# Geopolitics and the Evolution of Digital Asset Infrastructure

**Podcast:** The Milk Road Show
**Published:** 2026-04-06

## Transcript

first thing i'll say is that life is a contest to see who can accumulate the most ethereum and i'm i intend to win what's up everybody it's lg do set here and welcome to the milk road show the daily crypto show that is desperate to convince one of our analysts to go into a war zone to report back we just can't decide if it's going to be jay or kyle today is april 6 2026.
i haven't said this in a while crypto looks good today and like every other monday in the last few months we have reasons to be optimistic not because the chart is green but also because we've been served all the tacos and nachos and hot sauce we can possibly stomach and we just want some kind of clarity on what's going to happen this is the only story in finance right now i wish we had all this crypto stuff to talk about we are going to relate it back to crypto i promise you but it's really hard to talk about this stuff without talking about the biggest situation in the world and what john our guest today well our guest my co-host who does these shows so graciously with me on mondays uh to talk about his point his viewpoints on macro and crypto and everything else as he puts it um probably the biggest uh financial story of our of our lifetime that a lot of people are not thinking about it today's episode is brought to you by midnight bringing rational privacy to blockchain and some turn crypto tax chaos into confidence i put words in your mouth john that's not exactly what you said but you said something like that earlier today uh yeah i mean i say a lot of things so i won't hold it against you how big is this how big this is i think you said earlier in our team huddle which you know a lot of the content on today's show is usually based on our on our creator huddle that we do monday mornings um you did say this is the biggest financial spend military financial spend since world war ii and i think you had some other um kind of grandiose ideas like that or grandiose uh uh affirmations i know you call them i know they're facts but whatever you call them i think you had a few other good lines like that in terms of the gravity of the situation i'm gonna put grandiose affirmations specialist on my linkedin um okay so you brought up a couple things here what i was referring to there trump's proposed uh military budget for the united states is uh around one 1.5 trillion dollars which is a 50 about a 50 year-over-year increase in military spending which is the largest year-over-year increase in military spending in the united states history since world war ii if it's approved if it's approved that would start in fiscal year 2027 which would be october of 2026 so that is coming up quickly it should get it could get through congress it's a big ask but that's a lot of money and that's a lot of money for the military which would imply that he intends to continue using the military for what i can't imagine um but you know to go back to your first question though but like how big is this the problem is we don't know is still going on and because the shortfall in oil liquid natural gas and many other uh petroleum based products coming out of the middle east it's not it's not over we don't know how big the hole is we don't know how big the impact is so it's really difficult to make some sort of like accurate forecasting or comparisons to how big this is but uh you know the the easiest analog is that it's a little bit like the shutdown that we've seen uh that we saw during covid except that there's no covet right so that's a lot of people have been saying that like that's basically the shortfall in oil is seeing um except the whole plan is not on lockdown it's just uh you know one of the biggest global economic arteries in in the world is is closed and there's no clear sign yet that it's going to be reopened um at the time of recording it costs 70 000 united states dollars for one bitcoin and in 30 minutes the president of the united states is going to go into the white house briefing room and talk about military updates with with press and and the the leaders of our military so we're going to find out what's going on i don't know i'm seeing all kinds of stuff there's like they're they're talking about a 45-day ceasefire between iran and the united states and then iran comes out and rejects the terms basically look i think they're very close to a peace deal it's just that iran is insisting on the destruction of the united states and the united states is insisting on taking iran's oil and and not letting them have a nuclear weapon so uh everything is is is very up in the air and undetermined and we're still figuring out what this is going to look like or what the impact is going to be everything you're listening to today is also covered in our daily crypto newsletter and on sundays we even recap the best parts of the entire week's worth podcast so check it out at the link below is the market reacting to this right because last night uh i don't know at some point something flipped i think there's another report of some of the 45-day ceasefire which we see this has been you know i feel like it's been the story every sunday night monday morning we have this kind of case for optimism and there's a briefing and then by monday night tuesday there's more bombs dropping there's more issues um and and the market continues to react to that not just the sap