# Crypto Bull Market Confirmation and Macro Headwinds

**Podcast:** The Milk Road Show
**Published:** 2026-09-28

## Transcript

If this bull market confirms, if all this holds, I think directionally we move from $3 trillion to $10 trillion.
What's up, everybody?
It's LG Duesad here, and welcome to the Milk Road Show, the daily crypto show that just learned about QNT, and now I'm pissed that no one told me about it before, despite it having gone up 5x.
What the hell, man?
Today is September 28th, 2026.
A bit of a slowdown today, but listen, this is much better than it was a few weeks ago, and even a few months ago.
altcoins are up big this month.
And today we're seeing a natural little pullback, but it also feels like at any moment, any random old token could just pop like 500%, right?
Today, we're back on to talk about how bullish we are, how far this pullback will go, and what the macro may be telling us about what's next and why some of these tokens are just going off.
John's on the show and we're going to spend an extra 15 minutes.
After the episode, talking about his moves, his alts, and what he's looking at next as part of a Milk Road Pro after hours.
So tune in for that or pay a dollar at the link below to check it out.
And a reminder today that our podcast is free and that it wouldn't be possible without our partners at Nexo, the digital asset platform.
Let's you trade, earn, and borrow all in one place.
Keep an ear out for more information about them later in the show.
John, happy Monday, man.
Happy Monday, LG.
It's good to be here and I'm excited to find out what we're going to talk about this week.
Are you happy?
Is it a happy Monday for you?
Do you feel good?
So far, I mean, yeah, look, I was really excited to see Bitcoin hold the weekly close above the May high.
So that made me very, very happy.
And I think the other side of the coin is that Bitcoin and crypto have sort of confirmed the bull market and the bullishness that they're in.
However, the rest of the market, the macro landscape is sort of deteriorating and like collapsing around our heads.
And so there's a lot that's concerning in that.
But then there's a lot of like bullish momentum in crypto.
So there's a lot of reasons to be happy and bullish, but also some short-term uncertainty and some headwinds.
So there's just like, yeah, there's a lot that goes into me being happy this morning.
But overall, I am happy.
I saw a lot of people posting about this weekly close above 83K.
Why was that so important?
Because Bitcoin broke out of the range that has been in for most of 2026 and confirming that weekly close above 83K and above the high that we put in in May in the failed retest of the bear market resistance ban, it seems to indicate that the trend is real.
This isn't just like a fake out move, like a scam wick before we go into another, you know.
six more weeks of crypto winter, it seems like this bullish momentum is holding and the price is accepting in this new range above that high, which would imply that the bullish momentum is stronger than the bearish momentum and that we'll probably continue to see higher prices in the near term.
So it's just like a really bullish indicator of market strength.
It's funny when you talk about the price of Bitcoin, like it is some kind of beast that...
behaves on its own, but it's really just market.
You know what I mean?
Like, I just think it's funny that there's, for some reason, there's very clear indicators.
That's like, just because it closed above this.
So that means everybody's bullish now, but it's like, isn't that how, how, how much can you really rely on that is as I guess what I mean, because what you've said, I've seen that across the timeline everywhere, especially yesterday as the week closed.
So it really had me wonder like, but how, how certain can you be about that?
Well, that's the most certainty that we can have because that is everybody contributing their opinion and figuring out whether or not they're bullish on Bitcoin and articulating that into the markets.
And this is telling you now that we're over the 50-week.
That means that on the whole, over the last year of price, Bitcoin's price is higher than lower.
So the bulls are winning on the last one calendar year of price action on average.
So that is why.
It all resolves down to price.
This is why markets are beautiful when you let people without encumbrance contribute their capital and their point of view into the market.
The market generates information, and the information it's generating right now about Bitcoin is that the market is very bullish on Bitcoin, and that's why people are so dialed in specifically on the price action and these key levels on the charts.
Does this mean then...
And this is kind of what I think we've discussed in the last couple episodes too.
Does this mean this type of bullish structure from a technical perspective, does this then indicate to a lot of other potential buyers that it is now a lot safer to enter in a sense?
I think that a lot of people are going to look at this as a key level to hold, and having held it, they will kind of reassess a lot of things.
And I think the best example of this is Ben Cowan, right?
Ben has been saying for a long time he didn't think we were going to break this level, and then he was saying, hey, I was wrong, but let's see if it holds because there still could be some weakness here.
This period right before the midterm election, there could be a lot of volatility, uncertainty, hesitation, and people just kind of like hedging or just not wanting to commit capital one way or the other.
