Still excited about long-term crypto view but people are scared right now: Pantera's Cosmo Jiang

Watch on YouTube ↗  |  February 05, 2026 at 19:29  |  5:21  |  CNBC
Speakers
Cosmo Jiang — Portfolio Manager at Pantera Capital / Director at HSDT
Emily Parker — Senior Strategic Advisor, Coincheck Group
Kelly Evans — Anchor, The Exchange (CNBC)

Summary

The segment discusses Bitcoin's sharp drawdown and the loss of its core narrative, with Emily Parker arguing that gold has outperformed as a safe haven and that Bitcoin's mainstream adoption story has weakened. Cosmo Jiang remains long-term bullish on digital assets and Bitcoin, framing Bitcoin as digital gold while saying the best tailwinds are in blockchain technology. They also debate tokenization, stablecoins, and Ethereum's role as the main beneficiary of tokenization activity despite weak prices.

  • Bitcoin is trading below Strategy's average purchase price, with sentiment fearful.
  • Emily Parker says Bitcoin lost its narrative and faces a crisis of confidence.
  • Gold's safe-haven outperformance has undermined Bitcoin's digital-gold story.
  • Cosmo Jiang remains long-term bullish on digital assets and Bitcoin.
  • Cosmo sees the strongest tailwinds in blockchain technology outside Bitcoin.
  • Tokenization and stablecoin activity are concentrated on Ethereum, but ETH price has not responded.
  • Real-world asset tokenization is described as booming on tangible use cases.
  • The host notes Bitcoin's adoption story may not get more bullish than the past year.
Ideas
Emily Parker Senior Strategic Advisor, Coincheck Group 0:44
Bitcoin lost narrative; adoption story weakening.
Bitcoin is a narrative-driven asset that has lost its narrative. As it went mainstream through ETFs, institutional money, and government support, its original alternative-to-Wall-Street/government story was undermined; now those forces are not lifting the price and the adoption story looks less bullish than the past year, creating a crisis of confidence.
BTC HIGH
Emily Parker Senior Strategic Advisor, Coincheck Group 0:49
Gold is preferred hedge with limited supply.
The surge in gold has undermined Bitcoin's digital-gold narrative because gold has outperformed Bitcoin as a hedge against global instability and has limited supply, making it the preferred safe-haven asset in the current environment.
GLD MED
Cosmo Jiang Portfolio Manager at Pantera Capital / Director at HSDT 1:31
Fundamental adoption up; price eventually follows.
Prices are down and sentiment is scared, but fundamental adoption across digital assets keeps increasing, with JPMorgan launching tokenized deposits, Robinhood tokenizing stocks, and Western Union doing stablecoin payments. He argues price eventually follows fundamentals, making the current weakness an opportunity and supporting a long-term bullish view.
BITO HIGH
Emily Parker Senior Strategic Advisor, Coincheck Group 2:44
Ethereum should benefit from tokenization, but hasn't.
The tokenization narrative is much more about Ethereum than Bitcoin, with roughly $163 billion of stablecoins running or circulating on Ethereum. If tokenization and stablecoin adoption were driving crypto prices, Ethereum should be the beneficiary, but it has not responded; this is a setup to watch.
ETH MED
Cosmo Jiang Portfolio Manager at Pantera Capital / Director at HSDT 3:52
Bitcoin is digital gold, eventually recognized.
Bitcoin is digital gold and an amazing censorship-resistant store of value. It moves in cycles, and eventually people will recognize that; the current drawdown and gold's strong run are obscuring it, but he feels strongly about the long-term value.
BTC HIGH
Cosmo Jiang Portfolio Manager at Pantera Capital / Director at HSDT 3:55
Non-Bitcoin blockchain technology has tailwinds.
Pantera separates digital assets into Bitcoin as digital gold and everything else as blockchain and technology. The tailwinds are in blockchain technology, so that is where the opportunity is outside Bitcoin.
BLOCKCHAIN MED
Kelly Evans Anchor, The Exchange (CNBC) 4:21
Bitcoin adoption story weakens after price halved.
Bitcoin's institutional adoption story depended on sustained high prices; after falling by half from $126,000, that story is changing and the coming adoption catalyst is unlikely to be more bullish than the past year.
BTC HIGH
Emily Parker Senior Strategic Advisor, Coincheck Group 4:56
Real-world asset tokenization booms on tangible use.
Real-world asset tokenization is booming because it is tied to tangible real-world use cases, unlike Bitcoin, which is struggling with narrative; this gives tokenization a more durable adoption case.
Real-world asset tokenization MED
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This CNBC video, published February 05, 2026, features Emily Parker, Cosmo Jiang, Kelly Evans discussing BTC, GLD, BITO, ETH, BLOCKCHAIN, Real-world asset tokenization. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Emily Parker, Cosmo Jiang, Kelly Evans  · Tickers: BTC, GLD, BITO, ETH, BLOCKCHAIN, Real-world asset tokenization