Ethereum's outlook alongside Bitcoin and macro

Transcript

If this bull market confirms, if all this holds, I think directionally we move from 3 trillion to 10 trillion. What's up everybody? It's LGD out here and welcome to the Milk Road Show, the daily crypto show that just learned about Q&T and now I'm pissed that no one told me about it before despite it having gone up 5x. What the hell, man? Today is September 28th, 2026. A bit of a slowdown today, but listen, this is much better than it was a few weeks ago and even a few months ago. Altcoins are up big this month and today we're seeing a natural little pullback, but it also feels like at any moment any random old token could just pop like 500%. Right today, we're back on to talk about how bullish we are, how far this pullback will go, and what the macro we may be

telling us about what's next and why some of these tokens are just going off. John's on the show and we're going to spend an extra 15 minutes after the episode talking about his moves, his alts, and what he's looking at next as part of a Milk Road Pro after hour. So, tune in for that or pay a dollar at the link below to check it out. And a reminder today that our podcast is free and that it wouldn't be possible without our partners at Nexo, the digital asset platform that lets you trade, earn, and borrow all in one place. Keep an ear out for more information about them later in the show. John, happy Monday, man. >> Happy Monday, LG. Uh, it's good to be here and I'm excited to find out what we're going to talk about this week.

>> Are you happy? Are is it a happy Monday for you? Do you feel good >> so far? I mean, yeah. Look, I I was really excited to see Bitcoin hold the weekly close above the May high. So, that made me very very happy. And I think the the the other side of the coin is that Bitcoin and crypto has sort of confirmed the the bull market and the bullishness that they're in. However, the rest of the the market, the macro landscape is sort of deteriorating and like collapsing around our heads. Um, and so there's there's a lot that's concerning in that, but then there's a lot of like bullish momentum in crypto.

So, there's there's a lot of reasons uh to be to be happy and bullish. Um but also some short-term uncertainty and some headwinds. So, there's just like yeah, there's a lot uh that goes into me being happy this morning. But overall, I am happy. >> I saw a lot of people posting about this weekly close above 83K. Why was that so important? >> Because Bitcoin broke out of the range that has been in for most of 2026. um and confirming that weekly close above 83K and above the the high that we put in in May in the failed retest of the the bull market or the bare market resistance band. It seems to indicate that the trend is is real. This isn't just like a fake out move like a a scam wick before we go into another, you know, six more weeks of or of of of

crypto winter. It seems like this bullish momentum is holding and the price is accepting in this new range above that high. Um, which would imply that the the bullish momentum is stronger than the bearish momentum and that we'll we'll probably continue to see um higher prices in the the near term. Um, so it's just like a really bullish indicator of market strength. >> It's funny when you talk about the price of Bitcoin like it is some kind of like like beast that behaves on its own, but it's really just market. You know what I Like I just think it's funny that there's for some reason there's very clear indicators that's like just because it closed above this so that means everybody's bullish now but it's like isn't that how how how much can you really rely on that is is I guess what I

mean because what you said I've seen that across the timeline everywhere especially yesterday as the week closed. So it really had me wonder like but how how certain can you be about that? Well, that's the most certainty that we can have because that is everybody contributing their opinion and um figuring out what whether or not they're bullish on Bitcoin and articulating that into the markets. And this is telling you now that like you know we're over the the 50 week that means that on the whole over the last year of price um Bitcoin's price is higher than lower. So the bulls are winning on the the last you know one calendar year of price action on average. Um so that's that's that is why it all resolves down to price. This is why markets are beautiful. When you let them um you know let people without incumbrance

contribute their capital and their point of view into the market, the market generates information. And the information is generating right now about Bitcoin is that the market is very bullish on Bitcoin. And that's why people are so dialed in specifically on the price action and these key levels on the charts. >> Does this mean then and this is kind of what I think we we've discussed in the last couple episodes too. Does this mean this type of bullish structure from a technical perspective? Does this then indicate to a lot of other potential buyers that it is now a lot safer to enter in a sense? I think that a lot of people are going to look at this as a key like level to hold and having held it they will kind of like reassess a lot of things and I think look the best

example of this is Ben Cowan right like Ben has been saying for a long time he didn't think we were going to break this level and then he was saying like hey I was wrong but let's see if it holds because you know there still could be some some weakness here like this this period right before the midterm election there could be a lot of volatility uncertainty hesitation and people just kind of like you know hedging or just not wanting to commit capital one way or the other. While we have this uncertainty in the markets and this macro, you know, um the macro environment is so uncertain. The the the energy crisis is still ongoing. It doesn't look like Iran is going to make a deal until after the midterms, right?