While we have this uncertainty in the markets and this macro – the macro environment is so uncertain, the energy crisis is still ongoing.
It doesn't look like Iran is going to make a deal until after the midterms, right?
So they want to kind of keep that pressure on.
So all these things could present headwinds for markets in general.
And the big one right now is that bond yields on long dated government debt across Western countries is climbing at a very fast clip.
And that's kind of a crisis of its own.
So all these things create some uncertainty and headwinds.
But on the whole, I think it's a sign that the crypto markets have been in a bullish trend for multiple months that has now broken the macro bearish trend that we've been in for the prior year.
And it does seem like now.
that capital is going to be more willing to come and take positions in crypto and digital assets or even the hot ball of money speculators coming to speculate in crypto because these other markets are maybe less certain, less bullish, and this is just going to be where that opportunity is.
There's a lot of reasons for this.
I think the price action we've seen so far in crypto and Bitcoin...
really could be viewed as sort of a mean reversion of like catching up to where the rest of the market has been.
Because like we're only at the 50 week moving average or just above it, right?
We're at $83,000.
So we literally are like at Bitcoin's average price for the last year.
So it's literally a mean reversion.
And I don't think it's like, you know, Bitcoin didn't go to like 150K or something and get way overvalued or way ahead of itself.
It really just sort of caught up to average and a lot of the other.
coins on the in the digital asset market have kind of done a similar thing.
Some of them have broken out in a big way.
And that's a sign, I think, of the bullish momentum there that you're seeing that dispersion and some of these big breakouts among all coins.
But in any event, yeah, it's like there's a lot of reasons why the rest of the market is slowing down and uncertain and why people are coming back to crypto.
And I think getting confirmed and accepted above this level and into this new paradigm, this bullish momentum here, that will probably attract further capital because price is reflexive and the best advertisement, the best marketing for Bitcoin is higher prices.
So, yeah, there's a lot to be bullish on there.
Just want to pause for a quick second to remind you all that the crypto bull market is back.
I have been deploying capital into altcoins that I think are going to do very well this bull market.
Some of them are already up over 2x from where I entered.
So if you want to see what's in my portfolio, what's on my watch list and have access to me in Discord to ask questions 24 hours a day, join Milkroad Pro now.
The link is in the description.
It's just a dollar.
I'll see you there.
I've been saying for a long time on our stocks channel that Melvin, our analyst, who's the leader in the portfolio at Milkroad, who nailed all the bottleneck stocks and everything.
that he will top blast crypto at some point that he will come in when melvin buys that's when that's what we're all selling okay shout out melvin whenever that is that that's when it's time and it's not going to happen for a long time john that's the thing it's not going to happen um but speaking to kind of what you're saying about the macro and the uncertainty as well but other other big trades we have discussed that on the stocks channel that was the big that was like what we talked about almost every single day last week on that channel was the danger to the frontier models right that is like they may not be able to print enough revenue a lot of other large companies hyperscalers are coming up with their own ai solutions the agentic movement is starting people are starting to use muse from meta and grokbot and there's going to be more of those and that puts the large frontier models at risk, which then down the line puts all this whole build-out of all this capex in question, and also with a bit more of a shaky economy, it puts that whole trade, it makes it a little less certain, and where now crypto not only has...
This TA bullish momentum, right, that has broken out, like you're saying, but also has been building up a lot of volatility and a lot of just bullish things.
Like everyone we've had on the show in the last year are people from institutions saying like, listen, we're all buying.
Everyone's coming in to buy.
This is the future digital assets.
BlackRock is hiring a whole digital asset team.
So is Fidelity.
Like this has been building.
And also just from a retail standpoint, when crypto goes, it goes, man.
Like we just know this.
Like it just is you've been paying attention long enough.
This is just how it works, man.
It's simple in a way.
that this is what happens.
So, you know, it's, I definitely validate what you're saying.
I definitely agree.
Yeah, I think that there's a lot of markets that are reflective in the same way that crypto is.
It's just that if you're a crypto native, you're very familiar with that price reflexivity.
And it's fun.
It feels good.
It's like things can lay dormant for a really long time.
But if they keep building, keep delivering value and keep moving, eventually a bull market does come back and then bullish news does move the price again.
And you start to see that reaction start to happen.
So, yeah, it's like.
There's a lot of things that are going on that are concerning, uncertain, possibly bearish.
But I think that a lot of them are, they have like two to six weeks of expiration dates on them.
