GA Day 1 | Bitcoin Investor Week
Speakers
Barry Silbert
— Founder and CEO, Digital Currency Group
Bo Hines
— Executive Director, President's Council of Advisers on Digital Assets
Russell Kong
— Former NFL player
Natalie Brunell
— Host, The Brunell Broadcast
Bill Miller IV
— Chief Investment Officer and Chairman, Miller Value Partners
Matt Cole
— Chairman and CEO, Strive
Jeff Park
— Head of Alpha Strategies, Bitwise
Fred Thiel
— CEO, MARA
Brett
— Institutional lead, Coinbase
Sean
— Consumer lead, Coinbase
Peter Smith
— Founder & CEO, Blockchain.com
Ivan
— CEO, MoonPay
Brendan
— Initial contributor, Core
Charlie Wells
— Bloomberg Reporter
Bill Barhydt
— CEO, Abra
Paul Frambot
— Co-Founder & CEO, Morpho
Jacob Blish
— Co-founder, Lombard
Zach Pandl
— Head of Research, Grayscale
Mike Belshe
— CEO & Co-Founder, BitGo
Evy
— CEO, Wintermute
Summary
Bitcoin Investor Week Day 1 featured a series of interviews and panels on the Bitcoin drawdown, institutional adoption, regulation, stablecoins, tokenization, AI, energy, DeFi, and crypto credit. Speakers were broadly long-term bullish on Bitcoin but debated short-term macro and market-structure drivers, including the Kevin Warsh Fed nomination, ETF and bank adoption, Clarity Act prospects, and AI-agent payments. Many guests also highlighted specific implementation ideas such as privacy coins, Bittensor, Zcash, Google, AI infrastructure inputs, digital credit, powered land, and onchain lending.
- Bitcoin's drawdown was widely framed as a broad frontier-tech de-risking rather than a Bitcoin-specific failure.
- Institutional adoption, bank readiness, stablecoin regulation, and tokenization were recurring bullish themes.
- Several speakers named specific crypto assets or equities, including Zcash, Bittensor, Google, Core, Morpho, and SATA.
- AI and energy demand were seen as creating scarcity for powered land, grid infrastructure, and electricity.
- Legacy SaaS/ERP and bare-metal AI lessors were flagged as vulnerable to AI-driven moat erosion or obsolescence.
- DeFi, Bitcoin-backed lending, and tokenized real-world assets were presented as major next growth areas.
- Regulatory catalysts such as the Clarity Act and SEC openness were viewed as important for market structure.
- Long-term conviction and disciplined allocation were repeatedly emphasized over short-term price action.
Ideas
Bittensor leads crypto-AI; 500x upside.
The crypto and AI convergence is a big opportunity. Bittensor is a decentralized open-source protocol that incentivizes people to solve complex problems across subnets, including sports prediction, drug discovery, compute, and storage. He says it is the first crypto-AI project to reach escape velocity and can go up 500x.
Bitcoin better than gold; capital will return.
Bitcoin is fundamentally a better version of gold and is not going away. He sees hot money having rotated into gold, silver, and prediction markets, but expects a massive rotation back into crypto and Bitcoin. Institutional wealth management has essentially zero Bitcoin allocation, and even a 1-3% allocation from trillions in managed wealth over the next five years could create a massive capital wave. He views Bitcoin as a core part of a diversified portfolio.
Bitcoin better than gold; capital will return.
Bitcoin is fundamentally a better version of gold and is not going away. He sees hot money having rotated into gold, silver, and prediction markets, but expects a massive rotation back into crypto and Bitcoin. Institutional wealth management has essentially zero Bitcoin allocation, and even a 1-3% allocation from trillions in managed wealth over the next five years could create a massive capital wave. He views Bitcoin as a core part of a diversified portfolio.
Privacy coins next; Zcash 500x potential.
Privacy is his top current investment theme. He believes Bitcoin likely never gets strong privacy features, and he expects 5-10% of Bitcoin's market cap to find its way into privacy-focused cryptocurrencies over the next few years. He is a big fan of Zcash and thinks it can go up 500x.
