Why 2025 disappointed and Ethereum's role in 2026

Transcript

If the crypto is going to 10 trillion, we want to make as much profit as as possible out of it. >> What's up everybody? It's LG Ducat here and welcome to the Milk Road Show, the daily crypto show that survived 2025 and honestly deserves a medal for it. This is the kickoff episode for the Milk Road 2026 crypto prediction series which will run until January 2nd. Every day you'll hear from one of our favorite podcast guests, and at the end of each episode, we'll hit them with our rapidfire hard predictions for 2026, which I intend to track and see who actually got what right and wrong. Today, we're joined by familiar voices. We're starting with our own Milk Road team. I'm joined by John Gillan, our podcast host for from Macro and occasionally crypto, and Martin, our lead researcher for Milk Road Pro. This

is the team that you can talk to anytime in our Discord and who host regular AMAs that discuss the Milk Road all access portfolio as well as market moves and basically anything else you want to ask them. And today I'm going to ask them a lot of kind of interesting strange questions about 2025 and what to expect in 2026. Note that all of these episodes are being pre-recorded in advance, so I'm not stuck recording sponsor ads while trying to wrap like a tickle me Elmo or something and put it under the tree. Speaking of which, today's episode is brought to you by Reserve ETFs, the onchain equivalent of ETFs. Chain Link links web 3 to Wall Street and bridge. Send stablecoin payments instantly, simple, global, frictionfree. Here we go. The gentlemen are here. The pro team is in the house. John Martin, man, we've never done an episode, the three of us.

This is the first time. It's this trifecta of energy. Welcome to the Milkro Show. >> Hey guys, happy to be here. >> John, you're on the other side of of this. You're not hosting for one, so you get to actually answer questions. That must be very exciting. >> Yeah, I know. We're all in a lot of trouble now, but yeah, I'm happy to be here. [laughter] This is going to be fun. There's a reason John's the host and not not the person who answers the questions. But actually, you know what? And I'm going to start with you, John. I got to pick on you first. U you know, you're you're one of the biggest uh cryptobulls I know. You came over to crypto specifically after a life at Black Rockck. Um you're an ETH bull. I already know what you're going to tell me your price prediction for ETH in

2025, but or 2026. But dude, in 2025, obviously maybe a lot of your expectations changed. Uh maybe some things changed in the market that you didn't expect, especially as as somebody who tracks macro. What was the thing that maybe uh changed for you the most or or surprised you the most this year? >> I think that everybody expected this cycle to be different but was nobody was really sure how it would be different. I think that's true of every cycle. There's a lot of things that are the same that never change but then the way things actually play out is always a little bit different. Um I think a lot of us were expecting there to be a blowoff top towards the end of 2025 and a very bullish Q3 Q4 and that didn't materialize. However, I think that a lot of the analysis that I've seen

throughout this year has, you know, lended credence and strengthened the thesis that um the cycle is lengthening um and and not just dampening. Um so, I think that that's that's the biggest thing that's changed is that the four-year cycle is is is dead. Um but even though I I see I think that it's the idea of the four years of the cycle is what's dead and the cycle itself is still alive but it's a global liquidity and business cycle um a macro cycle that's driving the Bitcoin prices and Bitcoin valuations and and the crypto markets. Um so that I think is is lengthening and that's like the biggest thing that I'm looking for in 2026 is to see that thesis play out and to see higher prices in a new leg of the bull run in 2026. Martin, I think a lot of people, you know, and even John's kind

of speaking to it, expected a lot of big big things from 2025, especially after 2024 being like a pretty positive year. People thought we were teeing up for like a fantastic 2025. And if you think back on the year, it's it's hard to believe that even the inauguration was this same calendar year, right? Trumpcoin happened this year, if you can believe it, although it's almost 12 months ago. Um, I'd love to get your thoughts on what John said and and if you're surprised as somebody who literally reads about every single crypto company every day, is this has this been shocking to you that that we're not uh thriving despite being at like 92k Bitcoin, which two years ago would have been incredible?

