Crypto Investment Thesis for 2026 and Beyond | ETHSofia 2025

[Music] All right, Sophia. Well, it's almost end of the day, so uh a lot of you will probably be tired, but uh let's make a little bit of action. So a lot of industry developments I think over the past time. Uh by the way maybe unnecessary to say but if there are questions uh scan the cleo code and you can just insert the questions. Uh there will be a Q&A session afterwards depend.

So focusing uh on the industry development guys um over the past years I can say and then with the eyes on the future what do you think will most likely shape the crypto investment sector for the let's say the coming one to two years it's a open question to you all

okay uh thank you uh thank you for being here um I would say the short answer is stratfi uh I believe uh investors, most of them are underestimating how quickly capital markets are moving digital assets into traditional rails. Um, we have seen it with ETFs. Uh, we now see it with Treasury companies. Uh, the soon to be open managers of um, retirement accounts that their allowance to invest in crypto. And I I think this is just the beginning and this is um starting to shape uh crypto not only as a speculative asset but a more mature um part of a natural nature part of a long strategy portfolio.

So, and with the risk of becoming a meme, I would say stable coins. Stable coins are the the the QR now uh the hottest buzzwords along with uh RWAS, but I think it's uh still early about them. But stable coins are already bringing amazing cost efficiency in many sectors and many entities. And um in 2026 we'll see we'll see much more examples of uh legitimate use cases for stable coins in e-commerce and also in payments and settlements. So to add on on this because I think it's basically Tati is the short answer but if I need to do a recap of like what happened in the last five years I would say that you know with especially with DeFi and like all the development in in web 3 is basically we figured out what works and what doesn't work.

We tested a lot of things in production and now we have the building blocks to integrate these things into trfy and to start to improve the processes that are happening there. You know, stable coins are one example because you know they're very efficient. They allow to move uh money much more quickly to the settlements much more quickly. Um we also have pers that are allowing like leverage and and and stuff like that like efficient trading and all this. So it's all kind of come down to how do we integrate all this in tratfi and I think tratfi also grew to the idea that it needs defy because no it sees that he can make money out of it basically.

So it's all about financial incentives. So I think um I'm I'm thinking more towards I I don't look for new primitives so much but more like plumbers that are going to allow the right plumbing of all these systems in order for the money to flow infi basically.

Hi everybody my name is Boris. Uh I'm from Morning Star Ventures which is a early stage venture capital firm. So we have a little bit of a different lens. Um without a doubt stable coins are going to be the elephant in the room and I think a huge testimony to that is simply the players and the sheer amount of stable coins that are coming to the market. So just recently for example circular announced their own blockchain for better settlement you know faster timing uh at the same time paradigm is working with stripe on their own layer one tempo and all of these guys are not building in silos at this point in time they're also integrating with huge platforms like Shopify like door dash you know so I think we we we throw these numbers around you know uh USDT's 170 billion market cap uh USDC is uh 75 billion market cap but you know comprehending what the impact of that is once it actually gets into everyday applications you know everyday usage I think that's going to be massive and without a doubt with uh what the other two guys said you know the tokenization of financial products like equities like mutual funds putting all of this on chain that's going to bring massive liquidity and uh I couldn't be more bullish for for the next couple of years that are to Thank you.

Well, I can totally rely on on what you're saying from my position. Um, and I indeed think that threadfi well at some point will will integrate everything that we have been seeing created over the past years. Now, we can also see that America is again in the forefront of developments. Um and we can even maybe say that there's some kind of a deregulation. Um definitely when it come for example to Trump's 401k the act that he has signed that it's now allowed to introduce uh hedge fund managers and and pension funds to invest into crypto or bitcoin in general but but in crypto in in in a broader space.

Um now do you guys think that there's actually deregulation and do you think this is driving innovation or would you say well I do have another perspective on this perhaps I can kick off um on the one hand it is deregulation but I don't think that's the correct terminology. I don't think that people that have been in crypto long enough are actually scared of regulation. We're just looking for the right regulation. You know, under Gary Gensler, it was basically choke point two. You know, it wasn't healthy regulation.

