Latest / The Paul Barron Crypto Show / Standard Chartered Bank Crypto Price Targets & Top Altcoins!🏦Geoff Kendrick INTERVIEW🚨

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Standard Chartered Bank Crypto Price Targets & Top Altcoins!🏦Geoff Kendrick INTERVIEW🚨 · The Paul Barron Crypto Show

• 0:00
  Speaker 1: There have been some big bank predictions out there in
• 0:02
  Speaker 1: the past. Standard Charter has been one of those that
• 0:04
  Speaker 1: has led the way. Let's just jump right into it
• 0:06
  Speaker 1: today because we've got a special guest for you guys.
• 0:09
  Speaker 1: Before we get going, I do want to thank our sponsor,
• 0:11
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  Speaker 2: So check it out. You guys will love it. Let's
• 0:35
  Speaker 2: get over to Jeff Kendrick, who is the.
• 0:37
  Speaker 1: Global head of Digital Asset Research at Standard Charter. I
• 0:40
  Speaker 1: wanted to bring him in special today for the market update.
• 0:44
  Speaker 2: How are you.
• 0:45
  Speaker 3: I'm very well pull house things over there.
• 0:48
  Speaker 2: Excellent, excellent.
• 0:49
  Speaker 1: So a lot happening in the market in general, especially
• 0:52
  Speaker 1: when you look at what's going on with bitcoin. I
• 0:55
  Speaker 1: want to kind of lead off with that, Jeff, because
• 0:57
  Speaker 1: this was something that just happened not too long ago,
• 1:00
  Speaker 1: back in April, center Charter predicting a five hundred kay
• 1:03
  Speaker 1: bitcoin and a forty thousand dollars ethereum. Now, when you
• 1:06
  Speaker 1: look at those two numbers, why does eth outperform Bitcoin?
• 1:11
  Speaker 2: What would be your analysis there?
• 1:13
  Speaker 3: The main thesis is that we're finally now at a
• 1:17
  Speaker 3: stage where, quite frankly, did you las set technology of
• 1:21
  Speaker 3: blockchain technology is actually going to do something for the
• 1:24
  Speaker 3: rest of the world. So think about other technology changes
• 1:28
  Speaker 3: we've seen in the past, Uber taking over from traditional
• 1:33
  Speaker 3: taxis being one that people often cite. And the point
• 1:37
  Speaker 3: now is that up until really twenty twenty five, when
• 1:41
  Speaker 3: everyone probably has now heard about stable coins, it's probably
• 1:44
  Speaker 3: fair to say that most what was happening in crypto
• 1:47
  Speaker 3: land was crypto people trading with each other. But with
• 1:50
  Speaker 3: the onset of stable coins going mainstream last year, Genius
• 1:54
  Speaker 3: Act in the US, circles, IPO, et cetera, all of
• 1:57
  Speaker 3: those let's say technological outc that blockchain enables, which is
• 2:02
  Speaker 3: twenty four seven instantaneous payments essentially for free moving money
• 2:07
  Speaker 3: globally twenty four seven, right, so internet speed money, which
• 2:10
  Speaker 3: is what stable coins are, and then the next thing
• 2:13
  Speaker 3: being tokenize everything else, stocks, bonds, mutual funds, et cetera. Right,
• 2:18
  Speaker 3: so that's all's getting started, and pretty much all of
• 2:21
  Speaker 3: that will get done on the Ethereum network. So think
• 2:25
  Speaker 3: about where others have gone in the past. Black Rocks
• 2:27
  Speaker 3: Biddle Fund, which is a money market fund on chain,
• 2:30
  Speaker 3: the start one hundred percent on Ethereum. Over time, they
• 2:33
  Speaker 3: diverse by to a few other blockchains as well. But
• 2:36
  Speaker 3: most of that stuff that trad fire is going to
• 2:39
  Speaker 3: tokenize cash and other things like equities will most likely
• 2:43
  Speaker 3: be done on Ethereum in the first few years. So
• 2:46
  Speaker 3: it's very likely that you get a dramatic increase in
• 2:50
  Speaker 3: the amount of activity, transaction volumes, et cetera. And that
• 2:53
  Speaker 3: should albeit that the pass through to token price is
• 2:56
  Speaker 3: somewhat indirect in the case of Ethereum, but that should
• 2:59
  Speaker 3: see the token price head higher as well.
• 3:02
  Speaker 1: Medium term, would you consider the four year cycle pretty
• 3:06
  Speaker 1: much done or do you feel like this is still
• 3:09
  Speaker 1: a potential here because I noticed you guys had a
• 3:12
  Speaker 1: little bit slower pace in terms of growth for bitcoins
• 3:15
  Speaker 1: priced in terms of a forecast. Wouldn't that change the
• 3:18
  Speaker 1: thesis on the four year cycle?