And then on the other side of that, I think there's bullish momentum and continuation to the upside.
I don't know exactly how all this plays out, but it's not my job to guess how the Fed and the Treasury are going to supply the money that the market needs to keep it going.
But my bet is that they will.
And that's kind of the bet here.
It's like I don't think they're going to allow the entire U.S.
economy to slide into oblivion or let the stock market crater to zero.
I do think they're going to provide the liquidity necessary to keep all of this functioning and thriving and going.
for much longer than anybody expects.
I think that that's the thing that people really underestimate, people who get super macro bearish, is that you're underestimating the ability of central banks and governments to extend the runway for themselves, to keep kicking the can down the road, to come up with new and different and alternative, infinitely alternative.
ways to hide money to to sell bonds to to cram things under balance sheets in places you never thought to look before and these are the best guys in the world to do it and they they they have a plan um and it will it will work out in one way or another like besant saying i am the house he's kind of telling you like yeah i'm gonna figure this out and i'm not so sure like this is a very non-consensus play here but I'm not so sure he's not comfortable with just letting these bond yields run because he kind of did a Streisand effect thing with it.
Like, oh, it's fine.
Don't look at it.
And like everybody looked at it.
I think he wants that to happen.
I think he's trying to draw.
I think he's trying to draw attention and direct attention in a certain direction.
I think he's got a plan for how to handle all of this.
I don't know what that is yet, but I know that it involves different policy measures than in the past.
The easiest example is they've deregulated the commercial banking sector and allowed them to do more lending into the market, which is taking money creation away from the Federal Reserve, decentralizing it to the broader banking system.
And that's provided over $600 billion of liquidity, and it's continuing to do so.
And up until kind of recently, I haven't checked recently, but liquidity has been rising for that reason and for other reasons.
So look, this is a lot of in the weeds, macro mumbo jumbo.
But the point is that, yes, there's some uncertainty and some headwinds at the moment.
Eventually, these resolve.
to the upside, I think.
And it's because there are, you know, the whole security of the Western of Western civilization is relying on them providing the liquidity that's needed.
So I think that they will.
And then that's, you know, constructive for, for risk assets and for crypto.
I want to ask you, I want to just go back to Bitcoin for a second there.
Just something I wanted to ask when we were talking about the technical indicator was the opposite true in October of, of like, sorry, now we found this, you know, this, this 83 K.
support right of the weekly close was there in a reverse metric was there was this was the opposite true in october when we had that giant liquidation day or was it or did it take a couple weeks for us to kind of cross below that because i think that that opposite metric would have been like oh we closed below whatever it was like 98 or something i think that came in like november if you're following the same thing but i think it's more your language i think that when we did a live stream i think on october 10th and i have this like this fever dream of saying like, I'm not worried Bitcoin could drop another $20,000 from here before we would break.
And that was, that was what I was talking about was the 50 week moving average.
And, and that's it.
What it was anyway, dear reader foreshadowing, uh, we did drop $20,000 and we did break that level.
Um, yeah, I, I'd have to go back and look exactly on the charts of where that broke and where we retested and lost it again.
Um, but yeah, like, Yes.
What happened for everybody to flip bearish was we did drop that 20 grand.
We did go below the 50-week moving average.
We did move into a technical bear market because bullish and bearish, there's different ways to measure these things.
But the way that most people do it is you take the 50-week moving average, and if you are above that, you're in a bull market.
You're below that.
You're in a bear market.
Once we slip below that, we were technically in a bear market.
And then May is a good example.
That 83K.
level we got to in May was a bear market retest of the resistance band, the 50-week moving average.
We got rejected off of that and continued lower.
But this time, it seems for the moment, we're holding above it.
Now, look, this is something to watch very closely because if by the end of this week, Bitcoin is back below like 75K, I've said this to our internal Milk Road Pro community too.
If we lose that level, it's far below us right now.
But if we did lose that level, I would kind of tilt back in favor of the bears and say like, Maybe we get some, like, maybe not a new lower low, but like a continuation of retesting some of the support that we've already put in, or maybe forming a higher low in like the 70s somewhere, right?
But basically the point is that like, we're not totally out of the woods yet, right?
Just because we got over 83k and held it, this is momentum for the bulls and it's a point for the bulls.
But, and like Ben Cowan says, the burden of proof is back on the bears to show that they have any sort of strength here in these markets, but it also doesn't mean that Bitcoin is going to 100k by the end of the week.
