# Crypto Market Shifts: Galaxy, Coinbase, and AI Integration

**Podcast:** The Milk Road Show
**Published:** 2026-06-18

## Transcript

Galaxy is the one thing that I'm still very excited about.
I think it's still undervalued.
I think it's sitting at about...
13 billion market cap right now.
And from a lot of different estimates, it should probably be 20 billion or more.
I think Galaxy is going to absolutely shoot through the roof.
Coinbase just announced a big system update.
Robinhood laid off some staff.
Crypto seems to be finding a floor, but STRC is still off of its peg.
Is crypto about to be so back or is it all about to be over once again?
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I think we're going to have a lot of interesting takes today.
Welcome back to the show, Martin, Kyle, gentlemen, what's on your mind today about crypto?
Did you guys watch the meeting?
I did not.
I saw some highlights.
That was it, though.
Okay.
All right.
Martin, were you paying attention to what's up at the Fed this week?
No.
I just read your thoughts about that.
Well, that's good to know.
I wrote a whole newsletter summarizing it.
There were a lot of takeaways, not a lot related to crypto, though.
A big thing I think a lot of people are wondering about on crypto here right now, at least as far as strategy is concerned, is this STRC product.
This brought in billions of dollars of capital to crypto, a lot of new buyers, great product market fit.
But now it is off its $100 peg and it is struggling to recover.
I've heard a lot of mixed opinions on this.
Some people are afraid that this is going to be like.
a Luna 2.0.
Some people are saying it's no big deal and say that we'll get the peg back eventually one way or another.
Is this concerning to either one of you guys?
Kyle, let's start with you.
What do you think is the picture here?
So I think the first thing that everyone's getting wrong on Twitter is they keep saying it's de-pegged.
And I think the thing to understand is this is not a stable coin.
It doesn't have a peg.
It's not supposed to be at $100.
The way that this is, it's just a stock, right?
It's a preferred stock.
So it's meant to...
to move up and down and is not a stable coin that's meant to remain at a specific price.
So it doesn't really matter if it's below $100 or above $100, it's still okay.
And so if it goes above $100, that's preferred, of course, because then they can sell it and they can buy some Bitcoin with it.
But if it's below, it's not actually an issue.
It's not like a stable coin where everything breaks, right?
And it just like all of a sudden goes down to zero.
It doesn't need to be at 100.
So I don't think it's as big of a concern as people think.
It's definitely not a Terra Luna type thing where it was meant to be pegged.
Obviously, it would be better if it was at $100 or even above so that they can sell it and buy more Bitcoin with it.
But again, it's...
It's not that big of an issue outside of, obviously, there were people that bought it at $100 and now they're down 10% on something they thought was going to be a little less volatile.
But either way, even if you buy it at $90 or 89, which it is now, you still get your dividend the same amount if it was $100, right?
So you're still getting paid out.
Right now, if you buy it, you would get the same dividend plus the potential for it to go up 11% to go back to 100.
So maybe there's people that are interested in that.
I think the issue right now is one, obviously there's just concerns because they sold Bitcoin.
Was it two weeks ago now they sold 32 Bitcoin?
And then there's like competing products.
Was it Strive?
Has come out and they have daily dividends instead of dividends two times per month.
So, and I think they're maybe 12 and a half percent.
So yield or APY.
So I think maybe people are liking that right now.
So I don't know.
I'm not overly concerned.
Obviously it is not a great thing for it to be down here, but ultimately they've got.
860 000 bitcoin or whatever so they they have i think they posted yesterday 32 years worth of um worth of capital to to cover the cost of this this dividend so i think ultimately it's going to be fine it definitely doesn't look great and probably it's scaring bitcoin right now which is maybe why bitcoin is sitting at around 64 000 um but i If I was a betting man, which I am a betting man, but I'm not actually betting on this.
But if I were to bet, I would say that this is probably going to go back to $100 at some point in the next, I don't know, a few weeks.
