Piper Sandler analysts said they left 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 increasing support from American policymakers, greater corporate adoption, and new financial products as signs of maturity and expansion in the cryptocurrency system.
Patrick Molly and Will Kops from Piper Sandler noted that the potential acknowledgment of stablecoin legislation in the United States could be a catalyst for broader market structure regulation, which could accelerate its adoption by traditional financial institutions.
Analysts highlighted the GENIUS Act and comments from Vice President J.D. Vance, who said that "regulatory uncertainty in this country has driven much stablecoin activity overseas." He described stablecoins as "a multiplier of our economic power."
Molly and Kops see 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 said that President Donald Trump supports legislation to acquire up to 1 million Bitcoins - about 5% of the total supply.
Analysts noted that "owning 5% of all Bitcoins would put the U.S. Bitcoin reserve on par with the federal gold reserve."
Lummis suggested that the United States could finance 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.
Cantor Fitzgerald revealed a "gold-backed Bitcoin fund," aimed at giving investors a boost in cryptocurrencies with protection from downturns backed by gold.
After the event, Piper Sandler maintained its positive stance on cryptocurrency-linked stocks, describing Robinhood (NASDAQ:HOOD) as "the most attractive risk/reward way to capitalize on the cryptocurrency bull market."
The brokerage emphasized Robinhood's strong position in retail cryptocurrency trading and believes the company is well-positioned even if cryptocurrency activity moderates.
It also touched on the change in sentiment around tokenization, highlighting comments from Robinhood CEO Vlad Tenev that "tokenization is no longer a buzzword, but a phenomenon worthy of mainstream attention and action."
