The crypto market is down despite major tailwinds: rate cuts, JP Morgan partnering with Chainlink, 60% of stablecoins on Ethereum, and endorsements from Larry Fink and Jamie Dimon. The speaker sees the dip as a shake-out before an alt-season rally.
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Crypto bulls are freaking out right now because we got everything we wanted and the market is dumping this morning. We got a rate cut, we got Trump and Xi Jinping with good relations, China's buying soybeans, tariff threats are gone, we got Solana and hype ETFs, even got Mr. Bitcoin hater himself, Jamie Dimon, saying we are going to use stablecoins by all major banks to facilitate transactions. We're at a roundtable this morning with Larry Fink. I mean, these are the titans of finance. Talking all about crypto, digital currency, but yet the market is dropping a lot. So what's going on? Funny is we've seen something like this before where we see a major, you know, 5%, 6% drops and then new all-time highs right after the FOMC meetings. This is kind of a shorter-term chart. Could we see the same thing again? Maybe. Another way to look at previous charts where we've had a similar compression to a huge blow-off top. Now here's the thing about crypto community. They can always find a chart to justify whatever. But I do— I'm actually in this camp. I'm like, I think this is a shakeout from big banks, big institutions, because they're saying one thing and moving in another direction. Becker may have put it best here, okay? The outcome most are not prepared for or positioned for and scared to say they think will happen is a raging out-of-control alt season, which is why it will likely happen. No asset on Earth is more undervalued, resent, ignored, and oversold than crypto alts. I totally agree. The exact alts that JP Morgan and other banks will have to use to implement stablecoins and other smart contracts in their banks. And by the way, it's not just Bitcoin. That's why alts have such a key place. Stablecoins, about 60% of all stablecoins are on Ethereum, which large banks are all transitioning and moving to. JP Morgan has a full partnership with Chainlink and Ondo. So Chainlink does a lot with smart contracts, and then Ondo does with tokenization of real-world assets. This is the same guy that years ago said he would fire anyone in his company that he found trading or buying Bitcoin. Now is fully adopting crypto. For me, I'm not too discouraged if the market goes down a few percentage points. We are seeing major institutional adoption right now. I mean, it was a pipe dream 5 years ago to have Larry Fink, Jamie Dimon, Jerome Powell all talking about crypto, promoting, being positive towards crypto. This is such a cool thing, and not just Bitcoin, but a lot of these tokens down below of coins that are ones that they want to go and use and implement inside of their massive multi-trillion dollar institutions. This is the evolution of finance. You can't ignore it. It's like online banking. Whether you liked online banking or not, eventually everybody started using online banking. Whether you like credit cards or not, everyone started using it. Whether you like checkbooks or not, like everyone— this is an evolution in finance right now that we're seeing. So I'm not scared by a few drops. It should be pretty fun.