It was just going after players, making it difficult for builders to build in the space. You know that. So, I kind of see movements such as uh you know, the latest legislation coming out of the US uh regarding stable coins, you know, the the tax structures, you know, the the unification of ETF issuance. All of these are are kind of necessary moves to to just provide the framework for people to kind of play along, right? So, I definitely think it's it's a step in the right direction.

Regarding 401ks, um I don't really want to go into detail because I'm not a specialist myself from what I understand. That's actually an executive order from the Trump administration that hasn't really been voted or gone into effect, but it definitely opens the door to a what $9.2 2 trillion dollar uh pot of money that you know if even a fraction of that kind of gets allocated to alternative assets crypto included that's massive right so I think it's definitely a step in the right direction a lot of work needs to be done and a lot of change of sentiment needs to be done because if you ask normal retail uh consumers they're still scared of what happened to FTX they're still scared of what happened to a lot of borrowers and lenders and changing that perception before they put their retirement money is a necessary step along with regulation and u yeah

yeah when we uh talk about like how the regulatory landscape changed in uh basically the last year I think it definitely became more crypto friendly and the main outcomes here are ETFs that the digital asset treasury companies which both of these couldn't happen under Biden administration no way And I think the third one will be the acquisition of bridge basically. So like a big web to company acquiring a a a company with crypto business. I think this is also a kind of a one of the catalysts out of this u it's not so much deregulation but more like a friendly stance against uh crypto generally. So these three things I think are one of the major movers of of the crypto space at the moment and they kind of show where where things are going basically.

Um well um I believe bridge was acquired even a year ago during the Biden administration which was yeah they did uh which was a signal for uh for where the market is going. Um I think on uh here we can zoom out a little bit and think about uh a longer term of uh maybe the next 10 years. So it's a pretty normal for young people uh Gen Z and millennials uh per recent study uh the cohort between 25 and 41 years uh have around 28% of them have some kind of Greek exposure and the older cohort is only 5%. And if you think in the next coming 10 years we going to see a massive amount of uh wealth transfer from older generations to younger people and younger people which are just now going to going into their prime saving years. And if we are looking from this wealth transfer to younger generation some might say it's about hundred trillion dollars.

Uh for sure some of uh this wealth will pour into digital assets and they're just making sure there is the right regulation that uh can um secure uh future investors and by saying investors I also think users because everyone who is taking the Ethereum network uh everyone who is um uh actively participating participating in DeFi pool or something even it even if if it's USDC dominated and wall yield wall risk he is still a user and is actively using DeFi and now we have these use cases which are pretty strong and people who are actively participating into crypto they're just um making sure they're secure enough

well I think uh we can draw our conclusions from that um however we were just talking about retail and and also well that the way opened for Treadfi. Now I think what I am wondering and maybe the audience as well is it mostly the institutional players who are going to benefit from well everything that's that's happening the right legislation as as as you said uh or will it also be retail that can actually benefit from from the changes? Of course, retail is going to benefit and uh I can tell you like uh I I think a lot of people here we are living in a little bit of a bubble. Um especially users of DeFi. Defi is very complicated.

Like even if you don't look at it from a technical perspective, for a user it's very complicated to use these things. I mean for somebody that's been you know clicking you know D5 buttons for like 5 years it might look like trivial you know depositing funds on and stuff but the thing is if you take a regular person and show him like all these things it's it's like way over his head and even even some financial people it will be hard to to grasp the whole thing. So the moment when we integrate these things in products that people are actually used to to to to use you know that are uh familiar with you know let's say apps like Revolute like everybody's comfortable using revolute right so the moment when we have like an earn button in Revolute that plugs directly into DeFi and it's already happening it's happening on Coinbase like Coinbase right now I think just a few days ago start integrating morpho vaults into their UI uh before that they integrated loans. So suddenly this thing with TRFI in the front and DeFi at the back, it's starting to materialize. And I think this is amazing because this is going to allow 10 like 100x more people to actually use these services.