crypto as well though you know crypto hasn't been overly reactive but still these it's it's moving in some direction at some point um are we just is this is this is this a misnomer like is this irrelevant what crypto is doing this morning kind of pumping back up to 70 from 66 last night or over the weekend yeah to me it's like it's fine to see the strength from crypto i'm not like upset about it in any way it's it's nice to see the bitcoin at 70k again uh but it's also really not a shine of strength it's not a show of momentum and the market still hasn't figured out which way this is going to go and so it to me it's it's relatively like shoulder shruggy right now um unless bitcoin breaks below 60k or above 80k it's just kind of in this middling range where the bulls and bears don't know what to do um yeah we've seen this pattern a few times trump will tweet something super aggressive on friday and so you've got 48 hours to make a deal and then on sunday night he claims that there's a deal coming and then they postpone it a week and then um you know he does the same thing again so they haven't figured this out they're continuing to hit targets iran is going to hit targets um there's a complete uh there's there's a completely viable way this goes where it just results in further escalation from both sides the united states has troops in position they could deploy those they could take over karg island or other targets um iran was hoping to capture some downed pilots as negotiating leverage and they didn't get them uh and you know i'm happy they didn't but yeah it's just there's a lot of volatility in this there's a lot of things that aren't certain and the markets are kind of reacting a little bit to that so just like you said on sunday night there's a lot of things that aren't certain and the markets are kind of reacting a little bit to that so just like you said on sunday night um or on on sunday morning rather trump tweeted out that tuesday is going to be bridge and power plant day and you know you create open the effing straight and praise allah on easter which was wild um but um yeah so but then now it's like it seems like maybe that's not going to happen and that's what that that talk of the ceasefire was on sunday night the markets got you know the futures market got really optimistic about that when it opened um oil traded down markets traded up but this is what's happening with the s p 500 and the s p 500 is dropping down in a bearish pattern um i think the s p 500 is down now somewhere around nine percent or a little over nine percent maybe since this conflict began and i think it could continue lower from from here while this uncertainty exists while this conflict keeps going um so yeah it's it's just like there's there's these little periods where we get some hope oh maybe it's over maybe they're they're making a deal and then the market really wants to turn around and see this resolved and get bullish again but it keeps getting rug what let's talk about clarity for a second because that is coming up right i think the it's going to the floor like in a few weeks right at the end of april supposed to be the date um and currently in polymarket it's got a 60 chance of passing if like let's there's so many different scenarios to look at here and and you kind of told me before the show right that there's only there's two things that matter we're in the same place we were last week and there's two things that matter the war and clarity let's say clarity goes through but the war is worse does it does the clarity effect on the market get totally neutralized or is it or is it irrelevant i think it totally gets neutralized i think if the the war is is so dominating everything right now that you know if the clarity act passes you'll probably see some kind of a pump from that but you know it'll probably be a little bit like what happened with um when blackrock announced their their partnership with uniswap and we saw the unit token pump and then immediately sell off um i think you'd probably see something like that uh but that's just like because we are in such a a firmly bearish market right now and in such a highly uncertain context uh markets hate uncertainty so i think once we have some certainty again of like you know there's no war going on the midterm elections are over and the clarity act is in place that's a different investing environment but while midterms are getting closer and the war is still going on i think that the clarity act is going to be something a lot of people sort of shrug off i think there was a time where it would have been a huge catalyst like if this had come uh q3 q4 last year could have been a very big market catalyst uh but not not in this environment not in this context i feel like the war is going to be dominating everything for the for the foreseeable future yeah yeah absolutely um i do want to talk i do want to continue talking crypto um while we can as well and uh talk about some of what our team's been asking and doing um but i i do want to spend a bit more um on our on our monitoring of the situation just before we get to that uh this morning in our chat um chevy who writes our our crypto x and our newsletter as well um he asked you he asked you a question i thought that was really great that was basically like what is the downside risk for the us here and again not to make this all geopolitical but i thought that that was a really interesting question because we have all these scenarios about