Weekly Roundup 10/10/25 (Luxembourg buys BTC, N. Dakota’s stablecoin, Salomon bros dust attack) (EP.675) – On The Brink with Castle Island

Weekly Roundup 10/10/25 (Luxembourg buys BTC, N. Dakota’s stablecoin, Salomon bros dust attack) (EP.675) – On The Brink with Castle Island — Transcript

Market views

Bullish

BTC— Bitcoin positioned as a hedge against emerging sovereign debt crisis in developed markets, with unprecedented gold rally signaling broader concerns about government debt sustainability
STABLES— State-issued stablecoins are underappreciated, particularly Wyoming's tokens which could offer interest and represent a new category of regulated digital assets
ICE— Traditional exchanges like ICE need exposure to prediction markets, with their $2B Polymarket investment signaling this strategic direction
COIN— Coinbase expected to become more active in the stablecoin market based on their national trust charter application

Bearish

BANKING— Stablecoins expected to cause significant deposit flight from traditional banks, with credit increasingly moving outside the banking sector to private credit and digital assets
CBDC— Government CBDCs unlikely to succeed due to fundamental conflict with financial privacy requirements and fifty years of Supreme Court precedent

Not investment advice.

Mentioned

Market views