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  Speaker 3: I think over time, it's fair to say the four
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  Speaker 3: year cycle is becoming much less important. So in previous cycles,
• 3:27
  Speaker 3: we didn't have the ETFs in the US, and so
• 3:31
  Speaker 3: because of because of flows like ETFs and even quite frankly,
• 3:35
  Speaker 3: the digitalizedet treasury companies like MicroStrategy, that kind of takes
• 3:40
  Speaker 3: the top off cycle highs and should also take the
• 3:43
  Speaker 3: bottom off cycle low. So when even the October six
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  Speaker 3: one hundred and twenty six K high from last year,
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  Speaker 3: it wasn't really a big blow off top right, And
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  Speaker 3: so because of that, I'd expect the downturn this time
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  Speaker 3: to be much shallower. We've done about fifty three percent
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  Speaker 3: so far the twenty six to just below sixty K,
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  Speaker 3: not a very dramatic downturn compared to previous cycles, and
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  Speaker 3: I'd say perhaps we've seen the low or otherwise very
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  Speaker 3: very close to the low. A number of people talking
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  Speaker 3: about bitcoin basing in Q four this year, which would
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  Speaker 3: be consistent with previous four year cycles. I suspect actually
• 4:19
  Speaker 3: the market will preempt that now. So if everyone's focused
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  Speaker 3: on the first week of October being twelve months after
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  Speaker 3: last year's high, probably markets will preempt it. So I'm
• 4:28
  Speaker 3: looking forward to us getting through the IPO summer. Obviously
• 4:31
  Speaker 3: we've had SpaceX, we'll see open AI, who is most
• 4:34
  Speaker 3: likely September that's been taking cash and eyeballs away from crypto.
• 4:39
  Speaker 3: I think if we can get through that, it'd be great.
• 4:41
  Speaker 3: If you get Clarity Act, that'd be a huge positive.
• 4:44
  Speaker 3: If we don't get it, I think you'll start to
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  Speaker 3: see SEC and CFTC give guidelines anyway, and then you
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  Speaker 3: can start preempting that otherwise October low that people been
• 4:54
  Speaker 3: focused on. So I'm relatively confident that we've seen the low,
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  Speaker 3: either one hundred percent seen it or very very close.
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  Speaker 3: I can't see it's going dramatically into the mid or
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  Speaker 3: even low fifty K range at any stage of this cycle.
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  Speaker 1: All right, So that was my question. My next question
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  Speaker 1: is because you guys called the fifty nine K and
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  Speaker 1: that looks like it could be likely the cycle low.
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  Speaker 1: But you think that that most likely is the case,
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  Speaker 1: you don't feel much more into lower than fifty nine.
• 5:23
  Speaker 3: We've either seen it already, we've had a couple of
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  Speaker 3: fifty eights and fifty nine's, or it's going to perhaps
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  Speaker 3: dip but not much below that. The big driver recently
• 5:33
  Speaker 3: has been what Michael Saylor has been doing with Strategy, Inc.
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  Speaker 3: And it seems now after the sale from last week,
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  Speaker 3: which was more than three thousand bitcoin, actually the market's
• 5:45
  Speaker 3: taken pretty well. Bitcoins up again today. STRC, the credit product,
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  Speaker 3: which is a preferred stock for micro Strategy, has also
• 5:56
  Speaker 3: been trading a lot better over the last week or
• 5:58
  Speaker 3: so since they put out on it that announcement last
• 6:01
  Speaker 3: Monday around backing up the cash reserve. So that had
• 6:05
  Speaker 3: been hurting bitcoin around the lows. But if that potential
• 6:09
  Speaker 3: negative story could go away as well, which it seems
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  Speaker 3: even today after that three thousand bitcoin sale the market's
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  Speaker 3: taking it pretty well, that would give me even a
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  Speaker 3: greater confidence that we've already seen the cycle live.
• 6:20
  Speaker 1: Okay, so now that you're talking about Sailor for a
• 6:23
  Speaker 1: second before we get into your top call, because I
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  Speaker 1: want to kind of talk about that as well. But
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  Speaker 1: Sailor is selling essentially two hundred and fifty million here
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  Speaker 1: to handle one dividend payment.
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  Speaker 2: I'm assuming that's one dividend.
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  Speaker 1: Maybe he's got a couple in there, but now we're
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  Speaker 1: getting into multiple payments per month. That's happening, and if
• 6:42
  Speaker 1: we don't see something till late summer. Wouldn't that mean
• 6:44
  Speaker 1: that Sailor has to continue to sell bitcoin throughout the summer.
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  Speaker 3: I'm not sure that's the conclusion we need to draw.
• 6:51
  Speaker 3: So Strategy already have two and a half billion dollars
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  Speaker 3: of cash sitting on the sidelines, and that's more more
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  Speaker 3: than two years of coupon payments or dividend payments, So
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  Speaker 3: they have plenty of cash on hand. The trick here
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  Speaker 3: is for Sailor to convince the market that they now
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  Speaker 3: have a different strategy for the bitcoin. So in the
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  Speaker 3: first few years, when the m NAB was above one,
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  Speaker 3: the strategy was obvious, hit the ATM, buy as many
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  Speaker 3: bitcoin as he can and just be a bitcoin accumulation vehicle.