>> I think uh we need to do a distinction between fundamentals and prices. And prices were not as we would all hope so. It's still, you know, down and we were hitting 4 trillion for total crypto market cap couple months ago, but we didn't really do any new alltimes highs like the ones that we were all hoping for. But if you ignore the prices like fundamentally this whole space made a huge progress, huge huge huge progress. So and my whole investment thesis is that in the short term uh prices don't follow fundamentals

but in the long term they do. So I think that now the industry is much much better than ever before and the space is only accelerating and I believe at some point prices will catch up. So yes, I can see all the people uh you know feeling sad or bad and leaving crypto and pivoting to AI and and that's fine. That's you know that maybe that's what market needs but I see a lot of good stuff and it's just not priced in yet but I think it will eventually.

>> This is the biggest year ahead for crypto AI and the macro but the real moves aren't in predictions. Join Milk Road Pro today to see our live portfolio, buy sell signals, and the AI investing portfolio which launches in January. The link is below. So, I want to remind you guys, anybody listening that if you if you go pro with us, you can ask these guys a question anytime like the one I'm about to throw at them that's going to ignite John into a fury. John, one of the questions I see the most in the Milkro community uh and everywhere in crypto honestly, and we have to talk about it, is like what's going on with Ethereum, man? You know, this is this thing is supposed to be like the oil of crypto. It's supposed to be have all this use case. Maybe it's diluted by L2s. We don't know. But dude,

even right now it's sitting at 3200, which is abysmal, you know, price-wise. Uh compared to where it was a couple years ago, we expect at least to be a little bit higher, but we're nowhere near that. What What has happened in your your eyes? And uh where do you find hope these days for uh probably something that you you think has a lot of value in the future? the sitting chairman of the securities exchange and exchange commission for the United States of America this week said that in two years all of all of now he didn't say some part of he said all of financial activity will be settling on chain that activity is going to settle somewhere it is going to settle on something that borrows its security and credible neutrality from the Ethereum

network the Ethereum asset will radically benefit from that and there will be a necessity for people to have exposure to that asset in order to participate in the security of the Ethereum ecosystem which will underline the financial um infrastructure of the entire planet. I don't know how to come up with a stronger bull case than that. I don't think that it's a lot of people are very bullish on artificial intelligence because it's the end of economics. I think that if you're, you know, creating a system that, um, you know, totally changes the way we create value and expend resources and allocate resources, um, that's that's one way to generate value. But owning a piece of the network that secures all of the value that underlies that economic

activity is also really valuable to me. And I think that the bullcase for Ethereum is in in Bitcoin is in some ways even stronger than that of artificial intelligence. So um yeah look I think that there's a lot of reasons to be bullish on the Ethereum asset on the Ethereum network on Ethereum adoption the rollup ccentric roadmap that they have produ pursued over several years has encouraged the adoption of the Ethereum virtual machine the EVM ecosystem and made that sort of the lingua frana of the the next century of finance and I think they've secured their place as the leader of that there are obviously alternatives and those will gain adoption too because the market share that we're talking about is hundreds of trillions of dollars and so it's it's not necessary for Ethereum to capture all of that, but they have established themselves as the dominant

player. They've maintained that position despite numerous challenges, road maps, competitors. Um, and so I think they're in the the pole position to be the leading um piece of financial infrastructure for the planet for the next century. That's very strong for Ethereum, the asset. However, a lot of people, retail investors who have historically been the main investors in the alt space, have been feeling very squeezed this year, very challenged financially, and we've not seen an alt season materialize. So I think the the thing I would say is be very patient because the the the fundamentals are getting stronger. Um and as Martin said um and uh the the price will eventually follow that but I don't think that there is a stronger case for fundamentals in the investment landscape right now than that of Bitcoin and Ethereum. So I think

that's the kind of my view on that is just be patient, zoom out and wait. >> Geez, man. So you're telling me Okay. So, you're telling me that despite everything that's happening and even everything that we've done on Milk Road, there's Macro now that you host, AI that just started, AI Pro coming soon. You're telling me just and and the gold trade, gold just absolutely crushing Bitcoin this year, S&P crushing crushing crypto, Mag 7, like that you can invest in, you know, that that being the main story. Despite all these narratives, John, you're telling me that you think the most bullish case is for for crypto.