like trying to end things trying to blah blah but i feel like you had a really great answer there in terms of what that actually looks like because i think that's what people are wondering that's like continuing to escalate the war obviously there's there's there's an upside in terms of control but there's a downside so i want to kind of hear from you where your take is uh i think that the downside so the upside is you know if they create instability in the middle east the one of the largest um reserves of oil in the world is in venezuela and in north america and canada and so it kind of forces the rest of the world to get a little bit more dependent on the united states for those resources and you know whatever you think of that that's one way to look at the situation but the the consequence of this is that you know something that thomas our pro report research writer for macro has been focusing on is the price of brent crude oil and where that gets into situations that can tank the whole global economy is what we're all kind of watching to see right now because if it gets up towards 150 you know the united states is like kind of running through scenarios of what happens if oil gets to 200 a barrel um because these are like kind of like collapsed kind of scenarios so that's really the the risk is that if the the deprivation the global deprivation of resources of these petroleum-based products gets so severe many of our trading partners and the u.s economy would not be insulated from that and there'd be a significant pullback in the significant risk from that um i don't recall the specific question he asked me in the meeting so if i said something intelligent you want me to repeat here you have to jog my memory a little bit but that's a little bit where we are right like europe is telling people to stay home if they can egypt is rationing power south korea's president is already coming out and saying like hey we need to be very careful here and conserve resources so it's it's a global problem it's a global shortage it's not something that can just be fixed there's been a lot of temporary measures to sort of ameliorate and cushion the impact for the short term but that is temporary and and like if this continues into may we're gonna have a very serious and long-lasting global problem from this yeah yeah okay that's a good take there is also uh circulated in our in our milk pro discord this weekend and you kind of you spent your saturday night giving a lot of great takes similar to this and a lot of sobering thoughts um was one of the articles uh from andreas at real vision uh saying that the most contrary intake on oil you will read this year was the name of the thing that and basically this article i think told us that the he was trying to argue that um it's largely overblown and that there's not that much production and flow needed to kind of restore the balance um and i think a lot of people kind of took this obviously as some form of hopium as well thinking that it's like okay maybe this is true we've all become geopolitical experts in the last month so like i think people are kind of learning about this in real time as they're talking about it john um but naturally you you are not so optimistic yeah i think that he is uh being quite generous with how how much these temporary and long-lasting measures are going to affect the economy and that's a thing that is kind of how i for me has been going forever um so yeah i think everybody agrees with that so i think that's how we're gonna end up and how we have to push forward but i think it's still a big role to play um and then next up is the result of last week's sunset so we've got i think we've got i think we've got two little scores up we've got a two preparatory measures but for most of the time the same six million barrels of a day that we need to pick up and i'm like bro only six million barrels a day it's like it's that's still like one of the four was what their calculus was a million barrels a day of shortfall and then you know there's obviously been a lot of production that's been shut in shut in means like they shut the oil in so they stop bringing the oil out of the ground because in the gulf countries there's no way to get it out so there's no for it to go and they've kind of like maxed out their capacity to store stuff before shipping it so they've stopped production so i think that the you know the french government put out a report that says that they think that 30 to 40 percent of the gulf regions oil production um has been reduced or stopped and it'll take probably three years from now if the no more damage is done to bring that up to normal production uh and and to repair the damage that's been done through the conflict in the combat that's happened so i think that just saying it's only six million barrels a day is like it's i just don't even know where to start with that but the other thing too is that he has this forecast for like iran using the straight as a toll booth and charging people to go through it and having that scale up over time as more people start paying the tolls um and like i just i don't think that's going to happen either the united states is not just going to sit there and watch iran get filthy rich off of extorting people to go through the straight like i just i don't understand how that plays out exactly so i think that we're still in the situation of needing an actual lasting peaceful resolution to this or at least a like extended ceasefire