PRO AMA: Ethereum and Solana potential, cycle analysis and market pullbacks

Transcript

GM good morning welcome to the milk Road show The Daily crypto show we deliver crypto insights faster than a kid opening gifts on Christmas morning merry Christmas everybody I'm your host Jay Hamilton and today we've got a special episode for you as a Christmas gift last week milro Pro members got an exclusive AMA and it was so full of alpha that we decided to release it to you today for free this episode will give you the edge The Edge that you're looking for at we enter 2025 and we all have this incredible opportunity to truly make life-changing money in the year ahead assuming everything lines up the think the way we think it is and it goes in that

direction which all the indicators are looking real bullish right now so you're about to hear from Kyle and Martin who are two heads of research at milro Pro and they're going to answer all the important questions that crypto investors just like yourself were asking in this AMA last week they discussed topics like how a post 100K Bitcoin world will shape the price of eth and other altcoins and how you should be playing pullbacks in 2025 they're going to identify opportunities in altcoins should you be buying during some potential pullbacks how do you play those most importantly and this is the

big one that I really want all of you to be thinking about over the holidays really is is a great time to think about step back and think about your investment goals for the year ahead is how do you lock in profits when do you take profits when do you sell and when you do take profits what do you do how do you take those profits do you move it into stable coins do you move it into Fiat a lot of conversation around that which you guys are really going to enjoy Also evaluating Soul what's the long-term potential of soul for 2025 verse when should you be looking to exit if you have soul which I know a lot of you guys have big bags in Soul and talking about a bunch of other tokens a bunch of other narratives exploring the

defi narrative in particular that we are quite bullish on trust me these insights they're just they're pure gold you guys are going to absolutely love them now if you were a milro pro member you could have gotten this Alpha a week ago and attended the AMA yourself or watched the recording immediately afterwards so take a look take a think after listening to this episode maybe you want to get yourself a Christmas gift as we Ender 2025 and you want to sign up for milro pro we got the link in the show notes so you can join milro Pro and make sure you are ready to absolutely crush it in 2025 before we jump in we just need to take a moment to hear from our sponsors who make this show possible meanwhile is the world's first licensed and regulated life insurance company built for the

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the holidays we're bumping this one up a little early so we're kind of backtack weeks for those that were here last week we did one around our portfolio so we we kind of break down the pro portfolio why we hold all the assets what we're seeing with them what's new with them Etc we don't do an AMA on that one this one is AMA ask me anything for those that don't know what that means and um basically we just take a bunch of questions we've had I don't know 30 plus questions from everyone and Martin and I will just go through them and answer them so before we get into it I'm sharing screen guys make sure you're watching that so you can see the screen I have all the slides up before we get into it we'll do a quick just overview of markets where

Martin and I are seeing things not much has changed over the last little bit we believe you know obviously still fairly early stages in the bull market we moved into summer on the business cycle so early stages of that so we think there's still plenty of room left to to go in this cycle as you see on the Thursday indic ators um nothing's really flashing red yet the only sort of like little concern is liquidity Global liquidity has taken a bit of a dip and as you guys have seen we've written about this a lot in Pro reports um Bitcoin tends to lag Global quility by 12 weeks so our guess is that some point end of December early January we have a a pullback uh of Fairly significant could be 20 to 30% let's say in Bitcoin and then it would

likely be bigger in all the alts when that actually happens don't know does it actually happen don't know it's just sort of our feeling it's kind of what it looks like it's happened in previous Cycles uh it makes sense with liquidity and also I mean we've had a crazy run up for the last month or so and uh and things are still looking a bit bullish so maybe we continue to run up here until the end of the year there's this thing in crypto called the Santa Claus rally where generally crypto does pretty well at least in Bull markets in December especially over the holidays why that is don't really know completely but um so there's a good chance that that happens just in a cyclical nature and seasonality wise but again we expect to pullback there's lots of questions on pullbacks and what you should do with it

so we'll talk about that in the AMA but um yeah my assumption is probably we go a little bit higher I think we get a rate cut tomorrow I don't know if the Market's going to care too much about it because it's kind of I mean it's like what is it 98% chance it's going to happen at this point so I don't know how much that matters really I think we'll really start to see the liquidity come into the market in q1 Q2 so I think that's kind of what we're looking for because we're still not seeing a lot of of liquidity but I think China's going to have to start printing soon and I think the US will as well so lots to look at out for look forward to in 2025 one thing I would say Martin and I have been talking a lot about about Ai and AI

agents we haven't done a pro report on it but we've tried to get because we're we're kind of doing a deeper analysis so it takes longer and there's honestly not a lot of fundamental stuff to really do a deep analysis on um so it's more theoretical we've tried to update as much as we can about a agents in the free newsletter um but one thing I would say is everyone this should be an area you are learning about you are playing with you are using you are watching because we do think this is one of the biggest things for crypto if memecoins was the big thing in 2024 we think AI agents is going to be the big thing in 2025 the difference here is that AI agents is not only going to be hype like memecoins were but AI agents is actually going to drive the fundamentals of

crypto um and so Martin and I are kind of working through a lot of theories on this that we're going to write to you guys but basically the reason why we are so bullish AI agents is because not only they are they something that is investable right kind of like a memec coin if you want to invest in an AI agent or in the protocols that allow for and create AI agents they also are going to become the biggest users of crypto they're going to be the biggest users of the blockchain and that has massive massive impacts that I don't know that people realize in terms of what protocols are AI agents going to use how many transactions are they G to actually do it's gonna be a lot more than humans and so like we kind of look at Brands and protocols and Investments off of

like will a human use this how much will a human use this how much will a human spend on this and I really think we need to start rethinking how we we see the world especially the onchain world and start thinking about will AI agents use this how much will they use this how much are they okay to spend to use this and is this protocol make sense for them Etc um because it's a whole new demographic and um I'm going to write this big piece on this but basically you guys have maybe heard me talk a lot about Boomers and how they played such an important part of the global economy over the last 70 80 years right as they all made it into the workforce and started buying homes and buying stuff for their homes and having babies those markets those Industries excelled and