Stablecoins boost Bitcoin institutional adoption.
Tether is a Bitcoin maxi and participates in Bitcoin reserves, mining, and trading. Stablecoin integration is a boon for Bitcoin because it creates on/off ramps that let people and institutions move into Bitcoin more efficiently. He argues adoption is just beginning and these cycles are less scary for long-term holders.
Bitcoin gives athletes time and sovereignty.
Bitcoin is time and sovereignty. Athletes and individuals can buy, self-custody, and hold Bitcoin to change the trajectory of their lives instead of trading health for wealth. He actively shares this framework with teammates and people he trusts.
Bitcoin is freedom money; accumulate.
Bitcoin fixes a broken monetary system that rewards bailouts and bad behavior. Unlike gold, Bitcoin is transportable and represents freedom money. She views the current drawdown as a chance to educate, accumulate at lower cost basis, and focus on Bitcoin as a freedom technology rather than just number-go-up.
Bitcoin superior capital governance; multi-decade trend.
Bitcoin is a vastly superior technology to gold and a better system of capital governance. It is more liquid, verifiable, auditable, harder to steal, and more scarce. He sees the market's 15-year move from $1 to $66,000 as strong signaling value and views Bitcoin as a multi-decade active risk that can help outperform the overall market.
Bitcoin fundamentals intact; underwrite time.
Investors should underwrite time and direction rather than individual quarters or years. Bitcoin has had regular 50% drawdowns, but the fundamentals have not changed because US debt is still growing at an unsustainable rate. He expects the debt crisis to get worse, so he chooses to write out volatility and stay long-term.
Warsh Fed reset long-term Bitcoin bullish.
Bitcoin's short-term correlation to risk assets is high, and the Kevin Warsh Fed chair announcement triggered a broader risk selloff. Long-term, however, he is bullish if Warsh pragmatically resets Fed independence and makes the monetary system more anti-fragile, which could restore true store-of-value reserve asset status and benefit Bitcoin.
Bitcoin digital credit mispriced; SATA opportunity.
Digital credit needs a three-year track record, and a bear market is the best way to build one if issuers keep paying interest without selling Bitcoin. He views Bitcoin-backed credit as mispriced: the market assigns high-yield-like yields despite what he considers investment-grade Bitcoin risk. Strive hopes SATA alone is enough, with a simple capital structure and potential to grow with the common.
Powered land and energy infrastructure win.
AI/HPC demand requires energized power immediately, not in 2029. Permitting is hard and power queues are long, so existing powered land above 100 MW is scarce and valuable. Companies that control energy and infrastructure, and those that lease powered land to hyperscalers while the hyperscaler takes capex risk, should be long-term winners.
International Bitcoin mining more economically viable.
US miners are competing with hyperscalers for power and many are pivoting to AI/HPC. International markets have less AI demand and more power dislocation, including stranded or excess energy, making Bitcoin mining much more economically viable internationally. He plans to continue growing Bitcoin mining abroad.
AI erodes legacy SaaS/ERP moats.
AI and agentic frameworks are eroding the moat of monolithic ERP and SaaS vendors by stripping off value layers in ERP, CRM, insurance, and drug discovery. Legacy application software vendors cannot iterate fast enough, so the sector faces volatility and value destruction.
Bare-metal AI lessors face obsolescence blowups.
AI has a severe obsolescence curve. Companies that own and rent out bare-metal equipment to hyperscalers must bear retrofit and replacement risk before equipment is paid off, which could lead to blowups. Powered-land landlords that lease land and let the hyperscaler take capex risk are better positioned.
Coinbase institutional infrastructure gaining bank clients.
Coinbase has built institutional infrastructure across a prime platform, custody, trading, financing, and asset management. It has 300 signed clients and five of the top 20 banks onboarded, with three publicly discussing integrations. Stablecoin regulation and tokenization are accelerating demand for Coinbase's infrastructure.
Onchain/DeFi is better financial infrastructure.
Onchain is a better financial infrastructure. Coinbase is integrating DeFi protocols such as Morpho for Bitcoin-backed loans and offering DEX asset trading, which lets Coinbase offer differentiated financial services by tapping into open crypto rails.
