Bridger Pennington breaks down recent crypto wins: the U.S. Treasury allowing crypto ETPs to stake and reward retail investors, SoFi becoming the first nationally chartered bank to offer Bitcoin trading, and macro tailwinds like the end of quantitative tightening and expected Fed rate cuts. He argues institutional adoption is accelerating while retail remains fearful.
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A lot of pain in crypto right now, but we have phenomenal news in crypto. Retail is all worried about crypto. Large institutions keep adopting crypto. The U.S. Treasury just announced that crypto ETPs can now stake digital assets and send rewards straight to retail investors. Also just saw SoFi become the first nationally chartered U.S. bank to launch Bitcoin and crypto trading. Quote from Trump just a couple days ago: "The current financial system is outdated and will be replaced with a crypto-based one. The entire financial system will go on chain." And we have. The McRib is back. It's McDonald's comment to tis the season. If you don't know this, this has been historically a very bullish indicator for crypto. For some reason, whenever the McRib comes out, we have a bull run. Correlation or causation? I guess you can decide. Also have the government shutdown ending soon, QT ending, Fed rate cuts, liquidity injections, and the Clarity Act hopefully being passed before Thanksgiving. So while retail is all freaking out about crypto, Right now institutions are using, adopting, pushing this. I think it's only a matter of time before we see a lot different price action than what we're seeing right now in the last 30 days.