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Yeah, I think I said on Twitter, I think this is either the...
easiest free money ever or like a serious problem but i'm leaning more in the direction of free money martin do you have anything to add on this anything you're seeing about this de-pegging or you know kyle brought up there's a lot of other competing products that have come to market you know he talked about strives product but blackrock also launched a bitcoin yield product it just seems like um sailor's product market fit has brought in a lot of competitors here uh anything you're seeing in that landscape that's got your attention no just what i'm thinking about it like there's a nominal yield 12% or something, but the effective yield, if I buy today and I buy for, I don't know, 90 bucks and not a hundred bucks.
So that gives me additional 10%.
So like my effective yield is like probably, you know, more than 20%, right?
That's, that's pretty interesting.
Well, I'm not buying that, but like 20% yield, uh, that's sounds good.
I think.
I've seen some announcement that JP Morgan or someone announced a product that is going to be Bitcoin as a productive asset.
So they're probably going to lend your Bitcoin to some institution or someone and generate yield on top of Bitcoin.
I think that's pretty interesting.
That could drive a lot of adoption, I think, because a lot of people like Bitcoin, but if it doesn't produce any yield...
it's kind of boring and it's losing that you know sexy narrative and like for me personally if it's not productive i feel like um i don't know like my relationship with that asset is like not that great and like with eat or some companies they're making profits like i i can feel that the relationship is just much bigger and better uh so i think this could drive some adoption as well the chart of micro strategy Looks pretty bad though.
If you've ever seen a head and shoulders, I don't know if I can share it.
My computer's probably going to break as I share my screen, but let's just try anyway.
This chart does not look great for my strategy, but you know, it's held around these levels previously for almost all of 2024.
So maybe it can do it again.
Let's see.
But that chart doesn't look great.
And then you combine that with the stretch chart, which is somewhere down here on my list.
That chart doesn't look very great either.
So I don't know what's going to happen.
I mean, good news is both of them are up this morning in the pre-market.
So I don't know, maybe there's some relief coming, but he's got himself at a bit of a pickle, I would say.
But I don't know.
Again, I think.
They've just got so much capital over there that they're going to be able to figure this out.
But let's see.
Let's see how it goes.
Again, I don't own MicroStrategy and I don't own Stretch, but I'm starting to wonder if it's time to buy one of the two because, yeah, they're pretty beaten down.
And I don't know.
That's not going to last for forever, in my opinion.
Is Strategy still trading at premium or is it close to NAV?
I don't know.
I have to look on the website.
I'm pretty sure that they're still in a premium.
I would imagine that they are.
I think that it's hard to imagine that they're overvalued at this point.
Yeah, but that head and shoulders is something I've been watching too.
I heard somebody on Twitter joking that Saylor's going to watch his company lose 99% of its value again.
I think all this doomerism is just totally overblown.
People in crypto, I think, have this hangover from FTX and Luna and Celsius and things.
They just kind of...
have this fear that something has to catastrophically fail in order for the bear market to be over.
But that doesn't always have to be the case.
There are certain industries that don't have complete economic collapse every two years, and we can be one of them too.
I want to talk about some of these other yield products that we've seen.
Well, I think a way to frame this is one of the reasons I think SGRC is off its peg is that other competitors have come to market and they've come out with new products.
Coinbase came out with some new products, and I want to get your guys' thoughts on this.
The list of things that Coinbase announced at their system update is just huge.
Tokenized stocks.
pre-IPO perps, stock options, crypto options, perpetuals, derivatives.
It's just a lot of things in here.
Even one of them was agentic trading.
They have a SEC registered AI advisor.
Talk to me about this.
How big of a move is this from Coinbase?
Who are they going after here?
Is it Hyperliquid?
Is it Robinhood?
What are you seeing as takeaways from this big announcement from Coinbase?
Kyle, let's start with you on this one.
I mean, the first thing that I thought was interesting is that their tokenized stocks are actually backed one to one and you get full rights on your shares, which I don't think we've seen yet in the industry.
So that was, I figured Coinbase was going to do that.
I knew that when they were going to launch it, they were going to do it right.
It's why they were a little bit later than Kraken and a few others to launch.
And so I think one, the industry needed that.
So that's super cool.
I think that's actually exciting.
Perps obviously has been a popular thing.
