What Institutions are Actually Buying this Cycle | Eric Peters, One River & Coinbase Asset Management
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I think eventually it plays out where crypto is ubiquitous from a financial services perspective. But I think so that's way that'll be way bigger than $10,000,000,000,000 in the sense that it'll encapsulate all financial assets in the world. But I also think that along that path, you're going to see new business models pop up and innovations pop up that we never even thought about. Anytime you reboot a system, that's where a lot of opportunity lies. And so this is a reboot of the financial architecture, you know, which doesn't change that frequently. And this is this is it. We get to live thro
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Hey. Thank you. Awesome. Great to see you guys again. Yeah.
Yeah. Good to have you back with us. Okay. Easy place to start here. Election just happened. Bitcoin had an all time high. The S and P just had its best week of 2024, also hit an all time high. Risk appetite is clearly back on. Animal spirits back in the market. Would love to just hear, like, very broadly I mean, how how are you thinking about the world and, obviously, markets right now?
Yeah. God. I mean, so much has changed for this election. I I and I wrote about a little bit this weekend. I think that when when the world changes this abruptly, it takes time for, portfolios to to reposition. And, and I think crypto will will be even more so than traditional markets. But when you if you look at the the pollsters coming into the election, even though the prediction markets were running ahead for Trump, the the pollsters were expecting the tightest election in US history or modern history anyway. And, you know, if you use that for a proxy for how large allocators of capital, a
Eric, I remember, my impression when you came on the pod a couple years ago was your ability to crystallize gains in a market, and that's really hard, I think, just in crypto, but just in general. You talk about people really getting the election wrong and just from pollsters. How do you translate that into just broadly investing? Like, people were positioned sidelined in crypto for a variety of reasons, but just in general in markets, like, does that tell you markets are just incredibly inefficient? It's just become harder to be an investor. Like, we're connected, but the information's just b
It's always hard to be an investor. You know, if you read back, I think the first investment book that, that I read was, you know, written by this really famous or written about this really famous speculator, Jesse Livermore, back in the roaring 19 twenties. And the lessons that the lessons that he described in that, relative to kind of the lessons I feel like I've lived and learned over the course of my career, they're kind of the same. You know? So information sources shift around. I think what's happening in poly markets really, you know, it it's great. It is, like
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