So it's just something to watch closely.
because the market is in dialogue with itself as the bulls and bears try to figure this out.
Like, should it be a bullish continuation and a breakout and a confirmation?
Or are the bears going to reassert themselves?
So I'm watching closely.
The bulls are winning for the moment, but it's an important thing to pay attention to because you can never tell when a tweet is going to come out, a black swan is going to come out, or a white swan, right?
Like when Besant said, I'm buying back the long end of the bond curve and weakening the dollar to do it.
Trump said hyperliquid in the White House in the same day.
And that was like a lot of bullish momentum was released and sort of this beach ball underwater started to spring up to the surface.
So you got to pay attention very closely at key levels like this when the market seems to be finding a turning point and confirming that because you get a lot of information in a couple of weeks that tells you a lot about what to expect for the next months to years.
I like that.
I think that's a good analogy or a good way to visualize it is it's a point for the bulls.
I like that.
And then you wait to see what the bears respond with and how the market responds to it and what it does from here.
And I think the little dip that we're kind of experiencing today after this bullish weekly close, right, since yesterday, is going to tell us a lot.
I think the next couple of days, or it feels like the next couple of days or next week or two is going to tell us a lot about the strength of this breakout, right?
I do want to jump to non-Bitcoin things.
John, one thing that we didn't even have a chance to discuss before we started recording the show was the developments on Ethereum.
And I haven't had the chance to catch up on this.
And maybe you could summarize for us Vitalik kind of painting a new vision there for what Ethereum is supposed to look like.
It is very technical.
So maybe there's a way you can summarize it down for us retailers and tell us why it seems to have renewed a lot of energy for the bullishness of Ethereum.
Not that people weren't bullish before, but it definitely feels like a bit of a new vibe.
Yeah, I wasn't aware you were going to ask this, so I didn't go and do a detailed breakdown of that post.
But what I will tell you is that The high level of it, I think, is important to understand.
What Vitalik is doing here is he's charting a path for evolving Ethereum from just a blockchain, although it's never been, quote, just a blockchain.
There's a lot going on in the Ethereum ecosystem, but he's evolving it.
He wants to evolve Ethereum from a blockchain towards being a world computer and a resource that can be used for security and leveraged for a lot of other things outside of just confirming blocks.
And so that's kind of what that...
whole piece that he wrote is about.
And a lot of people are commenting on this about like the expanding design space for products and services.
built on or around the Ethereum technology.
So that's kind of like what happened this weekend.
He wrote this piece about this.
It's like I said, highly technical, but that's the way to think about it is an evolution from a blockchain to a world computer, a decentralized computer that everybody in the world can use for computational needs that they can derive economic and monetary security from and computational security from and compute from.
And then.
The design space for what can be built on Ethereum, what can be possible, what kinds of products and services can be enabled from this is radically expanded in that world.
The term world computer has been used for Ethereum off and on a little bit, but he, I think, is kind of pointing more in the direction of saying this is the North Star, this is where we're going.
And so a lot of people have written about this this weekend.
And like I said, I haven't, because I didn't know we were going to talk about this, I haven't like...
Drilled down a ton into the technical details of it, but that's kind of the direction of travel that's happening here.
And this is something I think is important to say about this.
Like what you want to look for in digital assets are people who are not getting drugged down into, you know, ad hominem attacks and individual.
disagreements of personalities or getting hyper fixated on moment to moment price action or wiggles on the chart or getting distracted by the bright new shiny object.
What you want to look for are builders and there's a lot of them across the space, but builders like Vitalik who have stayed very focused on delivering the most value that they can, building something that is unique, novel, and extremely valuable, delivering that to the market, doing it with focus, certainty, consistency, bull or bear, winter, summer, you know, rain or shine, and then continuing to build that, add to it, not getting complacent, not saying like, okay, that's it, I'm done, you know, dust my hands off and walk away.
The Ethereum straw map for the continued development of Ethereum as a product and for the ecosystem overall has been extremely dynamic.
They've been delivering.
There's been a lot of people stepping up to play leadership roles rather than putting it all on one person.
All of these things are very encouraging and they set Ethereum up to do extremely well as a network, as an ecosystem, as an asset, ETH.
And all of these different things are going very well, I think, from a perspective of somebody who's been watching this pretty closely.
And so I think all of that is stuff you want to see.
I think that getting towards that goal of the world computer is something that is really powerful and something that the market will react to and value to an extreme degree.
