4.8 • 1.1K Ratings
🗓️ 10 November 2025
⏱️ 58 minutes
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| 0:00.0 | If you think about the big categories of institutional investors, you've got family offices, |
| 0:06.2 | asset managers, sovereign wealth funds, university endowments, foundations, |
| 0:10.9 | corporate treasurers, insurers, right, pension funds. |
| 0:14.3 | You have some adopters in every one of those archetypes. But not the majority, not even close. |
| 0:25.3 | Robbie, you run crypto at BlackRock, so I feel like you know more about institutions and |
| 0:31.6 | crypto than just about anyone we've talked to on bankless. So I want to start with the question |
| 0:36.3 | that's on everyone's mind, |
| 0:37.6 | particularly on a day like today. So we are recording this, a day that's a little bit red in the |
| 0:42.6 | crypto markets. They seem to be coughing up a little bit. So prices. Is it over? Or is this |
| 0:48.8 | just a bear trap? Gosh, well, if we counted the number of times that people have declared it over over the |
| 0:57.5 | 16 years, then that would be a pretty high number. So, no, I certainly don't think it is. I mean, |
| 1:04.2 | they've put it in perspective, right? This is the fifth cycle we've seen in, you know, Bitcoin |
| 1:10.3 | and crypto's history, right? |
| 1:13.8 | And through each of those five cycles, or at least each of the four preceding cycles, |
| 1:18.7 | you had these extraordinary bull markets, right? |
| 1:22.7 | And at the end of each, a pretty severe correction. |
| 1:26.0 | But through each successive cycle, the level that Bitcoin reached was massively |
| 1:32.2 | higher than the prior cycle, right? |
| 1:34.6 | And collectively across these five cycles, Bitcoin's gone up by six orders of magnitude, |
| 1:40.9 | right? |
| 1:41.8 | One million X, 100 million percent since when it first started trading on exchanges |
| 1:47.5 | in 2010. So this is obviously nothing new to crypto. I actually think, you know, if you'd |
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