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  Speaker 3: But now Sailor's trying to pivot more towards a credit vehicle.
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  Speaker 3: So SRC has about ten billion dollars outstanding, and he's
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  Speaker 3: trying to tell the market that actually that ten billion
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  Speaker 3: dollars outstanding in the preferred space has a massive backing
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  Speaker 3: fifty two billion dollars of bitcoin that mstr still holds,
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  Speaker 3: and so he's trying to convince the market that if needed,
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  Speaker 3: he can sell some of those bitcoin. Whereas up until
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  Speaker 3: recently he was saying, never sell your bitcoin, and so
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  Speaker 3: that one a degree turnaround is a little bit difficult
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  Speaker 3: to get across from a communication perspective. But I suspect
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  Speaker 3: if the market trades well through the rest of this week,
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  Speaker 3: after that three thousand BTC sale from last week that
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  Speaker 3: they announced just a couple of hours ago, then perhaps
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  Speaker 3: we're starting to get into that credible communication channel where
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  Speaker 3: quite frankly, it probably means if you convince the market
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  Speaker 3: that you can sell your four percent of bitcoin outstanding
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  Speaker 3: that you hold massive number, then you probably don't need
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  Speaker 3: to sell them. So it's a credibility type game that
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  Speaker 3: we often see central bankers play, for example as well.
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  Speaker 2: This was a market test.
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  Speaker 3: I guess one hundred percent strategy wants to pivot from
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  Speaker 3: being a BTC accumulation vehicle to a credit vehicle. It's
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  Speaker 3: very clear that that is what Michael Saylor is trying
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  Speaker 3: to achieve. Then convincing the market of this pivot, if
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  Speaker 3: you like, is very difficult from a communication angle, since
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  Speaker 3: you have all the same people in seed and you know,
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  Speaker 3: you had five or six years of sailors saying they
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  Speaker 3: never sell your BTC. So now he has to say, well,
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  Speaker 3: I've got a huge stockpile. I'll sell them if I
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  Speaker 3: need to. I don't want to, but if I need to,
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  Speaker 3: I can use those to back up the credit or
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  Speaker 3: the preferred stock.
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  Speaker 1: Speaking of pressure on bitcoin, you guys, right there a
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  Speaker 1: standard charter called for the high there at one twenty
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  Speaker 1: off by just a smidge and at the same time
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  Speaker 1: it seems like you apologize for maybe it's too low,
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  Speaker 1: but in reality you actually called the top, at least
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  Speaker 1: the top that we know of right now on bitcoin.
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  Speaker 3: My official target for the end of this year is
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  Speaker 3: one hundred k, which feels about right. I think we
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  Speaker 3: can We've either seen them lower, we might chop around
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  Speaker 3: for a couple of months, and then Q four I'd
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  Speaker 3: say we'll be quite a big quarter, you know, and
• 9:49
  Speaker 3: that'll cease up to one hundred k fresh all time
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  Speaker 3: high next year. Relatively comfortable with that. I've got a
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  Speaker 3: two hundred k by the end of twenty twenty seven,
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  Speaker 3: and also through that period will get all those other
• 10:01
  Speaker 3: use cases that are starting to feed into ethereum and
• 10:04
  Speaker 3: other like the protocols, et cetera. So let's say that
• 10:08
  Speaker 3: the medium term trajectory for the asset class is very solid.
• 10:12
  Speaker 3: So if anything, I'm even more bullish medium term on
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  Speaker 3: the back of all that.
• 10:17
  Speaker 1: Very good correlating to ethereum, I want to jump over
• 10:21
  Speaker 1: to Uni swap for a second. Uni swap jumps double digits.
• 10:24
  Speaker 1: Santary obviously eyeing this number, which surprised me even I'm
• 10:29
  Speaker 1: a big Uni swap follower, and I you know, I
• 10:32
  Speaker 1: feel like this is one of those protocols that has
• 10:35
  Speaker 1: a great.
• 10:35
  Speaker 2: Opportunity to kind of explode.
• 10:37
  Speaker 3: Here.
• 10:37
  Speaker 1: You compared unie swap to YouTube. Unpack that for me.
• 10:41
  Speaker 1: Explain that.