It's not an overnight thing, obviously, but this is why I keep doing these check-ins with people like ETH Labs who are researching and designing and advocating for the changes they want to see next in the Ethereum ecosystem because a lot of this stuff is very boring and nerdy, but if you understand it and take the time to, like I say, stay safe, stay educated, educate yourself about these things.
Then you, I think, advantage yourself as an investor for things that actually materialize many months or years down the road.
And you can kind of beat the market to understanding a lot of these things if you just take the time to invest in doing that.
So yeah, kind of like a ramble about all these things.
But in general, that's what you should take away from this is Ethereum isn't just going to be a blockchain anymore.
It's going to be a world computer.
That's a much different value proposition, a much bigger value proposition.
And it's very bullish for ETH.
If you had Vitalik on the show right now, what would you ask him?
do you ask him one question what would you ask him about this what do you want to know what do you not understand he's been alluding to writing some like sci-fi novels about defy and i kind of want to be like bro what um but no i what i would like to ask him about this is like uh A lot of the things he's talked about are many years down the road and many years into the future.
And in order to get to that future, it's path dependent on not losing everybody on the way.
And so I'd like to hear his thoughts about how does Ethereum get from here to there, right?
Because it's great to put up this big target and say, this is where we're going to go.
And this is the target for 2029 or 2030 or 2035, but it's 2026.
What are the next couple of years look like?
And how, how do you like, you know, want to see the ecosystem realign, expand, change, evolve in order to enable that future to manifest or to be reached and what's the plan to get there?
And just sort of drill down on some of those details of like, what are the next steps towards that goal?
But yeah, I don't know.
That, that would be my first question, I guess.
Does this, does this, do you think that this breaks Ethereum out of its years long consolidation as many would put it?
Oh, God.
This is the big one.
This is the big one.
So, okay.
So, Ethereum, in the first, like...
major massive bull runs of like 2015, 2017, 2018, up until, I think like 2021 was the last like really, really big one when it got over 2K for the first time.
But that price action from Ethereum was anticipating Ethereum becoming the world computer, Ethereum becoming the global, the root of global finance, as the ETH Labs guys like to say.
And that...
was an extremely bullish thesis on a very young asset.
And now we've had five years of them actually trying to build and deliver on that.
And they're getting closer and closer and making more and more progress.
And the price action has been choppy in that time for a lot of reasons.
But the amount of things that they've delivered, like the developmental progress of Ethereum, switching from proof of work to proof of stake without the network going down and without any disruptions, like a lot of these feats of engineering that have been achieved by the Ethereum ecosystem have been just astounding.
from like a computer science perspective.
But they're also now finally starting to deliver on a lot of what they've been promising.
We've seen a whole bunch of bullish announcements of institutions moving more capital and products and services into the Ethereum ecosystem, onto Ethereum, new things shipping all the time, new kinds of functionality being unlocked that, like I said, increases that design space for what's possible in the Ethereum ecosystem.
So that initial price pump that we've seen is starting to actually like the forecast and speculation on the future of Ethereum is actually starting to materialize.
And Ethereum's price in kind is starting to move back towards the top of this five year range and breaking out of this like many, many years downtrend against Bitcoin and other assets.
And so I'm curious to see what happens with that, because if that holds, if Ethereum does break out and lead the altcoin market into.
you know, the first alt season we've seen since like 2021, you're going to see some really wild things in the digital asset space.
And I think that that's, that's what's next though.
Like, I think that is the next thing to happen is that Bitcoin confirms its bull market.
Ethereum goes to the top of its range.
It breaks out of that.
And then once we get north of 5k on Ethereum and like accept it into that range, hold that range.
I think things get really, really spicy in crypto really fast.
You know, one of the weird things about crypto is that the longer you're in it, the more accounts you seem to end up with.
You buy in one place, trade somewhere else, earn yield somewhere else, and if you actually need capital, you end up having to sell something that you probably wanted to keep.
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So you think that that, you think an alt-season rally would be led by Ethereum?
I don't know that it necessarily needs to be led by Ethereum, but I will say that I think that that's, Ethereum is the blue chip.
altcoin it is the biggest altcoin it has been the biggest all i guess so yeah um and so ethereum i think just you would see some absolute just wild wild things start to happen if ethereum got over five or six k and held it and then like continued higher um yeah i think that the the the hot ball of money the speculative capital you'd have multiple trillions i think you'd see between two and six trillion dollars of market cap added to crypto in a pretty short order and that would be a massive alt season and that I do think at some point that is coming.
