The Market Can't Make Up Its Mind

Summary

The episode covers career-building lessons from Goldman Sachs and crypto, then dives into a detailed Bitcoin flows framework. Avi argues sellers are exhausted and a bounce to $75-80K is likely, while Jonah suggests long-term accumulation but sees near-term malaise. They also discuss the Clarity Act’s impact on Coinbase and Robinhood, the long-term promise of Zcash for privacy, and their vision for crypto’s original purpose.

• Jordi Alexander built Selini Capital from a poker background by selecting an easier table in crypto rather than traditional finance.
• Goldman Sachs anoints an 'Illuminati' class based on verbal skills, political maneuvering, and commercial savvy, not pure merit.
• Jonah describes how he missed the MD track at Goldman by mishandling internal politics and the automation of options trading.
• Avi presents a Bitcoin flows framework: sellers are exhausted, Saylor has de-risked, and rotation from memory stocks could drive a bounce.
• Jonah sees Bitcoin as stuck in a macro/micro 'meh' zone but believes long-term currency debasement makes slow accumulation sensible.
• Avi is long a basket of crypto assets (BTC, ETH, Hyperliquid, HOOD, ZEC) for a short-term trade and holds a multi-year bullish thesis on Zcash.
• The Clarity Act has a 25% chance of passing, but if it does it would lift COIN and HOOD; failure likely causes regulatory limbo.
• Both hosts reflect on the original crypto vision of permissionless, private digital currency and the need for building despite recent grift.