>> Yeah, definitely. I think that there's no question. I think that that's been the case for a long time. I think that the total addressable market for digital assets is the set of assets in the earth, which is like $900 trillion. It depends on how you measure these things. Um, I'm not saying that Ethereum and Bitcoin are going to eat all of that. But I do think that over the next, you know, 5, 10, 15 years, more and more of that value is going to settle on rails that that depend on Ethereum or Bitcoin in some way. Um, and so I think that as that continues to happen, that growth, that movement of capital. See, as an investor, what you are looking for is not just to invest in something that's already huge, like gold is already huge, but you want to invest in things that

are small, but becoming huge, right? Where the puck is going, where the capital is going to be flowing, that's where you get outsized returns. Um, and so I think that that that that case for crypto is is still in my view as strong, if not stronger than than anything else on the planet. >> Martin, u I think a lot of people are listening to John and wondering, you know, they're agreeing with him and saying, "Yes, all that is moving on chain, but how does that actually benefit more speculative assets, right? Because that's that's obviously something that's benefited stable coin companies, right? Or any anybody else actually building the infrastructure?"

But I think a lot of people don't still don't understand how that might translate to a price action on Bitcoin and Ethereum if at all. >> I think Ethereum is really about that story that John just laid out. Like if you believe in that story then you should go and buy ETH. And like I guess I believe in that story. I guess Larry Fing like the head of block works uh sorry Black Rockck he believes in that story and like a lot of people believe in that story that there is some value of a decentralized network that is credibly neutral and we need something like that and should it be valued 1 trillion or 10 trillion or should it be just valued I don't know 100 billion we don't know but probably more assets are

on chain in that chain the the value should be higher and if we think that all these assets are moving onchain and most of them will will end up on Ethereum or layer 2 then probably Ethereum is going up too. Now the next question is there's going to be a lot of value created on the blockchains but the question is who is going to capture most of that value? Now I'm talking about the apps and like the use cases of blockchains. Um that's a question. I think there will be a a a companies publicly listed companies that are going to capture a lot of that value. But I

also believe that there is a lot of crypto protocols who are able to also capture a lot of value. So it's not like uh either the public world or the crypto world. It's going to be both of them hugely benefiting from this transition from uh you know old isolated uh systems that no one really knows how they they all work together into a rails where everything is synchronized on a global ledger and everything can be verified and as these networks are uh only getting uh improvement over time and J didn't even talk about the the clients

and ZK thing that's going to Ethereum and bunch of other stuff that are super positive and I think all layer ones will end up being uh ZK chains but maybe that's for another discussion but the point is that as these infrastructures are becoming so much better than the old rails like the whole world is moving on the blockchains so I think the combination of how are you going to capture that trend it's it's a combination of crypto projects and also FinTech and all the existing companies who are able to see what's coming and all the unlocks that these new infrastructure networks provide. Sure, tokenized financial products are the future, but there is a big sticking

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Martin, you just made um in our Milk Road Pro all access community, you guys just made one of the biggest portfolio updates, probably the biggest one of the year, right? Where you I think you dumped a lot of stuff. I don't want to give away the bag like I think that's I want to I want to keep that knowledge mainly just for all access members, but maybe you can give us a bit of a preview of the thinking of of doing a major portfolio rebalance going into 2026 because I'm sure it relates kind of back to what you were just saying. >> Yeah. Um we we hold some D5 tokens and we still do uh but we just reduce uh the amount of them because we think that the capital is still not really interested

in in buying uh crypto tokens at this point. So we wanted to have more central positions only only around tokens that have strong buybacks. And if eventually the public uh the the Wall Street really come in and all the serious investors who might not be interested in crypto yet when once they come in they might be interested in like the biggest one the biggest names with a lot of buybacks with product market fit with you know projected future growth with strong defensible mode and stuff like that. So we we now have DeFi position in in just very strong uh projects that are leading

in their market market and have have strong buybacks as well. So uh yeah we wanted to reduce our uh more broader DeFi position and just to to own the winners. Uh maybe once that changes we are still open to to buy more D5 tokens again but we are not there yet. Uh, so yeah, >> John, you spend a lot of time in that community as well as Martin and Kyle uh and Thomas, our our macro researcher. People have a lot of questions, man. I get tagged in questions, too. And I'm like, you got to ask these guys. Like, I'm not [laughter] I I I try I try to just provide uh more flavorful commentary, if you will. Uh, but John, you're front and center.