So this is a a great enabler in my in my opinion and it's something that a lot of retail is going to benefit from. I mean unfortunately it's a little bit boring when the entire panel agrees on every point but you know he he couldn't be more right. I would just bring it back to to you know specific legislation for example the Genius Act that was passed you know what does that require issuers to do basically show that they have sufficient collateral have regular reporting and what does that allow for every other web two integrator and you know general app to basically work with them. So clearly that's going to benefit retail. On the ETF front, you know, you can see that institutionals are basically the biggest buyers in the US because they're deploying 50 to 100 million checks and you know the AOM is just much larger.

Uh at the moment I believe the BTC ETF holds something like 170 billion which is an insane amount and it's the fastest growing ETF ever I think. So, you know, while institutions are benefiting and are coming on board, if you just move over the border in Canada, actually the BTC ETF was bought up by by retail first, then you move on to Hong Kong, ETFs were not available to retail, right? So, I kind of feel like it's a catch-up game where the regulation opens the doors. It provides the railways for for people to participate and it's just a matter of time to, you know, kind of unify security, user experience and bring more people on board. Um when you say the the ETF and the assender management in the in the in the BTC and Ethereum ETFs uh actually institutions were first these were the big infos at the beginning were institutions but as of now the the bigger portion of investors in ETFs are accredited investors in the US and these are people who haven't had any crypto exposure before them that this is just a product that enables them to invest in something speculative, risky, uh a small port, a small fraction of their portfolio with uh an instrument they they know.

And when you say the bubble, I said the bubble is the the billion uh the golden billion of the world population which is basically living in uh established markets. But uh ETFs and

uh they're just lowering the barriers for uh many participants. Uh we have people around the world which are not able to make a truly diversified portfolio and as of now they are just starting to do that and um with the new regulation uh we actually here in Bulgaria we can invest in many things but uh it's not the same across the pond. It's not the same in the US and that's changing now.

Okay. Well, as you said, quite a boring panel, huh? Everybody agrees. Let them give where they came from. Um, so we're mentioning a lot of things.

I hear ETFs, I hear that. Uh, let's focus on on on that last category, the the treasury companies. Um, yeah. Is this is this mainly speculation? Is this rather wise investing?

Um, what are your opinions? I mean, we can see that companies like Micro Strategy and Sharpling Gaming at this point are buying treasuries like Bitcoin, ETH. Uh, I think it's going to happen with Soul as well. Um, what are your opinions on this guys?

I think there are uh two type of companies here. Uh, although it's you can say even like Micro Strategy and everybody else. Um but basically two types uh one type is uh buying these things on leverage uh aka micro micro strategy and in my opinion this is like very dangerous. It could lead to uh like it could be a catalyst for a huge uh bare market. I mean probably not going to happen right now but like in a few years why not.

So this is like a very scary thing. Um then you have the other type of dots that are not buying stuff on leverage and these are uh what I call them like reverse tokenization stuff. So we were all saying like oh like everything is going to be tokenized but actually it happened the opposite uh the tokens got a thrat fight uh basically where uh obviously there is a lot of demand for buying these instruments from uh regulated players who can't make a Binance account. So um you take the tokens, you put them into a publicly traded company and suddenly everybody goes crazy like like this is this is actually uh very similar to what happened with ICOs. Um I mean in a sense although you know money are not invested on just white papers but more like on shitcoins.

But the the thing is um these instruments are traded in a major premium to the underlying uh uh assets that are staying in these companies and there's a lot of speculation happening like when these dots are announced the prices go like 10x so speculators try to catch that. Uh so you have this part then it slowly drains and then you need to keep in mind that the private investors are first in line here that are going to acquire this instruments and then they're going to dump them on the market and I'm saying this as someone participating in such round. So so basically you acquire them at a at a premium because it's a private round. Then the moment when they become liquid you you you're able to sell them. So don't buy these instruments um when the they they become tradable.