So, they want to kind of keep that pressure on. So, all these things could present headwinds for markets in general. And the big one right now is that um bond yields on longdated government debt across Western uh countries is is climbing at a very fast clip. And that's kind of a a crisis of its own. So all these things create some uncertainty and headwinds. But on the whole, I think it's a sign that the the crypto markets have been in a bullish trend for multiple months that has now broken the macro bearish trend that we've been in for the prior year. And it does seem like now that capital is going to be more willing to come and uh take positions in in crypto and digital assets or you know even the hot ball of money speculators coming to speculate in

crypto because these other markets are are maybe less certain, less um um bullish and and this is just going to be where that opportunity is. There's a lot of reasons for this. I think the the price action we've seen so far in crypto and Bitcoin really could be viewed as sort of a mean reversion of like catching up to where the rest of the market has been because like we're only at the 50we moving average or or just above it, right? We're $83,000. So we literally are like at Bitcoin's average price for the last year. So it's it's literally a mean reversion. And I don't think it's like, you know, Bitcoin didn't go to like 150K or something and get way overvalued or way ahead of itself. it really just sort of caught up to average. Um, and a lot of the other coins on on the in the digital asset

market have kind of done a similar thing. Some of them have broken out in a big way and that's a sign, I think, of the the bullish momentum there that you're seeing that dispersion and some of these big uh breakouts among all coins. But in any event, yeah, it's like there there's a lot of reasons why the rest of the market is slowing down and uncertain and why people are coming back to crypto. And I think getting confirmed and accepted above this level and into this new paradigm, this bullish momentum here, um, that will probably attract further capital because price is reflexive and the best advertisement, the best marketing for Bitcoin is is higher prices. So yeah, there's a lot to be bullish on there. Just want to pause for a quick second to remind you all that the crypto bull market is back. I

have been deploying capital into altcoins that I think are going to do very well this bull market. Some of them are already up over 2x from where I entered. So, if you want to see what's in my portfolio, what's on my watch list, and have access to me in Discord to ask questions 24 hours a day, join Milkroad Pro now. The link is in the description. It's just a dollar. I'll see you there. I've been saying for a long time on our stocks channel, that Melvin, our analyst, who's the leader in the portfolio at Milk Road, uh, who nailed all the bottleneck stocks and everything, that he will top blast crypto at some point. That he will come in. When Melvin buys, that's when that's what we're all selling. Okay, shout out Melvin. Whenever that is, that that's when it's time. And it's not going to

happen for a long time, John. That's the thing. It's not going to happen. Um, but speaking to kind of what you're saying about the macro and the uncertainty as well, but other other big trades, we have discussed that on the stocks channel. That was the big that was like what we talked about almost every single day last week on that channel was the danger to the frontier models, right? That is like they may not be able to print enough revenue. A lot of other large companies, hyperscalers are coming up with their own AI solutions. The agentic movement is starting. People are starting to use Muse from Meta and Grockbot. And there's going to be more of those and that puts the large frontier models at risk which then down the line puts all these all this whole build out of all capex in question uh

and and also with a bit more of a shaky economy. puts that whole trade it makes it a little less certain and where now crypto not only has has this TA bullish momentum right has has broken out like you're saying but also has been building up a lot of volatility and a lot of just bullish things like everyone we've had on the show in the last year are people from institutions saying like listen we're all buying everyone's coming in to buy we this is the future of digital assets black rockck is hiring a whole digital asset team so is Fidelity like this has been building and also just from a retail standpoint when crypto goes it goes man like we just know this like it's just this is you've been paying attention long enough it this is just how it works man it's it's simple

in a way that this is what happens so uh you know it's I I definitely validate what you're saying I definitely agree >> yeah I think that there's a lot of markets that are reflective in the same way that crypto is just that um if you're a crypto native you're very familiar with that price reflexivity um and it's it's fun it feels good it's like things can can lay dormant for a really long time but if they keep building keep delivering value and keep moving. Eventually, a bull market does come back and then bullish news does move the price again and you start to see that reaction start to happen. Um, so yeah, it's like there's a lot of things that are going on that are uh concerning, uncertain, possibly bearish, but I think that a lot of them are they have like two to six weeks of uh