And so they're continuing to push the way on that in the US and have it in a regulated way.
So I think that's really cool.
Look, I think Coinbase is trying to become the, you know, the one stop shop for everything you want to do, right?
Everything you want to trade, everything you want to bet on, you're just going to do it in Coinbase.
Same as what Robinhood's doing.
And both of them are doing a good job at this.
And so...
you know they're competing heavily with robinhood right now and will they win i don't know they've taken a different route like they're obviously very crypto native route that they've taken and so they're offering kind of different products than what robinhood is offering but robinhood has had a head start in terms of just like going after non-crypto people and so they're much bigger have a larger user base but they're basically now starting to offer basically the exact same products.
So I don't know who's going to win.
And then I guess the real question is who's going to expand out into other countries the fastest?
Coinbase, I think, has gone pretty heavily into Brazil and I think India.
I know they're expanding into Canada, which Robinhood still has not done, but Robinhood just bought WonderFi, so they will be.
So I think right now they're in a race to just expand outwards.
And I think being kind of on-chain first really helps because it allows you, you know, they can, they can bring in users on base anywhere in the world.
And so they have that kind of advantage.
So I don't know.
I do think, you know, we've had this thesis for a long time that we are going to aggregate most of our financial apps into one.
And so I do think there's a still a bullish story to be told in the like financial super app.
And I do think Coinbase and Robinhood will lead that globally.
Martin, I haven't heard your thoughts on Coinbase and Robinhood in a while.
I'm wondering if these changes from Coinbase update any of your thoughts on this, you know, the Superhap competition or just either of these companies here.
I just want to say Robinhood current market cap is $95 billion and Coinbase market cap is $43 billion.
So Robinhood is more than two times bigger right now.
Yeah, I think what we didn't like about Coinbase in the past is that they were trying to do just everything.
And, you know, if you try too many things, then you lose track of and you lose focus and then you might lose some battles.
And it seems like the case for Coinbase, at least on the retail side.
Now, Robinhood is leading because they focus just on retail and they are doing that really well.
They had perps.
and they are adding options and a lot of many things that people want and use.
I think Robin just shared their last month's numbers and pretty much all of their products are at all-time highs again.
And on top of that, they are laying off 10% of their employees.
which is going to likely result in you can see that the leverage is there.
The business is doing really great.
They are laying off 10% of their stuff.
And so it's not because they don't have money, but it's because they can do it.
And so now I think we will see a margin expansion and that's what investors love to see.
So I'm still bullish there.
And for Coinbase case, I think they now sort of pivot back into the base and like what they want to do.
I feel like they made an internal structure of what they really want to do and focus on.
And it still remains retail.
That's the part that Robinhood is leading right now.
So that's one of part of their business.
But the second one, which is still not that much visible, that's the infrastructure for companies and funds and like financial players of the world.
that's the part that we are starting to see an adoption of that but it's still not seeing in their income statement or like in their earnings report but that's going to be huge i think at some point and what i would like to see is that during their earnings calls or where i'm listening brian talking some podcasts i would love to talk more about that part of their business because we know that The competition among retail is pretty big.
Now, Nubank is entering US markets as well.
Revolut, which is the biggest fintech in Europe, is going into US as well.
So the competition for retail is just getting bigger.
But the infrastructure side, I feel like there is an opportunity and Coinbase should capture that part because that might be even bigger than the retail part.
So there's like, I own Coinbase, I own Galaxy, and those are probably two biggest players who satisfy that institutional demand in the US.
You mentioned, HUD, I think is double the valuation of Coinbase.
Coinbase last year, anyway, had 7.5 or 7.6 billion.
in revenue and hood was 3.8 so coinbase actually has almost double the revenue of of of robinhood now that said i'm pretty sure coinbase has like three times the amount of employees as robinhood so it's a much bigger operation which and now i mean i guess coinbase did let go some people earlier this year as well but uh hood is now like i don't know around like less than 2 000 people i think working there whereas coinbase is i don't know like four or five thousand so yeah a bit of a different story the thing that coinbase needs is, I mean, Clarity Act is going to be the big catalyst for Coinbase, right?
