🥛 Institutions robbed us 🤬

GM. This is Milk Road, the crypto newsletter that turns up the heat and dares you to reach for the thermostat.

Here’s a taste of this week’s menu:

🔥 Institutions robbed us.
🥵 We need humanoid robots to survive.
🌶️ We're now in a "Wealth Destruction" phase.

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HOT TAKES OF THE WEEK 🔥

Institutions robbed us of our blow-off top moment 🤬

Fidelity’s Chris Kuiper thinks the ‘Wild West’ days of massive vertical crypto spikes (followed by 80% crashes) are behind us.

Why? Those pesky institutions.

When they entered crypto, they brought a whole bunch of sophisticated volatility players, options markets, and corporate treasuries along with them.

(Creating a ‘structural bid’ that is likely reducing both the height of blow-off tops and the depth of massive drawdowns.)

… Hey, at least the downside was softened along with the upside.

🎙️ Listen to the full Milk Road Daily episode here.

Humanoid robots are key to human survival 🚑

According to our favorite AI stock whisperer, Amit Kukreja:

Humanoid robots aren't just a cool tech upgrade – they’re actually existential for human survival.

The idea being that our birth rates are plummeting and we literally won't have enough humans to run society.

(Making robotics exposure a mandatory play.)

🎙️ Listen to the full Milk Road AI episode here.

We're in a "Wealth Destruction" phase 💣

Forget the ‘supercycle’…

The DeFi Report’s Michael Nadeau thinks bitcoin breaking its 50-week moving average back in October was the signal that we’ve entered a distribution phase.

(Aka the "wealth destruction" phase.)

He’s calling this recent rally a ‘retrace’ to test resistance around $101k, but he's not convinced it's a durable move back into a bull market yet.

I always value Michael’s takes… but I’m also crossing my fingers, toes, and eyes in hopes that he’s wrong.

🎙️ Listen to the full Milk Road Daily episode here.

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HOT TAKES OF THE WEEK (P2) 🔥

Nvidia is actually CHEAP 🤨

RIA Advisors' Michael Leibowitz came in swinging on this one.

His thinking is:

While everyone is screaming about high valuations, if you look at the PEG ratio (Price/Earnings divided by Growth) instead of just the P/E ratio, Nvidia looks cheaper than many boring consumer staples like Procter & Gamble.

And he uses this to explain why AI growth names can still be a good deal.

That is… If their earnings growth actually backs up the hype.

🎙️ Listen to the full Milk Road Macro episode here.

The U.S. shot itself in the foot 🔫

Reformed hedge-fund manager, James Lavish, says that when the U.S. seized Russian assets and kicked them off the SWIFT network, it sent a signal to the entire world:

“U.S. TREASURIES ARE NO LONGER A SAFE, NEUTRAL ASSET!”

So now, global central banks are dumping Treasuries and buying gold.

(Because they’re afraid they might be next if they fall out of political favor.)

🎙️ Listen to the full Milk Road Macro episode here.

PRO INSIGHT OF THE WEEK 🔮

This week, one of our PRO members posed a question:

“If an investor has a theoretical extra dollar to invest, why should he/she invest that extra dollar in digital asset ETFs instead of an SP500 or Nasdaq broad index fund?”

Did our PRO team respond?

Errr *checks notes* No.

Instead, they got at Bitwise’s Chief Investment Officer, Matt Hougan, to answer the question (phwoar! Ok. NICE).

Here’s what Matt had to say:

“If your starting point is that you have 0% exposure to digital assets, you're actually missing a part of the market.”

“The equity market is $110T, crypto is a $3T market. A neutral position is like 2.5% crypto vs. what you're holding in equities.”

“So if you're starting at zero, that incremental dollar should go into digital because you want to at least have some exposure to the area of the market.”

“The incremental dollar needs to go into digital just so you catch up with the market in case the bulls are right and this runs away.”

“… and if it doesn't, your other $99 are already in equities, which will be fine.”

P.S. Want the opportunity to get your burning questions answered by some of the biggest brains in the global financial industry?

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