expiration dates on them and then on the other side of that I think is there's bullish momentum and continuation to the upside. I don't know exactly how all this plays out, but it's not my job to guess how the Fed and the Treasury are going to supply the money that the market needs to keep it going. Um, but my bet is that they will, right? And that's that's kind of the bet here. It's like I don't think they're going to allow the entire US economy to slide into oblivion or let the stock market crater to to to zero. I do think they're going to provide the liquidity necessary to keep um all of this functioning and and thriving and going for for much longer than anybody expects. I think that that's the thing that people really underestimate. people who get super macro bearish is that you're

underestimating the ability of central banks and governments to extend the the runway for themselves to keep kicking the can down the road to come up with new and different and alternative infinitely alternative ways to hide money to to sell sell bonds to to cram things onto balance sheets and places you never thought to look before. And these are the best guys in the world to do it and they they they have a plan um and it will it will work out in one way or another. like Bessant saying, "I am the house." He's kind of telling you like, "Yeah, I'm going to figure this out." And I'm not so sure. Like, this is a very non-consensus play here. But I I'm not so sure he's not comfortable with just letting these bond yields run because he kind of did a Strerisand effect thing with it like, "Oh, it's

fine. Don't look at it." And like everybody looked at it. I think he wants that to happen. I think he's trying to draw I think he's trying to draw attention and direct attention in certain direction. I think he's got a plan for how to to handle all of this. I don't know what that is yet, but I know that it involves different policy measures than in the past. Like you know the easiest example is like they've deregulated the commercial banking sector and allowed them to do more lending into the market which is taking money creation away from the Federal Reserve decentralizing it to the the broader banking system and that's provided over $600 billion of liquidity and it's continuing to do so. Um and up until kind of recently I haven't checked recently but liquidity has been rising for that reason and and for other

reasons. So I look this is a lot of in the weeds macro mumbo jumbo but the point is that yes there's some uncertainty and some some headwinds at the moment eventually these resolve to the upside I think and it's because there are you know the whole security of the western of western civilization is relying on them providing the liquidity that's needed. So I think that they will and then that's you know constructive for for risk assets and and for crypto. I want to ask you I want to just go back to Bitcoin for a second there. Just something I wanted to ask when we were talking about the technical indicator. Was the opposite true in October >> of uh >> of like sorry now we found this you know this this 83k support right of the weekly close was there a reverse metric

was there was this was the opposite true in October when we had that giant liquidation day or was it or did it take a couple weeks for us to kind of cross below that because I think that that opposite metric which would have been like oh we closed below whatever it was like 98 or something I think that came in like November if you're following the same thing but I think is more your language. >> I think that when we did a live stream I think on October 10th and I have this >> like this fever dream of saying like I'm not worried Bitcoin could drop another $20,000 from here before we would break >> and that was that was what I was talking about was the 50we moving average and and >> that's what it was.

>> Anyway, dear reader foreshadowing uh we did drop $20,000 and we did break that level. Um yeah, I I have to go back and look exactly on the charts of where that broke and where we retested and lost it again. Um but yeah, like yes, that when what what happened for everybody to flip bearish was we did drop that 20 grand. We did go below the 50week moving average. We did move into a technical bare market. Um because like bullish and bearish, there's different ways to measure these things, but like the way that most people do it is you take the 50we moving average and if you are above that, you're in a bull market. You're below that, you're in a bare market.

Once we slip below that, we were technically in a bare market. And then, you know, like Mayam is a good example. That 83k level we got to in May was a bare market retest of the the the the resistance band, the 50week moving average. We got rejected off of that and continued lower. Um, but this time it seems for the moment we're holding above it. Now look, this is something to watch very closely because if by the end of this week, Bitcoin is back below like 75K, I would I've said this to our internal pro like Milk Road Pro community, too. If we lose that level, it's far below us right now, but if we did lose that level, I would kind of tilt back in favor of the bears and say like maybe we get some like maybe not a new lower low, but like

a continuation of retesting some of the support that we've already put in or maybe forming a a higher low in like the 70s somewhere, right? Like, but basically the point is that like we're not totally out of the woods yet, right? Just cuz we got over 83K and held it. This is momentum for the bulls and it's a point for the bulls, but and like the like Ben Cowan says, the burden of proof is back on the bears to show that they have any sort of strength here in these markets, but it also doesn't mean that Bitcoin is going to 100K by the end of the week. So, um it's just something to watch closely because the market is in dialogue with itself as the bulls and bears try to figure this out. Should it be a bullish continuation and a breakout and a confirmation or are the bears

