We’re Still Early to The Institutional Crypto Cycle | Eric Peters, CIO Coinbase Asset Management
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I do not think institutions are here in size at all. When I think of institution, I think of the large pension plans, the large endowments, insurance companies, sovereign wealth funds. And there some of those flows have have started for sure. So the type of institution that I have spent my career with mostly have still like, they haven't even scratched the surface. Really? Oh, not at all. Not at all.
Welcome to Bankless, where we explore the frontier of Internet money and Internet finance. This is Ryan Sean Adams. Just me here today, David is out, so I'm here to help you become more bankless. We've got Eric Peters on the podcast today. This is our third time talking. I consider Eric an absolute investing legend. He was some of the first, some of the largest at the time. Institutional capital. Brave enough to buy crypto back before it was an institutional asset class, back before it was popular. Now last time we checked in with Eric, it was back in 2023. So Bitcoin was in the 20 k range at
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Bank of station, very excited to introduce you once again to Eric Peters. He is the CEO of Coinbase Asset Management. He's also the founder and CIO of One River Asset Management. I think we first met Eric Peters in 2021. That was our first bankless podcast with him. And at the time, he was one of the institutions, one of the few, maybe the first that had actually entered crypto. So a lot to talk about today. A lot of things to catch up on. Eric Peters, how are doing?
Great, man. It's great to be back. It's good to good to see you again. Sorry we're gonna miss David today, but, yeah, it's great to see you.
Yeah. Okay. So for people who don't haven't listened to previous episodes, we did one with you, I think, in 2021, another in 2023. Those are different environments, different climates, but you started with the story of you were one of the first institutional buyers of Bitcoin, and I also, I think Ether, and I recall the story you told us where you were trying to find a way to purchase, at the time, what's that, $600,000,000 worth of Bitcoin and Ether back in 2020, and you're trying to do this on the on the quiet and realizing that as an institution, was, like, very little institutional infrast
Yeah. So that was a really fun time, and it seems quaint. Right? Like, $600,000,000 doesn't seem like that much money anymore, which is which is part of the story of crypto as well. It's just, you know, money illusion, and over time, money becomes worthless. Not worthless, but worth less. Yeah. So at the at the time, you know, we gotten through COVID. Right? And I was I was running a macro firm called OneRiver, still am, in addition to Coinbase Asset Management. And we were searching around for interesting expressions for this monetary debasement theme that we saw unfolding. Government, you kn
Wait. Is Philip Henry Maxey? His last name
is Maxey? His name is Henry Maxey.
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