GM. This is Milk Road, the crypto newsletter that’s spicier than a governance vote gone wrong.
Here’s a taste of this week’s menu:
- 🔥 The new "whales" of crypto are AI agents.
- 🥵 Bitcoin is destined for $57k.
- 🌶️ The "Saas-pocalypse" is real, but overblown.
Summ (formerly Crypto Tax Calculator) is a tax software built specifically for crypto. Get started with Summ with a 20% discount.
HOT TAKES OF THE WEEK 🔥
The new "whales" of crypto are AI agents 🐳
John Gillen (our very own Macro expert here at Milk Road) thinks the next big wave of crypto users won’t be humans or even institutions…
It will be AI agents doing economic tasks on behalf of humans.
John explains that these AI agents will need neutral, programmable rails for identity, reputation, and payment.
And he believes it will all happen on Ethereum.
🎙️ Listen to the full Milk Road Daily episode here.
Bitcoin is destined for $57k 📉
Ran Neuner (Founder of Crypto Banter) is calling for a $57,000-$58,000 Bitcoin, and he thinks it's coming sooner rather than later…
He points out that BTC just closed below the 200-week EMA, and historically, that means a date with the 200-week Simple Moving Average (SMA) is inevitable.
Ran isn't sure if we’ll "kiss it and rip" like in 2020, or bleed another 30% like in 2021.
Either way, he’s bracing for impact and says this level is "programmed".
🎙️ Listen to the full Milk Road Daily episode here.
The "Saas-pocalypse" is real, but overblown 🥱
Kyle Reidhead (our Head of Research at Milk Road) isn't about to mince words:
Pure software companies are in big trouble because "there’s no moat on code anymore".
He thinks software will be the first domino to fall because AI makes it too easy to replicate functionality and move off expensive subscriptions.
However, Kyle was quick to point out that the market is overreacting to companies like DoorDash or Airbnb…
You can’t just "clone" a marketplace that has millions of real-world humans and physical integrations.
If a company is just code, it’s toast, but if it has "software plus humans" or "software plus liquidity", it’s much harder to kill.
🎙️ Listen to the full Milk Road AI episode here.
THE SOLUTION TO CRYPTO TAXES
Tax season is right around the corner.
And if crypto taxes are already stressing you out, meet Summ.
Summ is a tax software built specifically for crypto.
Why we like it:
- 3,500+ exchanges, wallets and crypto projects (with DeFi, NFT, staking and airdrop support)
- Direct TurboTax integration
- Official tax partner of Coinbase and Metamask
- Helps sanity-check your new 1099-DA form/s.
The best part? You can get 20% OFF Summ for the first year.
Stop doing your crypto taxes the hard way.
Get started with Summ with a 20% discount.
HOT TAKES OF THE WEEK (P2) 🔥
The "behavioral alpha" gap 🤫
Matt Hougan (Chief Investment Officer at Bitwise Asset Management) thinks the biggest opportunity right now isn't in a chart, but in our own heads.
He says we’re suffering from "anchoring bias"- where we're so spooked by the bear market that we literally can't process good news anymore.
Matt points out that while the industry barely blinked at Meta rolling out stablecoins to 3 billion people - a few years ago that would have been a 12-month news cycle.
To him, the massive disconnect between "world-changing fundamentals" and "boring price action" is where the real profit is hiding.
🎙️ Listen to the full Milk Road Daily episode here.
The "triple layered bubble" is a monster we’ve never seen 🫧
Michael Pento (President and Founder of Pento Portfolio Strategies) says we aren't just in a bubble… we’re in three of them:
Equities, housing, and credit - all at once.
Usually, these blow up one at a time (like tech in 2000 or housing in 2008), but Michael points out that this is the first time in history all three are peaking simultaneously.
He’s convinced it’s going to end terribly, because the Fed has used trillions in "stealth QE" to keep the whole thing afloat.
According to Michael, we’re living in a distorted reality that's just waiting for a pinprick.
🎙️ Listen to the full Milk Road Macro episode here.
BITE-SIZED COOKIES FOR THE ROAD 🍪
Want to trade crypto without the risk? Warbux is a crypto trading platform that lets you trade using their capital.*
Bitwise: You're not bullish enough on tokenization. We're going from $20B to $200T.
Ran Neuner: Coinbase is the ultimate crypto hedge - I don't know which tokens will survive - but I know they'll trade on Coinbase.
One massive shift: Jeremy Allaire, CEO of Circle, just dropped one of the clearest explanations of where crypto, stablecoins, and AI are all heading.
*sigh* There’s a new crypto tax rule from the IRS. It’s called the 1099-DA and we’ve broken everything down around it here.*
*this is sponsored content.
MILKY MEMES 🤣
