Why Institutions Are Bullish With Eric Peters
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Five years from now I think most of Wall Street will be well on its way to to trading everything in in a tokenized way. And that there will be a lot of value that accrues to the technologies and the entrepreneurs that figure out how to provide great, you know, great infrastructure, great services, and, I I don't think that they they fully appreciate that. This
is gonna be a lively conversation. We have Eric Peters, CEO of Coinbase Asset Management, also CEO of One River. If you don't know One River, they were probably the first, like, real institutions to start allocating to crypto. So very excited for this, this conversation. Welcome. Yeah.
Thank you.
Yeah. You've been trading and investing for a little while. I think you said the other day when we were catching up, this is the most interesting time in markets that you've ever seen. I'd love to just get your view on markets. What what is happening right now, not just in the crypto markets, but in the global macro markets right now? Yeah. Sure.
I yeah. I've I've been I've been at this since '89, so I've been at it for a while. And it is the most interesting timing. There there have been some very interesting periods throughout my career. I think what what is remarkable remarkable about this one is that there's a real transition from, the previous paradigm, which was dominated by, central bankers to politicians now. So I think that happened during COVID. And, actually, that was our impetus to get invested in crypto. We saw this transition to extremely large, fiscal spending, deficit spending, which I think was rational coming out of C
And that's an interesting note. It's the first time maybe, at least, that I've been alive. I don't know if it this has happened before, but it feels like the market decisions from the top are now politically driven instead of maybe economically driven. Right? Decisions about maybe rates or easing or tightening used to be driven around, like, unemployment or things like that. Now it's very politically driven. Do is that a short term phenomenon, long term phenomenon? Is this just how it's gonna work for from here on out?
I think it I think it's long term as in decade plus. You know, the the era of the central banker, was literally the entirety of my career. So '89 up until really February. And the thing about central bankers too is, like, if you look at, central bankers around the world, they've all more or less studied the same, from the same textbooks just, you know, in different languages. And so the amount of policy homogeneity when central bankers are in control globally is remarkable. When you get politicians involved, I mean, Trump is different from Biden, is different from, you know, name your politici
Maybe let's actually go there. So if you talk to probably most people in this room who focus on the markets, their view I think they're starting to be a consensus view that the reason what Trump is doing right now is he's kinda getting us really close to a recession in order to strong-arm Powell into lowering the tenure. Right? He's basically saying, this is the one area of the economy I don't have control over. I I'm a real estate guy. I wanna I wanna decrease the rates, which will long term help help the market and help help a lot of different other things. What what is your view of that? Ye
I think that we're still, early enough in this administration where Trump loves to blame people for all sorts of things. I think he can blame Biden for a lousy economy, and and I think he already is doing that. And I think when you look at, you look at Bessent, just thi
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