We’re Still Early to The Institutional Crypto Cycle | Eric Peters, CIO Coinbase Asset Management

Bankless

Technology, News, Tech News

4.7 • 1.2K Ratings

🗓️ 25 August 2025

⏱️ 113 minutes

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Summary

Eric Peters, CIO of Coinbase Asset Management joins Ryan to chart how crypto matured to today’s institutional market with deep liquidity, ETF rails, and stablecoin clarity. They unpack why Wall Street is leaning in, why the next wave is digitally native issuance of treasuries, bonds, and equities on Ethereum, and how macro tailwinds (fiscal dominance, Fed–Treasury convergence, AI-driven productivity) intersect with crypto’s reflexivity. Risks and realities aren’t ignored—over-financialized “treasury companies,” security lapses, and policy whiplash—plus a 12–18 month roadmap of real on-chain use cases as pensions and sovereigns start arriving. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: 🪙FRAX | SELF SUFFICIENT DeFi https://bankless.cc/Frax 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle ------ TIMESTAMPS 0:00 Intro 5:55 Throwback to 2020 9:29 Institutional Infra: Before & After 11:47 Institutional Adoption: Before & After 15:57 TradFi ETF Incentives 19:07 Did Crypto Become Consensus? 22:45 Balancing Conviction & Change of Opinion 28:20 The Story of Money 33:19 Institutional Understanding 37:57 Is Crypto Too Big to be Shut Down? 43:44 Operation Chokepoint Takeaways 49:18 Crypto Regulation 180 56:13 Working with Different Jurisdictions 1:04:05 The Future of Tokenization 1:10:10 Crypto ETFs Aftermath 1:18:32 How High Can Crypto Go? 1:32:23 Treasury Companies 1:38:27 Eric’s Macro Trades 1:44:18 What Could Go Wrong? 1:48:04 Coinbase Asset Management 1:53:34 What’s Next? 1:54:52 Closing ------ RESOURCES Eric Peters https://www.linkedin.com/in/charlesericpeters/ Coinbase Asset Management https://www.cbassetmgmt.com/ One River Asset Management https://www.oneriveram.com/ Last Eric Peters interviews https://www.youtube.com/watch?v=z8oocKy3IwU https://www.youtube.com/watch?v=NMPiGjxdH0E Vitalik’s Interview https://www.youtube.com/watch?v=rNSnYIjoqOM ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Transcript

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0:00.0	I do not think institutions are here in size at all. When I think of institution, I think of
0:07.0	the large pension plans, the large endowments, insurance companies, sovereign wealth funds.
0:15.8	And there, some of those flows have started for sure. So the type of institution that I have spent my career with mostly have still, like,
0:26.1	they haven't even scratched the surface.
0:27.7	Really?
0:28.5	Oh, not at all.
0:29.4	Not at all.
0:33.9	Welcome to Bankless, where we explore the frontier of internet money and internet finance.
0:38.5	This is Ryan Sean Adams. Just me here today, David is out, so I'm here to help you become more bankless.
0:44.8	We've got Eric Peters on the podcast today. This is our third time talking. I consider Eric an absolute investing legend.
0:52.3	He was some of the first, some of the largest at the time,
0:55.2	institutional capital, brave enough to buy crypto back before it was an institutional asset class,
1:01.6	back before it was popular. Now, last time we checked in with Eric, it was back in 2023. So Bitcoin was
1:08.2	in the 20K range at the time, if I remember, and Eath was in the thousands.
1:12.3	We were in the midst of Operation Choke Point. We were under a full frontal assault by Gary Gensler.
1:18.6	We were still cleaning up the mess left by the SBF blowup. The institutions had largely left.
1:24.6	They were gone. Many had thought they had left for good. We're in a completely
1:28.5	different world right now. On bankless, this cycle, this crypto bull cycle, we've called the
1:33.6	institutional cycle of crypto. And I wanted to get Eric's thoughts on this institutional cycle,
1:39.5	how it would play out. How does Wall Street actually view crypto in 2025? Why did Larry think change his mind?
1:47.5	Who's left on Wall Street to convince and how far will this cycle actually take us, including
1:53.7	from a price perspective for Bitcoin and Ether? We talk about Paul Tudor Jones and Ray Dalio,
	...

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