going to reassert themselves? So, I'm watching closely. The bulls are winning for the moment. But, you know, just it's a important thing to pay attention to because you can never tell when like a tweet is going to come out, a black swan is going to come out or, you know, a white swan, right? Like when when uh Bessant said, "I'm buying back the long end of the bond curve and weakening the dollar to do it." And Trump said hyperlquid in the White House on the same day. And that was like a lot of bulls were bullish momentum was released and you know sort of this beach ball underwater started to to spring up to the surface. So you you got to pay attention very closely at key levels like this when the market seems to be finding a turning point and confirming that because you get a lot of

information in a couple of weeks that tells you a lot about what to expect for the next months to years. I >> I like that. I think that's a good analogy or a good way to visualize it is it's a point for the bulls. I like that. you know, and then you wait to see what the bears respond with and and how the market responds to it and and what it does from here. And I think the little dip that we're kind of experiencing today after this bullish weekly close, right, since yesterday is is going to tell us a lot, you know, I think the next couple days or it feels like the next couple days or next week or two is going to tell us a lot about the strength of this breakout, right? Um I I do want to jump to non- Bitcoin things.

John, one thing that we didn't even have a chance to discuss before we started recording the show was the developments on Ethereum. And I haven't had the chance to catch up on this and maybe you could summarize for us uh Vitali kind of painting a new vision there for what Ethereum is supposed to look like and it's very technical. So maybe there's a way you can summarize it down for us us retailers uh and tell us why it seems to have renewed a lot of energy for the bullishness of Ethereum. Not that people weren't bullish before, but it it definitely feels like a bit of a new vibe. Yeah, I uh I wasn't aware you were going to ask this, so I didn't go and like do a detailed breakdown of that post, but what I will tell you is that the the high level of it I think is

important to understand. What Vitalik is is doing here is he's charting a path for evolving Ethereum from just a blockchain, although it's never been quote just a blockchain. There's a lot going on in the Ethereum ecosystem, but he's evolving it. He wants to evolve Ethereum from a blockchain towards being a world computer and a resource that can be used for security and leverage for a lot of other things outside of just, you know, confirming blocks. And so that's that's kind of what that whole piece that he wrote is about. And a lot of the people are commenting on this about like the expanding design space for products and services built on or around the Ethereum technology. So that's kind of like what happened this weekend. He

wrote this piece about this. It's like I said, highly technical, but that's the way to think about it. Is an evolution from a blockchain to a world computer, a decentralized computer that everybody in the world can use for computational needs that they can derive economic and monetary security from. Um, and computational security from compute from. Um, and then the design space for what can be built on Ethereum, what can be possible, what kinds of products and services can be enabled from this is radically expanded in that in that world. the the the term world computer has been used for Ethereum off and on a little bit, but he I think is like kind of pointing more in the direction of saying this is the northstar. This is where we're going. And so like a lot of people have written about this this weekend. Um and like I said, I haven't

because I didn't know we were going to talk about this, I haven't like drilled down a ton into the technical details of it, but that's kind of the direction of travel that's happening here. And this is something I think is important to say about this. What you want to look for in digital assets are people who are not getting drugged down into um, you know, ad homonym attacks and individual disagreements of personalities or getting, you know, hyperfixated on momentto moment price action or wiggles on the chart or getting, you know, distracted by the bright new shiny object. What you want to look for are builders, and there's a lot of them across the space, but builders like Vitalic, who have stayed very focused on delivering the most value that they can, building something that is unique, novel, and extremely valuable.

Delivering that to the market, doing it with focus, certainty, consistency, buller, bear, winter, summer, you know, rain or shine, and then continuing to build that, add to it, not getting complacent, not saying like, "Okay, that's it. I'm done." You know, dust my hands off and walk away. the Ethereum straw map for the continued development of Ethereum as a product and uh and and for the ecosystem overall has been extremely dynamic. They've been delivering. There's been a lot of people stepping up to play leadership roles rather than putting it all on one person. All of these things are very encouraging and they set Ethereum up to do extremely well as a network, as an ecosystem, as an asset, ETH. Um and and all of these different things are are going very well, I think, in from a perspective of somebody who's been watching this pretty closely. And so I

think all of that is is stuff you want to see. I think that getting towards that goal of the world computer is something that is really powerful and something that the market will react to and and value to an extreme degree. It it's not an overnight thing, obviously. But, you know, this is why I keep doing these check-ins with with people like ETH Labs who are researching and designing and and um advocating for the changes they want to see next in the Ethereum ecosystem because a lot of this stuff is very boring and nerdy. But if you understand it and take the time to, like, you know, I say stay safe, stay educated, educate yourself about these things, then you, I think, advantage yourself as an investor for things that actually materialize many months or years down the road. Um, and and you can, you know, kind of beat the market

