Imagine what would happen if the Federal Reserve really #cuts rates.

Dan Tapiero of 10T Holdings says if Powell really 'hits the switch', Bitcoin could now easily be at $200,000.

He may not be wrong.

But even without Powell's 'magic stone' — even if he doesn't blink, doesn't pivot, or even pretend to care — we still have $100,000 Bitcoin and $2,400 Ethereum.

We are very satisfied.

#稳定币 , #DePIN , #RWA , #人工智能 , regulation, security, privacy, institutional entry, and even decentralized space networks and on-chain uranium trading. These are all topics at this week's Consensus conference.

We will explain the main content of the conference. But first, let's take a look back at what happened in the past few days, see what everyone overlooked, and what highlights can be followed at Consensus 2025.

Views on #Pectra

Ethereum has just completed its largest upgrade since 'The Merge': Pectra.

This upgrade includes 11 deep protocol code changes, quietly making Ethereum faster, cheaper, and more powerful.

Most people probably won't notice.

But if you hold ETH, stake ETH, trade on Layer 2 networks like Optimism, or participate in meme coin liquidity mining on Base... you will likely feel its change.

The significance of Pectra is that Ethereum is preparing for the next wave of user influx.

  • Higher throughput

  • Less friction

  • Lower fees on Layer 2 networks

  • Faster staking experience

  • Smarter wallets

  • And paved the way for long-term goals such as 'stateless clients' (low-cost nodes) and global mass adoption

In the long run, this means:

  • More ETH staked

  • More ETH locked

  • Less circulating and sellable ETH

  • More utility → More demand for ETH to secure and operate the entire network

Of course, Pectra won't directly send ETH soaring to $10,000. (But the upcoming ETH staking ETF might have a chance!)

But Pectra does make Ethereum more usable, scalable, secure, and trustworthy — these are fundamental to supporting ETH's long-term value.

Our focus

Last week, there were three things that, while not making headlines, are very worth paying attention to.

Publicly listed crypto companies: Circle plans to IPO. Coinbase has just completed the largest acquisition in crypto history, acquiring Deribit. eToro will also follow suit with an IPO. A wave of IPOs from crypto companies is expected, companies that are virtually unknown in the traditional finance (TradFi) space but that everyone will want to own a piece of in the future.

Tokenization of real-world assets (RWAs): Dan Tapiero is the latest prophet — $80 trillion of traditional physical assets will gradually be brought on-chain. He launched a fund called '50T' because he believes the current market of about $4 trillion in digital assets will grow to $50 trillion over the next decade. This includes all assets such as Bitcoin, Ethereum, altcoins, stablecoins, tokenized government bonds, NFTs, RWAs, etc.

AI × Blockchain: Forget about ChatGPT. Imagine a world where AI agents can help you manage funds, swap coins, execute trades, and even automatically generate investment reports while you brush your teeth. The world's top developers are already building such an ecosystem.

So, what should be focused on at the Consensus conference?

Not the Federal Reserve.

Not CPI.

Not even recession news.

What needs attention is where talent is flowing, where funds are going, which companies are preparing to go public, and which countries are starting to open their doors to the crypto world.

The United States has just shifted from suppressing crypto to actively attracting crypto businesses.

Europe is busy over-regulating, leading to its gradual marginalization.

China is watching its GDP shrink like raisins in the sun.

Meanwhile, the U.S. is quietly laying the infrastructure for an equity-driven crypto bull market.

If you want to smartly participate in this cycle? Of course, you can continue to dollar-cost average Bitcoin and other mainstream coins.

But also look for opportunities in 'selling shovels' and early projects. Pay attention to those companies building the next generation of financial infrastructure for the internet; those preparing to go public; those companies that are still laughed at now.

This is the strategy.

This is asymmetric investment opportunity.