Bridger Pennington discusses market manipulation in crypto despite growing institutional adoption through sovereign wealth funds, banks, and ETFs. He runs a crypto investment fund and maintains a bullish long-term outlook based on fundamentals, even as short-term price action contradicts the institutional inflows.
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I'm going to speculate a little bit here. I do agree with the market manipulation theory that is going on in crypto right now. We'll touch on it in a second, but it's because— look at it. I mean, government shutdown, we dump. Government reopens, we dump. Rate cuts, we dump. No rate cuts, dump. ETFs buying, dump. ETF selling, dump. Gold pumping, dump. Stock dump, dump. This is the worst bull market ever. It is extremely frustrating in crypto right now. Now you have Luxembourg Putting 1% of their sovereign wealth fund into Bitcoin. Institutions buying up Bitcoin at mass. Billionaires from stage telling us to buy Bitcoin. JP Morgan issuing a new crypto token. Mastercard, Bank of America, Fidelity, the US government, all institutions right now building on blockchain. Yet price keeps dropping. This is an old play from institutions. You sell off a market completely to make sure all levered longs are liquidated, to really stretch that market out so that then the ground is ripe for you to come and buy. Now, I know crypto's a multi-trillion-dollar market, but still, that's less than the size of Apple Computer. It's less than the size of Microsoft. All of crypto combined is less than one tech stock. Can you move it? Can you manipulate it? 100%. And it does feel like the price action is not congruent with the short-term sentiment that we have. Now, the nice thing about markets, over time, they will find their home. And so if you have a longer vision, Of what the bigger cycle looks like, the bigger time frame here, the overall adoption. I think we can do extremely well in this market. I run an investment fund right now in crypto. We are extremely bullish on crypto. We are—I mean—we're looking at all this fundamental data. Price action can change day to day or even week to week or even month to month. We look at underlying fundamental data. More banks, institutions, governments are adopting crypto.