to understanding a lot of these things if you just take the time to invest in in doing that. So, yeah, kind of a like a a ramble about all these things, but in general, that's that's what you should take away from this is Ethereum isn't just going to be a blockchain anymore. It's going to be a world computer. That's a much different value proposition, a much bigger value proposition, and it's very bullish for ETH. >> If you had Vitalic on the show right now, what would you ask him? >> You ask him one question. What would you what would you ask him about this? >> What do you want to know? What do you not understand? He's been alluding to writing some like sci-fi novels about DeFi and I kind of want to be like, "Bro, what?" Um, but no, I what what I would like to ask him

about this is like uh you know, a lot of the things he's talked about are many years down the road and many years into the future and in order to get to that future, it's path dependent on not losing everybody on the way. And so I'd like to hear, you know, you know, his his thoughts about how does Ethereum get from here to there, right? because like it's it's great to put up this big target and say this is where we're going to go and this is the target for 2029 or 2030 or 2035 but it's 2026. What are the next couple of years look like and how how do you like you know want to see the ecosystem realign, expand, change, evolve in order to enable that future to to manifest or to be reached and what's the plan to get there? Um and just sort

of drill down on some of those details of like what are the next steps towards that goal? Um but yeah, I don't know that that would be my first question I guess. Does this does this do you think that this breaks Ethereum out of its yearslong consolidation as many would put it? >> Oh god, this this is this is the big one. >> When moon man when moon >> this is the big one. So okay so Ethereum in in the the the first like major massive bull runs of like 2015 2017 2018 up until um I think like 2021 was the last like really really big one when he got over 2K for the first time. that that price action from Ethereum was anticipating Ethereum becoming the world computer, Ethereum becoming the global

the root of global finance as the Ethabs guys like to say. Um and and that was a extremely bullish thesis on a very young asset. And now we've had five years of them actually trying to build and deliver on that. And they're getting closer and closer and making more and more progress. And the price action has been choppy in that time for a lot of reasons, but the the amount of things that they've delivered, the the like um the developmental progress of Ethereum, switching from proof of work to proof of stake without the network going down and without any disruptions, like a lot of these feats of engineering that have been achieved by the Ethereum ecosystem have been just astounding like from like a computer science perspective. Um but they're also now finally starting to

deliver on a lot of what they've been promising. We've seen a whole bunch of bullish announcements of institutions moving more capital and products and services into the Ethereum ecosystem onto Ethereum. New things shipping all the time, new kinds of functionality being unlocked that like I said increases that design space for what's possible in the Ethereum ecosystem. So that initial price pump that we've seen is starting to actually like the the forecasted speculation on the future of Ethereum is actually starting to materialize and Ethereum's price in uh in kind is starting to move back towards the top of this 5-year range and breaking out of this like many many years downtrend against Bitcoin and other assets. Um, and so I'm I'm curious to see what happens with that because if

that holds, if if Ethereum does break out and lead the altcoin market into, you know, the first alt season we've seen since like 2021, you're going to see some really wild things in the digital asset space. And I think that that's that's what's next though. Like I think that is the next thing to happen is that Bitcoin confirms its bull market. Ethereum goes to the top of its range. It breaks out of that and then once we get north of 5K on Ethereum and like accept it into that range, hold that range, I think things get really really spicy in crypto really fast. You know, one of the weird things about crypto is that the longer you're in it, the more accounts you seem to end up with. You buy in one place, trade somewhere else, earn yield somewhere else, and if you actually need capital,

you end up having to sell something that you probably wanted to keep. That's why we at Milkroad are partnering with Nexo. These guys keep the whole thing under one account. You can buy, trade crypto, earn interest on what you already hold, and even borrow against your capital without having to sell it all in one spot, all in one account, all on Nexo. So, if you need liquidity, but you don't want to give up your position, or you're already holding crypto and you want to be able to do more with it, I think Nexo is worth your time. We love working with them. I think you will, too. Tell them Milk Road sent you. >> So, you think that that you think you think an alt season rally would be led by Ethereum? I don't know that it necessarily needs to be led by Ethereum, but I will say

that I think that that's Ethereum is the the blue chip altcoin. It is the biggest altcoin. It has been the biggest altcoin. >> Yeah. >> Um and so Ethereum I think just you would see some absolute just wild wild things start to happen. If Ethereum got over five or 6K and held it and then like continued higher, um yeah, I think that the the the hot ball of money, the speculative capital, you'd have multiple trillions. I think you'd see between two and $6 trillion of market cap added to crypto in a pretty short order and that would be a massive alt season and that I I do think at some point that is coming.

