Is 2025 Crypto's Dot-com Moment? | Weekly Roundup

Bullish:

• $STABLES - Stablecoin adoption has moved beyond testing phase with Visa's settlement pilot hitting $3.5B annualized run rate, signaling real market implementation and growth potential

  • “Visa's stablecoin settlement pilot just hit 3 and a half billion annualized run rate. Like, that's not a test anymore. That's a market signal.”

    Santi·35:26
• $CRCL - Circle has been the single best performing IPO of the year, showing strength in crypto infrastructure despite broader token market weakness

  • “The irony of all this is that the single best performing IPO this year was Circle. Single best performing IPO.”

    Rob·9:08
• $V - Visa's stablecoin settlement volume expected to grow dramatically from $3.5B to $100B next year, with the company well-positioned to benefit from stablecoin adoption

  • “My expectation is that that type of, you know, disclosure ends up becoming pretty common here for Visa with stablecoins as well for two reasons. One is I think that 3 and a half billion goes to a 100,000,000,000 next year.”

    Rob·45:22
• $VAULTS - Major asset managers including the third largest in the world are actively moving on-chain into vault infrastructure

  • “These are the largest asset managers in the world. These are I mean, one of these one of the the folks last night was c suite at the third largest asset manager in the world. He's like, we're we're moving on chain.”

    Jason·48:12

Bearish:

• $CRYPTO - Expecting two years of choppiness and underperformance in crypto relative to other assets despite increasing adoption, with speakers having taken chips off the table

  • “It is very possible that we have two years of choppiness and underperformance of crypto relative to everything else while we have a lot of adoption.”

    Santi·0:13
• $AI - AI sector is priced to perfection with companies like OpenAI at $750B valuation, creating significant downside risk if expectations aren't met next year

  • “I'm particularly worried of, like, just what's happening in AI because if that it's so priced to perfection that if there's any material deviation from the expectation into what companies can actually realize next year, man, things just can be really ugly.”

    Santi·25:42
• $TOKENS - Traditional allocators are investing in crypto private markets but avoiding public tokens, creating a disconnect in the token market

  • “But to your point, it's not happening in this token market, in the public token market, right?”

    Rob·12:01