did really really well because they were the biggest demographic in the world still are today now they're all retiring which is why we're seeing kind of changes in the global economy AI agents are about to become the next big demographic right there's going to be way more a agents than there ever was Boomers and this is going to really shape the economies moving forward now we're still probably years away from it making a big difference but I think we're going to see a ton of hype in the next few months here to the next year like this cycle and I think there's really fundamental stuff that's going to come out of AI agents whereas like meme coins me it's more similar to like nfts in that regard like pfp nfts um but AI agents are the next meme coin in my opinion but there's some real

fundamental stuff so like pay attention to them um if as an investor pay attention to them if you're building a business pay attention to them if you're a user on chain I think it's going to be a massive massive change for this for for our industry so anyway keep an eye on that we will do our best to continue to update on our Theory around that and um where to invest right now like I know everyone's going to ask the question probably people typing right now what should I buy the answer is we have no idea it's so freaking early that like no one knows we brought up virtuals I think two weeks ago or three weeks ago in the newsletter and um at that point we had no idea if it was going to take off today or take off in a few weeks it's

already taken off the thing has gone from a billion fdv to I think it's like above three billion today and like and they did that in like two weeks but is there any fundamental reason for that to happen AB abely not it was just sort of like luck that it's really caught wind on Twitter and so the same is with all this stuff right we have no idea what's going to happen where the like virtuals could be not exist in two two months from now right like it's not like it's this established thing like Bitcoin right so we just we have no idea so is it worth three billion I don't know it doesn't make any Revenue yet as far as I know but maybe or could something else launch tomorrow and beat out virtuals like 100% right you never know so again it's um there's no fundamental reason to

invest in these things just yet um but definitely if you want to play in the casino AI agents is the new spot not meme coins in my opinion but anyway that's I just wanted to update that because I think that's really cool Martin anything else on your mind that um you've been excited about that you want to share before we get into the questions yeah I agree I think the 2025 will be AI agenic kind of year where we'll see a a lot of AI agents popping off and we still don't know like what are the real use cases and what are there any businesses around this those kind of stuff so it's it's still like very early days and I think the people who are paying attention today will kind of see the the whole process that AI is going through and like those people will

be at some point greatly rewarded because they know all all all the journey and will'll see all the details and everything so yeah I think we will spend a lot of time in the next year looking into AI stuff in general and like yeah intersection of AI and blockchains yeah and just to answer the question here if you're fully allocated how do you think about new things that come up is this more about paying attention for future allocation in the next cycle um I would say it's definitely that maybe there's an opportunity that comes up where we're like okay this thing's going to take off we're early like let's try to speculate on it for the cycle and we might like sell some ether Soul depending on where it's on into that but it it's it's really tough to do that at this point in

the cycle so we'll see maybe if there's a strong pullback we might say hey if you extra Capital Now's the Time to buy rather than selling something and putting into it not sure we'll have to just kind of see what happens we're going to keep an eye if we notice any opportunities we will put it in the signals channel of course but again like we try to not invest on hype and speculation because it's just there's just a lot of risk to it you just never know and so even to something like virtuals which a lot of people are like this is the big thing it's like we don't really know and so to compare it to others we have no idea so it's hard to like put a meaningful amount into it like you could put a small amount and just hope that it works like I don't

know for us we just don't really care to do that that much so we'll see we're going to look for it but more it definitely is like pay attention now because opportunities will exist in the future it's like last cycle if you were paying attention to the bare Market to salana it was such an easy buy under 20 bucks for salana and you've already 10x right same with coinbase you've 10x and that was not a hard decision right it was a very easy one fundamentally driven and you could get a 10x in a year and so that's really why you want to be paying attention now okay let's move away from the AI uh topic uh some of the things we're going to talk about here uh Bitcoin above 100K and how does that change targets whether that be eth Etc what do we think about pullbacks are

there any opportunities in altcoins what should we do around when these pullbacks happen talking about profits up at the at the top of the cycle using stable coins or Fiat when some questions there some a lot of questions on salana and then a bunch of smaller tokens ICP Carrick defi stuff we'll cover as many as we can so let's um let's get into it so the first question could the last Cycle's top which may have been prolonged by FTX using client funds caus us to misalign indicators this cycle how do you factor this into your exit strategy in cycle analysis so basically what this person's asking is there was kind of a top last cycle in I think it was May uh and then we literally went down 55 or 60% in Bitcoin it was wild in like a month and then we randomly somehow like came back up in a terrible

macro environment to be honest like we were raising rates liquidity was slowing down Etc and we all of a sudden like went back to alltime highs and then we just went down from there it was a it was a weird double top some believe it might have been just because of FTX kind of propping funds um I think maybe the US government did one last stimulus during that time so that could have been it I can't remember now and so the question is is like most of us check um and look back at the cycle top being November of last cycle when really you could say it was maybe May so is that going to screw things up I would say none of the indicators we look at actually look at and compare Cycles from previous they just look at metrics like um profitability of people holding

Bitcoin the mvrv and the zcore none of these are comparing from like November of last cycle they're just comparing based off of like wall addresses what they're holding how much profit they're in ETC and so some of our predictions around like what sort of like how many X's you got um from the top to top like those things yes but the timing wise is is a very small portion of like what we lean into to understand the top of the cycle so I would say it doesn't really impact much um our indicators are looking at a lot different things than trying to compare top to top though I do have a pro report coming out in the next few weeks that does look at kind of like historical cycles and when we've topped and averaging things out so still good

to look at but um the key is don't look at one indicator look at a bunch of indicators to help you decide and then of course in terms of exit strategy we're not trying to time the top we are trying to sell on our way up and we are trying to sell maybe on our way down as well depending on how much we are selling again I'll have a pro report coming end of this year that's going to walk through sort of my my plan for next year and kind of what to look for when do I think pullbacks are going to happen what's the cycle going to be like when do we top I'm going to sort of break that down as much as I can and talk about how to exit for that so so I'll go more in there but I would just say make

sure you're looking at a bunch of indicators not just one definitely don't just look at you know the timing of last Cycle's top versus timing this time um you got to look at all the indicators we have on on Thursdays could eth reach 8K or 10K by 2025 now that Bitcoin has hit 100K should we take advantage of pullbacks to invest more so my my sort of projection for eth was around 10K Martin I think yours is 12 or was it 15 uh eight eight oh what I swear you were 12 or 15 before no did you change that yeah I was no um well I mean I think yeah 10 is fine I just want to be more bearish than most of the people because it's always better to be more bearish