so that economic operations can resume in the region um but i don't know i thought look andreas is a friend of the channel i've had him show before i want to have him back he's a great guy great analyst and he does a lot of great work in there and thinking through these things um but i just think it's just too optimistic right now from the context that we're in is why would he write something like that well you know being contrarian is a good way to get attention and get some ideas going and um i do think he believes it though and you know he's got a different perspective he's got a european perspective so what he's seeing is like there are countries drawing up these like bilateral trade agreements uman and iran have come up with a a deal that i think the estimates are it'll put three million barrels a day back into the market which would help and like he's saying oh it's not that bad if they're adding that in and yeah but like who knows how stable that is you know who knows how long that lasts and uh the other thing too is it's now we do still already have the shortfall that's already been um created from this month over a month of the straight being shut which is over 200 million barrels that's not going to get produced this year um that's not something you can shrug off so uh yeah i don't know it's just there's different ways of looking at it and everybody's trying to get their arms around and like you said we're all becoming uh expert barrel counters and experts on the current thing like every every hour things change we're all trying to learn stuff but you know i don't know it's just a different perspective i wish i didn't have to be an expert i don't want to know anything about the stuff honestly like it's not it's not because it's not interesting i just do i wish i wish there wasn't this big reason for me to have to learn all this stuff i think that's good i think that's been the kind of the story as a crypto person the macro stuff is good but like i don't really i don't know i got into crypto to learn about liquidity in the fed and all that kind of stuff you know it's not really why i'm here um but we're believers john and we're that's that's what we got to do and i'm grateful for you because you do know a lot about this stuff um you know this is your background so so we're happy to have you um let's just let's jump over to crypto obviously how do you frame or contextualize that's how i do it i do it very carefully this long period of time you know because i don't even know if this is i don't even know this is how we had a similar kind of like just in the same channel for so long in the last bear market i feel like we had more reactive kind of news moves over the time or at least macro macro moves based on something but this it feels like we're just in purgatory at this point i think it may feel that way i don't think this is radically different from how a lot of bear markets feel i think that the range that you're chopping in sometimes changes but it's pretty common to have bear flags or bull flags that on the way up or the way down i think that bitcoin did this a lot on the way up in in 2023 2024 of like it would break out it would chop a lot and it would break out and it would chop a lot um so yeah i don't know this isn't too radically different from the market behavior we've seen um it's just uh the emotional experience of it is probably a little bit more stressful and just yeah just not fun in general what's your uh i mean i feel like you're you're i'm asking the same question every week but what um what is your take on on what the road looks like from here i asked you about clarity but is this something where are you still in the kind of like let's actually i'll give you a scenario if the war ended what would change well we'd be able to get some oil out of the strait of hormuz that would be crypto wise john would anything change like let's say let's say at the end of the month there's a ceasefire there's no more bombs uh ships are flowing through as they as they can and as they they have been uh clarity passes is there if those two happens is this a guaranteed we're back to 100k or is there still a higher possibility of that going to happen i think it's a good question i think it's a good possibility we're just hanging around where we are i think that the markets would react very strongly to a major change like that like a a clear end to hostilities and conflict in the region would probably result in a pretty strong um bounce in the markets in a lot of ways right because like that means like okay now we know what what the earnings outlook is going to look like what the expected shortfall is how much that's going to impact the economy it would have some stagflationary headwinds but it wouldn't throw us into a stagflationary like recessionary crisis um so yeah i think that the markets would respond positive to that overall i mean i can't tell you the exact wiggles on the chart minutes a minute but overall it would be positive and i think that would release some pent-up demand because right now a lot of people have de-risked on equities on other risk assets and so you know people have been talking about this de-leveraging it's not that the de-leveraging is over necessarily but a lot of people have already de-leveraged um and so i think that there's not you know there's not really much more to go in that direction and so i think that's a good question i think that's a good question i think the the result is i would say