• 10:42
  Speaker 3: Yeah, so so in the research note as YouTube to
• 10:48
  Speaker 3: coinbase as Netflix. So what I mean there is essentially
• 10:54
  Speaker 3: everything that happens on the coin based exchange. And I'm
• 10:56
  Speaker 3: sure a lot of your viewers have you used the
• 10:59
  Speaker 3: coin exchange. It's a great exchange. But everything that happens
• 11:03
  Speaker 3: there is determined by the coin based entity. Right, So
• 11:08
  Speaker 3: they say, we would like to list verious tokens, et cetera,
• 11:12
  Speaker 3: depending on liquidity and other but essentially, let's say the
• 11:15
  Speaker 3: corporate entity determines all of that. For Uni swop, it's
• 11:19
  Speaker 3: essentially the exact opposite. You'll have users add liquidity, be
• 11:24
  Speaker 3: it tokens and they'll add those into new liquidity pools
• 11:28
  Speaker 3: or indeed existing liquidity pools, and so over time you
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  Speaker 3: get let's say a crowd or bottom up demand driven
• 11:36
  Speaker 3: version of an exchange in exactly the same way as
• 11:39
  Speaker 3: with YouTube. It's really that bottom up growth which drives,
• 11:43
  Speaker 3: you know, in terms of individual contributors. And in addition
• 11:47
  Speaker 3: to that, you also see a lot of the value
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  Speaker 3: in the YouTube example versus a Netflix example pass through
• 11:55
  Speaker 3: to the content creators, and you see something similar in
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  Speaker 3: the UNI versus coin as example. I the liquidity providers
• 12:02
  Speaker 3: who add tokens to those pulls also get quite a
• 12:05
  Speaker 3: lot of the fees pass through to them, So I
• 12:08
  Speaker 3: think there are quite a few analogies between the two. Now,
• 12:12
  Speaker 3: the point for me here on UNISWAP and that where
• 12:15
  Speaker 3: we got to that one hundred dollars target is everything
• 12:19
  Speaker 3: that's getting tokenized in the real world. And so today
• 12:22
  Speaker 3: we've got roughly three hundred or three hundred and ten
• 12:25
  Speaker 3: billion dollars of stable coins outstanding. My forecast that goes
• 12:29
  Speaker 3: to two trillion dollars by the end of twenty twenty eight.
• 12:32
  Speaker 3: US Treasury use that number. That's where they got that
• 12:34
  Speaker 3: from twelve months or so ago tokenize everything else, which
• 12:38
  Speaker 3: today is tiny about thirty billion dollars only. I think
• 12:41
  Speaker 3: that also goes to two trillion dollars by the end
• 12:44
  Speaker 3: of twenty twenty eight. So you've got this massive train
• 12:47
  Speaker 3: if you like, of cash primarily coming out of TRADFI
• 12:51
  Speaker 3: where banks and others like black Rock and others are
• 12:54
  Speaker 3: tokenizing things at the moment, and you fast forward two
• 12:57
  Speaker 3: or three years and you'll have a massive uplift in
• 13:00
  Speaker 3: the amount of assets on chain. Secondarily, in my opinion,
• 13:06
  Speaker 3: you'll get a massive uplift in the percentage of those
• 13:09
  Speaker 3: assets that get plugged into DeFi. So of the stable
• 13:12
  Speaker 3: coins and token and real assets today, only three and
• 13:16
  Speaker 3: a half percent of those make it all the way
• 13:18
  Speaker 3: into DeFi. Most of them just sit on chain and
• 13:20
  Speaker 3: quite frankly don't do that much. So we see a
• 13:23
  Speaker 3: huge uplift in assets on chain and percentage in DeFi,
• 13:27
  Speaker 3: which is what I think you'll see. And protocols like
• 13:30
  Speaker 3: uniswap have a very linear pass through from more activity
• 13:35
  Speaker 3: to more revenue and therefore higher token price. It's a
• 13:39
  Speaker 3: very very linear and easy to scale operation UNI swap,
• 13:44
  Speaker 3: and so that's really the number I'm getting there to
• 13:47
  Speaker 3: one hundred dollars is just that pass through. So it's
• 13:50
  Speaker 3: just a massive amount of new assets on chain being
• 13:53
  Speaker 3: used in defive protocols like UNI swap. We saw the
• 13:56
  Speaker 3: robin Hood news from uni swap the other day as well,
• 14:00
  Speaker 3: and so I suspect we'll see more of those partnerships.
• 14:03
  Speaker 3: And essentially money is coming out of traditional financial markets
• 14:08
  Speaker 3: at the moment from FinTechs, but going forward probably banks
• 14:11
  Speaker 3: and more traditional real money or pension funds accounts as well.
• 14:14
  Speaker 3: We'll be teaming up with uniswop in order to get
• 14:17
  Speaker 3: into that defile liquidity pool space. And it's a very
• 14:22
  Speaker 3: very simple pass through antiquity to hire token and hand
• 14:26
  Speaker 3: one hundred and twenty thirty.