Wait for the private investors to unw first and then you know it's like always make sure that what you're buying is you know matching the assets under management that are staying in this companies because right now you know it's just a bunch of people trying to make money out of this thing. Yeah, I'm uh I'm a little contrarian to that in the sense that you know everything Valentine said is is correct. Apart from the fact that I'm less worried about micro strategy, I'm actually more worried about small ghost privately trading companies on the French stock exchange that until yesterday used to be real estate related and then all of a sudden they're like a an Ethereum treasury which is going to stake and have passive yield and all of that. You know, I think that we are yet to see one of these fault or have a security breach. We are already seeing how the MNAF is kind of going towards one and even below which basically signals that there is less demand on the market for such.

However, having said that having a Michael Sailor, having a Tom Lee, having Kyle from U Multicocoin being representatives of of these assets and you know allowing a publicly traded vehicle for institutions to invest is definitely a good thing, right? like they they it's more exposure. It's more money coming in. Is it actual adoption of crypto? Is it revolutionary?

Of course not. But is it beneficial to to to price action to exposure to have to them being on CNBC and all of the huge outlets every day speaking about crypto? I I I wouldn't dismiss the effect of that as well. I think you have first to make the difference uh the distinction between is this treasury company uh is holding Ethereum or holding BTC part of their core strategy and this is the one type of companies that we speaking of and public traded companies and I don't speak about private uh that's that's a whole different story and the other type of companies are just companies that are just trying to get some hype and pump their stock by having some uh some exposure to crypto. I think this this is the risky part because uh if we go in a uh in a downward um phase of the market, I I'm less worried about uh as bad sharp link and Bitmine.

I'm actually worried about these companies that are just risking their um um treasuries uh on a very risky asset because uh Sharink they have a long-term strategy and first of all Ethereum is a productive asset so you can you can stake it you can make the most out of it and this is their long term and they do not take any depth uh by doing so for Microsoft it's a different story. Well, it sounds to me a little bit like a bubble and it reminds me of the zeros where we had the com bubble. Not saying that everything is bad because look at the internet. We can't live without it at the moment. Imagine a world without internet.

Well, I guess nobody can do that. But I think we should all agree on the fact that at some point a bubble bursts and then capital is gone and then everything can start again from well from zero from scratch and then build up. However, the technological evolution that is at the ground of of of the bubble that will stay. Now based on the bubble everybody always wants to know what is the new thing. It's it's so funny.

Every time I speak to an investor, they're asking me, "Yeah, what is the new thing for 2026?" Well, stay here. It will be revealed. Um, we see a lot of industry developments. For example, uh, we see crypto sports betting, we see AI coming up, we see deepin, um, uh, earn play to earn gaming, all kind of of these kind of developments.

Um, which of those three do you think will most likely set the the the investment landscape for the coming one to two years?

Okay, I'll start first. Uh, well, uh, you mentioned gaming. Gaming is extremely hard. Uh I I don't know if you if if you're familiar with the gaming industry as a whole, but it's incredibly consolidated in the big studios and like 95% of the gaming revenue is going into couple of franchises and good sequels and uh the rest is uh very very hard market and uh when when it comes to blockchain, it's even more difficult because you have to make a great game that's universal and then you have to uh on top of it lay the foundation uh the blockchain thing and the whole token economy and the incentives and everything else and make the technology robust. So I'm uh pessimistic about in um blockchain games uh thriving uh but I'm optimistic about uh gaming infrastructure.

Uh I think we are in this um phase of the market. Uh it's incredibly centralized market and uh it will open and we haven't seen the the narratives in gaming which were quite popular like digital assets transferring from one game to another game. Uh this haven't happened yet. Maybe in Axi Infinity which still has many players but otherwise it's uh it's not yet there.