Tokenization upgrades finance; new distribution.
Tokenization is a better, faster, and cheaper upgrade to financial infrastructure. Banks are running parallel blockchain ledgers, issuers need new distribution channels, and investors gain access to assets like private equity that were previously hard to reach. Coinbase To Tokenize is positioned as end-to-end infrastructure for tokenized assets.
Coinbase everything exchange and tokenization upside.
Coinbase's 2026 priorities are to win the everything exchange, win onchain, and win stablecoins and payments. It is adding prediction markets, equities, and tokenized assets so multiple asset classes can sit in one wallet, improving capital efficiency and user experience.
Institutional Bitcoin adoption intact; deploy capital.
The long-term trend of institutional adoption is intact. Banks are getting ready, regulatory compliance is improving, sovereign funds are investing, and a price dip will not dissuade CEOs from adapting to the technology. Offshore levered markets cause volatility, but the secular adoption trend remains strong and he sees it as a good time to deploy capital.
Onchain fundamentals strong; long-term conviction rewarded.
Onchain metrics are up and to the right, including decentralized exchange volume, stablecoin supply, non-stablecoin tokenized assets, and transaction throughput. Despite price volatility, he argues Bitcoin and crypto infrastructure fundamentals have never been stronger, and long-term conviction should be rewarded.
AI raw inputs: power, metals, land.
As an investor, he is focused on companies that benefit from AI through higher margins and on the raw inputs required to build AI infrastructure: electricity, rare metals, land in key places, and grid capacity.
Google dominates AI compute and distribution.
He is running a large concentrated Google position on his family office side because Google has advantages in compute and chips, and can use its AI models directly to make its core business more profitable. He also sees it as hard for foundational model companies to beat Google.
Bitcoin drawdown normal; institutions still adopting.
Bitcoin is tiny relative to global assets and volatile, but institutions move steadily and are still on track despite the drawdown. Tokenization announcements from Franklin Templeton and BlackRock continue, and long-term investors should hold steady because this is just another major crypto drawdown.
Tokenization gains steam with institutional adoption.
Tokenization is finally gaining steam because the SEC under Paul Atkins is open to innovation rather than shutting it down. BlackRock, Goldman Sachs, Franklin Templeton, and others are participating, and BitGo provides infrastructure for tokenized products and market structure.
AI agents prefer crypto payment rails.
Payment rails built in the 1970s are legacy infrastructure. Crypto is internet-native money, and AI agents will prefer blockchain payment rails because they are faster, cheaper, and always available. He expects all payments eventually to flow over blockchains.
Bitcoin should be wrapped everywhere.
Stablecoins are the gateway into crypto. One of Bitcoin's biggest opportunities is to be wrapped and accessible on every chain, and he views Bitcoin as a programmatic hedge against central banks and monetary policy discretion.
Tokenized RWAs/equities gain offshore adoption.
RWA and tokenized stock innovation may start offshore, similar to Tether growing outside the US. For users in inflationary countries, stablecoin wages can be swapped into Bitcoin, gold, or tokenized equities like Nvidia and Apple. He thinks clean narratives will win early adoption.
DeFi wins as AI agents trade.
AI agents will rely on internet-native DeFi protocols for swaps because they do not care about legacy financial convenience. DeFi volume is growing relative to centralized exchanges, and automated market makers should be ruthlessly more efficient over time.
Core makes Bitcoin productive via staking.
Core is a Bitcoin-secured, EVM-compatible sidechain that lets Bitcoin miners delegate hash rate and Bitcoin holders stake or time-lock Bitcoin to make it productive. Core staking offers low-risk yield, dual staking can earn around 2.5%, and yield-bearing ETF products are being built on top.
Bitcoin DeFi yield 4-6% sweet spot.
Bitcoin DeFi yield should come from proven DeFi sources such as lending, stablecoin yield, and delta-neutral strategies, not excessive-risk protocols. He sees 4-6% as the product-market-fit sweet spot because Bitcoin L1 offers zero native yield and Bitcoin is one of the best collateral assets.
Crypto-native platforms win wealth transfer.