that if we got clarity on uh the war being over and like like making the market feel secure in that i think you would feel feel some strong sentiment change in a positive direction and the markets respond positively the equities and the digital asset markets would respond positively to that crypto taxes are a nightmare you've got trains across 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the transparency of traditional blockchains forces a difficult choice utility or privacy you shouldn't have to choose midnight empowers innovators to break free from this limitation to a place where privacy isn't just a feature but foundational go to milkroad.com midnight to learn more i feel like we see you know what's funny one of the things that i see all the time still john is despite all these things um that these types of catalysts need to happen and even this kind of like a very apparent bear market at this point i still see posts people saying all-time high this year how is that even possible like how is eth gonna all the two 2.5 x it's it's market cap within nine calendar less than nine calendar months even on good news because that's the trajectory that we were on arguably you there's an argument you could make that we were on that trajectory before this conflict broke out because we were seeing an acceleration in productivity an acceleration in gdp and uh inflation was stable and like relatively under control the labor market hasn't been great but the economy was accelerating it was heating up we've had three now consecutive ism prints above 50 on the ism manufacturing survey which generally indicates economic re-acceleration i had on an expert on the trucking industry who was just showing how the data that he's seeing in the trucking industry is showing a resurgence in economic activity um and and accelerating in that area in the united states as well and so uh you know there was reason to believe that we'd kind of hit this sort of goldilocks thing plus you know it's the taxis in the united states a lot of people are getting larger tax refunds than they ever have before that's going to be extra money in people's pockets to do spending you've held this capex which is just like untaxed expenditure direct ejection of capital and the the economy so there was an economic re-acceleration that was happening and there was a possibility that that would result in risk assets and bitcoin and other digital assets moving to new highs in 2026 if this conflict resolves and this severe you know shock doesn't turn into a recessionary crisis um then you know maybe that's still on the table in some form or some people are still hoping that it is um but you know i i think that that's that's a big pivot that we had to make at milk road as well right like and this is covered in our recent pro report it's long like a 70 page thing that up until this point we had been you know kind of observing this re-acceleration and kind of taking a more risk on stance as a result of that now with all of this changes that all the changes that this war and this um economic crisis or shutdown whatever you want to call it um has has caused now we're more in a risk off posture not me personally but like that's kind of the outlook right um and so yeah if if this ends and we pivot back to that things are still on the table and there is a lot of people there are a lot of people in the market who are still holding to that kind of more optimistic um outlook right and hoping that we do get a resolution that leads to positive uh turnaround for the markets um and that could come it's just not certain when or what that looks like when it does what do you mean people are getting a really nice tax refunds this year uh because of the big beautiful bill people on average like not everybody obviously but on average americans are getting larger tax refunds this year than they have in prior years what what what specifically in there gives them a bigger tax refund like it's specifically like just lower tax yeah yeah for certain individuals certain households yes yes that's what it was um and that was that's part of the strategy right is like trying to pivot from uh government largesse a public sector economic growth towards private sector economic growth so letting people keep more of their money incentivizing them to to invest it in in uh economic growth by not taxing them and not taxing them and not taxing them cap x for 2026 um so it's part of the strategy of of that and it's also some things he ran on like you know no tax on tips no tax on overtime things like this he's trying to like deliver on those promises that was all in the big beautiful bill and the result of that is you know people getting better better better numbers back from the government on the tax refunds is that going to make a difference or gas is at seven dollars in some places you know it's a great question um i think that that has happened this has been one of the largest like percentage increases the most managed increases in gas prices in the united states in a long time um i don't know how long they stay there but yeah obviously that's going to hurt a lot of people for for a while and it's going to revise down earnings forecasts for companies too because they were creating these earnings forecasts assuming oil you know let's say 65 70 a barrel or wherever it was and now maybe oil's 90 to 100 maybe it's higher uh so yeah we'll see how all that changes you said earlier today when we were talking about crypto um