00:00:00
the crypto Market is in shambles Bitcoin
00:00:03
is sinking lower as altcoin sentiment
00:00:06
reaches new lows that we haven't seen
00:00:09
since what feels like 2022 at least it
00:00:12
feels like this right my friends I've
00:00:14
been in crypto for years I've seen it
00:00:16
all you subscribe to altcoin daily for
00:00:18
videos like this what is happening in
00:00:21
crypto now is nothing new you're afraid
00:00:24
that the top is in for crypto well
00:00:27
people in the space like injectives Eric
00:00:30
say the best is yet to come this year
00:00:33
and Beyond listen to this what is your
00:00:35
view of the market at this moment in
00:00:37
time we saw the big post election rally
00:00:39
at the end of last year saw a bit of a
00:00:41
meme coin craze last month how would you
00:00:44
characterize the market so far in
00:00:46
February I think we're at the beginning
00:00:48
of a very beautiful convergence um we
00:00:51
have seen a lot of promises we have seen
00:00:52
first experimentations we have seen some
00:00:54
of the initial products a lot of
00:00:56
crossover like uh uh I think Black Rock
00:00:58
recently launched a product on top of
00:01:00
salana as well and this is uh going to
00:01:04
be you know looking back a first sign of
00:01:06
a fundamental sizmic shift toward a very
00:01:10
strong convergence between the Defi and
00:01:11
trapi realm hey altcoin Daily Nation you
00:01:14
need to sign up for the Bitcoin reward
00:01:17
credit card by our partner fold you
00:01:19
spend USD on credit and stack real
00:01:22
Bitcoin with every purchase reserve your
00:01:25
spot today only so many weightless spots
00:01:27
are being accepted This Is Us only this
00:01:30
is the most baller way to stack Bitcoin
00:01:33
you whip out this nice metal fold credit
00:01:35
card and you earn real Bitcoin this is
00:01:38
better than AMX this is better than
00:01:39
Capital 1 use my link below and get on
00:01:42
the wait list immediately guys smash the
00:01:45
like button support the channel before
00:01:46
we hear more from Eric about the future
00:01:49
of the altcoin market understand how
00:01:51
bearish the market is right now I want
00:01:54
to show you two examples of Market
00:01:56
experts just futing crypto to no end the
00:02:00
first is Goldman Sachs Commodities
00:02:02
expert saying how bullish he is on gold
00:02:06
which leads cnbc's Joe kernin to push
00:02:08
his buttons a little bit saying well
00:02:10
when are you going to start analyzing
00:02:12
Bitcoin like look how uncomfortable he
00:02:14
gets when Bitcoin is brought up and I
00:02:16
asked you also Off K what about why gold
00:02:19
rather than Bitcoin and you said you
00:02:20
don't Goldman Sachs does not the you're
00:02:24
you don't cover Bitcoin at all research
00:02:27
our our our research team currently
00:02:29
doesn't doesn't cover Bitcoin I think
00:02:30
there is one fascinating uh similarity
00:02:33
between gold and Bitcoin which is that
00:02:34
Supply is very limited it's very
00:02:36
difficult to get out of actually a lot
00:02:38
of similarities but that's one of them
00:02:40
that's the most important one there are
00:02:41
also some key differences if you just
00:02:42
look at the Historical risk return
00:02:45
profile and what those two assets could
00:02:47
do to
00:02:48
portfolios gold um has recently booked
00:02:51
you know solid returns but Bitcoin
00:02:53
returns have been very strong but on the
00:02:55
flip side volatility has been incredibly
00:02:57
high and so if you're looking to uh for
00:03:00
a safe haven asset to hch your portfolio
00:03:03
against stale scenarios we think the the
00:03:05
lower risk properties of of gold are
00:03:07
quite attractive you're the
00:03:09
co-head of global Commodities research
00:03:12
when you have meetings with your other
00:03:14
the other co-head I don't know who that
00:03:16
is my my great colleague oh your great
00:03:18
colleague and all your Minions that that
00:03:21
work for you do you talk about ever
00:03:24
covering crypto it's it's definitely uh
00:03:27
you know an ongoing conversation with
00:03:29
our team when's it going to happen uh to
00:03:32
to be discussed to be discussed
00:03:35
including with management and then
00:03:36
another example of the state of the
00:03:38
market right now if you wonder why you
00:03:41
always seem to miss buying Bitcoin at
00:03:43
the lows it's because of people like
00:03:45
this he's bullish on meta and Facebook
00:03:48
stock but bearish on bitcoin I know you
00:03:50
also um talking about divergences have
00:03:53
looked at you know the NASDAQ relative
00:03:55
to bitcoin bitcoin's actually kind of
00:03:57
you know down modestly today what is
00:04:00
that speaking uh uh of at this point
00:04:03
yeah that's a more you know nuanced and
00:04:05
and frankly a newer relationship so I
00:04:07
don't know how much confidence we have
00:04:09
and it's more observational probably
00:04:10
than anything else but you know Bitcoin
00:04:12
has not been able to uh to confirm the
00:04:15
strength that we've seen in the NASDAQ
00:04:17
so really what you're saying is you want
00:04:18
to see both uh these types of assets
00:04:21
make new highs simultaneously and these
00:04:23
have really been diverging pretty
00:04:25
meaningfully and the reason that that's
00:04:26
important um is that if this really is
00:04:29
about animal spirits and uh you know
00:04:31
kind of the the speculative fervor if
00:04:33
you will um then it's important that
00:04:35
sort of all those things are aligned and
00:04:38
that's just not happening here so
00:04:39