I think you are going to see somewhere between two and six trillion dollars of market cap added if this bull market confirms if all this holds. I think directionally we move from three trillion to 10 trillion and I think that that is you know ballpark I mean there's a wide ballpark on that right like it could be 3 to 6 trillion it could be 3 to 12 trillion it could be 3 to 10 trillion I don't know where that ends up in this bull market but that would be the expectation is like once we clear those kind of like key historical 5-year resistance levels confirm above it break out higher I think that you would see just a a very wild explosive um like very euphoric bull run in crypto overall What's your price target for Ethereum?

>> Higher. Um, tell us first >> in the next 24 months. In the next 24 months, not not in a 100red years. People always say like that. Like Bitcoin's going to be at 80 million one day. It's like, yeah, yeah, yeah, yeah, yeah, maybe. But it's like, no, no, no. Just like in this scenario, you just outlined that. It's like we may see this tripling of the crypto market cap in a very short amount of time. What is the price target for Ethereum within that? >> All right. first when if you want like price predictions for me. You got to warn me before the episode cuz I can't do a whole lot of math live. >> No, I want off the cuff, man. I want like just listen even when listen this is like a mentalist trick, man. When I said that, a number came to your head. A

number immediately flashed in your mind. I want to know what that is. I don't care about the explanation. Just tell us what it is. >> I'll tell you what I'm think I'll tell you what I'm thinking. The what I'm thinking is the explanation. Okay. So, right now, getting above $2,500 was the key resistance to watch out for Ethereum. we've gotten above that, we've been accepted above that. The next target in relatively short order, in my opinion, should be 3K. After we get to 3K, the next thing to figure out is how long does it take us to work back up to 5K. Um, because that's been like the historical level that we've gotten to twice, haven't broken through, and we still need to get through that. So, that's kind of what I'm looking for here. I I I think the expectation for Ethereum next should be hold 2500, don't

lose that. If we don't lose that, 3,000 happens next and I think pretty quickly and then we got to get to 5K. After we break 5K, I would say the expect the expectation for me would be somewhere between 6 and 10,000. But I don't have a high degree of conviction on where we end up in that space because Ethereum is much harder to predict than Bitcoin. Its chart history is much more um not erratic, but like it's it's not clockwork. It's not exact science. It has enormous swings in price and volatility. it has much better and different tokconomics than Bitcoin has.

So there's a lot that goes into evaluating that that target of where Ethereum's top should be. But for me, my expectation has always been, you know, if you clear 2500, you go to 3K next, then you got to get past 5,000. Once you do get past and hold $5,000, the expectation is somewhere between 6 and 10,000. I don't know, but that's kind of what I would be looking for. And so like once we get up into that range, once we get over 5,000, I think you expect higher prices. you expect price discovery, but you don't have a whole lot of clear idea as to like exactly where. And you can look, you can pull Fibonacci, you can do measured moves, you can do a whole bunch of different things on the technical analysis on the charts to come up with an estimate. Um, but I don't want to like plant a flag.

It's like this is the target we're going to get to because I don't really know and I don't think anybody does. And that's what price discovery is for is figuring out where that top would be. >> What is your perverse target? Like just just like totally ridiculous. Like listen, the number that flashed, that's a is a wonderful explanation we just said. Next 24 months, the the high price in that time. We're doing the same podcast. It's September 28th, 2028. The decade's almost over. Say, "Wow, I can't believe ETH hit >> X price at some point in the last 24 months since I asked you. What is it?"

>> I I would just say directionally we're looking for 10 to 12K. That's that's kind of what I would say. But like I don't I don't know and I don't really feel comfortable trying to get nailed down on this by the way because like it really is case dependent. No, look listen listen cuz a lot of that thesis depends on how much of the available addressable market Ethereum captures and continues to capture. So right now if you look at the scoreboard Ethereum is leading on a lot of these things on tokenized assets on stable coins on aentic finance. They're making a real um and strong play for institutional capital. That is a huge pie, a huge addressable market. However, it's not a given to me that they are going to continue to capture 65% 70% of that market or 55, whatever it is. It's like

they have the lion share. They have to hold the lion share. Um, they can still grow to $10,000 without the lion share, right? They just have to, you know, continue to capture some part of the market. But if they continue to dominate, if they get most of that capital, if or if most of it goes to Ethereum first and then to other places, the thesis on Ethereum gets very strong. And it but it it is all dependent on in the next two years does that capital migrate onto you know siloed permission chains does it migrate onto another permissionless chain um does it come to Ethereum I think the lion share of it has and will continue to come to Ethereum but that's not a given so that is a big thing to watch over the next two years to see where that capital goes and that factors into the thesis for

