🥛 We're not out of the bear yet 🐻

GM. This is Milk Road, the crypto newsletter that makes Flamin' Hot Cheetos taste like plain, un-salted popcorn.

Here’s a taste of this week’s menu:

🔥 We're not out of the bear market yet.
🥵 Central banks fear stablecoins more than AI.
🌶️ SpaceX might just buy Tesla outright.

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HOT TAKES OF THE WEEK 🔥

We're not out of the bear market yet 🐻

Michael Terpin (CEO of Transform Ventures) is still not ready to call the bear market dead.

His view: chart-wise, we're not confirmed into a bull market until Bitcoin closes a full week above roughly $79,500, and we haven't done that yet.

Michael thinks the more likely near-term path is actually a retest down to $70K, maybe even the low $60Ks, especially if the CLARITY Act gets rejected in Washington.

That's a notably cautious call from someone the industry treats as the resident bull market historian.

🎙️ Listen to the full episode here.

Central banks fear stablecoins more than AI 🏦

Jess Houlgrave (CEO of WalletConnect) said that if she ran a central bank right now, dollar stablecoins would rank above AI on her worry list.

Because unchecked USD stablecoin dominance chips away at other countries' control over their own monetary policy.

Jess says that's exactly why the ECB and Bank of England are suddenly warming to CBDCs they swore they'd never build, it's that or watch their currencies get replaced by digital dollars.

She's calling this a multi-hundred-trillion-dollar currency war.

🎙️ Listen to the full episode here.

SpaceX might just buy Tesla outright 🚀

Dougie Fresh Picks (a 20-year professional trader) went full conspiracy theorist mid-chart-read on Tesla.

His prediction is that SpaceX eventually buys Tesla outright and folds it under one roof with xAI, because that's exactly how Elon operates:

Cut costs and consolidate control.

He points to the shared factory going up in Texas as the leading indicator.

🎙️ Listen to the full episode here.

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HOT TAKES OF THE WEEK (P2) 🔥

The horse already left the barn on crypto 🐎

Neil Steinhardt (Chief Operating Officer at Nexo U.S.) came on fresh off Nexo's big U.S. relaunch and basically shrugged off the CLARITY Act vote everyone's waiting on.

His view: whether or not it passes in the Senate, digital assets are already embedded in the U.S. financial system, so the horse already left the barn.

Neil says the GENIUS Act already did the heavy lifting by giving institutions the green light to build, and CLARITY would just be a bonus multiplier on top.

He's calling the next stretch a "golden age of crypto" no matter which way Congress votes.

🎙️ Listen to the full episode here.

Frontier labs could buy half the AI compute market 💻

Vincent (AI Researcher at Milk Road) laid out a scary bull case for AI infra:

Anthropic can already generate roughly $50M of revenue per megawatt against a cost base of just $10M to $15M, meaning every new megawatt basically funds the next one.

Vincent thinks Anthropic and OpenAI could buy up 40% to 50% of all new compute coming online next year, effectively cornering the market.

Great news for chip sellers - but one that comes with a catch…

Any regulatory speed bumps hit by either lab could cause the whole flywheel to stall out.

🎙️ Listen to the full episode here.