than the other ones rather than be more optimistic and never take any profits and like I can see some headwinds for eth um but yeah I think eth will do still well yeah yeah so I wrote a pro report Pablo if you're in here maybe you can find it I can't remember it was like a year ago at least maybe it was around Christmas time last year but where I talked about um I thought eth will go to like 8 to 10K or sorry 8 to 12K at least but I plan to sell my first batch around like 7, 7500 now I don't get stuck to prices I just think that this 7500 happens in like that's like q1 Q2 early on of next year and so I plan to sell when we reach around that point a first

chunk of it it's not all of it by any means but I plan to sell some and that's not to sell to like buy back in in it later on or to buy back in even next cycle that's to sell to like pay off a mortgage and buy a car things that I've written down that I've had planned for literally since the start of this bow run two years ago I've been saying this so um the key is don't change your targets as the cycle goes on because most people are going to get more and more bullish as the cycle goes on as Martin said your job is to get more and more bearish right so what's going to happen here is let's say we have a pullback in January February March April you know Trump comes in everyone's all bullish we're printing money again and

you know Bitcoin goes to 150k let's say eth is reaching 8K all of a sudden everyone on Twitter is going to start changing their projections now they're going to say bitcoin's going to 300 or 400 or 500,000 and going to 20K this happens every single cycle those are the moments where you're like okay now I need to start selling because people are getting euphoric and they're getting ridiculous so your projection should never change the best time to make a projection is in the bare Market because that's when you're actually sober and you can think clearly when things get a bit crazy you're at all-time highs you no longer think normal and that's not the time to make predictions so you know Bitcoin at 100K is great doesn't change my predictions still think Bitcoin 150 to 200 eth probably around 10 to 12 but again I'm not trying to sell it at 10 or

12 the part that I'm I'm selling first is much lower than that 7500 7,000 maybe because I don't want to wait until the top because that top might never happen everyone called for 10K last cycle on eth and it made it to five right so if you were sitting there waiting to be around that top you were nowhere close and you got wrecked which most people did um now who knows if that happens maybe we Blow by I don't know again don't really care because at least 50% of my portfolio I'm never not selling at all right and for most of you guys it should probably be higher I actually recommend you don't sell a lot of it because we are in a super cycle right and not the super cycle of like we never have a bare Market super cycle we've been in for 15 years where crypto goes

up and up and up and up over time and so I think most people should hold longterm not try to get cute with it but you should sell along the way if you need it to pay a loan to you know buy a home to buy a car to I don't know pay for your kids school like whatever it is if you need money take profits but I don't recommend trying to sell time tops time pullbacks and like buy back in that's just going to get you wrecked so I said 550 I won't be selling 5 Z per. and should we take advantage of pullbacks to invest more um I I always struggle with this one like you you should have done that in the last two years definitely we had been saying it for the last two years of like every pullback like bye

bye buy like go all in buy byy byy now that we're at all-time highs you got Bitcoin at 100K like if it goes maybe to 150 you know it's not a ton more it's 50% more it's not a lot but obviously still pretty good but like should you really because there's a chance it doesn't go that what if it only goes to 125 so like what if we go to 125 you know in the next two weeks and then it pulls back to 100 and you're like okay sick I'm GNA invest to this I'm gonna buy more and then it only makes makes it to like 130 but you're waiting for 150 or 200 and then it drops 50% now you're down to to like 50k or 75k right like like it's not a great risk reward now to be plowing money in on pullbacks but

we'll see we'll have to see what the Market's like like if we get a pullback very soon then yeah I think it's a good opportunity still because I think we've still got six to 12 months left in this in this market but like if the pullback doesn't happen for three months from now then like I don't know I'm definitely not buying anymore so it's just know that it's it's quite risky now to be buying pullbacks I know everyone on Twitter says this like buy the dips buy the dips but that's what you want to do in the bare Market you don't want to do that at the tail end of the bull market um because you just never know when you're going to get wrecked so just be careful um and if you're going to do it maybe sorry go for if again actually one

more thing just to add before you jump Martin if you're hold if you're investing longterm buy the dips for sure right if you're going to hold for five years or more 100% buy the dips buy all the dips you want as long as you're not sell trying to sell it this year if you're trying to sell it this year and you need that money this year then don't be buying the dips that's all i' would say yeah I agree but like I hesitate to tell people to take advantage of pullbacks because you never know if it's going to be 10% or 30% yeah and then at some point you might feel as a Genius Like You outsmart the market and you bought it cheaper right but also then sometimes you might be buying like cheaper Bitcoin but it might never go up again like it it will eventually in

couple years but you know and maybe at that point you won't already like just hold your strategy and don't try to time the market so like I feel like it seems so tempting to try to take advantage and buy cheaper Bitcoin or e or whatever but it's so stressful to do it and like you will be thinking about it constantly like okay today it's Tuesday should I buy today or no it's it's too high today I'll buy tomorrow and it's so stressful and it's not worth your time and yeah it's not worth it I think it's also extremely difficult like looking back I know seems easy to time pullbacks to sell at the top and buy at the bottom

like here's here's last cycle okay we're December right about here so we're right here and I think we probably this is what I'm calling it's the same thing like we might you know what are we December 17th or something right now so we go up a bunch more and then you know early January we have a dip right then we go up a bunch and then we have a dip and like yeah if you bought this and then you or you sold here and then you bought here and then you sold here and then you bought here like yeah you'd be freaking unreal and you'd make a bunch of money but like the chance of this happening are so hard like the amount of people that were right here in May and it you know we went down 20 30% four times in a few

months and then it happened again and everyone was like okay I'll buy right here and then it went down another 50% right and and you didn't know that that was going to happen everyone thought this was just another 20% dip and we were going to go from here and it didn't happen right and so like trying to really time this stuff is so freaking hard and like you might go well I'll wait for it to be 30% and then it only goes 27 and then you missed it right so it's just like this stuff is so not e because you also got to remember like you're dealing with everyone saying okay the pullback is done on Twitter and then it's not or the pullbacks coming on Twitter and then it like you know what I mean like you have no idea what's really happening in the market and so trying to