I think you are going to see somewhere between $2 and $6 trillion of market cap added.
If this bull market confirms, if all this holds, I think directionally we move from $3 trillion to $10 trillion.
And I think that that is a ballpark.
I mean, there's a wide ballpark on that, right?
Like it could be $3 to $6 trillion.
It could be $3 to $12 trillion.
It could be $3 to $10 trillion.
I don't know where that ends up in this bull market, but that would be the expectation.
It's like once we clear those kind of like...
key historical five-year resistance levels, confirm above it, break out higher, I think that you'd see just a very wild, explosive, like very euphoric bull run in crypto overall.
What's your price target for Ethereum?
Higher.
Tell us.
First.
In the next 24 months.
In the next 24 months.
Not in 100 years.
People always say shit like that.
Like Bitcoin is going to be at 80 million one day.
It's like, yeah, yeah, yeah, yeah, yeah.
Maybe.
But it's like, no, no, no.
Just like in this scenario, you just outlined that we may see this tripling of the crypto market cap in a very short amount of time.
What is the price target for Ethereum?
All right.
First, if you want like price predictions for me, you got to warn me before the episode because I can't do a whole lot of math.
I want off the cuff, man.
I want like just listen, even what listen, this is like a mentalist trick, man.
When I said that a number came to your head, a number immediately flashed in your mind.
I want to know what that is.
I don't care about the explanation.
Just tell us what it is.
I'll tell you what I think.
I'll tell you what I think.
What I'm thinking is the explanation.
OK, so.
Right now, getting above $2,500 was the key resistance to watch out for Ethereum.
We've gotten above that.
We've been accepted above that.
The next target in relatively short order, in my opinion, should be $3,000.
After we get to $3,000, the next thing to figure out is how long does it take us to work back up to $5,000?
Because that's been like the historical level that we've gotten to twice, haven't broken through, and we still need to get through that.
So that's kind of what I'm looking for here.
I think...
The expectation for Ethereum next should be hold $2,500.
Don't lose that.
If we don't lose that, $3,000 happens next, and I think pretty quickly.
And then we got to get to $5,000.
After we break $5,000, I would say the expectation for me would be somewhere between $6,000 and $10,000.
But I don't have a high degree of conviction on where we end up in that space because Ethereum is much harder to predict than Bitcoin.
Its chart history is much more...
not erratic, but like it's, it's not clockwork.
It's not exact science.
It has enormous swings in price and volatility.
It has much better and different tokenomics than Bitcoin has.
So there's a lot that goes into evaluating that, that.
target of where Ethereum's top should be.
But for me, my expectation has always been, you know, if you clear 2,500, you go to 3K next, then you got to get past 5,000.
Once you do get past and hold $5,000, the expectation is somewhere between six and 10,000.
I don't know, but that's kind of what I would be looking for.
And so like, once we get up into that range, once we get over 5,000, I think.
You expect higher prices, you expect price discovery, but you don't have a whole lot of clear idea as to like exactly where, and you can like, you can pull Fibonacci's, you can do measured moves, you can do a whole bunch of different things on the technical analysis on the charts to come up with an estimate.
But I don't want to like plant a flag.
It's like, this is the target we're going to get to because I don't really know.
And I don't think anybody does.
And that's what price discovery is for is figuring out where that top would be.
What is your perverse target?
Like, just, just like totally ridiculous.
Like, listen, the number that flashes, that's a, is a wonderful explanation.
We just said next 24 months, the high price in that time, we're doing the same podcast.
It's September 28th, 2028.
The decade's almost over say, wow, I can't believe Eve hit X price at some point in the last 24 months.
Since I asked you, what is it?
I would just say directionally, we're looking for 10 to 12 K.
That's, that's kind of what I would say.
But I don't know.
And I don't really feel comfortable trying to get nailed down on this, by the way, because it really is case dependent.
No, look, listen, because.
A lot of that thesis depends on how much of the available addressable market Ethereum captures and continues to capture.
So right now, if you look at the scoreboard, Ethereum is leading on a lot of these things on tokenized assets, on stable coins, on agentic finance.
They're making a real and strong play for institutional capital.
That is a huge pie, huge addressable market.
However, it's not a given to me that they are going to continue to capture 65%, 70% of that market or 55%, whatever it is.
They have the lion's share.
They have to hold the lion's share.
They can still grow to $10,000 without the lion's share.
They just have to continue to capture some part of the market.
But if they continue to dominate, if they get most of that capital or if most of it goes to Ethereum first and then to other places.
