🥛 Crypto is out-growing the internet 🧑💻

GM. This is Milk Road, the newsletter that uses math to bully multi-billion dollar companies into moving onchain.

(Read the second article, it will make sense.)

Here’s what we got for you today:

✍️ Crypto is out-growing the internet
✍️ Making the case for onchain Pokémon
🎙️ The Milk Road Show: Emergency Crypto Update: Is This the Top? w/ Milk Road Team
🍪 AI is the US economy

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Prices as of 12:00 PM ET, provided by CoinGecko.

CRYPTO IS GROWING FASTER THAN THE INTERNET 🧑💻

No, seriously.

Crypto is being adopted at a faster rate than the early internet.

Internet IP addresses and crypto wallet addresses are ‘like-for-like’ data points in the sense that internet & crypto users will typically use multiple IP/wallet addresses.

(There’s usually a single IP address attached to each internet router – so if you were to use the internet at home, work, and your local cafe, you’d be using three different routers/IP addresses.)

And right now, wallet address growth is outpacing IP address growth from the early internet era. 👇

Source: @RaoulGMI

…but, of course, there’s a catch.

See, each IP address will have multiple users under it, as internet routers are often shared, whereas wallet addresses aren’t – there’s usually only one user per crypto wallet.

Good news is, we think we’ve found a better comparison:

Email addresses.

Each internet user will typically have more than one email address: work, personal, that embarrassing one you made as a kid…

But access to those addresses typically won’t be shared with other users – just like crypto wallets.

And guess what: even with this new set of data, crypto adoption is still outpacing that of the early internet! 👇

Source: Statista

(Hell yeah!)

The takeaway:

If you're only just getting into crypto now in 2025 – don’t worry, you’re still early.

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HOPIUM HOUR: ONCHAIN POKÉMON 🙏

About once a year, I like to make the case for Nintendo/The Pokémon Company bringing Pokémon onchain.

(The hope being that my kooky aunt has been correct all along – we can actually speak things into existence.)

And given that the onchain trading of physical Pokémon cards is blowing up right now – it feels like the perfect time to re-state my case. 👇

Source: @Flowslikeosmo

Alright, here goes…let’s start with some stats:

Pokémon GO averages 122–125M monthly active players globally
The Pokémon Trading Card Game (TCG) mobile app had over 6.4M monthly active users as of mid-2025
And it’s estimated there are 3-10M active physical trading card collectors globally

…oh, plus: the mainline Pokémon video game series has sold close to 500M units since its inception – 9M of which were sold in 2024 (a year without any new titles.)

So let’s be super conservative and say that there are 145M active players/collectors across the Pokémon games and card series right now…

Now, Nintendo, this is my pitch to you:

Create a classic top-down version of the Pokémon game that runs online/onchain, where every Pokémon caught doubles as a tradable NFT and has rarity that is globally tracked…

I.e. This, onchain. 👇

Source: Reddit

Here’s what’s in it for you:

Let’s sandbag things and assume the 145M active users you have across your existing product lines end up spending less on in-game trades than they would TCG purchases.

(Which averages $16.66/m or $200/y.)

Instead, they spend an average of $10 worth of in-game trades per month (or $120 a year.)

That’s $17.4B worth of trading volume per year.

And as most of your customers learnt long ago: you like to charge extortionate fees – so they wouldn’t be shocked if you took a 5-10% cut from each trade.

Meaning you could end up collecting $872M-$1.74B in fee revenue per year, just from the existing active player/collector base.

That’s *counts fingers* way more than the estimated $680M you already make from your Nintendo Online subscription service.

And yeah, I think it’s extortionate – but hey:

At least we’d get an onchain Pokémon game.

EMERGENCY PODCAST: MARKET SELL OFF

The market is selling off right now!

Especially across alts:

$ETH: -13% over 7 days
$SOL: -18% over 7 days
$XRP: -10% over 7days

So are we worried?

Short answer: No. September is a historically bearish month, so this short-term sell off is par for the course – with many catalysts still yet to hit.

Long answer: Watch our emergency group podcast to get everything you need to know as we head into Q4, along with our predicted timelines for the bull market peak. 👇

YouTube | Spotify | Apple Podcasts

CRYPTO PRO “WHERE ARE WE IN THE CYCLE?” INDICATORS 🤔

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We use 6 indicators to show how close we are to the market peak, using a color coded system:

🟢 Plenty of room to run 🏄

🟡 Getting closer to the top signal, but haven’t yet reached the mark ⚠️

🔴 We’ve hit the market top indicator 🚨

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Our advice? Don't wait for all of them to hit 🔴. It's better to take profits as they get closer to that point.

Click below to see what the cycle indicators are telling us today. 👇

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