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Feb 18, 2026
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LONG
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AI agents perform vast numbers of micro-transactions. The market is coalescing around "US dollar stablecoins" as the currency and high-throughput chains for settlement. Bitcoin is explicitly deemed "not well-designed" for this use case. As AI agents begin transacting autonomously, transaction volume will explode. This volume flows to the issuers of the currency (Coinbase/Circle) and the most efficient networks (Solana). LONG. Bet on the infrastructure that facilitates the "Agentic Economy." Regulatory crackdowns on stablecoins or a shift to CBDCs. |
Unchained (Chopping Block)
Why $700 Billion in AI CapEx Could Be the Nex...
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Feb 04, 2026
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LONG
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"Your bank benefits more than anybody else in the world from stable coins because of your rates, franchise, and repo trading desk." The new administration (Bessent at Treasury) wants to export stablecoins. Stablecoins are backed by bank deposits and reverse repo. Therefore, large US banks (specifically JPM) will see massive deposit inflows and fee generation if they embrace the stablecoin ecosystem rather than fight it. LONG. Banks are the ultimate beneficiaries of stablecoin regulation (Clarity Act). Banks continuing to lobby against stablecoins due to misunderstanding the mechanics; strict capital requirements not being lifted. |
Unchained (Chopping Block)
Crypto Markets Are Down Bad. Are DATs to Blam...
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Feb 04, 2026
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LONG
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"Clearly, the price discovery is actually happening on internet capital markets now... Hyperliquid volumes on silver and gold are exploding." Traditional finance (CME) raised margins on Gold/Silver and closed on weekends during a volatility spike. Traders migrated to Hyperliquid (DeFi) to manage risk 24/7. This proves "product market fit" for DeFi derivatives over TradFi rails. LONG. Platforms facilitating permissionless, 24/7 trading of real-world assets (RWA) are stealing market share from legacy exchanges. Regulatory crackdown on DeFi derivatives; smart contract risk. |
Unchained (Chopping Block)
Crypto Markets Are Down Bad. Are DATs to Blam...
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Feb 04, 2026
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LONG
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"Micros Bitcoin would have to hit 11K and stay there for three years straight for Micro Strategy to go bust." Critics arguing MSTR is insolvent don't understand the balance sheet (debt is termed out to 2027+). While DATs are distressed, MSTR acts as an operating company that can acquire distressed assets or simply wait out the volatility without forced selling. WATCH/LONG. The bankruptcy thesis is flawed; MSTR remains a levered bet on the eventual recovery. Bitcoin dropping below $11k for an extended period (highly unlikely but possible). |
Unchained (Chopping Block)
Crypto Markets Are Down Bad. Are DATs to Blam...
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