um i asked you like a lot of questions about how do you think you're going to be able to handle this kind of what the state of things was and you said there's no one left to sell it's just me and the cockroaches which no offense anybody here we're all holders long term okay uh we're all i guess i guess we're all the cockroaches along down there with you but it you did have some kind of positive you still had a positive spin talking about michael saylor and you know you're going to hold with tom lee john we always need some hopium from you man in terms of like the actual good things that are going on uh there's a lot there's there's other negative things that have been happening there was the drift half hack last last week um on solana which was this incredibly like social engineered thing if you haven't read about it basically um they they were infiltrated through a series of like uh irl meetups where people approached them at a conference they wanted to build on drift they created a telegram group uh and a test flight app uh where they were demoing this app that they were building and all of that as a psyop to get basically to to be able to access somebody's computer on drift drift side and at one point last week extract over 200 million dollars from the protocol uh people pointing to north korean hackers potentially whatever this kind of stuff i feel like happens or doesn't happen it happens all the time in crypto but it feels particularly bad in a bear market when there's just so little news and um whether it's it's scams like last time like ftx or just hacks they feel terrible john um obviously you're still you're still looking at the light at the end of the tunnel but i always want to hear like what other good things are happening or at least just like the reminder that things are good in this industry michael saylor is buying five times the amount of bitcoin that is mined every day tom lee has not stopped buying uh he's thinking about another 70 000 eath yeah it is true um and he there are there's like you know i say this every week but the institutional adoption and investment in crypto and digital assets has never been stronger last week franklin templeton which i think has like 1.7 trillion dollars of assets under management bought out i think it was um i can't remember i don't want to quote it yeah they're president on the show a couple weeks ago yeah yeah yeah and so they launched their own uh platform called franklin crypto um there's just a lot of capital moving into the space talent energy resources new products new features on the crypto native side there's been a lot of developments that are happening there like chain link and swift have gotten to new levels of uh operational um like practice with their the the partnerships and the projects they've been working on the midnight side chain which is a huge project out of the cardano ecosystem has gone live and is seeing a lot of adoption and momentum there and partnerships with major banks in europe and many other things that are exciting that's happening there so i think that the fundamentals are getting stronger the building is not slowing down um and then you know look a big conversation right now is around q day and what does quantum computing mean for bitcoin and crypto um yeah because the elliptic curve encryption is effectively now obsolete or should be considered obsolete so there's a need to upgrade there but the community is responding to that they're having robust dialogue leaders from you know like brian to sailor like everybody's getting involved in like ideating on what that looks like and trying to move that that forward so that that'll happen um and you know so i think that's what i would say is that like the the sentiment the the uncertainty all this volatility is something that people who understand the value of the digital asset ecosystem and of digital assets are looking through and they're seeing the opportunity here and they're seeing it for what it is which is an opportunity where the market is fearful um but the the value the fundamentals have never been stronger so the thesis on bitcoin the thesis on it the thesis on bitcoin the thesis on it the thesis on bitcoin the thesis on ethereum particularly like ethereum has um a dedicated effort to make ethereum quantum resistant by 2029 they have plans in place they have a team assembled that are working on this um and they've been transparent about doing that so i think that the thesis on crypto digital assets has never been stronger and so i'm not really worried about this from that perspective right like obviously i don't want there to be widespread energy shortages or power outages or starvation i don't want there to be global economic unrest and uncertainty however um when those conflicts when all this conflict passes when all this uncertainty passes on the other side of that there's still going to be an enormous amount of value in bitcoin in ethereum in digital assets overall and the market will come to understand that and will allocate and and you know support that in repricing um accordingly so all of that taken into account to me this is an opportunity to just watch learn pay attention not panic right like bitcoin's not breaking down it's not breaking out and i'm not doing anything like radical either i'm like watching and thinking about where i want to accumulate and what i want to accumulate and how i'll accumulate the money and But yeah, I mean, that's just the way I look at this, right?