Finally something we can disagree about. So um in in within Morning Star Ventures we actually have a whole gaming division where we we run our own guild. We have 200 people who are developers, designers, content creators, buck hunters and we use these people whenever we do the due diligence process before investing and then afterwards we we help projects during their development phase. And our largest investment to date actually is a gaming uh project called Ganzilla. Uh it's a team based out of Germany uh and the US at the moment.

There are 400 people, 4 million uh monthly burn. Uh they run their own subnet of Avalanche. Uh they have their own blockchain and they have their first AAA game uh called off the grid. So I I agree that you know after axi infinity there was just a lot of replicas and a lot of bubbles that that unfortunately had to come along but you know these are seasoned players that uh seasoned builders who actually have previous experience in building web two games and currently OTG for example has 400,000 daily active users. Uh additionally they have 16 million unique wallets that were registered on chain.

you know exclude all the botting and you know all the farming that's put there cut it by half or you know even 25% that's still a huge move forward and the the one thing that that I want to convey you know not to not to sell our own backs is that they are the first ones that were able to crack stream steam so they're on PlayStation Xbox steam you know these are huge outlets where there is millions and millions of players and if you crack the gaming the the the product phase And people realize that there is a marketplace where you can trade assets. You can make some, you know, actually money on the back of the of the time that you spent and the attention that you pay to to the to the game. That could be actually quite revolutionary because previously what happened is actual gamers, everybody dismisses them, but they're actually the fastest adopters of technology. They're also power users. So whenever you give them a shitty game and you just tell slap a token on it and you tell them, "Oh, here is the next big thing."

of course they're going to be skep sk skeptical and see it as a scam. Now I think that this is one of the projects that has a chance to to kind of turn things around. It's not going to be easy. Uh we're in very close contact with the team. They're currently going to their mainet.

So it's an effort and a half to also move all of these 16 million wallets and you know kind of integrate the token and you know make the economy work. But uh I think eventually whether it's them or not I don't know. I can't tell the future. somebody we will crack it and then if you put two games side by side and one of them has all of the DeFi elements crypto ownership of digital assets and transferability and the other one doesn't I think it's pretty self-explanatory which game is going to be to to to win right so uh I think it's just a matter of time until that that segment has its time and um I hope it's sooner rather than later

yeah the grit is a great example I think it's basically the first game that uh web three game that is fun to play and uh this is like a kind of a zero to one moment. Um now unfortunately I think we need maybe 10 more like this until we see like the true revolution and uh see what are the mechanism that actually work and which doesn't. So I feel like there's going to be more time needed for for gaming to to penetrate. uh apart from gaming uh I think there are some some intersections crypto and AI that uh that that look potentially interesting. One is uh a project called USD AI that uh basically allows uh uh borrowing against the GPU infrastructure.

So it's a kind of a financial product um that could be used by data centers. Um the other will be maybe GPU marketplaces. So again like stuff around uh uh trading GPU infrastructure. Um and the next big thing that is kind of brewing and I'm not sure what is the intersection with crypto to be honest is uh in my opinion robotics. We are seeing a lot of interesting stuff coming up when it comes to humanoid uh robots and also uh even just you know uh a robotic hand that is basically mimicking the a human hand and being able to do like very precise movements and it's basically part of the AI stuff you know it's just the next uh the next step for AI one of the challenges when it comes to robotics is training data for this uh for this industy there is just not enough data to train this robots on.

So there are a couple of startups that are trying to crack this uh creating like synthetic data or maybe deep pin where I don't know you snap a camera on your forehead and then you uh make a video of your hand or something with some tracking. I I don't know like it could be something like that. Unfortunately, deep in so far it's been a bit hard to to pick up. Like seems like there is no really like a super successful model working there. So all of these things that I'm I'm trying to to say is that there are definitely, you know, like seeds popping up here and there, but like what which of these seeds are going to become like the the the big thing?