You're in there every day answering people. What What have people been asking lately, right? And what is what is kind of the vibe in there? A lot of people have been asking. Well, so first of all, I think the vibe in there is um it's it's a really healthy community. And what I like about it is there's a lot of very smart people engaging and asking questions and supporting one another in times when the market is zigging when you thought it was going to zag. It's good to have a place to go to like share with people like here's what I'm seeing, what are you seeing, why is this happening? Um, what this allows you to do is to kind of like group think some of these things and, you know, create like a greater amount of co cognitive load around what your decisions are going to be on the

problems and not let your emotions take over and and make you, you know, take take decisions or trades that are going to ultimately hurt yourself, your performance, and your portfolio. So, I I like it for that reason. Um, and then there's just like a lot of great questions that come out of there. People have been asking a lot of questions. They've been asking about rate cuts. They've been asking about um the Federal Reserve, you know, restarting um short buying short uh duration uh T bills uh at $40 billion a month. Um they've been asking about the the yen carry trade and watching Japan and the rate hikes we're expecting to come from there and what the impact that's going to have. Um so there's just like a high degree of of people who are informed about the markets, paying attention about the markets, and then asking questions and

and learning from one another, sharing their points of view. Um, and I think that for me, one of the big value ads that I get from it is knowing what the community is thinking about, what questions they're asking, what they're worried about, what they're focused on. That allows me to, you know, kind of direct my research and and kind of look into things that are top of- mind for them because it's top of mind for our investment community. It's usually something important and something I need to know about and develop an opinion on. Um, so it helps direct my research efforts as well. So, there's a lot of great things that come out of it. Um, but I think that the biggest one for me is I think having a group of like-minded um and intelligent investors off of whom you can bounce ideas and ask questions

of and you know other people in the community answer questions for each other too. It's not just all the milk team doing this with. It's it's a lively discussion um with smart people. So yeah, there's a lot of benefits that come from it. But for me personally, one of the biggest things I get out of it is being asked these great and tough questions by really informed people helps improve my thesis and helps me reunderite my positions on things and uh directs my research as I try to like keep up with the market and stay informed about what's going on. >> Martin, did people totally snap then given John's kind of overview of the community? How did people react to your portfolio rebalance the other day?

>> Uh well, I just got feedback this morning. Someone said on our discord that they they loved what we have done and they are 100% alive with that and so like for me the the whole discord discord community uh I think the best sort of sign of that what we do we are doing a good job is when markets are down like 30%. and you are providing crypto content and data and reports and those kind of stuff and you don't see uh people leaving it it it gives you a message right so for me personally when bitcoin is at you know 80k uh maybe

90k at this point uh and people are not leaving because they understand the thesis why we think that crypto is in a secular trend and it's heading to 10 trillion and then much much higher than that. That that gives me the the feeling that that's why I love to doing what I doing because it's not just you know buying some memecoin that's hot tomorrow and it's going to just dump the other day. it's more about the the whole view on the markets that we are trying to sort of share and uh educate those people and so yeah I'm very happy that uh people in our community are like more

and more of them are understanding what's going on how we view the markets that we all know that uh we believe that the whole market is driven by macro so and because we still remain very constructive for macro then we are still bullish on crypto as well. Uh so really our only uh sort of job is to make sure that if the crypto is going to 10 trillion we want to make as much profit as as possible out of it. So we are not holding some coins that are not going to ever you know go up. they might just die because there is 98% of crypto tokens that should be worth

zero but they are still worth you know hundreds of millions or or even billions. So that's that's our goal and I think uh during this market downturns we did really well and it it it just tells me that we are doing a good job and and I love that our community is finally in a position where they are not like you know very uh weak hands investors anymore. They are like long-term holders and they know why they believe in crypto in the long term and that's that's not easy message to pass to anyone. you need to experience it. Uh but I I feel like we have a pretty pretty strong community.

