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It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Tuesday, July 15th, and today we are talking about predictions for a long and exhausting crypto bull market. Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly slash breakdown pod.

Well, friends, Bernstein believes that we are in for a long and exhausting crypto bull market.

After the weekends push higher, bullish research notes are flooding in boxes.

Investment Bank Bernstein wrote on Monday that with institutions rather than retail driving

the price action, quote, our conviction in blockchain and digital assets has never been higher. They noted that this cycle is about conviction

bets on emerging tech rather than a speculative mania. Stable coins are nearing $250 billion in market

cap, while crypto wallet adoption is around $50 million. They expect both figures to grow sharply

as the digital financial system forms. The main point of the note was

that this is a categorically different bull run with analysts writing, it's easy to dismiss the current

cycle as yet another crypto bull market, another 2021. And you may call us believers, but we suspect we may

have crossed the belief stage. We're seeing on-ground adoption and widespread integration with the

traditional financial system

backed by regulation.

You may want to err on the side of our belief this time.

Now, another way this bull run is different is the macro focus.

While the first half of the cycle was driven by speculation around the first crypto presidency,

the current surge is closely tied to macro conditions and policy.

Charlie Belello, the chief market strategist of a creative planning investor, noted that gold and Bitcoin are the two top-performing assets this year. That has never happened before. Although gold was strong enough to beat the S&P 500 last year, U.S. growth stocks were stronger. The previous best year for gold was in 2020, but the NASDAQ almost doubled its returns. Bitcoin, of course, has regularly put up 100% or

annual gains across multiple cycles. It's typically the top-performing asset class or the worst,

with very little in between. Markis the alien of 10x research also reflected on why this cycle

...