The thesis on Ethereum gets very strong, but it's all dependent on in the next two years, does that capital migrate onto siloed permission chains?
Does it migrate onto another permissionless chain?
Does it come to Ethereum?
I think the lion's share of it has and will continue to come to Ethereum, but that's not a given.
So that is a big thing to watch over the next two years to see where that capital goes.
That factors into the thesis for Ethereum.
That's the difference between a $6,000 ETH, a $12,000 ETH, a $20,000 ETH, right?
So this is what's to play for.
And the market has to figure that out.
It's not a given right now.
And that's why it's really hard for me to say what I think a target for 2028 would be.
What's your lucky number?
This is getting weird.
Do you have a lucky number?
No, not really.
I would say three generally, but like...
Three.
There's no good price target that starts with three unless it's like $30,000.
$30,000, yeah.
It might.
It would.
It's a 12X from here.
Easy 12X, just like Zcash.
It's got 12X from here.
I think we should spend this time talking about Q&T, by the way.
Yeah, that's right.
Well, that's what I'm going into next.
Speaking of insane price movements, Q&T, something most people never heard of.
Broke out like crazy this weekend.
Went from like, I don't know what it was, like $40, $50 to $500, whatever.
Something obscene.
Something in that range.
What is Q&T?
Why did it break out?
All right, so...
Q&T.
Q&T has been around for a really long time.
I've been pounding the table.
We don't have a ton of time to talk about this.
We'll do this another time.
But I've been pounding the table for a long time saying that the digital asset industry, the whole landscape is full of tokens that are great, high-quality projects that are just mispriced.
They're not ghost chains.
They're not crappy tokens.
They're excellent projects that the market just doesn't understand and the valuations haven't caught up to yet.
Q&T is one of those tokens.
The founder of this project used to be the head of cybersecurity for the Treasury Department of the United States.
kingdom.
He's been working in cybersecurity and in technology and digital assets for decades.
This project has several patents around it.
It just recently closed a deal with a company called Clearinghouse, and it looks like it's going to be chosen to be sort of like...
serious amounts of infrastructure for a large portion of the United States banking industry and European banking industry.
It's not yet clear how the Q&T token, it's not clear to me, I may have to go refresh myself on this.
So apologies if I'm out of date on this, but it's not yet clear to me what the value capture mechanism from all this institutional and nation state financial activity is going to be for Q&T, the token, like how that.
is a factor in that, but the tokenomics of it are amazing because this is not a VC coin.
It doesn't have half of the token supply held in the bags of people who are going to be dumping on your heads every month.
All of the tokens, almost all of them, I think are in circulation right now.
There's a hard cap of, I think, 14.6 or thereabouts, um, QNT tokens that will ever exist.
So it's got, you know, arguably better tokenomics than Bitcoin or Ethereum, um, and a very scarce supply and a real.
adoption and partnerships with major institutions.
And the leader of the project is somebody who's spent his entire career at the highest levels of finance and cybersecurity.
The patented technology, the overledger system, is a very advanced and very serious technological solution that went through a huge vetting process to get selected by Clearinghouse.
So this is a huge vote of confidence by a huge network of capital and of financial and monetary players to pick Q&T.
The reason why the price exploded like this and responded so much is that, number one, it's been overlooked for a long time.
Number two, the tokenomics are...
So there's very, very little Q&T around.
And if there is a sudden spike of demand for Q&T, the price reacts very violently to the upside because of the scarcity of the token.
And so this is an example to me of just one project where there has been one of the best teams in any industry, digital assets, AI, anywhere, one of the best teams anywhere, building something, not getting shaken out by bearish sentiment or being ignored by the market and just keep building, keep delivering, keep moving towards their goal.
They achieve that goal and then the price results much higher.
I think this is what you're going to see happen in a lot of digital assets.
a lot of the digital asset industry for a lot of these projects who have remained focused, who have had quality products that they're building with a quality team.
And then eventually that will find product market fit.
The market will catch up to this and you'll see a lot of capital come in to, to, you know, appreciate the value that's being created and delivered here.
So obviously this is just a quick, you know, rundown from what I remember from what I saw this weekend, but there is, this is not a nothing burger.
This token is not vaporware and it's, it's not something to ignore.
It doesn't necessarily mean that it has to be in your portfolio, but it is something to educate yourself about and to pay attention to because Like I've been saying for a long time, digital assets is not a bunch of vaporware.
It's not a scam industry.