Like if you're, Saylor says that volatility is a gift to the faithful, and it's an opportunity for you to allocate to positions you want to hold for the long term if you have capital that is patient enough to take that longer term view.
Yeah, yeah, I like that.
You're always the steady one, I feel like, on the team.
And we've had a lot of action the last couple weeks on the analyst side, John, that I think is worth commenting on as John climbs up the rankings of the Milk Road Pro analyst, I guess, race.
I don't think it was ever a competition, but I think that that's definitely how our team has started to treat it, especially Monday mornings as the market kind of makes its move.
But for people that don't know, Milk Road Pro, we kind of upgraded it massively last month.
It's now basically a series of portfolios that you can check out from every analyst, and John has one.
John probably has the most minimalist one, but also one of the strongest ones in there in terms of being quite steady the last couple weeks.
John has not made many moves, let's say, the last couple weeks, but Melvin and Martin have been incredibly active, both taking kind of different positioning in their portfolio, let's say, the last couple weeks based on the bigger situation here.
John, I did have this question for you earlier, and I kind of want to repeat.
Yeah, I want you.
I want you to repeat your answer a little bit for everybody listening here.
What does cause you to make a move?
Because like I said, you're the steady one, but obviously, like everybody, you do eventually need to either buy or sell more stuff.
And I know you'll tell me you're accumulating, but I think we're wondering two questions.
Like, what makes you interested in a new asset that's not currently in your portfolio?
What makes you actually look at that and consider it?
And also, what makes you sell?
All right.
This is like six questions in one.
I'm not really sure.
Here we go.
That's my style.
Yeah, it's a multiple of questions all at once.
No, I do that, too.
All right.
So here, the first thing I'll say is that life is a contest to see who can accumulate the most Ethereum, and I intend to win, right?
Like, Tom Lee is trying to get to 5% of the Ethereum supply.
I am as well.
I think he's got a head start on me, but I'm going to try to catch him.
So, yeah, look, you know, of all the analysts in the Milk Road team, I have the largest positions, the number one and number two largest positions.
The number one largest position is my position in Ethereum.
The number two largest position is my position in Bitcoin.
Because of that.
Because I have, like, something like 70% of my portfolio in those two assets.
Oh, you're revealing it.
Oh, no one's going to pay now.
You tell everybody what's going on.
Well, no, I can take some smaller parts of my capital and, you know, explore other positions, take views on things.
And it's not going to radically impact the performance of my portfolio because the bulk of my portfolio is allocated to what I consider to be Apex assets, right?
Which have the best risk reward performance portfolio.
So, you know, that's kind of the way I keep myself safe.
The point of this is to not have to make a lot of moves.
The advantage here is that I'm protecting myself from human error, from guessing wrong, from making the wrong trade, from, you know, over diversifying into 17 different things and, you know, having them not perform well and blow up my portfolio.
So, I think you want to put, I like the Druckenmiller approach.
Put your eggs in one basket, watch the basket carefully, understand your thesis and be patient while it plays out.
So, I'm trying to take that approach.
You know, there's a passage in Proverbs that I quote, I have a fund outside of Milk Road called True Capital.
And when I write my newsletters to our limited partners in the fund, I always end it with this quote, which is Proverbs 23, 23, buy the truth and sell it not.
That is investment advice from Solomon, the world's richest man ever.
And I think it really makes a lot of sense.
At this time, I am buying assets.
You know, there are cryptographic truth and I don't have to sell them because there's uncertainty in the price of the dollar.
Or the yen or other things.
So, I don't know.
That's kind of one of the things I like about digital assets is that it protects your capital from volatility and, let's say, dishonesty in other assets and other markets and in the fiat world overall.
But it also means that you don't have to go do tons of trades to try to chase alpha and performance.
