Bitcoin’s Setup Just Got Much More Bullish w/ David Duong

Summary

David Duong, former Coinbase Head of Institutional Research, joins the Milk Road Show to discuss the macro setup for Bitcoin. He sees cooling inflation and a Fed likely done after at most one insurance hike, creating a favorable backdrop. He considers Bitcoin near a bottom, views the AI stock pullback as a buying opportunity, and analyzes the Robinhood chain launch, the Clarity Act, and the intersection of crypto and AI agents.

• June CPI shows faster-than-expected inflation cooling, reinforcing the Fed's ability to pause after at most one insurance hike.
• Iran tensions and oil spikes are cyclical noise; secular trend points to disinflation and lower oil demand, not a sustained shock.
• The new Fed chair Kevin Warsh signals data dependence; board member Waller's hawkish shift is a risk, but a single hike would not derail markets.
• The AI stock pullback is narrative digestion, not a rotation; earnings are rising while multiples compress, making it an attractive entry point.
• Robinhood's new blockchain launched strongly, instantly becoming a top-five DEX by volume, and could be one of the year's bigger success stories.
• The Clarity Act faces low odds of passing before the August recess due to narrowed Republican majority, but its failure would not be a catastrophe for crypto.
• David sees Bitcoin as having built a base near 56-58k; positioning is washed out, macro is risk-friendly, and ETF flows are turning positive.
• AI agents in crypto are still too early for mainstream adoption; younger generations will likely drive future convergence.