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I believe that there will be a lot, a lot of money, as well as resources and support for the crypto industry. Besides, as you know, at the beginning of December, the stock exchanges switch to almost 24-hour trading anyway. So I think we're moving into a world where the average investor will see markets trading constantly and have broad access to them.
To me, everything we've talked about regarding bonds indicates a return to the trend of dollar depreciation. Everything we see indicates that the trend towards dollar depreciation is back in force. I don't think he disappeared anywhere . I think it was just nonsense to try to convince people that the trend was over.
But I believe he is back. And in this world, in my opinion, Bitcoin is your most reliable asset. Gold, in my opinion, is a solid second place. Tom Lee says the crypto bull market has already begun, and the biggest wave of new investors hasn't even arrived yet. Tom Lee, the chairman of Bitmain, says that the crypto bull market is already confirmed and its duration and growth potential could surpass all previous cycles.
His evidence begins with performance. Cryptocurrency-related stocks are the best-performing assets in the third quarter by a wide margin. Bitmain’s September 20 update adds that the rally began in late June, with Ethereum outperforming other macro assets by 6,519 basis points this quarter. What sets this cycle apart is the size of the investor base.
Previously, rallies were based on narrow catalysts: first ICOs, then NFTs and meme coins, then stablecoins, and they mostly attracted crypto veterans. Now tokenization, a favorable regulatory environment, government support, and AI agents are expanding the audience . Some charts show up to 5 years of price consolidation, setting the stage for a decisive breakout.
The institutions are already in place. Wall Street has embraced stablecoins that support the dollar and Treasury bond markets. Businesses will only implement blockchain when it provides a tenfold increase in operational efficiency, revenue, or customer service quality. And Lee calls this threshold quite tangible.
Robinhood demonstrates this trend. Their second- tier Ethereum blockchain overtook Base in daily transaction volume about a week and a half after launch, although the bulk of the activity was generated by meme coins, not tokenized shares. The exchanges are also moving to almost 24-hour trading by early December.
Robinhood chose Ethereum because of its security and liquidity, not because of its lower fees. The price of Ethereum rose after the partnership without even collecting these fees, indicating a role as a means of saving. Bitmain currently owns 5,983,940 ETH , which is about 4.9% of the supply . The risk is that the volume of tokenized assets on the network remains insignificant.
Conclusion: for stable profits, speculation must turn into real utility. If you want to be ahead of the next crypto cycle, comment, share, and subscribe. I believe that the cryptocurrency bull market is already beginning; We are confident that this is confirmed, and this is also evident from the growth of crypto stocks, which by a wide margin became the most profitable assets in the third quarter.
I think a much larger group of new investors will come to cryptocurrencies, and that is what I think makes this cycle different. You know, the 2016–2017 cycle , the “Covid” cycle that ended in 2021, and last year’s mini-cycle all had their own specific catalysts, such as ICOs. And then there were NFTs, meme coins, and most recently, stablecoins.
But it was a narrow range of real-world uses, and mostly it was crypto enthusiasts coming back after losing money. I think the losses in this " bear" market were not that great. A lot of leverage has been eliminated, but with large-scale tokenization, a favorable regulatory environment, and government support at a time when artificial intelligence, agent systems, and many applications are being built around crypto, I believe that many more people will get involved.
And when we look at the price charts, I think it shows there. There was a fairly long period of price consolidation, in some cases about five years. Therefore, I believe that when this "bull " market comes, it will not only be a decisive breakthrough, but also that its duration and growth potential will be significantly higher than in previous cycles.
But you rightly noticed that when it comes to Wall Street, it is actively embracing technology. They have already accepted stablecoins . And it's not just Wall Street, but the current administration, which understands that stablecoins bring real benefits not only to the dollar, but also to the Treasury markets .
Many financial companies, of course, see the benefits: digitizing dollars opens up new markets. And now it’s spreading further: financial companies see a lot of opportunity to make money by tokenizing other assets. I mean, that's really key, because the only reason businesses will implement blockchain and cryptocurrencies is if they actually deliver a tenfold improvement in operational performance, the ability to generate revenue or commissions, or provide a better customer experience.
And actually, that's what's exciting, because now it's become very tangible. You know, I think Robinhood has been a real leader in this, and they've proven that there's a real use case, and people really want to not only have access to tokenized stocks, but also use the Robinhood network. But I think it's becoming much bigger, and part of it is because of the news, because for example, since the war in Iran started, people are really worried about the price of oil.
Typically, oil price quotes stopped on Friday afternoon. And now you can see the price of oil on perpetual markets. And this is crypto-innovation. So, for me, I believe that there will be a huge amount of money, resources, and support invested in cryptocurrencies. And on top of that, of course, as you know, in early December, the exchanges switch to almost 24/7 trading anyway.
So I think we're moving into a world where the average investor will be able to watch trades in real time and have access to many different markets. Well, first of all, I think Robinhood has demonstrated that they made very smart moves early on . They had a huge impact on changing the financial system.
I mean, their initial move with commission-free trading completely changed the world for retail investors. And I think the most notable thing for me is that Robinhood decided to build on Ethereum. Not because they were getting the best price or trying to fight commissions, but because it is the most secure and liquid network.