It's more akin to these wonderful immaculate marvels of engineering that have been created that just haven't yet had the users and adoption come to them and that the market has been very content to ignore while it's been chasing gains in other places and shiny objects in other parts of the market.
But that will not last forever.
This will materialize into things like this clearinghouse deal for Q&T.
This will happen for other projects as well.
And I think that there's a large, large market that'll continue to come to fruition here.
these things that have been built for so long, finally start to find adoption, product market fit and get some deals and announcements like this.
So there's a lot more we can say about Q and T.
We may not have time to get into right now, but yeah, I think it's just an important example, a microcosm of how I see the overall digital asset space.
Is this a strategy we should employ then, John?
Like, is this something that people should do or we should do on the show or we should do in Milk Road Pro of like, look for these projects, right?
And we're going to record it after hours.
right after this we'll probably talk about a little bit more but even a lot of your your altcoin purchases in the last couple weeks are on pretty well-known projects you know what i mean they're not they're not these aren't super obscure or not not that qnt is obscure but it is older lesser known, not as high mind share, let's call it.
You don't go on crypto Twitter, everyone's talking about it like you do with something like Nier or Hyperliquid or more of that basket of very popular tokens at the time, especially going into this cycle.
But is this a strategy people should employ?
Be like, look for other potential tokens like this.
It's like they've been building for a while and it's finally going to pay off.
I don't think should is the right word, but could is definitely the right word because you could go and look around and say like, okay, what's pumping this week?
What's got all the attention?
What's up 200% this week?
And try to chase those candles.
Or you could say, all right, Bitcoin has confirmed a bull market.
All coins are popping off.
What is something that I think I have conviction in, in terms of the team, the technicals, the fundamentals, the token, come up with a thesis that makes sense for you.
and make an allocation and wait for the market to prove you right.
Right.
Like, and I think that's a completely legitimate strategy here.
You could have just, and to be honest with you, I did for a long time.
I was just like buying a hundred dollars of Q and T like once a week for a while in the 2021 bull market and 2022 when it was coming down, like I was buying it below a hundred dollars for a while.
But the reason for that was not because I thought.
I was going to recommend it to everyone or it should be in my milk road portfolio or that everybody needed to have a position in this, but just that they weren't going away.
They were building something great.
They were built.
They had a great team.
They were committed and focused.
And I was like, I don't know, you could, you could just take a bag of this and just wait.
Cause it may never have a 300% pump and that's the risk you're taking.
But.
If it ever does work out, if it ever pays off, if these things ever do find product market fit, the upside on that is huge.
So it's not something you should necessarily do, but it is something you could do.
You could just look for really undervalued, high quality altcoins in the digital asset space, build a bag and just wait.
And like, it may never work out and you have to take that risk.
But there are a lot of things like this, I think, where the technology is strong and the market just is completely mispricing it.
And if you are willing to wait with your capital, it's an opportunity cost to do that.
But if you're willing to wait with your capital for that repricing to happen, it can pay off.
So I don't think it's something anybody should necessarily do, but you could do that.
And I don't still have all the Q&T I was accumulating, by the way.
I got like, I think like 50 or so of them or something like that at one point and like kind of sold them off a little bit during the last like.
the the last bull market kind of last year i got rid of most of them i still have a couple but not very much um like the point is that like um yeah it's a strategy to play if you're willing to look for these altcoin gems that are underappreciated and park your capital and wait it's not necessarily the best market strategy but it's something you can do if that's something you want to do if you have that conviction in that particular and if you're willing to part with the opportunity cost Right.
Because I think that that's the other thing, too.
And we're going to jump right into after hours in a second, talk about the hotter altcoins.
But I think that's the other thing is that something like holding Q&T.
Yes, it popped, but you could have been waiting another six months for that to happen.
Meanwhile, there's a big basket of other stuff, even the majors that'll probably could outperform this sleeper pick in that time.
Right.
So it is really up to people's individual strategies there.
John, thank you so much for your thoughts, man.
We're going to jump right into after hours.
So for anybody who's a Milk Road Pro member, make sure you check that out on our site.
It'll be live just shortly after this episode goes live.
If you're not a Milk Road Pro member yet and you want to hear all the spicy gossip and intel that John's about to drop in a few minutes on his altcoin positions, make sure you sign up for Milk Road Pro.
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You could pay a dollar just to watch the episode and then you can cancel if you want.
It's very easy to cancel.
So thank you, John.
And I'll.
Talk to you in a minute.
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