probably the bigger concern for us with
00:04:41
Bitcoin is the the positioning in the
00:04:43
Futures Market um where commercial
00:04:45
hedgers are in a position where they're
00:04:47
uh they're actually from our work in a
00:04:49
in a low net long position which just
00:04:52
basically means that they're not
00:04:53
interested in playing on the Futures
00:04:54
Market um and that's usually somebody
00:04:56
you want to follow not somebody you want
00:04:57
to fade so uh we're looking at that and
00:04:59
believing that Bitcoin probably has a
00:05:01
correction in it maybe as low as 80,000
00:05:04
that's probably aggressive but I do
00:05:05
think that there's some downside to
00:05:06
bitcoin here that we want to be careful
00:05:08
with do not miss the forest for the
00:05:09
trees take a look at the bigger picture
00:05:12
this is what injectives Eric Chen
00:05:14
expects comes next for altcoins tldr
00:05:18
he's bullish listen to his full analysis
00:05:20
I'm kind of curious about where you see
00:05:22
demand going from here I think what's
00:05:25
really really exciting for the upcoming
00:05:27
Administration and the overall
00:05:28
friendliness towards uh industry as a
00:05:31
whole adds a lot of regulatory Clarity
00:05:33
and also a lot of friendliness towards
00:05:35
establishing licenses and also um a more
00:05:38
collaborative environment with
00:05:39
Regulators on launching a lot of very
00:05:41
exciting products so even from our side
00:05:44
um we've managed to you know get out a
00:05:46
index and try indices uh that signals a
00:05:49
major step towards the uh Global overall
00:05:52
uh you know seismic shift towards a
00:05:53
financial industry uh that are you know
00:05:55
merging with the overall crypto world
00:05:58
and I think uh with Charles sh also you
00:06:01
know uh announcing that they'll be
00:06:02
offering you know 247 trading for retail
00:06:04
investors uh it's all coming uh into a
00:06:08
very very interesting kind of uh hybrid
00:06:10
between a crypto world or offering more
00:06:12
traditional uh exciting you know Equity
00:06:15
opportunities for a global audience and
00:06:17
also the US you know uh trafi world
00:06:19
trying to you know expand upon their
00:06:21
product and improve upon it so I think
00:06:23
for the upcoming year and for you know
00:06:25
the next few years we're going to see
00:06:27
very interesting competition between um
00:06:30
a lot of the crypto native or what three
00:06:32
offerings uh they're trying to compete
00:06:34
with a lot of the traditional Financial
00:06:36
products uh and maybe you know add some
00:06:38
the spars to it what is standing in the
00:06:41
way of adoption of hybrid products like
00:06:44
this and I think that is phrased a
00:06:46
little bit negatively but obviously
00:06:48
there is a learning curve here um what
00:06:51
would it take to see a rise in demand
00:06:53
for hybrid products like that um
00:06:55
especially this year given that in the
00:06:57
US we have such a crypto-friendly
00:07:00
Administration yeah I think in general
00:07:03
um you know prohibitive regulation could
00:07:05
stand in the way of uh adoption for a
00:07:07
lot of these hybrid products as we've
00:07:09
seen in the past where a lot of the
00:07:11
regulatory uncertainty kind of prevented
00:07:13
a lot of these product you know seeing
00:07:15
the light or preventing these product
00:07:16
from uh progressively acquiring licenses
00:07:19
required to operate both uh overseas and
00:07:22
onshore um and on another hand I think
00:07:24
uh it's also about the various uh user
00:07:27
experience and efficiency of the rails
00:07:30
uh for the you know overseas local
00:07:32
audience to access so some of them could
00:07:34
have a difficult time you know uh
00:07:36
accessing various crypto rails Etc
00:07:38
depending on the local jurisdiction uh
00:07:40
but some of them you know might have a
00:07:42
much easier time compared to us folks uh
00:07:44
trying to access the same Rail and then
00:07:46
how do you at injective hope to benefit
00:07:48
from this new Pro crypto Administration
00:07:50
that we have here in the US they're
00:07:52
committed to getting so much done for
00:07:54
this industry and they have been
00:07:56
moving faster than I think a lot of
00:07:58
people actually in anticipated what is
00:08:01
at the top of your wish list in terms of
00:08:03
Regulation or policy
00:08:06
change um I think uh uh quite a few
00:08:09
folks on our team has been fairly vocal
00:08:11
and fairly uh active in terms of working
00:08:13
with Regulators on coming up with the
00:08:16
most productive uh regulation uh and
00:08:18
also you know upcoming guidances uh for
00:08:21
the overall industry and just you know
00:08:23
showing our voice and us at injective
00:08:26
labs and also you know for the greater
00:08:28
injective ecosystem
00:08:30
our goal is to basically enhance
00:08:31
traditional Finance with all these
00:08:33
onchain crypto Primitives and rails to
00:08:35
be able to enhance them and reach a go
00:08:37
globalized scale and a lot of these
00:08:39
indices that we recently launch and also
00:08:42
a lot of these very interesting uh
00:08:43
traditional Financial products are being
00:08:45
deployed on top of the uh injected
00:08:47
blockchain they're all a sign of a
00:08:50
larger seismic shift uh for this
00:08:52
conversion guys subscribe to our Channel
00:08:54
join the altcoin daily team never
00:08:56
Financial advice but I'm insanely
00:08:58
bullish this this year and Beyond and I
00:09:00
think you should be too so follow along
00:09:02
and I'll see you tomorrow