• 14:27
  Speaker 1: Yeah, I'm looking here at the report you guys put
• 14:30
  Speaker 1: out Standard Charter Report. This is the Global Research Report
• 14:32
  Speaker 1: on June fifteenth. I'll zoom in on this for you
• 14:35
  Speaker 1: guys right there, because you can see the forecast right
• 14:37
  Speaker 1: there as uniswap right now sitting in twenty twenty six
• 14:40
  Speaker 1: six fifty twenty seven. That looks like about a three
• 14:43
  Speaker 1: x or plus twenty eight up to doubling from there
• 14:46
  Speaker 1: and then all the way into one hundred dollars there,
• 14:49
  Speaker 1: so very intriguing, you know, ascent in terms of I
• 14:53
  Speaker 1: guess to correlate with what you're talking about in terms
• 14:55
  Speaker 1: of the growth of DeFi and the alternative market that
• 14:59
  Speaker 1: seems to be building right now, so which we believe
• 15:03
  Speaker 1: that is kind of going to be the case. Really,
• 15:05
  Speaker 1: if you look at just the data cumulative UNI right now,
• 15:08
  Speaker 1: this is the burn If this doubles in terms, I mean, essentially,
• 15:12
  Speaker 1: this puts uniswamp into a point where they're going to
• 15:16
  Speaker 1: be doing a burn rate that's going to beat inflation
• 15:20
  Speaker 1: on this. So that in itself would be pretty significant.
• 15:24
  Speaker 1: When would that occur, do you think?
• 15:26
  Speaker 3: So it depends on how quickly the token price moves up.
• 15:29
  Speaker 3: You can either see one of two things. Either the
• 15:32
  Speaker 3: token price goes sideways at three dollars or where thereabouts
• 15:36
  Speaker 3: we are today, and because of that, you would rapidly
• 15:39
  Speaker 3: go into deflationary territory, Like in six months from now,
• 15:43
  Speaker 3: you'd be deflationary and actually you'd end up burning like
• 15:46
  Speaker 3: thirty percent of the tokens in twelve month period if
• 15:49
  Speaker 3: we stayed at three dollars. So that's clearly not going
• 15:51
  Speaker 3: to happen, Or the token price goes up and the
• 15:54
  Speaker 3: deflation is less dramatic, so you're getting a massive increase
• 15:58
  Speaker 3: in dollar base throughput, and the UNI tooken price will
• 16:02
  Speaker 3: adjust to be let's say, marginally deflationary rather than what
• 16:07
  Speaker 3: would otherwise be roughly a third of tokens in twelve months,
• 16:10
  Speaker 3: which clearly is not something that the market would go for.
• 16:13
  Speaker 3: More likely, the token price goes up and adjust fit
• 16:16
  Speaker 3: and hence hence those price targets.
• 16:19
  Speaker 1: Do you think that institutional lack of Blackrock is actually
• 16:22
  Speaker 1: buying into uniswa.
• 16:26
  Speaker 3: So Blackrock and unisop had an announcement I'm going to
• 16:29
  Speaker 3: say four four months ago now where Blackrock is plugging
• 16:32
  Speaker 3: into unisop X, which for those that don't know, is
• 16:36
  Speaker 3: let's call it the institutional style version that you have
• 16:39
  Speaker 3: in UNI shop. So that the Blackrock team up has
• 16:42
  Speaker 3: already happened, and they also bought tokens at the same time,
• 16:46
  Speaker 3: so that large name has already entered. You've had Robin Hood,
• 16:50
  Speaker 3: You're certainly going to get others in the next little while.
• 16:54
  Speaker 3: I suspect actually where this goes and becomes very interesting
• 16:57
  Speaker 3: is when equity has become tokenized, you'll end up with
• 17:01
  Speaker 3: liquidity pools that look like the following, So something like
• 17:05
  Speaker 3: oil versus oil stocks in a liquidity pool and banks
• 17:09
  Speaker 3: in trad file, we just can't do that because we
• 17:12
  Speaker 3: always go back to dollars, we always hedge out right,
• 17:15
  Speaker 3: whereas liquidity pools have that advantage, and so you can
• 17:19
  Speaker 3: run a massively lower cost of capital in those liquidity pools.
• 17:24
  Speaker 3: And in those types of examples, there'll be hundreds, if
• 17:26
  Speaker 3: not thousands of those crosses that you can logically think
• 17:30
  Speaker 3: up when you think you know everything in stocks and commodities,
• 17:33
  Speaker 3: then an other becomes tokenized in the next couple of years.
• 17:35
  Speaker 3: So there's that's where the huge upsoon comes from, and
• 17:39
  Speaker 3: the cash will come in from the black rocks of
• 17:42
  Speaker 3: the world or the standard charters of the world at
• 17:43
  Speaker 3: some stage as well.
• 17:44
  Speaker 1: I'm sure do you think UNISWAP is kind of a
• 17:48
  Speaker 1: future winner here in terms of the equity versus token
• 17:51
  Speaker 1: debate that's happening. This was a tweet that was out there,
• 17:54
  Speaker 1: saw Eric Vorhees talk about this. Tokens with that equity
• 17:58
  Speaker 1: do not work. This is the debate, even though you know,
• 18:01
  Speaker 1: I think the argument there is maybe not on point,
• 18:05
  Speaker 1: but the point is is that in a swap is
• 18:08
  Speaker 1: essentially an equity token you're if you're a holder, you're
• 18:11
  Speaker 1: getting you're getting essentially paid to hold. So do you
• 18:15
  Speaker 1: think this kind of settles that over time or what
• 18:18
  Speaker 1: are your thoughts.
