- Piper Sandler analysts said they emerged from the Bitcoin 2025 conference in Las Vegas "with increased optimism about the momentum we are seeing across Bitcoin and digital assets in general."
Analysts pointed to increased support from U.S. policymakers, growing corporate adoption, and new financial products as signs of the maturation and expansion of the cryptocurrency system.
Patrick Molly and Will Kops from Piper Sandler noted that the potential acknowledgment of stablecoin legislation in the United States could serve as an impetus for a broader market structure regulation, which may accelerate its adoption by traditional financial institutions.
Analysts highlighted the GENIUS Act and comments from Vice President JD Vance, who said that "regulatory uncertainty in this country has driven a lot of stablecoin activity overseas." He described stablecoins as "multipliers of our economic power."
Molly and Kops view these statements as constructive for Coinbase (NASDAQ:COIN), which has partnerships with Circle on USDC and is registered in the United States.
Another focal point of the event was the idea of a strategic Bitcoin reserve, where Senator Cynthia Lummis stated that President Donald Trump supports legislation to acquire up to 1 million Bitcoin - about 5% of the total supply.
Analysts noted that "owning 5% of all Bitcoin would put the U.S. Bitcoin reserve on par with the federal gold reserve."
Lummis suggested that the United States could fund part of the purchase using gold certificates held in the treasury.
Furthermore, companies indicated an increasing commitment to cryptocurrencies. Companies like Trump Media & Technology Group (NASDAQ:DJT) and GameStop Corp (NYSE:GME) discussed plans to hold Bitcoin on their balance sheets, while Steak ’n Shake and Square expanded Bitcoin payment options.