And I think since the launch of this partnership, there's been no intention in the Ethereum world to say, "Oh, we need to engage in rent-seeking behavior, try to optimize gas fees and maximize costs for the Robinhood network." I think this is a classic cash flow model. Some argue that the only thing of value in the world is assets that generate cash flows, but I think that view is wrong because, first of all, as you can see, the price of Ethereum has increased significantly since that announcement, and Ethereum does not necessarily receive these fees.
This just proves that the Ethereum story is likely turning into a story about a means of saving, where these tokens are held because they are useful, and because people understand that their value can increase. Luke Gromen says the dollar depreciation trend is back and that he wants to accumulate gold, Bitcoin, and silver.
He argues that all the signals from the bond market point to this, and this trend has not disappeared. The claims that it was over were just a play on the public. In these conditions, he puts Bitcoin in first place as the most reliable asset, gold in second, and silver as a noteworthy third. CoinDesk reported that after the Fed's first rate hike since 2023, which raised the target range to 3.75%-4%, gold rose by about 1%, silver by 1.5%, and bitcoin also went up.
Despite this, Gromen says that the average person should hoard Bitcoin, not trade it. His own trading history explains this caution. He has owned Bitcoin since 2013 and has sold most of it twice , buying back more each time, even though he may not have been able to return to the market. After active purchases around December 2020 and January 2021, Bitcoin has approached half of its liquid assets.
At 51, he considers a 45–50% share irresponsible towards his family and clients. Unknown factors, such as artificial intelligence and quantum computing, which could threaten Bitcoin's code or increase the supply of gold, reinforce this caution. Gold is better suited for large capitals due to lower volatility, and Bitcoin has only outperformed it by 8% in almost 6 years.
Silver adds demand from industry and has limited supply. Conclusion: Currency depreciation favors hard assets, but it is the size of the position, not confidence, that determines whether accumulation leads to wealth or risk. Okay, back to the interview. I think, I think, the trend towards currency depreciation has returned.
What makes me buy gold, bitcoin, silver. And just accumulate. There are times when I think the average person shouldn't trade Bitcoin. I think they should just hoard it. I've sold most of my Bitcoin twice now, and both times I bought back more than I had at the beginning. Some would say that's unreasonable.
Maybe that's true. Maybe this time I'll fall into the trap. And I won't be able to buy it all back. And that suits me too for many reasons. First, position size , age, technology uncertainty, right? So, you know, choosing a position size, right? It was almost half of my liquid assets because I bought a lot when Peter Schiff came to Rogan and said that Bitcoin would depreciate to zero.
I remember that day vividly. I kind of called for it. Um, and it worked, you know, 20 to anything. And, you know, 20 to 95. In a few years, that's pretty good. When that's half your liquid assets at my age, and I'm in my 50s, um, it makes me a little more anxious, especially when I don't have, I can talk about all the ins and outs of gold much better than I can talk about all the ins and outs of bitcoin.
And um, and look, unknown, unknown, look, if, you know, what is AI going to do? What is quantum technology going to do? I don't know and I can't tell you. Is quantum technology going to invent, you know, artificial gold or the ability to send a rocket without expending energy to an asteroid, bring it back, and create, you know, more gold than we've ever had before?
Perhaps. Is this going to, you know , crack the Bitcoin code? Perhaps. I do n't know. I can't, I am, so for me I don't think so. But "I don't think so" does not equal a position of 50% liquid wealth, 45% liquid wealth at age 51. This is simply not true. This is irresponsible. Um, in front of their wife, family, clients, in front of, you know, themselves, but for the average person, I don't think they should try to trade this, but I think they should also be responsible with their position size, right?
So, you know, I think it's easier to have a larger position in gold, given the lower volatility and historical performance. And critically , when you look at when I actually invested massively, I've owned Bitcoin since 2013. Um, when I bought it in bulk in 2021, uh, January 2020, December 20, January 2021, if you look at it compared to gold since then, it has outperformed gold by 8% with a lot of drama.
And you kind of think, " Well, maybe that means it's going to take off soon," but that's five ... that's almost 6 years, essentially, of performance on par with gold with a lot less volatility and drama, which at my age , again, the next 6 years, I'm... I, you know, I'm going to be 57 . I don't, I, I like the drama a lot less at 51 than I did at 45.
I think I'll like it even less at 57 than I did at 51. So, to me, everything we've talked about in bonds suggests that the dollar depreciation play is back in play . Everything we see indicates that trading on the dollar's depreciation has resumed. I don't think it ever stopped. I think it was just nonsense that was trying to convince us that it was in the past.
But I'm sure it's back in play. And in such a world, I believe Bitcoin is your most reliable asset. I think gold is the second most reliable. I think it's worth having some silver, because silver has that industrial potential that we were just talking about, this demand factor and the " unobtanium" dynamic, you know?
This is a way to play on many things, including sulfuric acid problems and supply issues. Real assets are strengthening as fears of devaluation, tokenization, stablecoins, and institutional adoption are reshaping the crypto market . Bitcoin's appeal as a hard asset and Ethereum's expanding utility create opportunities , but volatility, technological uncertainty, and over-leveraging remain real risks.
Disciplined accumulation may be more important than aggressive trading. If liquidity continues to flow into digital assets, the next cycle could change investors’ perceptions of security. Will Bitcoin or Ethereum lead the next cryptocurrency bull cycle? If you want to be ahead of the next crypto cycle, comment, share, and subscribe.
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