>> I would add to that just quickly that we have an a community of investors, not traders, not um you know speculators, investors. And that I think is one of the distinguishing things about Milk Road that I like so much is that they take a longer view of their investments. They have a longer view of any investment thesis that they have and um they're continually rewriting that and you know staying informed about it. Um, but it is a investment community, an investor community and that's one of the things I really like about Milk Road. >> Well said guys. Well said. Speaking of Milk Road Pro and um evolving that community, we do have to talk about AI.

We've just launched the AI podcast last month. We are we have the newsletter that started this month just the other day. It's written by Melvin. Fantastic edition so far. And by the time people are listening to this, they will have received, if they're subscribed, they will have received a free pro report for AI. And we're doing two of those, right? One on the 14th, I think. Yeah, on the 14th of the December and the 28th of December. And then after that, it'll go back to being gated uh like all pro content. So, it's a good time to sign up for AI Pro if you're interested in that kind of stuff. The first report is awesome. You can check it out. It'll be linked below. U gentlemen, I want to ask you and and this maybe is more for Martin. We are adding AI to our pro

portfolio which is for all access members. If I know that that hasn't been done yet, but maybe you can just give us a a bit of a preview of the thinking that's going into that and how you're going to be approaching that starting in the new year. >> Well, I guess we all know what's happening with AI and like how like it affects our daily lives and jobs and pretty much everything. Um, I'm super bullish on AI. I I'm just so excited about Tesla because I I don't like driving cars. So I I I just want uh Tesla to be a FSD to be approved in Europe. So I can get one and I can just sit in a car and just go whatever way I want. And also because of the safety reasons, you know, my wife is awesome

driver, but uh if it drives, you know, AI and not her, I would be uh much more confident. Um but anyways we all know that AI is going to impact the whole world a lot and also jobs and the whole economy I think and being just in crypto gives you an exposure to one big trend that that's you know happening right now but AI is offering the same upside. So we feel like you cannot be just in crypto and ignore AI. So we we we sort of want to combine those two biggest secular trends of our lifetime probably.

And if we would just split them, we think that the experience wouldn't be as good as like okay maybe you know there is going to be some point where AI is going to be overheated. So maybe you should have more stable coins or more crypto because maybe crypto still will still be you know priced uh reasonably and stuff like that. So we are going to merge those two portfolios like crypto and AI into one big portfolio. So it will give you uh idea like how we allocate between crypto and AI and sort of because yeah our whole belief is those are two biggest secular trends and we think that this should give you a a

pretty good uh sort of view how how we plan to position ourselves for for this opportunity. ETFs provide investors with a structured, disciplined, and diversified approach to crypto, which is cool, but the world is moving on chain. We need a crypto native equivalent. That's exactly what Reserve's decentralized token folios, DTFs, bring to the table. Reserve ETFs are rule-based baskets of crypto assets packaged into a single token, like Coin Market CMC 20, crypto's version of the S&P 500. Go to milkroad.com/reserve to find out what's on offer. That's great. Great. And we're also going to be adding AI Pro AMAs just like we already do for for crypto and for macro. So, that's also going to be part of the

membership. John, I don't know. I don't know if you're an AI guy. I don't know. I don't know your deal. We've never actually sat down to chat about it, you and I. Do you have a point of view on what Martin's saying and and and that coming to pro members or are you a are you a doomer? Are you bubble guy? You don't want you don't want Optimus showing up at your house uh speaking like [clears throat] Elon and doing your dishes for you. If if an if an Optimus robot shows up at my door that sounds and looks like Elon and wants to do my dishes, I'm all in. So, just [laughter] just to be clear, like if Elon's listening, please send the robot. Thank you so much. Um yeah, no, I think so. I I agree with what Martin said as usual. Um I think that

artificial intelligence is one of the largest uh things happening anywhere in the world in terms of economic activity. It's like a whole of country effort by the by China and the United States to gain dominance in this area because both countries view it as sort of like an existential economic um threat if the other country gets dominance over the other. Uh all of this like most of the capital activity attention in the economy right now is going into artificial intelligence or something related to that. I think Mark Zuckerberg said it well. He said, "I don't care if I misspend hundreds of billions of dollars trying to to to win this race.