Ethereum that's the difference between a $6,000 ETH a $12,000 ETH a $20,000 ETH right so this is what's to play for and the market has to figure that It's not a given right now. And that's why it's really hard for me to say what I think a target for 2028 would be. >> What's your lucky number? >> This is getting weird. >> Do you have a lucky number? >> No, not really. I would say three generally, but like >> three. Three. There's no There's no good price target that starts with three. Unless it's like 30,000. >> 30,000. Yeah, there you go. It might >> It would It's a 12x from here. Easy 12x.

Just like Zcash. It's a 12x from here. I think we should spend this time talking about Q&T, by the way. But like, >> yeah, that's that's what Well, that's what I'm going into next. Speaking of speaking of insane price movements, uh Q& uh something most people never heard of. Broke out like crazy this weekend. Went from like I don't know what it was like $40, $50 to 500, whatever. Something something obscene, something in that range. What is Q& >> All right, so Q& has been around for a really long time. This is I've been pounding the table. We don't have a ton of time to talk about this. We'll do this another time, but I've been pounding the table for a long time saying that the digital asset industry, the whole landscape is full of tokens that are great, high-quality projects that are just mispriced. They're not

ghost chains. They're not crappy tokens. They're excellent projects that the market just doesn't understand and the valuations haven't caught up to yet. Um, Q&T is one of those tokens. The founder of this project used to be the head of cyber security for the Treasury Department of the United Kingdom. He's been working in cyber security and um and in uh technology and and digital assets for for decades. This project has several patents around it. It just recently closed a deal with a a company called Clearing House. Um and it looks like it's going to be chosen to be um sort of like serious amounts of infrastructure for a large portion of the United States um banking industry and um European banking industry. It's not yet clear how the the Q& token It's

not clear to me. I may have to go refresh myself on this. So, apologies if I'm out of date on this, but it's not yet clear to me what the value capture mechanism from all this um institutional and uh nation state uh financial activity is going to be for Q& the token like how that is a factor in that. But the tokconomics of it are amazing because this is not a VC coin. It doesn't have half of the token supply held in the bags of people who are going to be dumping on your heads every month. All of the tokens, almost all of them, I think are in circulation right now. there's a hard cap of I think 14.6 or thereabouts um Q& tokens that will ever exist. So it's got you know arguably better tokconomics than Bitcoin or Ethereum um and very scarce supply and a

real adoption and partnerships um with major institutions and the the leader of the project is somebody who spent his entire career at the highest levels of finance and cyber security. the the patented technology the over ledger system is a very advanced and very serious um technological solution that went through a huge vetting process to get selected by clearing house. So this is a huge vote of confidence by a huge network of capital and of financial and monetary players um to pick Q&T. The reason why the price exploded like this and responded so much is that number one it's been overlooked for a long time.

Number two, there the tokconomics are immaculate. So there's very very little Q&T around and if there is a sudden spike of demand for Q& the the price reacts very violently to the upside because of the scarcity of the token. And so this is an example to me of just one project where there has been a one of the best teams in in any industry digital assets AI anywhere. one of the best teams anywhere building something not getting shaken out by um bearish sentiment or being ignored by the market and just keep building keep delivering keep moving towards their goal they achieve that goal and then the price resolves much higher I think this is what you're going to see happen in a lot of digital asset u a lot of the digital asset industry for a lot of these projects who have remained focused who

have had quality products that they're building with a quality team and then eventually that will find product market fit the market will catch up to this and you'll see a lot of capital come to to you know appreciate the value that's being created and delivered here. So obviously this is just a quick you know rundown from what I remember from what I saw this weekend but there is this is not a nothing burger. This token is not vaporware and it's it's not something to ignore. It doesn't necessarily mean that it has to be in your portfolio but it is something to educate yourself about and to pay attention to because like I've been saying for a long time digital assets is not a bunch of vaporware. It's not a scam uh industry. It's like more akin to like these wonderful immacul immaculate marvels of um engineering

that have been created that just haven't yet had the users and adoption come to them and that the market has been very content to ignore while it's been chasing gains in other places and shiny objects and other parts of the market. Um but that will not last forever. This will materialize into things like this clearing house deal for Q&T. This will happen for other projects as well. And I think that there's a large large market that'll that'll continue to come um to fruition here as these things that have been built for so long finally start to find adoption, product market fit, and get some deals and announcements like this. So there's a lot more we can say about Q& we may not have time to get into right now, but yeah, I think it's just an important example, a microcosm of how I see the the overall digital