Because that's what's going to...
in my opinion, give them a huge catalyst for their institutional side of their business.
Both Galaxy and Coinbase should do really well as a result of the Clarity Act.
And then the other thing I think Coinbase really needs is just like more adoption of stablecoins because that's where a big chunk of their revenue could come from that Robinhood and others don't have.
Coinbase gets like 50% of all circles revenue or something like that.
And unfortunately, stablecoins haven't grown at all.
And I'm going to actually look up the numbers here, but it's like in the last six to eight months.
I'm pretty sure that stable coins are actually down, which is wild.
I did not expect that.
So since October of last year, we are, I mean, we're up a little bit.
We're up like, I don't know, like a couple percent in terms of supply of stable coins.
So it hasn't really moved in, you know, eight, nine months, which.
was not on my bingo card back in October, I would say.
So that's the key thing I think is we need stable coins to grow.
And I think Coinbase will do well in that world.
The other thing you could look at, obviously, is Circle, which is down quite a bit.
I think it's at like 80 bucks or something today.
Where is it?
Yeah, $80 and down a ton, obviously.
But USDC has had no growth.
It's down in the last year.
So it's sitting at a market cap of 20 billion.
I would love to be buying Circle, but...
I don't know.
You need some growth here.
And I don't know why stablecoins are not growing, but that's what we need.
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I think it's probably capital rotation, but I want to ask about this because you guys have both talked about Robinhood and Coinbase in terms of their revenue, their size, and their market capitalizations.
Hyperliquid's market cap is $18 billion, and they are also trying to become a sort of an everything exchange.
They've taken a lot of volume away from other exchanges.
Spot volume, perps volume, and a lot of people see this move by Coinbase as an effort to try to compete with or offer some of the products that Hyperliquid offers, but in a regulatory compliant way within the United States.
There's also USDC now on Hyperliquid, which is generating a lot of revenue for Hyperliquid and for...
for Circle and Coinbase.
But just talk to me about that landscape.
Do you think that this more decentralized and much leaner team at Hyperliquid is going to pose a threat to these businesses?
Or do you think that they're going to box out Hyperliquid?
Martin, what are you seeing happen there?
What's that contest look like from your perspective?
Well, I think Hyperliquid certainly got attention from Wall Street.
And like everyone's talking about Hyperliquid these days.
But what makes it scary is that Yes, they now also monetize their stablecoin balances in collaboration with Circle and Coinbase.
But still, like 90% of their revenue is just one product.
And that's like, you know, people trading.
And that works until it doesn't, right?
So like they have a lot of liquidity, a lot of traders.
But like, is that really something that is going to be defensible and like durable over the years?
or is i don't know like as you said coinbase just launched perps like robinhood has perps as well and now there is more clarity for perps that can be offered by you know us regulated exchanges and so when i think about would i go and trade on hyperliquid or on coinbase i would choose coinbase like I am always so pissed when I need to make some moves using my stablecoins and then my transactions got stuck or my metamask doesn't work or something's going wrong.
It's just the experience is still like it's 2026 and anytime I need to do something on chain, it's it's yeah, I'm still not that surprised that the industry.
didn't get a ton of adoption because of the user experience is still very poor.
So I was talking about Coinbase before and next month they are launching tokenized stocks for users outside of the US.
I'm really considering moving all my all my money into Coinbase because now I don't need to have interactive brokers.
That's my broker account where I have my stocks.
Then I have my crypto.
I can move just everything on the Coinbase and like, you know, the safety guarantees are like top notch.
So I don't care about that.
And, you know, when I think that way, I think much more people are thinking about the same thing.
And so I think it's the right move.
And again, like Hyperliquid is great.
it got still like 5 billion TVL or something like that.
I still want to see that the volumes are picking up or because, you know, like last few weeks, it was about SpaceX IPO before it was about oil before it was about gold and silver.