• 18:19
  Speaker 3: It's a very unique use of digital asset technology, right,
• 18:23
  Speaker 3: So you have you have a few protocols now like
• 18:26
  Speaker 3: UNISWAP that turned on the fee switch last December. You've
• 18:29
  Speaker 3: had you've had ave, You've had had the fee switch
• 18:32
  Speaker 3: on for a number of years now as well. So
• 18:34
  Speaker 3: it's a it's a relatively unique way to pass through
• 18:37
  Speaker 3: economic value to token holders. I you you get in revenue,
• 18:41
  Speaker 3: you have some profit if you like, in a traditional
• 18:45
  Speaker 3: non crypto sense, and then you pass that through in
• 18:49
  Speaker 3: this case by burning tokens. So rather than you know,
• 18:53
  Speaker 3: off chain corporates either giving dividends or equivalent in this way,
• 18:57
  Speaker 3: you're essentially passing through value in this in the same
• 19:01
  Speaker 3: essentially the same fashion, right, but you're doing it in
• 19:04
  Speaker 3: a digital asset sense, and I suspect that's where the
• 19:07
  Speaker 3: model needs to go over time. So others haven't quite
• 19:11
  Speaker 3: gone there. So the likes of let's say Morpho for example,
• 19:14
  Speaker 3: that today don't have a fee switch turned on, they
• 19:17
  Speaker 3: feel to me more like early stage did well. At
• 19:21
  Speaker 3: some stage, I suspect they will turn it on, But
• 19:23
  Speaker 3: right now the fact they don't, I think is fine.
• 19:26
  Speaker 3: So they feel to me more like early stage tech.
• 19:28
  Speaker 3: So those with some gray hairs probably remember Jeff Bezos
• 19:32
  Speaker 3: back in the day saying, well, I'm not paying I'm
• 19:34
  Speaker 3: not paying dividends because what I'm investing in Amazon is
• 19:38
  Speaker 3: the best thing going around, right, And so early stage
• 19:41
  Speaker 3: digital asset companies like Morpho were making exactly the same argument.
• 19:45
  Speaker 3: And when they get larger or more established, they'll probably
• 19:48
  Speaker 3: turn on their fee switch too, And it's already in
• 19:50
  Speaker 3: that case, in built in the code, just have to
• 19:53
  Speaker 3: flip the switch.
• 19:54
  Speaker 1: Well, you look at some of the company projects that
• 19:57
  Speaker 1: are actually doing this. I mean even in the NFT
• 19:59
  Speaker 1: world you had lantosaur Is doing this announcement rate. Here
• 20:02
  Speaker 1: they're distributing fifteen percent ownership now to the holders. So
• 20:05
  Speaker 1: equity season in essence may be launching now, and UNISWAP
• 20:10
  Speaker 1: has kind of led the way on this. So to
• 20:12
  Speaker 1: your point, because that was my question on Morpho, if
• 20:15
  Speaker 1: they ever turned a fee switch on, like, wouldn't that
• 20:18
  Speaker 1: be kind of a must have token, especially on the.
• 20:21
  Speaker 3: Institutional side, one hundred percent, so for your viewers. In
• 20:28
  Speaker 3: the last three weeks, I've done three research notes on
• 20:31
  Speaker 3: DEFAUX protocols UNISWAP. We've obviously deep dive, I did one
• 20:35
  Speaker 3: on AVE, and I've done one on Morpho last few weeks,
• 20:38
  Speaker 3: and within the DeFi space, they are my top three tokens.
• 20:43
  Speaker 3: And the reason for that is that I think when
• 20:46
  Speaker 3: trad FI money comes in here, so we're talking about Blackrock,
• 20:49
  Speaker 3: we're talking about standard chartered so banks and pension fund Essentially,
• 20:52
  Speaker 3: when we tokenize stuff, we want to plug that into
• 20:56
  Speaker 3: trusted names that have had some battle tests. Right, these
• 21:00
  Speaker 3: protocols have been around a little while, they're getting good
• 21:04
  Speaker 3: team ups with trad five participants and so they have
• 21:08
  Speaker 3: and they have relative size, so they're not the very
• 21:12
  Speaker 3: very small, but they're not the large super large protocols.
• 21:15
  Speaker 3: But in that space, they've been around a long time,
• 21:17
  Speaker 3: they know what they're doing, they're trusted names, and so
• 21:21
  Speaker 3: I think they're actually the ones that win the trad
• 21:23
  Speaker 3: file money when trad FI enters this space, ietokenization at scale.
• 21:28
  Speaker 3: Because if I turned around his standard chattered today and said, look,
• 21:31
  Speaker 3: I'd like to team up with what we're doing with Unipomorpho.
• 21:36
  Speaker 3: Quite frankly, a number of people may not have heard
• 21:38
  Speaker 3: of the protocols if they're not in the weeds of crypto.
