Jamie Coutts

"Bitcoin is the collateral. It's the pristine collateral of the ecosystem... once we're in a world where banks are telling you that they have a wallet... the fungibility or the transferability of Bitcoin with other tokens just becomes so much more real." As banks enter the space to facilitate tokenization of real-world assets (RWA), they require a base layer of collateral. Bitcoin's integration into banking wallets for collateral purposes creates structural, non-cyclical demand from institutions, separate from retail speculation. Long-term accumulation. Short-term volatility remains high; the bottoming process may take several more months (Q2 target mentioned).

Zcash is a de facto AI play because as AI scales, security and privacy on-chain become paramount. Zcash is at the forefront of privacy-focused blockchains and has seen huge growth in activity, which correlates to price. It benefits from the broader agentic/AI narrative.

Hyperliquid has seen improving on-chain activity that is reflected in its price, making it a bright spot in a weak market; deserves a place in portfolio despite near-term profit-taking risk.

US equity market faces headwinds from fading buybacks by hyperscalers, heavy IPO supply, and massive Treasury issuance ramping into next year, potentially leading to another leg lower.

NEO (the NE protocol) is positioned for the agentic future with its Intents product solving blockchain interoperability. The team is AI-centric, they have pivoted successfully, cut inflation, turned on a fee switch, and are seeing growth in onchain activity. Despite recent price run, it deserves reconsideration as a long-term holding.

"Activity is concentrating into just a few L1s... in ETH it becomes deflationary in Solana it becomes less inflationary... essentially more activity number go up." The "rising tide lifts all boats" era is over. Capital is fleeing ghost chains and consolidating into L1s with actual economic activity (fees). Investors must concentrate portfolios in the market leaders (Ethereum and Solana) where tokenomics actively capture value from network usage. Long (Selective L1s). Regulatory blockages could delay the "productive use cases" needed to drive fees.

"The Trump administration... needs the banks to start opening up the spigots. Those banks are going to start lending... to businesses to actually onshore industry and re-industrialize the US." The macro regime is shifting from "central bank asset purchases" (which pump financial assets) to "commercial bank credit creation" (which pumps the real economy). This regulatory pivot to encourage lending is bullish for the banking sector (XLF) and specifically regional banks (KRE) that handle commercial loans. Long Financials. If inflation spikes again, the Fed may be forced to restrict liquidity, preventing banks from lending.

"Activity is concentrating into just a few L1s... in ETH it becomes deflationary in Solana it becomes less inflationary... essentially more activity number go up." The "rising tide lifts all boats" era is over. Capital is fleeing ghost chains and consolidating into L1s with actual economic activity (fees). Investors must concentrate portfolios in the market leaders (Ethereum and Solana) where tokenomics actively capture value from network usage. Long (Selective L1s). Regulatory blockages could delay the "productive use cases" needed to drive fees.

"The Trump administration... needs the banks to start opening up the spigots. Those banks are going to start lending... to businesses to actually onshore industry and re-industrialize the US." The macro regime is shifting from "central bank asset purchases" (which pump financial assets) to "commercial bank credit creation" (which pumps the real economy). This regulatory pivot to encourage lending is bullish for the banking sector (XLF) and specifically regional banks (KRE) that handle commercial loans. Long Financials. If inflation spikes again, the Fed may be forced to restrict liquidity, preventing banks from lending.

"Money essentially flows into the businesses that are going to be direct beneficiaries of that [re-industrialization]... massive record amounts of capex that these AI companies are now announcing." The "productive economy" thesis implies a rotation out of purely speculative assets into tangible growth sectors. If the administration prioritizes onshoring and AI infrastructure, the Industrial sector (XLI) receives the influx of bank credit and government incentives. Long Industrials. Execution risk on US re-industrialization; high debt levels could crowd out private investment.