So like, are they going to be able to like always bring new things that are getting like, you know, adoption and like people really want to trade and because if not there's no growth like the volumes the trades it's all flat so i'm just worried about the next leg up for for hyper liquid i mean i think they'll always get there's always something to trade right like every month every quarter there's something right like you said it's spacex right now it was oil earlier it was silver for a bit like we've we always go through these things to trade and hyperliquid has done a good job of like being the place to trade that but like you said well now you can do this on coinbase and on robin hood and other areas where people already are and so the one issue with hyperliquid is like it doesn't really have growth in terms of its user base so it spikes in these crazy moments but everyone spikes right like coinbase spikes robin hood spikes like everyone kind of spikes whenever you have a big moment like a spacex or oil going to you know 120 bucks or whatever it was and the the problem is it's not it's not this right like a steady growth upwards it's just like these little spikes and it goes back to its kind of baseline and it's not really getting any new users uh and the more you get things like coinbase launching this stuff and i think even like calci and you know all these things are kind of merging to be the same stuff uh offer prediction markets offer perps It's just less people that will go to hype, which is, yeah, a hard thing to like move your money onto.
And I don't know why you'd move your money over there when you can do it all in Coinbase, which allows you to do everything else.
You know, have your credit card there, have your stocks there, have your, you know, crypto there, have your stable coins and your yield there.
So it's hard to see.
Like, I do think there's plenty of room to grow in terms of just like the use of perps.
So like, that's the one thing that makes me still somewhat excited about Hyperliquid, but I still haven't bought it.
And so maybe I'm just like biased because I don't own any, but I'm sure it's not super bullish.
People just keep talking about the revenues and like, yes, they are making 50 million per month or something.
So let's say 600 million a year, which is pretty good.
And they burn pretty much all of that.
But nobody's talking about the token emissions that they need to provide incentives for validators to validate their blockchain.
as the prices of hype is growing then these incentives are growing as well so right now they are making 50 million per month but they are also also issuing like 30 million in tokens every month so now all of a sudden that picture the economics the profits it all of a sudden is just like 20 million per month at these prices and it it it's It's a big difference.
And I think people are just ignoring that.
Like they're all blown away.
Like, okay, it's just 11 people making 600 million per year.
That's awesome.
But nobody's really talking about these token emissions.
So here's the emissions, which have gone up here.
Like they spike up in June.
And then you can all see their revenues are just down, right?
Basically down only.
Now this might be missing.
This might be missing the stablecoin revenue.
So I don't know how.
how important that is but that's on blockworks so yano please fix your data if that's wrong but otherwise uh well he always says it's the best date on twitter i see it every day on twitter so if it is i hope you're right because i'm quoting it right now but anyway um it's it's yeah there's just no growth so i just don't know if it sustains or what yeah it's a hard one for me to be betting on it what is it 18 billion or 20 billion it's worth right now Yeah, around 18, 19 billion, somewhere in that neighborhood.
I do want to ask about this.
This is something I've been thinking about a lot.
Coinbase launched a, like I said, an SEC registered agentic advisor.
Robinhood has a similar sort of tool on their platform.
And both of you are AI power users.
You're very bullish on the AI space overall.
But I'm curious your thoughts on the adoption of agentic advisors or trading tools.
Have you looked at any of these for yourselves?
Are you curious to use them?
Do you think this is going to take off?
Is this how we're going to manage our assets in the future?
What's your take on this?
Kyle, let's start with you.
I don't know about letting them.
trade for me like i i haven't really trying to do that myself where i do think they are useful um so one thing i've used is um the cfo silva sylvia or silva whatever it's called from pom i just played around with it a couple weeks ago and it is quite interesting you can plug in all of your your your bank accounts your brokerage accounts uh your crypto wallets and basically what it does is just tracks all of your your assets and then you can kind of ask it questions you know am i over and i do this with claude right now it tracks my milk road pro portfolio so for those that are pro members if you're not a dollar trial you can sign up for a buck and you can literally track my portfolio martin's portfolio and three four other analysts um and you can see our trades in real time but what's cool is i just share that with claude and and i go here's what my portfolio is i'm looking to do this or i was thinking this like what do you think and it kind of just like it's not that i just listen to it blindly, but it does give me a bunch of feedback and kind of pokes different areas that I didn't think about.
And so Sylvia kind of does the same thing, but more like live, right?