I'm I'm not quite sure. I'm just giving some directions that I'm kind of looking at right now and trying to follow.

Um, I'm back. Uh, about gaming, I totally agree with Bobby that you have to have a great game first. So, of the grit is definitely a fun play to game, but the most of the games in web 3 are just subpar. Uh and uh about AI and crypto uh I'm very bullish on AI and crypto uh because blockchain and artificial intelligence are incredibly powerful and uh kind of a dystopian blockchain techn uh technologies when going in the wrong direction and but they are destined to be intertwined together because there's so there's so much synergy between the these two technologies. Um when it comes to and crypto, I would like to zoom out uh and imagine if we already have an AI agent which is uh pretty good at my stuff.

he can be here doing better job than me but basically imitating me my personal AI agent and uh the question is about ownership and there is uh there isn't better infrastructure about ownership uh for ownership on digital assets like agents uh besides uh blockchain technology and crypto so uh the the input is the same uh if you have an AI agent which is making my job better than me if I don't have it and I don't have the ownership uh uh of this agent, I would be uh laid off and have no income. But if I have the ownership over that agent that I can I I'll be motivated to train to train the mod train the agent and become better than in what I do and maybe listen it to a company or just be uh employed because of this uh because of this agent and crypto and AI. There is a lot of policy to be done in my opinion and uh AI in general is very consolidated market as well just as gaming we have couple of big companies which are making whatever they want and they're ever growing and yes they're bringing a lot of efficiency into the system and reaping the benefits of AI making GDP for all of us but this GDP is concentrated in this company and not evenly dispersed and this kind this kind of centralization is just a matter of time to be decentralized in a way and marketplaces is uh for GPU power is one thing uh a bit more complicated marketplaces like like the one of pensor is uh also one way but I would like to see more ready infrastructure for AI agents onchain uh making u validating their actions uh um just operating onchain uh in a blockchain infrastructure paying by stable coins in Ethereum. So this is my uh bullish sentiment for AI and crypto.

Thank you. Lots lots of information and I would like to take the time to answer some of the questions from the audience. Well, before we do that, maybe good to say that none of what we say is financial advice because I already saw some of the questions coming in. When do I need to sell my Bitcoin or is it still the right time to buy? Well, I don't know.

We will see. Um, let me see. This is a a nice one. Um, wouldn't Treadfi blur the decentral decentralization and how do we expect Trefy to impact crypto overall? Great question.

So I think uh you know the the teases that if we integrate all these DeFi stuff into Trati, we're going to sell our soul to the devil basically is completely wrong in my opinion because what DeFi gives you is optionality. So you basically have the option to either go to a bank or to some centralized service and put your money there and use all these things you know through that service. Don't care about you know self custody or anything like that. But you also have the option to exit the system and go on your own. Right now with banks, you don't have this option.

Like if somebody like if if you're blacklisted from the banking system, you're screwed basically. So

you're a Canadian truck driver.

Yeah. If you're a Canadian truck driver that is against vaccines, you're you're basically going to be kicked out of the financial system, which basically ruins your life. and uh you know or you could be like a political dissident in some other country and and then you know you're So I think having this optionality is great. So integrating all these things in in Trafi is great. Having the optionality even better.

So I think we are on the right path right now and all these things are you know coming together nicely.

I I mean I couldn't have said it better. I would just say the following. Uh I was working in TRFI before and you know like for people that are in the industry they know that that most things run on software that was written in the 90s like early 2000s. So you know having better rails having more efficient settlement mechanisms like not even touching DeFi you know that's already a huge step forward being able to trade 247 being able to trade from different jurisdictions you know having actual ownership of of assets. I think these are all huge positives and one way or another we're seeing Black Rockck pushing towards tokenization and if the big dogs are doing it it's just a matter of time until others follow as well.

So um yeah I think it's inevitable

as long as everyone is using public blockchains everything is fine.