time it is just a recipe for disaster so I just recommend you don't do it at all unless you are investing long term then buy the dips that's fine but if you are trying to trade and sell the tops and buy the dips you will get I promise you that what I recommend everyone today is when we get a dip right or even right now I get all these people a bunch of our questions here are should I sell right now and buy back in when the dip happens do it I I actually recommend everyone here do it with like a hundred bucks and just see in six months from now you trying to time the market do you have more than 100 bucks or less because I guarantee you Bitcoin will go up 50% from here and you're going to have less than 50% like you're going to have less

than 100 bucks left in your in of that 100 bucks so um just all you got to do is try it once you'll get smoked and then you'll be like okay yeah I'm never going to do it again because people who have been around for a second cycle they never ask me should I do this they never do but everyone asking is in their first cycle because they think it's so easy because they look at the charts and it seems so easy and it's not so anyway um if you're in your first cycle and you've never tried to time the market try to time the market and also if we could get a predictions Market where I can bet that you're going to lose I would love to be able to do that uh because I will win 100% of the time I'd rather bet on that

than bet on bitcoin this cycle I'm just kidding all right what's next um if Bitcoin pulls back soon how will altcoins like Ethan Soul react will they drop harder and does this create a buying opportunity yeah tough tough question to answer um probably they will pull back more but also we are at a point where Martin and I flagged a few times where we think probably eth BTC has bottomed uh and Bitcoin dominance has has popped and so whether they pull back farther or not we're unsure sometimes they might not actually pull back as far at least Ethan Soul others like the the small ones they will definitely pull back way more but they will often rocket like way faster and so like after the pullback Bitcoin will go up you know 10% in a week or two weeks

and Ethan soul will be up like 50 you know like something crazy so this is why we believe right now you want to be more allocated to something like Ethan soul and so again same rules apply though in terms of buying opportunity don't try to sell and buy in just if you're if you're holding longterm feel free to buy dips otherwise I'd probably just like stay away from it and um maybe Park some cash in Athena right now get your 27% or whatever the apy is uh and just let that cook until the bare Market comes right doesn't never hurts to be make holding US Dollars that's bringing in 27% yield it's insane okay if the Bitcoin Reserve gets approved what impact will this have on altcoins Could It Crush alts and prevent an all season Martin I'm going to let you take this one to start and

then I'll jump in any thoughts um that's pretty funny because I believe that Bitcoin Reserve thing is going to happen and Kyle don't think so but anyways um I think it doesn't impact altcoins because who is going to be the buyer of Bitcoin at that point it's not going to be the people who are aping into altcoins right yes some people might to profits and then reallocate into altcoins but I think if Bitcoin Reserve is approved like you will see a net new buyers who will be buying Bitcoin and I still think there will always be buyers for altcoins as well because like you know also like

this this kind of new Catalyst for the markets can just attract even more eyes and more people into crypto in general and most of the people will look at the Bitcoin I'll say like okay it's already too late kind of thinking so they will look elsewhere like you know down the risk curve to e Soul or I don't know some other altcoins out there so I don't think it will prevalent an altcoin season in terms of like Bitcoin dominance well it's hard to say but the price performance I still think that some small Co like altcoins will outperform Bitcoin recycle yeah I think if Bitcoin Reserve

happens Bitcoin dominance probably skyrockets and the like altcoin season index probably doesn't show that it's an altcoin season but I would assume that altcoins still do extremely extremely well because this is like a stamp of approval for crypto now I know it's just Bitcoin and Bitcoin should do really really well so like you you technically probably don't need to go and jump in all these riskier altcoins um but I think if Bitcoin Reserve happens it's a it's a net positive for the whole industry I don't think altcoins like sell off and get wrecked and like you know Bitcoin goes up 100% but altcoins go down 50 U maybe Bitcoin outperforms them for a period of time uh but uh I would say it's a net positive for the industry for sure um we would love for that to happen also look

at this Bitcoin dominance you know we thought it was um it B it it topped it's it's it's fighting it's fighting to come back we'll see what happens but um I think we'll still see it come down just a pullback we also heard that some some senator in in Europe suggested uh European Union to consider adding Bitcoin as a strategic Reserve as well yeah yeah so it's kind of creating this this kind of pressure on us you know like everyone else is already considering it so like if we are not doing it but everyone else is even though we are still wor resered currency like you know I can feel that there is some pressure happening for sure I still

don't know it kind of feels to me it's like everyone has nukes but no one will use their nukes it's kind of that's what this looks like it's like everyone's like hey I'll do this I I'll Bitcoin and put it on my on my like balance sheet uh and but then like no one will actually do it because I think it does cause some issues in a lot of these like nation states to do this um to get off the sort of Fiat standard um and I think it it has some big imp like I don't think people realize what this will do if if and when any country like does this especially a big country like um like the US um so yeah I don't know I think they're all going to they're all going to continue to uh to like say they're going to do it we'll see if imp pulse

trig it'll be um I hope they do I really really hope they do but they will sorry I just last comment I think they will because they don't have many many other options if your currency is just you know experiencing High uh inflation and your economy is not doing well like you don't have too many choices what you can do here so adding Bitcoin feels like the easiest way to kind of you know stabilize your your country yeah we'll see all right uh next up is salana a short-term sell the cycle or a long-term hold simmer to bitcoin eth could East improvements eventually replace Lana's use Case by addressing ux

and L2 fragmentation issues um great question Martin you want to answer that one or do you want me to yes I can answer that um well at this point I think Solana and ethereum are addressing different markets like Solana it's integrated blockchain which means like everything is happening on Solana main net and like well it's it's still like permissionless so you can come to Solana and create Layer Two on top of Solana but if Solana will see a lot of adoption the layer tools will exist on Solana as well but my point is that eum is chose different path and they are um

using rollups to scale right so um ethereum is able to attract you know Sony uh Deutsche Bank and PayPal like basically everyone who can come over to ethereum and build on top of ethereum and Solana can't really offer that I mean like you can create app obviously but you know coinbase is not interested in building app on Solana they want their own blockchain and for now it's the easiest way how to get into the space is kind of creating roll up on top of ethereum so I I feel like there are