• 21:41
  Speaker 3: But I could give back history on stuff that the
• 21:44
  Speaker 3: founders have done in each of those three tokens, and
• 21:46
  Speaker 3: it'd be very, very credible to do that. And so
• 21:49
  Speaker 3: as a result, I think that's where the trad fi
• 21:52
  Speaker 3: conservative money, if you like, makes its way into protocol space.
• 21:56
  Speaker 1: Well, it's interesting you pick those three because those are
• 21:58
  Speaker 1: three that I know we have been covering for an
• 22:02
  Speaker 1: extensive period of time. In the same reasoning behind what
• 22:07
  Speaker 1: you're looking at is the potential for growth here. We
• 22:10
  Speaker 1: just had rand on last week from Zama, and he
• 22:14
  Speaker 1: hits on a very interesting point, and this was their partnership,
• 22:17
  Speaker 1: the whole idea around confidential vaults, also partnering with Morpho
• 22:22
  Speaker 1: on ethereum. So you've got another huge USCC fault that's
• 22:27
  Speaker 1: going out there on it, so that I think this
• 22:29
  Speaker 1: only starts to build, and it's going to build quickly.
• 22:32
  Speaker 1: I guess the real question is how fast. There's the
• 22:35
  Speaker 1: robin Hood announcement right there, working with Athena, and of
• 22:38
  Speaker 1: course we're going to probably see more growth there. How
• 22:42
  Speaker 1: long do you think we'll really see major capital moving in?
• 22:45
  Speaker 1: Do you think this is twenty twenty six that we
• 22:47
  Speaker 1: see this kind of movement or is it maybe a
• 22:49
  Speaker 1: year or two?
• 22:50
  Speaker 3: I think the time is now when everyone is asking
• 22:55
  Speaker 3: questions about how soon and how much do we want
• 22:58
  Speaker 3: to put into this. I can tell you. I can
• 23:01
  Speaker 3: tell you from being sat inside a bank and talking
• 23:03
  Speaker 3: to everyone else in the industry that's thinking about tokenizing.
• 23:07
  Speaker 3: Everyone is asking these questions today. So how long does
• 23:11
  Speaker 3: it then take to kick in? I'd say somewhere between
• 23:14
  Speaker 3: three to twelve months. We'll get large scale asset managers
• 23:18
  Speaker 3: and banks plugging into DeFi protocol. So I expect it
• 23:22
  Speaker 3: to come soon, and I expect the scale to be
• 23:26
  Speaker 3: much more dramatic than people are prepared for. Right so
• 23:29
  Speaker 3: so far we've had relatively small ones. You've mentioned a
• 23:32
  Speaker 3: couple with Morpho in the vaults, etc. I expect you
• 23:35
  Speaker 3: to see ten and twenty x's of those announcements that
• 23:38
  Speaker 3: we've had so far in the next within the next
• 23:40
  Speaker 3: twelve months, definitely, but perhaps with even within three now
• 23:44
  Speaker 3: if we can get clarity act in the US that
• 23:46
  Speaker 3: would help, Or if we could just get that out
• 23:48
  Speaker 3: of the way and get some SEC and CFTC guidelines again,
• 23:52
  Speaker 3: I think that will either outcome will create a lot
• 23:55
  Speaker 3: more confidence, if you like, in trap BI participants to
• 23:59
  Speaker 3: move forward at scale. I mean, I know we all
• 24:01
  Speaker 3: look at polymarket for odds and everything these days. I
• 24:03
  Speaker 3: mean Clarity to pass this year has been between forty
• 24:07
  Speaker 3: and sixty percent for most of this year. I haven't
• 24:10
  Speaker 3: looked at it for a little while if it's fallen
• 24:12
  Speaker 3: outside that range. But I guess I've been basing my
• 24:15
  Speaker 3: predictions on poly market being somewhere close to the mark.
• 24:19
  Speaker 3: If it does pass, we'll get a positive knee jerk
• 24:22
  Speaker 3: surprise to the top side. And if it doesn't quite frankly,
• 24:25
  Speaker 3: let's just move on and get SEC and sfetc. To
• 24:28
  Speaker 3: get the job done, which I think would actually be
• 24:31
  Speaker 3: fine for me. So if we did see a dip
• 24:33
  Speaker 3: up if Clarity doesn't pass, I'd be buying the dip
• 24:36
  Speaker 3: on the SEC and sefetc. Expectations.
• 24:39
  Speaker 1: Then to kick in back to UNI for a second,
• 24:42
  Speaker 1: would you prefer UNISWAP over something like a BM and R.
• 24:45
  Speaker 1: You know, in terms of an etage right here right
• 24:48
  Speaker 1: now obviously, or BM and R being able to earn
• 24:52
  Speaker 1: you know, staking rewards and cash out there. So it's
• 24:55
  Speaker 1: essentially got an engine there that has a similarity to it.
• 24:58
  Speaker 2: What would you say, Ye.
