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GM. This is Milk Road, the crypto newsletter that runs hotter than your confidence right before a liquidation. |
Here’s a taste of this week’s menu: |
🔥 Bitcoin's glory days are over. 🥵 There’s a bull market happening, just not in retail. 🌶️ The internet's business model just broke.
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Midnight is a fourth generation blockchain that just launched last week. Check out their launch announcement here. |
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HOT TAKES OF THE WEEK 🔥 |
| | | | Bitcoin's glory days are over 💀 | William Quigley (Co-founder of Tether & Co-founder of WAX) basically came out and said the four-year Bitcoin cycle we all loved? Dead. Gone. | William beleives BTC is now permanently coupled to traditional markets - it moves in lockstep with equities, gets shorted by hedge funds, and behaves like a recently IPO'd stock that nobody trusts yet. | He doesn't see a 10x coming anytime soon because BTC is a multi-trillion dollar asset now. | His big conviction? | The real crypto legacy won't be BTC price appreciation - it'll be USD stablecoins replacing the world's ancient, broken payment plumbing. | 🎙️ Listen to the full episode here. |
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| | | | There’s a bull market happening, just not in retail 👔 | Matt Hougan (CIO of Bitwise) sees a "runaway institutional bull market in crypto" right now… | It's just that it's being expressed in stablecoins, tokenization, and vaults, not in your favorite altcoin pumping. | (Has Matt been talking to William?) | And the disconnect between institutions and retail is wild: | Institutions are deploying capital at record levels, AI builders think crypto is essential infrastructure… | Meanwhile crypto-native retail is sitting there watching memecoins bleed out, thinking it's all over. | 🎙️ Listen to the full episode here. |
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| | | | The internet's business model just broke 💔 | Sam Ragsdale (CEO, Merit Systems) says the entire economic contract of the internet (the thing that made Google a $2.5T company) was based on one idea: | Humans get distracted. You search for a recipe, you see shoe ads, you click and buy, somebody, somewhere makes money. That's the deal. | But LLMs don't get distracted. They can't be shown banner ads. They don't impulse buy shoes. | Sam says that model is now obsolete. | 🎙️ Listen to the full episode here. |
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| Here’s a fun fact: | 90% of people are concerned about the privacy of their data. | Yet privacy hasn’t really been considered for most blockchains. | And that’s why Midnight is doubling down on it. | Midnight is a fourth generation blockchain design to unlock real-world adoption. | Here’s what they’re building: | A blockchain enabling privacy by default Infrastructure to bring real-world finance onchain A dual-component model with the $NIGHT token and $DUST resource
| And here’s the cherry on top: | Midnight just launched this week. It’s fresh, live and ready to explore. | Check out their launch announcement here. |
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HOT TAKES OF THE WEEK (P2) 🔥 |
| | | | Your local bank is crypto's biggest enemy right now 🏦 | Adam Meinhardt (Head of Public Policy at Chainlink) just dropped some serious D.C. intel. | He says the biggest blockers of the CLARITY act aren't who you think - it's not JP Morgan, not BlackRock… it’s your local 50-person bank. | Adam says these small banks have insanely powerful grassroots lobbying operations because the local congressman literally knows their employees by name. | Their kids go to the same school. They don't want exchanges paying yield on USDC because it would crush their deposit margins - and they've got the political muscle to stop it. | Adam calls this a once-in-a-decade window to pass crypto legislation. | If it doesn't happen now, it may literally never happen. | 🎙️ Listen to the full episode here. |
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| | | | Silver could 4-5x by summer and Bitcoin could collapse again 💣 | Michael Oliver (Founder, Momentum Structural Analysis) came on the Milk Road Macro pod and made two massive calls. | First: silver has been trapped under $50 for 50 years while every other metal broke out of its historical range. | Michael says that compression is about to snap - and when it does, $300-$500 silver is "only fair priced" if you adjust for M2 money supply growth since 1980. | (He's loading up on silver miners.) | His take on Bitcoin? Equally bold. | Michael says his momentum charts gave major sell signals when BTC was above $100K last year, called the drop to $60K, and now he thinks this sideways chop between $60K-$80K is just a resting pattern before the next leg down. | He doesn't think BTC will be a safe haven in the near term. | (Ouch!) | 🎙️ Listen to the full episode here. |
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| | | | PRO INSIGHT OF THE WEEK 🔮 | What were you doing at 9pm last Saturday? | If you’re our ‘always on’ macro wizard, John Gillen - you were answering a request to give your take in the Milk Road PRO Discord, on a particularly bullish article from Andreas Steno Larsen. | John’s response: | “I like and respect him. He's a great analyst. I think he's underestimating this. | There's lots of huge assumptions all over the place in this. First, assuming the U.S. is just going to let itself be dealt out of the global energy market is cray. | Trump just asked congress for a $1.5T military budget and I think like a $2.1T discretionary. | That's like a 50% increase year over year spending on military largest increase in the U.S. since WW2. | I don’t think Trump is going to spend that money to not use the military to protect dollar hegemony.” | P.S. Want direct access to our PRO analyst team, so you can get your burning questions answered in real-time and make the right moves? | 👉 Go PRO to unlock access! |
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BITE-SIZED COOKIES FOR THE ROAD 🍪 |
What if a bank app and crypto wallet had a baby? You’d get Brighty which is a money app that lets you use crypto and regular fiat money together without transferring funds.* |
Yikes! One of Bittensor's biggest subnets just walked out the door - and they took ~25% of TAO's market cap with them. |
Hell yeah - looks like Coinbase could be onboard with the current stablecoin yield language in the CLARITY Act. |
Matt Hougan from Bitwise: "There is a runaway institutional bull market in crypto". |
Higher earnings rates. Lower borrowing costs. Up to 0.5% cashback. New U.S. clients get these benefits on Nexo for 30 days.** |
*this is sponsored content.
**this is partner content. |
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Check out their launch announcement here. |
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MILKY MEMES 🤣 |
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