it's worth it if if if we can. Um and I think he's right in that sense. So um I don't I'm not a doomer. I don't think that it's I mean like everything is in a bubble is my base thesis based on inflation and monetary theory. Um so everything is in a bubble. So AI is in a bubble, but I think that the bubble can get bigger and get more inflated. I think that the the Genesis mission um that's it's like like I said like a Manhattan project level like whole of nious whole of nation effort by the United States. There's a lot of economic uh activity that's being created by this, a lot of unlocks that are coming from it. I think, you know, one example I'd point to in terms of like the doomers um radiology reading X-rays is something that artificial intelligence

now does much better than human beings. But because that isn't something that the radiologist, it's not the only thing that a radiologist is doing, hospitals are now able to hire even more radiologists because AI can read the the X-rays much quicker, much faster, much cheaper, and then more radiologists can be freed up to do other things. Um, so it's it's just like it's allowed them to bring in like to expand that business and then thereby hire more radiologists. So just because AI is is kind of removing some of the the cognitive load from human beings doesn't mean that it's destroying the economy or going to completely destroy our jobs. It's just the nature of employment is going to change. The kinds of employment is going to change. But it's all growth. It's all

expansion. It's all um I think generally constructive. There's just going to be a lot of change that comes from this rapidly. I don't necessarily think that it's bigger than crypto in the sense that um it's hard to measure like is it's basically saying like is value worth more or is economic activity worth more but value is just a store of economic activity. So they're kind of like supporting one another. The way I would tell people to think about this is that what we're not really interested here in terms of investing for the future is just human behavior. What's more important is agentic agent behavior and how we're expressing value and economic activity that that is conducting. So right now about half of the econ half of the activity that's conducted online is human in origin and about half of it is non-human. As AI

agents, AI robots become more and more common and more active online and conducting more economic activity on behalf of humans or instead of humans that number by 2030 is going to grow. Like AI is going to outrank us like 10 to one very quickly online. What systems those AI operators are using to conduct their economic activity are going to benefit a lot. And so I think that a lot of the value that's going to be driven to digital assets is not even going to come from human adoption. It's going to come from the explosion and proliferation of AI agents and the adoption of crypto by AI. Um so all of these things are things that we at Milk Road are thinking about and paying attention to because nobody knows for sure what the adoption is going to look like and it's going to change quickly.

But there's a lot at stake. There's a lot of things that are happening. And the baseline thing I think that is most important for investors is just simply education. That's what we're trying to provide with the newsletter, with the podcast, with the AMAs, and with the community that we're we're building around AI and crypto. Um, because I think the the biggest mistake you can make right now is to think you can kind of like pick winners and losers in this very rapidly changing environment without staying informed and educated. Almost every single day, there is some kind of like groundbreaking announcement or change in the horse race of AI um and in the investment landscape there.

There's always new projects that are being launched. Um, and so the the evolution of this space, of the technology, and of its adoption is at such a rapid pace that I think that education is the most important thing for any investor, and that's what we're trying to help with. Uh, and I'm really excited about all of this, by the way. Like, this is going to be one of the most exciting times as an investor in history. Um, so it's a great time to just, you know, have a community like this and be part of it. So, I'm I'm grateful to be here myself. >> Wow. Can we just clip that and put at the start of every AI show? Man, Kyle is gonna love that when he hears it, John. Well said. >> [laughter] >> about AI.