different different future path for both of them and uh at some point I I was more like fan of the the monolitic side on Solana side but now I feels more like okay what's happening on ethereum and all the corporations had option all the Giants look being interested on building on top of ethereum it makes me bullish on E more I yeah I I agree I'm more bullish on eth's road map in the future um but I think both are going to do well for the short term both will do well for the medium term at least meaning like years and years um and then who knows what happens five plus years from now um but I'm bullish on both I would be so like

if I'm going to sell my crypto this cycle I'm going to sell a large portion of my soul for sure um I'm also going to sell some eth without a doubt but um I'm selling and going to hold a lot less salana this cycle than um than I would something like Bitcoin and eth so um yeah and I do think as ethereum continues to improve its road map it's going to you know gain back some some mind share um but again I think I think salana probably continues to outperform eth this cycle um but I think it will underperform during the bare Market um I'm not convinced that we're gonna have a crazy bad bare market like we did last cycle um but I think we'll still have a bare Market where things go down 50% plus so um if again if you need to sell

to buy a mortgage or to do something like yeah definitely I would be selling some of it um but I think it's not like this is the last cycle for salana in my opinion um I see a lot of people talking about micro strategy I just want to um hit that real quick you know there's been an interesting little um we put out a thing and we talked about it actually in our Ama at the end of November that we feel at some point Bitcoin and micro strategy will kind of decouple and you'll be buying micro strategy Bitcoin will be going up but Micro strategy won't go up anymore and um if you just look at the last three weeks here um from like let's say the 20th for example uh Bitcoin is up something like you know 20% in the last you know since November

20th and if you look at micro strategy it's actually down 15% or 20% sorry since the 20th um and so uh it you know we're already starting to see it happen so is it makes sense buying micro strategy you know not sure bitcoin's gone up 20 and micro strategy down 20 that is a huge swing 40% swing right that's a big Miss if you bought micro strategy in the last few weeks um so we told you guys don't do it don't buy it doesn't make sense now at some point this will flip again and and me strategy will probably outperform as we get bullish again um but I'm pretty sure that micro strategy is not able to buy Bitcoin in January so there's going to be a a stale month of micro strategy

buying and so yeah and that's probably why it's underperforming um so anyway just again be careful this could get even worse Bitcoin could continue to go up for the next while M straty continue to go down um so that's just that's a terrible play um and I would just hate for anyone to be stuck in that uh okay interesting sorry just one comment about micro strategy it it has been added on NASDAQ right and even though micro strategy um kind of feels like technology company it's basically just Bitcoin right and NASDAQ has never had like any community in in the index and now with micro

strategy we all know that it's just Bitcoin and the huge bet on bitcoin and now being part of NASDAQ it's also shows that like NASDAQ feels the potential and like a lot of people are going to buy this thing and like we need to have this exposure to bitcoin somehow in our index so they approved it even though like the business of micro strategy you know doing something like who cares about that everyone only cares about buying Bitcoin and like getting more money and more funds to to to order to buy even more Bitcoin so that's that's pretty interesting another thing you can do for those that hold my mic strategy is you

know we talk about drisking throughout the bull market you want to become more of a bear than everyone else you know one way to drisk is just like micro strategy is a lever bet on bitcoin just move your micro strategy into Bitcoin that is the risking in of itself you still have exposure to bitcoin for the rest of the cycle um but you've drisk right now it's not technically profits but selling some micro strategy into Bitcoin means there's a lot less downside while still having some exposure to the upside so and then again if you're leveraged on anything you can start to drisk that stuff now that that's how you can play pullbacks without actually getting out of the market right so that's another thing to think of now I don't hold micro strategy so I'm not going to do that but I know some of you guys do um but um yeah just

be careful all right also if you sorry if you hold micro strategy also look at how much Bitcoin they hold and what's the value of those Bitcoins because you know maybe micro strategy holds I don't know 50 billion worth of bitcoin but they are priced like 80 billion so there is a huge premium you know so like the also aware of these high premiums and maybe like at if at some point there is really huge premium you might take some profits of the table when you know like they only have 50 billion worth of Bitcoins but they are micro strategies priced I don't know two 200 billion or something like just crazy high higher than the assets under management then so

yeah be aware of that premium yeah okay will the current mcoin Mania and what's your opinion on investing in micro caps during this cycle um I don't think mem coins go away by any means I think they probably continue to to grow in 2025 generally when more liquidity comes into a market when prices go up people go more down the risk curve meme coins obviously at the tail end of that so it would make sense to me that mcoins would continue to pump um but I think AI agents is going to be the next mcoin and they're going to steal a lot of the the the Thunder of of meme coins so I'm actually unsure what happens to meme coins in this world I think if you're GNA speculate you want to get on the tail line of the risk curve then go AI

agents probably no need to do meme coins at this point AI agents literally are Your Meme coins but they're like things that actually talk and create content and like do uh and it's pretty cool so I would say you should be looking AI agents not mem coins moving forward though again mem coins will probably continue to well the pump do fun ones I don't know feels to me we've sort of topped out on those things uh and AI again is stealing against Thunder but like I'm sure the like Doge and dog with hat and some of the bigger ones Pepe will continue to do well especially I think I think Doge does really well next year because Elon um and Viet coming into to the government but um yeah for meme coins just look for the things that

where memes are going to continue to proliferate but I yeah I think AI agents are are the place to be if you want to speculate it also feels like mem coins provide you the huge upside that's why people people love that right and now you can buy agents they provide also like enormous upside but maybe there is a chance that they will do something great and more people will buy it and they might create some value so like but don't invest in version of coins yeah yeah assume every AI agent doesn't end up creating any value whatsoever and it's all real stupid because that's probably what's gonna happen for the next at least this version of AI agents um Martin this one's over to you why would someone choose maker over Athena when Athena is offering higher yields

and has gain traction yeah um it's all about atha is here just I don't not even a year and uh yeah now they are outperforming everyone else and what's happening on the back end um is that maker is also tapping more into into atina so right now like maker is not trying to get new people saying we provide the best yield but we provide the best um kind of risk adjusted yield because we have been along here for couple like I don't know six years or so we have never been hacked we have multiple strategies so if

the Futures and per and all the Leverage is going out we still can top into lending and us treasuries well which is actually true for Athena now as well as as they just launched their us treasuries so and there is also a interesting thing which many people don't really appreciate but the big players do and that's the fact that you can always um swap um usds from maker into usdc like one to one in a huge amount because you are directly using maker protocol and with aena you always need to use secondary markets and you don't have access you don't have that state pack to