asset space. >> Is this is this a strategy we should employ then, John? like is this something that people should do or we should do on the show or we should do in Milk Road Pro of like look for these projects, right? Cuz and we're going to we're going to record an after hours right after this. We'll probably talk about a little bit more. But even a lot of your your altcoin purchases in the last couple weeks are on pretty well-known projects. You know what I mean? They're not they're not these aren't super obscure or not not that Q& is obscure, but it is older, lesser known, not as high mind share, let's call it. You don't go on crypto twitter, everyone's talking about it like you do with something like near or hyperlquid or you know more of the that that basket of very popular tokens at the time

especially going into this cycle. But is this a strategy we should people should employ be like look for other potential tokens like this? It's like they've been building for a while and it's finally going to pay off. >> I don't think should is the right word, but could is definitely the right word because you could go and look around and say like, okay, what's pumping this week? What's got all the attention? What's up 200% this week? and try to chase those candles. Or you could say, "All right, Bitcoin is confirmed a bull market. All coins are popping off. What is something that I think I have conviction in in terms of the team, the technicals, the fundamentals, the token?" Come up with a thesis that makes sense for you and make an allocation and wait for the market to prove you right, right? Like, and I think that's a

completely legitimate strategy here. You could have just, and to be honest with you, I did for a long time. I was just like buying $100 of Q& like once a week for a while in the the 2021 bull market in 2022 when it was coming down. Like I was buying it below $100 for a while. But the the reason for that was not because I thought I was going to recommend it to everyone or it should be in my Milk Road portfolio or that everybody needed to have a position in this, but just that they weren't going away. They were building something great. They were built they had a great team. They were committed and focused. And I was like, I don't know. You could you could just take a bag of this and just wait because it may never have a 300% pump and that's the risk you're

taking. But if it ever does work out, if it ever pays off, if if these things ever do find product market fit, the upside on that is huge. So it's not something you should necessarily do, but it is something you could do. You could just look for really undervalued highquality altcoins in the digital asset space, build a bag, and just wait. And like it may never work out, and you have to take that risk. Um, but there are a lot of things like this, I think, where the the technology is strong, um, and the market just is completely mispricing it. And if you are willing to wait with your capital, it's an opportunity cost to do that, but if you're willing to wait with your capital for that repricing to happen, it can pay off. So, I I don't think it's something anybody should necessarily do, but you

could do that. Um, and I don't still have all the the Q& I was accumulating, by the I I got like I think like 50 or so of them or something like that at one point and like kind of sold them off a little bit during the last like um the the last bull market kind of last year. I got rid of most of them. I still have a couple but not very much. Um but like the point is that like um yeah, it's a strategy to play if you're willing to look for these altcoin gems that are underappreciated and park your capital and wait. It's not necessarily the best market strategy, but it's something you can do if that's something you want to do if you have that conviction in that particular altcoin >> and if you're willing to partner with the opportunity cost, right? cuz I think

that that's the other thing too and we're going to jump right into after hours in a second talk about the hotter altcoins but I think that's the other thing is that somebody like holding Q& yes it popped but you could have been waiting another 6 months to for that to happen meanwhile there's a big basket of other stuff even the majors that'll probably could outperform this sleeper pick in the in that time right so it is really up to people's individual uh strategies there um John thank you so much for your thoughts man we're going to jump right into after hours uh so for anybody who's a Milk Road member, make sure you check that out on our site.

It'll be live uh just shortly after this episode goes live. Uh if you're not a Milk Road Pro member yet and you want to hear all the spicy gossip and intel that John's about to drop uh in a few minutes on his altcoin positions, make sure you sign up for Milk Road Pro. It's it's literally just a dollar. You can pay a dollar just to watch the episode and then you can cancel if you want. It's very easy to cancel. So, thank you, John. Uh and uh I'll talk to you in a minute. Thanks for listening to Milk Road. If you enjoyed the show, make sure you like and subscribe. And if you're struggling to find winners in the market, that's exactly what Milkroad Pro is built for. Our analysts have called some of the biggest winners early, and Pro lets you see what they're buying

next, every trade they make, and the research behind every position. Check out Milk Road Pro at the link below. Everything you hear on Milkroad is forformational purposes only. These are our personal opinions, not financial advice, and we may own some of the investments we talk about. Always do your own research and make the decisions that are right for you. See you next time.