>> Maybe I'll get a Christmas bonus this year. >> You'll get that Optimus robot at your door. That's what it's going to be. It'll have Kyle's voice, though. >> I'm in it for the robots. That's why I'm here. [laughter] >> All right, guys. This has been a fantastic episode. At the end of each of these shows, uh, that you're going to hear for the next two weeks. I've created something called the rapid fire section. Okay? And this is something where our guests answer with one word. There's no long explanation unless it's something really controversial. And it's just really fun rapid fire questions. Not everybody will get asked all the same ones, but they are meant to be fun and speculative. Don't hold these guys to it. I'm the only one who's allowed to do that. Otherwise, this is just for fun. Okay. So, not financial advice as

usual on anything that we're saying. So, you guys ready for rapid fire? Okay. >> Sure. I think so. >> Bitcoin's [laughter] high in 2026. Martin >> 200 20. John, >> I now I feel I was going to say 150, but okay, I'll say 175 because that's so much higher. [laughter] >> Okay. And Bitcoin's low in 2026, John. >> 70K, Martin, >> let's see 100. >> Wow. Okay. So, we're going to cross back above that. Cross back above the current level very soon. Okay. Same questions.

>> Hold on. I just got to stop one second. I just learned that Martin is more bullish than me, and that is one of my favorite pieces of information that I've ever learned. That's fantastic. So, yeah, continue. [laughter] >> Okay, John, let's go back to you. Ethereum high and Ethereum low in 2026. >> Ethereum high, uh, I would say let's just let's say 9K. Um, and then low in 2026 uh 3,000. >> Martin, >> I'll say 8K and 4K. Wow. You think Martin? So hold on, Martin. You think we're in like in the next like two weeks we're going to go back to 100K and 4K?

>> Uh yeah, >> because 2026 starts like really soon, man. >> Oh yeah, that's right. Um [laughter] >> yeah, so maybe 3K. >> Okay, that makes very You're positioning for a very bullish end of year. Okay, one token everyone will wish they held in 2026. Martin token >> sky >> John >> Bitcoin >> okay >> hot take retail doesn't have enough Bitcoin I tell everybody >> no explanations there's no if people want the explanations they go ask you in Discord who wins 2026 Coinbase or Robin Hood John

>> Coinbase >> Martin >> Coinbase for sure >> okay what AI app will grow the most in 2026. Martin already has an answer for sure. >> AIA. >> Yes. >> Gemini. >> John, >> I'm going to I'm going to take I was going to say Gemini. I'm going to take rock. >> Okay. This is the last one. Give me a wildcard prediction. It can be anything, but I want it to be outlandish. Okay. Nothing safe. I don't I want it to be so unrealistic that if it happens, you'll everybody will think that you're like an absolute like Nostra or No, who's Nostradamus? Nostradamus. Not Nasarat.

>> Nasaratu is a much different >> is a vampire. [laughter] >> Nostradavas. So the craziest thing, the absolute most insane thing that could happen and let's try and keep it to crypto. >> Tempo will be the fastest horse in player one race in 2026. >> Oo. Okay, John, >> I'm going to break your rule and not keep it to crypto. I think that Jerome Pal when his term ends in May is not going to step down from the board of governors of the Federal Reserve and he's going to stay on the board and that's going to be a big brew haha. But I think that's what's going to happen that that's going to surprise a lot of people.

>> Ooh. Okay. I like that. A little bit of a twist. There's definitely a poly market about that. There's going to be one at some point. Well, gentlemen, this has been a fantastic episode. Uh, thanks for coming on doing this with me. I think it's been great. I like the three of us together. So, we'll have to do that more in the new year. Uh, and again, if you guys want to hear from these guys, you got you can talk to them anytime in our Discord if you're a pro member. Um, otherwise, guys, thank you for a fantastic year of content. John, it's been great to get to know you this year and and do some podcasts with you and be on the air with you. and Martin, it's been great to to just see you work, man. Just see your research, see your knowledge, uh see you working hard for

the for the pro community and and read your reports every week. It been really fantastic. >> Thanks, mate. >> Thanks, OJ. This is awesome. Thanks for being here. Thanks for doing this. >> Want insights on what's moving crypto markets and [music] how we're trading each event? Subscribe to our channel and join the Milkro Daily and Pro Newsletters and [music] start investing like the top 1%. This show is for educational purposes only. Nothing we say is financial advice. Investing is risky. Never invest more than you can afford to lose.