you which is tied to usdc and that's something which is kind of invisible for like many retail people who are just using it for you know not not as huge huge amounts but for big players it matters a lot and now aena is getting a lot of traction they'll probably hit six billion circulation quite soon but what's happening on maker is they're also trying to push the the savings rate higher so they they need to to be high enough to also get more demand because right now as we said last week the the stable coin supply for maker is kind of flat and it's not growing but it should

be growing so maker also needs kind of increase the rates and so they are much closer to atina um and also like people only see maker as a stable coin thing but maker is still like the best protocol you can borrow money in crypto because if I borrow onav or elsewhere the the rates the bwing rates Spike based on how much Supply is there it's it's quite complex but anyways the point is that for maker you know that if you borrow today you will pay 12% no matter what and if these rates are about to change there needs to be governance vote

so I will be informed in time that okay tomorrow they are proposing to increase rates so I won't be paying 12% but I will be paying 15% versus if I if I borrow from other for example today I can see that I'm paying 12% but overnight there will be some new borrower like withdrawing all the liquidity available and the rates can just skyro it and I I will wake up tomorrow to figure out that oh I'm paying 40% wow that's crazy that's not what I want to do so you know there are different things that it's not just about the yield which you can see like usds has slower API than

atina sweet thank you let's keep trying to get through them all um by the way someone's asking about Pudgy pudy is the or pangu I think is the the token so that's the big air drop um you guys shall check if you've been around for a while and you have an eth wallet or Salon wallet you've done things on ether Salon in the last few years you likely are eligible for this um for this airdrop if anyone has the link the I think it's claim. pudgy penguin.com or something um go check uh I had got 300 bucks or something of pangu today uh I sold it um I I also um believe that Luca is g to do a good job with this but it's going to take you know months to however long for it to do well so I imagine it's

G to sell off for a bit could be shortterm I don't know um and then then maybe they find a way to do it but right now they just aird dropped a token to almost everyone in the crypto space most of these people are going to sell their tokens right um that's just how this works so this isn't like a hyper liquid where there's tons of revenues and like you know a bunch of reasons to buy back the token Etc it's literally just a mem coin uh for now does ICP have long-term potential or it's narrative two we to consider right now um internet computers ICP for those that don't know I was very surprised so a developer report came out last week and ICP was like the third highest for new developers um out of all blockchains so very surprised um not sure how they

faked that no I'm just kidding I don't know where that came from but um I don't think ICP has a narrative I would not be invested in it they're not building anything of substance that I've seen though the fact that there is all these developers has me intrigued and makes me want to learn more but I I don't know enough about ICP to say yes or no um but it doesn't have the Mind share on Twitter that's for sure it doesn't have a strong Community that's for sure um a bunch of VC's invested in it and they've just sold and sold and sold for years ever since it launched last cycle so like it's a fairly hated token um and doesn't have the Mind share like a salana does or anything else and then I just I don't know I've never seen any

app ever built and launched on ICP um all of a sudden out of nowhere they have like the third most developers where that came from or how that exists I don't know I feel like they fake that somehow but yeah I don't know um otherwise I would say two week of an narrative for sure and also what what can they bring new to the market what do we what do we have today like you know we have fast cheap blockchains and that's what they were you like advertising that they will be able to provide but we have that now so like yeah is it safe and legal for US based investors to access Athena using a VPN are there any workarounds or risks involved um look I would just use a VPN it's super simple it's all you got to do

are you going to get in trouble for it like the chances are extremely extremely extremely slow low and then also you have Trump coming in who's going to change regulations like like look don't take my word for it but just use a VPN you'll be fine there's no other work arounds it's you gota either you gotta leave your country and go spend some time on vacation to Mexico and then you can do do it uh or just use VPN um everyone uses VPN for everything in crypto and you'll be fine um someb sites also block VPN unfortunately some do yeah I don't know about Athena but um and sometimes it depends on your VPN certain vpns get blocked and certain don't and some don't so I don't know um but like for example I still use VP I'm in Canada but we get blocked from some

things as well I just I just use a VPN um you know what Martin we're gonna skip this one because we actually already touched on pangu I didn't realize that was a question in here oh look at that it was Mr rkz who asked in the chat as well that's funny um what are the best projects to exposure to base right now yeah that's a good question look Bas is easily one of the hottest chains right now I think it becomes the number one chain next year and surpasses salana that's a stretch to say that salana is is very far ahead in terms of activity and Etc um but this is why again AI agents is such a key thing to watch because the biggest user of blockchains by the end of next year is probably going to be AI agents and not humans we're probably already somewhere like

not AI agents but like Bots are probably you know large percent of maybe even a majority of activity on blockchains now that's not AI That's just a bot it's like an automated thing that a human set up um but I think actual AI artificial intelligent Bots are going to be the major majority of activity on chains probably by next year end of next year maybe it's going to be two years but it's going to happen pretty quickly um and so what you want to really look for is like what are the chains that are doubling down on that and really making that happen right uh and Bas is one of the leaders salana is the other one that's why I don't like if salana wasn't doing the AI agents I'd be like yeah for sure Bas is just going to completely crush them but um but salana is

obviously really big on this too I think they're one and two right now I guess near would be maybe the other one but I haven't really heard much of a agents over there so I don't know but um so like best way to get exposure to base coinbase right so buying coin it's not a token I know everyone's gonna ask this question it is a stock you have to buy it in your Charles Schwab account or your quest trade or whatever else you use to buy stocks it is not a crypto token there might be tokens called coin don't buy them they are a scam um there's also tokens called bass and they are not real either I saw some at Discord asking this yesterday so coinbase is your your best one to to do okay because it's direct exposure to base and the company that runs it also a

lot of what's going to happen with Bas moving forward in terms of its adoption is going to rely on coinbase to do well and then shift its audience and its users from coinbase over to um to base uh coinbase Ventures invest a lot of its capital into projects on base so like if you really want exposure to base coinbase is the clearest way um other things you can do is like sure meme coins dgen higher Brett are all meme coins that exist on base I don't only them um I'm not super bullish on them um arrow is a big one uh it's to me I'm not sure how much more room that thing has um but it's done really really really well last year and and really has been the dominant player on base and so it's it's been able to capitalize on that

