20 of credit. We've sold about $10 billion of credit. We'll create $20 billion of digital credit over the next year, then grow that 30 to 50% a year."

MR SHIFT 🦁

34,055 Aufrufe • vor 24 Tagen

Goldman Sachs CEO David Solomon believes that money being spent on AI right now will NOT produce great returns. The question: with companies at $5 trillion market caps, don't you see a bubble? His exact words: "A lot of the capital being deployed will not produce adequate returns. And a bunch of the capital being deployed will actually not produce any returns." But then the key line: "It's hard to call the timing on these things." This is the Solomon framework: acknowledge the froth, don't pretend every dollar deployed will be productive but don't try to pick the peak. We've seen this pattern before throughout history. Rapid tech acceleration creates intense capital formation. New companies race to capitalize. Some win. Most lose. The opportunity set with AI is enormous. It won't be a straight line. Solomon isn't telling you to sell. He's telling you that the job right now is to figure out which companies are the real winners before the market does. Because by the time it's obvious, the multiple is already in the price. This is exactly what separates the Milk Road PRO analysts from the crowd. They don't wait for the consensus. They called $AMD, $MU, $CRDO and $NBIS months before the big moves. Follow their exact portfolios for $1. Don't navigate this AI cycle alone, link in bio.
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Goldman Sachs CEO David Solomon believes that money being spent on AI right now will NOT produce great returns. The question: with companies at $5 trillion market caps, don't you see a bubble? His exact words: "A lot of the capital being deployed will not produce adequate returns. And a bunch of the capital being deployed will actually not produce any returns." But then the key line: "It's hard to call the timing on these things." This is the Solomon framework: acknowledge the froth, don't pretend every dollar deployed will be productive but don't try to pick the peak. We've seen this pattern before throughout history. Rapid tech acceleration creates intense capital formation. New companies race to capitalize. Some win. Most lose. The opportunity set with AI is enormous. It won't be a straight line. Solomon isn't telling you to sell. He's telling you that the job right now is to figure out which companies are the real winners before the market does. Because by the time it's obvious, the multiple is already in the price. This is exactly what separates the Milk Road PRO analysts from the crowd. They don't wait for the consensus. They called $AMD, $MU, $CRDO and $NBIS months before the big moves. Follow their exact portfolios for $1. Don't navigate this AI cycle alone, link in bio.

Milk Road Macro

73,809 Aufrufe • vor 1 Monat