Perkins: 2025 was the best of times and the worst of times for crypto

? (Anchor) 00:00.000

So, talk to me about Bitcoin, Ether, and other big cryptocurrencies going into the new year. Are you expected to continue to see them range bound? We're just kind of hitting on the fact that Bitcoin's been range bound and both Bitcoin and Ether are well below their all-time

? (Anchor) 00:12.480

highs. They hit just a couple months ago, couple weeks ago.

Christopher Perkins (Managing Partner & President) 00:15.520

Yeah, 20 2025 was a tale of two cities in a way. Uh it was the best of times and it was the worst of times. We hit all-time highs in Bitcoin, which was great. Um it was a really interesting period because as we went into October, retail really got hit hard. There were some

Christopher Perkins (Managing Partner & President) 00:31.000

issues overseas and one of the issues we had was that during the when Genzer was SEC chair, he pushed a lot of this activity offshore. It wasn't regulated so retail got hit in October. Prices really haven't recovered since then. But against that backdrop what we've seen is we've

Christopher Perkins (Managing Partner & President) 00:46.560

seen institutions keep marching forward. Why is it the best of times in some ways? It's because you couldn't envision a better regulatory landscape right now. We've got Mike Selig, we've got chairman Paul Atkins. These guys are really creating the conditions to let institutions

Christopher Perkins (Managing Partner & President) 01:03.640

march forward. And so as we come into 26, those institutions are marching forward. There's risk right now for them not having a crypto solution, for not being on the blockchain. So institutions are moving forward. Retail is trying to consolidate, figure it out. I feel pretty

Christopher Perkins (Managing Partner & President) 01:20.000

good going into 26 as those institutions move forward. What

? (Anchor) 01:23.920

do you feel good about? I want to pull on that institutional thread. We've had a lot of people come on here and say Ethereum. That's where Wall Street is building. That's where Wall Street's going to be. That's the platform they like. And then other people go, "Well, Solana's

? (Anchor) 01:34.720

cheaper and it's actually faster." So, they expect adoption to go in that direction. When we're talking about the institutional use of these technologies, which one do you expect to take the lead in 2026? And does that even Does 2026 even matter? Is it still early days?

Christopher Perkins (Managing Partner & President) 01:48.040

You know, we're going to continue to march forward. When you think about Ethereum or Solana, the answer is yes. I mean, both of these ecosystems are going to be very successful, but they're different. Solana wants to be the decentralized Nasdaq. Right? They're built by traders,

Christopher Perkins (Managing Partner & President) 02:01.600

for traders, high throughput, low fees. There's going to be some amazing solutions on the trading side. Ethereum, however, is going to be that internet layer, that internet settlement layer, they call it digital oil. Now, let's talk about some of the the successes. Tokenization

Christopher Perkins (Managing Partner & President) 02:17.920

is real. It's happening. I'm a fiduciary. I invest in assets. The equity markets are $127 trillion in size, right? These markets are tokenizing very, very quickly. As a fiduciary, if I have the opportunity to buy a legacy equity or a tokenized equity, if there's enough

Christopher Perkins (Managing Partner & President) 02:37.840

liquidity, I have to buy the tokenized one because I want to manage my risk on the weekends. If China invades Taiwan, I need to manage risk. I can't do it if it happens on a Saturday and the markets are closed. Okay Oh and by the way, how am I going to buy these equities? I need

Christopher Perkins (Managing Partner & President) 02:53.960

to use stable coins. Stable coins are doing great. You know, we are we had the genius act this year. They they moved from about 200 billion we're We're going to end the year around 300 billion. I think that's going to double next year. So there's some really good things

Christopher Perkins (Managing Partner & President) 03:05.240

happening as you look underneath the hood. All right, Chris,

? (Anchor) 03:07.880

we got to go but very quickly. Can you give us your forecast in 2026 for year end when it comes to Bitcoin and Ethereum and also Solana. We might as well throw it in. Quickly though.

Christopher Perkins (Managing Partner & President) 03:16.040

All right, right on. Uh Bitcoin 150, so uh Ethereum will go 5,000 and Solana back up around 200. 3 1 2 3 0 0 0 0 0 0