Trillions in boomer wealth are transferring to younger investors who want Robinhood-like access to prediction markets, crypto, and DeFi. Traditional wealth managers and RIAs risk disruption, and new crypto-native financial institutions that bridge old and new finance should capture assets.
Crypto-native platforms win wealth transfer.
Trillions in boomer wealth are transferring to younger investors who want Robinhood-like access to prediction markets, crypto, and DeFi. Traditional wealth managers and RIAs risk disruption, and new crypto-native financial institutions that bridge old and new finance should capture assets.
DeFi enables asset-backed lending for all.
As assets become tokenized and crypto-liquid, lenders can give instant credit lines against stocks, real estate, and crypto. This lets retail access asset-based lending that wealthy Goldman clients have had for generations. Abra migrated to a DeFi-based model to eliminate balance-sheet and counterparty risk.
Tokenized RWAs will dominate collateral.
Real-world assets are about to become tokenized. Abra plans to integrate RWAs into its vault model, and he expects tokenized assets such as SpaceX shares to drive significant collateral and borrowing volume, potentially exceeding Bitcoin on his platform in two years.
Morpho unlocks Bitcoin as collateral.
Morpho is an open credit market and can be thought of as AWS for credit markets. Bitcoin is underutilized as collateral; if 5% of Bitcoin were used as collateral, it would add hundreds of billions to open credit markets. Vaults let asset managers curate risk, and the Coinbase integration has already driven about $1.8 billion of loans.
Lombard makes idle Bitcoin productive.
About $2 trillion of Bitcoin sits idle in custody and ledgers. Lombard bridges Bitcoin to onchain finance so holders can earn yield and borrow stablecoins without selling. New Bitcoin smart accounts keep BTC in Anchorage custody while minting an onchain representation for borrowing in Morpho, reducing technology risk.
Bitcoin bottoming near 60K; long-term intact.
Bitcoin's drawdown is part of broad de-risking in frontier tech, not a crypto-specific collapse. The Kevin Warsh Fed chair nomination was a short-term catalyst, but the fiscal and debt path has not changed. He sees signs consistent with bottoming around the 60K zone and expects institutional capital to remain slow, selective, and long-term positive.
Up Next
This Anthony Pompliano video, published February 11, 2026, features Barry Silbert, Bo Hines, Russell Kong, Natalie Brunell, Bill Miller IV, Matt Cole, Jeff Park, Fred Thiel, Brett, Sean, Peter Smith, Mike Belshe, Ivan, Brendan, Charlie Wells, Bill Barhydt, Paul Frambot, Jacob Blish, Zach Pandl discussing TAO, BTC, GLD, SILVER, ZEC, SATA, PAVE, Powered land/data center real estate, International Bitcoin miners, SAP, Legacy SaaS/ERP, Bare-metal GPU/neocloud lessors, COIN, DeFi/onchain finance, Tokenized assets/RWA, Electricity, REMX, Land in key places, Grid infrastructure, GOOGL, Crypto payment rails, Tokenized equities/RWA, DEFI, CORZ, Bitcoin DeFi, Crypto-native financial platforms, Traditional asset managers/RIAs, Tokenized real-world assets, MORPHO. 38 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Barry Silbert, Bo Hines, Russell Kong, Natalie Brunell, Bill Miller IV, Matt Cole, Jeff Park, Fred Thiel, Brett, Sean, Peter Smith, Mike Belshe, Ivan, Brendan, Charlie Wells, Bill Barhydt, Paul Frambot, Jacob Blish, Zach Pandl · Tickers: TAO, BTC, GLD, SILVER, ZEC, SATA, PAVE, Powered land/data center real estate, International Bitcoin miners, SAP, Legacy SaaS/ERP, Bare-metal GPU/neocloud lessors, COIN, DeFi/onchain finance, Tokenized assets/RWA, Electricity, REMX, Land in key places, Grid infrastructure, GOOGL, Crypto payment rails, Tokenized equities/RWA, DEFI, CORZ, Bitcoin DeFi, Crypto-native financial platforms, Traditional asset managers/RIAs, Tokenized real-world assets, MORPHO