You can rest your capital in a place where it's safe and let the market come to you, which is a much better way to think about this, I think, overall.
So, yeah, man, I don't know what would make me move.
The other thing, too, I'll say, there's tons of other assets in the digital asset ecosystem beyond Bitcoin and Ethereum that I believe in, that I have a strong thesis on.
But you also have to recognize that at certain times in the market, that's not going to matter, right?
Like, the fundamentals are going to continue to be mispriced, but that doesn't mean you should allocate necessarily.
You have to kind of wait until you feel like it's the right time to get in.
Because being early is the same thing as being wrong and investing.
So, that's something I'll say there.
But, yeah, if the market shifts, if Bitcoin breaks out.
If we're going towards new all-time highs, I'll start looking at other things that I think are going to follow it higher and maybe outperform.
And if things break down even further, I'll start looking at allocating there.
Because I have a cash position.
I'm going to, I think, probably continue to just hold and build that cash position until I feel like I've gotten some strong clarity from Bitcoin, whether or not it's going to go lower or if it's going to break out.
And because there's not certainty right now, it's a great opportunity for me to just not touch my hodl position and build cash and dry powder and wait for the starting gun.
So, there's a few things on that.
But, yeah, the list of things that I'm bullish on in crypto is much longer than your arm.
I could talk all day about why I'm bullish on a lot of different things.
But that doesn't mean I'm allocating capital to that yet.
And then what would make me change position or sell?
There could be a lot of things that would drive that.
But for right now, I don't see any reason to do that because there's nothing like… Look, if I'm up 15,000% on my Bitcoin position, I'll take some profits or something, maybe.
But for the most part, the point of it is to let fiat go to oblivion while my… Capital is protected.
And so, you sit on your hands and let that happen.
That's it.
We had to end the show with the ethesis, man.
We needed it from John.
And if you guys do want to check out what John has in his portfolio, it's all in Milk Road Pro.
So, make sure you go check that out.
John, you know… Oh, he's not done.
One more thing.
One more thing.
One other thing that would make me change position.
If somebody else, another analyst in Milk Road did end up with more Ethereum than me, I would change my position to get more Ethereum than them.
I will not be the number two ETH bag holder on the team.
So, that was what I was going to say.
I haven't.
I've never been unleashed in the portfolio side.
So, who knows?
Who knows?
If that ever happens, then maybe that's what it's going to be, man.
It's going to be between that and ASDAQ.
So, I don't know.
It'll be a 50-50 holding for me.
Anyways, call back to the Milk Road DGN days.
We need some fun meme coins again.
I feel like that's the only thing that can save the sentiment right now is just another fun little meme coin season.
Maybe not even.
Even on Solana.
Anywhere else would be fun.
John, another great episode.
Thank you, man, for sharing your thoughts and, as usual, keeping us very hopeful and optimistic about the future of our industry, the one that we report on every day.
And hope you guys got that as well from the show.
Hopefully, we have something different to talk about soon, man.
Like I said, I don't want this to be keeping the main story, but unfortunately, that's just kind of how it goes right now.
And there are better days ahead, clearly.
That's the end of the show.
That's what I mean.
I never say goodbye.
Now I just say, I just end a thing, and then I expect the guest to also say thanks for having me.
Oh, thanks.
We're losing it, man.
We're losing it.
Thanks for having me, LG.
Go check out Milk Road Macro.
Listen to John ask people smart questions.
Smart people, smart questions.
Wait a minute.
Are we still recording now?
Oh, my gosh.
We're still live.
Yeah, this is still.
They get the behind the scenes.
This is what's going to have to happen.
We'll give people behind the scenes access where they can just sit in the audience.
That was great.
You just stopped talking, and I just looked at you.
I just looked at you.
We're still going.
They're going to keep this.
This is still all going to be in the show.
Extra bonus.
Keep to the last five minutes.
All right.
Goodbye, John.
Have yourself a great week, man.
Thanks, LG.
You too.
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