Because it's tracking like what's going on in price movements and things.
So I think it's very interesting to have an AI to just like bounce ideas off of and also like flag things like, hey, you know, you're getting low on cash here and you've got this much debt.
So keep in mind, like you're going to run out in six months from now.
And like that stuff, I think is super, super helpful because you don't really get that when you go into the bank.
They look at your net worth and things and they might give you advice, but you go like, I don't know, I never go, but like I'm sure some people go once a year or twice a year, whatever, into their bank.
I track it all in like a spreadsheet myself every month.
So like I already know that stuff, but I know most people don't.
So there's a lot of use to just having AI kind of see your financials, see the full picture and then kind of give you advice and like help you think through things.
I think that's super, super valuable in terms of giving it the keys to just go and like trade blindly for you.
I wouldn't do that yet myself.
Maybe I would give like a little chunk of my portfolio and say, go have fun with it.
Or especially if I gave it some sort of direction, like trade in these things for this thing and I gave it some rules maybe, but I just don't think it's there just yet.
So I think there's a lot of benefit to using AI to like navigate your financial like wealth.
But other than that, I'm not sure about trading yet, but I'm sure we will get there where it will be better and it would make sense.
What do you think, Martin?
Have you played at this?
No, I haven't.
But I agree.
I think these agents are pretty good to help you improve your financial knowledge and habits and stuff like that.
But if you want to build your own portfolio and manage it, it's not probably challenging you enough.
So it'll probably tell you, buy S&P 500 and you'll be fine.
That's very basic stuff.
But if you try to run AI agent and just...
blindly follow a portfolio that it suggests you, it's not going to be winning portfolio, I can tell you that.
And I have been testing like AI agents for the news and like get me everything that's going on in the world and in the markets.
I would say it's pretty decent, but it needs that human touch.
And so like, I really like like each of my Every morning I start my day opening my portfolio OS, which is an app that this is the way I, how I manage my portfolio.
And I have a bunch of data from the last day.
So that's how I start my day.
So I'm going to see like, okay, Coinbase just announced that.
Okay, Robinhood is slaying off people.
What does it mean?
And stuff like that.
So it's good, but it's like, okay.
here is what you should do because there is a new announcement or, you know, maybe look at Western Union because the price is down, I don't know, 8% and it's down 20% since you since you're by.
So stuff like that.
But it's not really telling me like, hey, I think you should like sell this token and buy this token.
It's not it's not there yet.
I'm I'm not sure it will ever will.
So I think you always need it.
as someone in your room at some point it will i'm sure at some point it will come on when we get agi but again i don't know how far we are from that but it it is good at just like you know one it can do research for you pretty quickly but you do have to be the thing is is like To get value out of using AI to help you invest, you have to be a good investor yourself.
You have to be able to understand what it's feeding you, ask it the right questions, pick it apart because it gives you wrong things.
Sometimes you have to challenge it.
Just like if you were to sit there and talk, like, I mean, what we're doing right now, right?
We just kind of debate with each other about different things.
You know, we saw John and David debate on ETH for an hour a couple of weeks ago.
Like that's what you have to do with your AI, which is great.
Like you want to debate and talk with someone and you get to do it 24 seven.
So that's super helpful.
because like most people don't get that option, right?
Like, you know, my family or my fiance, like they don't, I can't go talk to them about finances and see if it's a good idea to like buy or sell, you know, whatever.
So it's like, I have 24 seven, I can do it with cloth.
So there is value to it, but you've got to put in the effort yourself and really do the work yourself too.
Or you just, you know, sign up for a dollar trial and you just track what we do.
Where would I go if I wanted to sign up for a dollar trial, Kyle?
What would I do to find that?
Milk Road Pro.
Just go to milkroad.com slash pro.
And actually, you can challenge us.
It's so easy.
We do have a community where you can literally come in and ask John and Martin and the others questions anytime.
And we will answer everything for you.
John will answer your questions after midnight because that's when he usually does that.
It's the easiest time to get all those questions answered.
You're listening to the Milk Road Show, which means you've got takes.
Strong ones, I bet.
But where do those takes actually go?