that will it continue that I don't know uh it's hard to say but that that would be one that's a DEX by the way Arrow um that has has really done well over on on base um other than that like look for what's going on in the AI World a virtuals is one you know it's already gone from a billion to three billion last two weeks I'm not saying you should buy it but like if you want to speculate on base being the winner of AI agents and virtuals being that one that's another way to do it um but again that'd be a small Casino bet you no idea so really it's coinbase and then um and then I think you're you're maybe buying some meme coins if you want or Arrow but uh for me it's all coinbase that's where I'm putting all my Capital to get

exposure to base I think one or or someone big uh have among predictions that coin will be available on yeah tokenized on base I have that prediction so does vanak they copied me I had that first any so yeah some point I do think coinbase will be available on base and you can buy the ticker but right now it's not a thing so anyway that's um that's what I would say otherwise honestly go use base because the more you use base at some point they're going to launch a token maybe and and you'll probably get an airdrop if you use it so that would be my other way to get exposure um cow swap has been performing well lately do you see this trend continuing um I'll give my quick two cents and then Martin you can go on but

yes absolutely we do that's why we put a call in for cow protocol uh we think it's still a Time like it's still under a billion I think market cap so it's still in my opinion got plenty of room to run um it's um it's one of the best dexes and experiences you can have in crypto right now uh they just launched on Bas if you guys remember last week we said that was the big thing they need to do and literally two days after they launched on on um on base and so it performed really well from that it's getting close I think it hit a dollar and yeah I think it has plenty room to run um if for those that are new that are looking in the pro team signals we took profits on cow swap couple weeks ago or last month that's because um it

got a listing on I think binance and it went up like almost 3x in 24 hours so we took some profits because we knew it was going to come back down we moved those profits into Lio and maker um and those have both done quite well since we did that so it was a great trade um we could have came back and bought in like when it got to 3 point4 it was very obvious that we were going much higher from here but we already had exposure um we didn't really need to do it but like we definitely could have um and again Hind site would have been smart right but we didn't you never know right like it's always easier to look back and say but yeah we think cow swap is just getting started it fundamentally is like one of the best assets in this space and it's

just starting to get its narrative so it doesn't really have that yet and we think it can um even like when the price was going up you saw everyone in our Pro Discord mooing and I was like okay that's a meme right there like if we're mooing right now because we all hold it and it's getting higher that's a meme that's going to make its way to Twitter and as cow continues to do better more and more people are going to do that so we're we're very bullish um and uh we might actually also have some news coming out with the partnership with cow swap in the near future so uh just um you heard it here uh Al there's some Alpha anything else want add on cow swap or should we try to get through the rest of these questions yeah move on okay um

there's yeah is it too late to buy Hyper liquid's hype token or is there still upside to capture so um hyper liquid for those that you don't know is an L1 that um is like a um kind of like dydx but I guess a better version the best way to explain is it's binance but on chain so you don't need kyc and um they launched a token a few weeks ago now they launched at a very low FTV where usually tokens do the opposite so that their VCS can make a lot more money they did a very low one and so the market has just piled into it for the last few weeks it's gone from I don't know uh it's I think it's done like a Sixx in the last two three weeks so it's done really well it's sitting at now an fdv of around

like 25 billion um which is pretty crazy but like according to fees it's still undervalued at least if you compare it to Ethan Soul although I again I don't think l1s are valued based off fees so I don't think that's a good chart to look at even though you see it a lot on Twitter um I'm not buying it here uh to me it just doesn't really make a ton of sense though I'm sure it continues to do well it is supposedly a really good product good platform I don't use it um Martin have you tried it and do you have any thoughts on it uh I don't use it but I think think hyper liquid can still go I think they can surpass 100 billion and and the reason is they are obviously uh very popular app and they

provide like the best experience for Traders and we have a lot of traders in crypto so like the product is really good people love that that's one thing and so if we think from kind of defi perspective that they are building some trading product which is really good and in general we think that some D5 projects can hit 50 billion this cycle that's fine that's 50 billion but then you can also add the the layer one because it's not just kind of training platform they have their own layer one so if you add that we have you know 50 billion valuation for a useful great defy product and then you can add

another 100 billion because are layer one which is getting a lot of liquidity a lot of users so they can start building some additional apps on top of that so I don't see a reason why they couldn't surpass and 100 bill um yeah but one lesson here as everyone listens I know you guys are going oh it might go to 100 billion that's a 4X and everyone's like sweet I'll go buy that token you know just think compare that now to others that could maybe Forex like someone just asked what's my price prediction for salana I think somewhere between 5 00 and $1,000 so if it hits $1,000 that's a 4X more than a 4X from where we are today what is a better risk reward salana Forex or hyper liquid uh

Forex probably salana because the the risk is a lot less but they both the same potential we're saying so like should you diversify and go bu hyper liquid which might Forex or should you just keep it in the thing that for sure is going to 2x for sure is you know what I mean it's for sure going to 2x from here maybe at 4x's hyper liquid is like maybe at Forex is it could also go to zero the token's been around for two weeks you know so like the risk reward is not even close and so oftentimes you need to look at these things these new tokens everyone gets so excited about every new token that comes out right like you see our questions hype uh virtuals um uh uh penu or whatever like all these things that just launched and people are like well what how high could

they go should I buy them and it's like oftentimes the answer is actually just no stop looking at like the shiny new toy syndrome which a lot of people have because yes it could Forex but so could salana and so like why would you hold anything when you know you can hold something that's so strong right um so you got to always compare risk rewards and I understand there's some good reward and hype and it might do really well and you're going to be mad that you don't own any of it but if you just hold Salon it and it does the same you're going to be very happy if you can let your mind not get scared or get like fomo because you missed out on hype right um but if you're smart and you're like risk reward is what matters here then then you don't

let that stuff kind of eat you up so anyway just something to keep in mind if I sounded too bullish I'll give you just quick bearish take and that's hyper liquid is running just three servers in Tokyo and if there is some regulator coming in and saying okay guys you are closing the shop then you you have it you know so it's like there's always like you need to look for the good things like having some bullish case but you also need to be aware like what's what's in the way what what can what could actually happen you know so like also it's generally better to buy things when there isn't a bunch of hype about them right like we bought cow when no