All right let's do one more question. Um yeah, I think strategy wise this is an interesting one. How would we handle risks related to debts? So purely based from a strategic perspective when it comes to investing, how can we mitigate the risks that are involved with investing into these treasury companies that we talked about? I think uh maybe for for uh trading this instruments um right now maybe just avoid trading them at the beginning until like there is a lot of uh smoke right now that eventually is going to settle and things are then are going to be fine but I think the initial hype needs to calm down a little bit like all this companies to be established like to don't have a lot of hype hype and and everything.

Until then, the only type of trading that you can potentially do is to try to have some kind of a hype uh like speculative type of trading where you're like, "Okay, I'm going to I don't know, front run or or just try to be faster in, you know, trading the news and something like that, like a very short time horizon where know something is announced, you have maybe an automated system to to buy and sell like although usually they're outside of trading hours, so that's going to be a bit hard. So, I would say that I don't know like um for now maybe it's just a good idea to avoid them.

I definitely second that unless you're a hedge fund and uh you can run delta neutral strategies where you buy the underlying asset and then you short the stock and you know fancy stuff like that. I think it's just way too risky and I'm saying this from a lens where we've participated into pipe rounds into those uh that companies you actually as even one of the private investors can very well be left behind from you know whether it's inside insider information trading or dark pools and so on. So this whole segment of the market is too nent. Uh and then at the same time considering that all of you are sitting in the audience why not just hold the the underlying asset and then you're in full control. You can you know actually do stuff with it like staking it or you know more complicated strategies.

So there is a reason why crypto is what it is and why we follow the ethos of decentralization and true ownership and you know pushing those boundaries forward. So I think while I said that this is good exposure, it's definitely not something that I would primarily focus on especially when it comes to my portfolio.

Um I totally agree. I don't see the point of owning Micro Strategy shares instead of owning Bitcoin to be honest.

Oh, I see one.

So when it comes to micro strategy, it's actually uh like for this one particularly like not for the other DATs but micro strategy

there is a bit of leverage. Yeah.

Yeah. It's a free leverage basically. So Micro Strategy if you look at the price it's following Bitcoin price but you know the better like the multiple like Bitcoin moves like 10%, Micro Strategy is going to move 20%. So it's basically a leverage exposure towards Bitcoin but you don't pay a funding rate. So it's uh it's basically a long-term hold that you can have with uh uh no payment for leverage and have a you know multiplied exposure to the underlying.

Again no financial advice. Don't give them ideas.

All right.

I mean it works both ways right? You can short it also.

That's that's why people believe that Michael Seller has the the best decision about when to buy Bitcoin. they imply that into the price and by having so much Bitcoin he's also moving the market in a certain direction as well. I think he's just dcaing.

Guys, thank you. Um, also for the audience, thank you. Um, if you could mention one last sentence in this panel for the audience, uh, looking forward shaping the investment strategies of 2026, what would it be? Just one sentence.

Well, I consider the crypto market to be very momentumdriven. So just remember that you know you should follow fundamentals and you should track metrics and you should understand what protocols do and how they're being used but you should also understand that there is the greater full theory fully at play with things like memecoins hype tokens you know that get listed on exchanges and then you know dump in a flash of a second. So just be vigilant realize which strategy you're playing and if you don't know who is the fish in the room you are the fish. That's a famous saying. So, you know, kind of try to stay away from risky uh risky plays without fully understanding the scope.

Yeah, it's a basically it's a marathon. It's not a sprint. So, don't get liquidated. Um and um yeah, I mean in order to be successful in in crypto generally is basically to survive. Like if you're able to survive then you'll be well off.

Uh I will speak to the builders here because there are a lot of developers in the room. Uh I don't believe in the zero sum theory for crypto. I think the price is much bigger. So uh dream bigger, cooperate and make great stuff. Don't front launches steal users and copy protocols.

Just build together better things and dream bigger.

Thank you guys. And again no financial advice. Heat. Heat. [Music]