Do you tweet them into the void, argue them in the group chat, or do you try to express them by buying a stock?
The thing is, stocks move on like 50 other things at once.
And that's where Calci comes in.
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Look, I think you guys are...
both making a lot of great points, but I think there's something you haven't considered, which is that what I'm going to do is wait till this advisor, this SEC registered advisor goes live.
Then I'm going to give it $500 and say, retire my entire bloodline, make no mistakes, and then I'll be done.
So that's checkmate right there.
Guys, we got to start wrapping up here.
We're getting close to time.
I want to end with the last question, which is what are you guys watching to buy?
What are you thinking about getting into position changes?
You might be making your portfolios.
Kyle, I know you've been watching US DAI, which I think the ticker is Chip, any updated thoughts on that or what are you looking at this week?
Yeah, so I have been looking at Chip, which I had on my watch list now for, I don't know, since it TGE'd.
And it's now, I think, below its TGE price or no, it's not.
but it's getting close to it and still waiting for it to go a little bit lower, but I am kind of excited about what they're doing.
They're basically combining stable coins and compute, which is two, I think very exciting things that we talk a lot about here at Milk Road.
Maybe they found a bottom here.
I'm not sure, but I'm looking to enter into that at some point soon, but it's quite volatile.
They just TGE'd, so I'm sure there's a lot of investors still selling.
So that's the only reason I haven't really bought yet.
Otherwise, There's not a lot that I'm looking at in crypto.
I still hold some things in crypto.
I hold a little bit of Bitcoin, a little bit of ETH, Coinbase.
Galaxy is the one thing that I'm still very excited about.
I think it's still undervalued.
I think you guys might have talked about it last week when I wasn't here, but I think it's sitting at about 13 billion market cap right now.
And from a lot of different estimates, it should probably be 20 billion or more based on its AI business.
And if we get Clarity Act or any sort of...
life in crypto, I think Galaxy is going to absolutely shoot through the roof.
So I think that, you know, if you want to get some crypto upside, Galaxy is a great way to do it where you don't depend solely.
on crypto, which is quite nice.
And then I obviously hold Robinhood.
I did take some profits on that recently, but I'm trying to figure out where to put capital next.
It's probably going to be more in stocks and in the AI side of things, but I'm still just looking to figure out what is my opportunity there.
And I haven't quite established what I want to buy yet.
So I'll update you guys next week.
Okay.
Well, watch closely to see what happens there.
Martin, what about you?
What's on your radar?
In crypto, nothing, honestly, right now.
Yeah, I think...
Thank you, Martin.
Thank you.
That was great.
No, listen, like I am a huge believer in crypto as a technology.
It's just that the music is playing somewhere else, not crypto.
So like once I see that the attention and capital flows back to crypto, I will be looking to buy something in crypto again.
But right now, it's not the case.
So why I should be there.
I'm still allocated to crypto, just much smaller portion that it was a couple of months ago.
was a good rotation and I just made a new all-time highs for my portfolio so despite you know crypto being still down pretty deeply so Martin what about newbank you were bullishness before are you buying yeah I think I added a couple weeks ago yeah I love newbank they have 140 million customers interesting so I really like the apps that they have a lot of a lot of customers because they can just want to type them and take advantage of AI and then eventually blockchain as well.
So it will just improve.
Which is exactly what Robinhood's doing, right?
Robinhood is just figuring out how to get more assets.
Even if they're not getting more customers, they're getting more assets on their platform from their existing customers.
And that's huge, right?
Because they can monetize that.
So that's the key.
Robinhood is just, Robinhood users base is 25 million or something.
Nubank users base is 140 million.
Obviously it's a different...
because the purchasing power of people in South America is different than the US.
Well, I guess we'll have to keep listening to the music and we'll catch up next week to see where it's playing.
But until next time, thank you all for joining us.
Thank you guys both for contributing all your thoughts today.
I really enjoyed this conversation.
I always do.
So thanks for everyone for being here and we will talk to you next time.
Until then, stay safe, stay educated, stay bullish, and we will see you all on the next episode of the Milk Road Show.
Thanks for being here, everyone.
Bye.
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