one was talking about cow and now a lot of people are starting to talk about cow right you always want to buy things when people aren't talking about them but you assume that soon they will be talking about them the worst time to buy is when everyone's talking about them and like what's everyone talking about right now on Twitter is hype it's not to say it's not going to continue going up but it's just never it's not the best time to buy you know uh okay I'm going to answer two more questions here around Tesla and coinbase and this one's also on coinbase um how do you find it before everyone talks about it you do research uh cow protocol we did research we understood the data we understood the fundamentals and no one was talking about it yet all of a sudden people started realizing the

fundamentals people start talking about it um okay will you sell your Tesla and coinbase stocks in the next year or in 2026 just like you plan to sell some crypto assets um yeah great question the answer is yes and the reason is because Tesla and coinbase are in my taxfree savings account and so I can sell them with no tax hit so that's going to be I planned to put a bunch of capital in ETFs in Canada we've had ETFs much longer than the US plus Tesla plus coinbase and my plan was to make that the capital most of the capital that I sell this cycle I will sell some of my actual crypto as well but um so this is all supposed to be sold at some point Tesla is the one where maybe it doesn't get sold at the same time as crypto it

could go longer um I don't know it's not going to be coinbase is going to be play exactly the same as crypto cycle Tesla could be a bit different we'll see um Tesla is playing on the the car the cycle of like cars and how they work with the business cycle which is different than um than crypto it's also playing on AI and Robotics Etc it's like if by the end of this year Tesla's launching you know their their humanoid robots and their self-driving cars like I'm probably not selling that thing anytime soon right um so we'll see they they are all ones that I could either hold longterm or I could sell just the fact that I put in my tfsa which tax savings account in Canada I I will be selling it just because it's my plan to do that this cycle but you could easily

hold Tesla and coinbase long term and do really well Tesla I think is going to become the most Prof or the most valuable company highest value company in the world in the next like three to four years so um that is a easily a long-term hold along with your Bitcoin uh and then coinbase that for me is a cycle play um but we'll have to see how they do over the next year um last question is why hasn't coinbase's poor user experience like account lock and users moving away impacted its stock performance is it just temporary overblown um yeah it's a good question look a lot of this is overblown um and and the other thing to think about is like why can a lot of people not get in touch with coinbase's support it's because its product is so damn good and

there's so much demand that they just don't have enough staff to help out that's not a bad thing for a stock that's a good thing it sucks for the the like small end user for now they'll fix that they just got to hire a bunch more people but that takes time right these are humans that need to come in to fix this unfortunately AI is not ready to fix that yet and so like takes time they didn't know that Trump was going to win and like all of a sudden everyone was going to come back into crypto in November no one knew that right we thought there was a good chance Trump was gonna win but we didn't know that it was going to be this crazy like our Pro Discord doubled in size in two weeks right we had to find more staff to help

UNS support we are now building an AI bot to help UNS support but we're much smaller than coinbase and so when I see that hey a bunch of there's a bunch of issues of support I'm like bullish it just means that it's too busy it's doing too good right they'll fix that and then a lot of it honestly is people blowing out of the water on on Twitter I don't think it's as bad as people say it could be other exchanges that are like planting Bots that that do this to make it look like it's worse than it is like again don't believe a lot of the on social media and then account locks you got to understand that this is very normal you need account locks in the space because I don't think people realize how many people get scammed by crypto when you sign up to an exchange

in Canada for example um they message you first and before they approve you to do anything they say have you just got a job that's asking you to like sign up for a crypto account because it's a common scam they ask you all these things and they don't actually approve you until because people don't realize there is a lot of people that don't understand what's going on that think they have this opportunity and it's someone scamming them crypto and coinbase doesn't want to allow that and so they have to block people before they can ensure that they're not getting scammed um and then there's also just a lot of account locks of people that come in and do sketchy things like there's a lot of reasons why this stuff happens because you got to remember it's not like the traditional world where you can buy something with your credit card and

then if they want they can just revert that transaction they have 30 days to do it so they don't need to lock you lock your credit card you just let someone scam your credit card they'll just refund it any time right that's not how it works in crypto though a scammer takes your money and it's gone coinbase cannot help you and so it's different than a bank a Bank can just get that money back right but coinbase can't for you and so they have to lock accounts to ensure people don't lose money so locking accounts is actually a good thing um and I know it sucks for some people because sometimes accounts get locked when it shouldn't be but you got to understand that so many people are getting scammed out there that account locks are actually a good thing for most people uh so I know it sucks for some

but don't let the people on Twitter that are trying to get loud over this stuff you know don't let that um kind of change your mind um most this is all really good things happen coinbase uh just look at their bottom line numbers and their reports they're crushing it um so yeah okay that's it you want to add some I'm coinbase investor and the only thing that's concerning me today is that coinbase support sucks that's that's bullish yeah right that's so bullish uh okay cool well we're gonna wrap it up there we've gone five minutes over already so we're gonna uh we're gonna stop at that point but um thanks everyone for joining that was a lot of fun uh I hope everyone has a great holiday uh Joy or Christmas or whatever it is that you celebrate and um we'll be off for a couple weeks we'll still be

obviously setting up Pro reports we'll be in the chat still over the holidays but probably less so please give us a break if we don't respond to your questions within a day or two like we're trying to spend time with our families I'm going to Whistler snowboarding Martin I'm not sure what you're doing maybe going back to wherever you're wherever but um just uh give us a little bit of a break we'll be around but we just won't be here as much we're going to take a couple weeks off but thanks everyone for joining let's hope we have another bullish rest of the rest of the month and um yeah thanks again this was fun thank you guys see you next year as always if you liked today's episode please hit subscribe and make sure you follow us you don't miss out on the next

one there's also a link in the description to our free five minute daily newsletter where we simplify crypto for you while making you laugh and if you're willing to step up your crypto investing game we're going to also leave a link for milk Ro Pro you get access to our portfolio where you can see exactly what we are buying this is your number one resource to help you invest successfully in crypto one final note this show is for educational purposes only and nothing we say is financial advice investing in crypto or any asset is risky and you should never invest more than you can afford to lose thanks so much for listening in my friends have a wicked awesome day