• 25:00
  Speaker 3: Sure, I like bitmin and I like UNISWAP. I think
• 25:03
  Speaker 3: they do different things. I think what Tomly has done
• 25:08
  Speaker 3: it bitmin has been unbelievable. They now have so much
• 25:13
  Speaker 3: eth that the cash coming in from staking year means
• 25:16
  Speaker 3: they can do lots of other things. Sure, it's a
• 25:19
  Speaker 3: very unique, very unique business model they have, but it's
• 25:22
  Speaker 3: at a much larger scale. I mean bitmine is what
• 25:26
  Speaker 3: ten billion dollar market cap, U needs about two billion
• 25:29
  Speaker 3: market cap. If eath goes up and tokenization kicks in,
• 25:34
  Speaker 3: as I expect, both will outperform quite frankly, and you
• 25:37
  Speaker 3: would probably see the ETH price higher. You probably see
• 25:40
  Speaker 3: the m NAB of bitmine higher as well. I think
• 25:43
  Speaker 3: if because there's clearly a positive correlation between m navs
• 25:47
  Speaker 3: and token price in the same way, you'll see that
• 25:50
  Speaker 3: leverage point go through to UNI. So I think actually
• 25:52
  Speaker 3: quite genuinely investors should consider either of them. Now, they
• 25:57
  Speaker 3: often do have different investor bases. The issue with tokens
• 26:01
  Speaker 3: is not everyone either knows how to or can get
• 26:04
  Speaker 3: access to tokens. Certainly in institutional space that's true. Not
• 26:07
  Speaker 3: everyone can buy tokens if they're institutional stole investors, but
• 26:11
  Speaker 3: everyone can buy equities, and that was the original rationale
• 26:15
  Speaker 3: of the digital asset treasury companies, right, And so hence
• 26:18
  Speaker 3: that's the niche that the like of likes of tom
• 26:21
  Speaker 3: Ley's bitmine fulfills for everyone.
• 26:24
  Speaker 1: Do you think we're in a phase right now where
• 26:26
  Speaker 1: institutions are setting setting out bitcoin because of what's happening
• 26:31
  Speaker 1: in kind of this pseudo civil war around bit one ten?
• 26:35
  Speaker 2: What do you think?
• 26:36
  Speaker 3: I think we saw some selling of the ETFs to
• 26:41
  Speaker 3: raise cash for the SpaceX ipo.
• 26:43
  Speaker 2: Okay, so I.
• 26:44
  Speaker 3: Think that was I think that was definitely part of it.
• 26:46
  Speaker 3: Like you can only ever sort of square the facts
• 26:49
  Speaker 3: together afterwards, but the amount of money that went into
• 26:52
  Speaker 3: SpaceX and then also immediately there after twenty another twenty
• 26:55
  Speaker 3: billion dollars went into the debt issuance from SpaceX two.
• 27:00
  Speaker 3: You might see something similar with open ai, but that's
• 27:03
  Speaker 3: smaller in scale. So I think that's actually where you've
• 27:05
  Speaker 3: seen a chunk ab outflow. Is people raising cash to
• 27:09
  Speaker 3: get into the hot topic of the day, which has
• 27:10
  Speaker 3: been the IPOs. So I think once we get through those,
• 27:14
  Speaker 3: and if you extract from that sort of shorter term drive,
• 27:17
  Speaker 3: actually the ETFs have held up pretty well. Like we
• 27:21
  Speaker 3: haven't fallen massively. We got to about I'm going to say,
• 27:24
  Speaker 3: eight hundred thousand bitcoin inflow since the start of twenty
• 27:28
  Speaker 3: four and we're paired back like one hundred k or
• 27:30
  Speaker 3: one hundred and fifty thousand in terms of in bitcoin terms,
• 27:34
  Speaker 3: So it's not massive. Actually, to be honest with you,
• 27:37
  Speaker 3: I expected there to be more capitulation at one point,
• 27:40
  Speaker 3: but it tells me that actually the bulk of ETF
• 27:43
  Speaker 3: holder is a very long term pension, fun style, teachers
• 27:47
  Speaker 3: fun style, and so if anything, I'd say, once we
• 27:49
  Speaker 3: see a bit of a turn in price, you'll see that,
• 27:52
  Speaker 3: but you'll see that buying come back.
• 27:54
  Speaker 1: There was another price target that you guys put out,
• 27:57
  Speaker 1: and this was in reference to XRP, and you had
• 28:01
  Speaker 1: slashed your twenty twenty six x RP target from eight
• 28:04
  Speaker 1: bucks down to two point eighty. Obviously, we have a
• 28:08
  Speaker 1: big XRP audience here on this channel.
• 28:11
  Speaker 2: Why why go this route?
• 28:13
  Speaker 3: I like XP, but I think a little bit of
• 28:16
  Speaker 3: what happened in the first let's say, first few months
• 28:18
  Speaker 3: of this year was I suspect we're going to go
• 28:22
  Speaker 3: into a phase of a couple of the big tokens winning,
• 28:26
  Speaker 3: Bitcoin Ethereum winning, and perhaps, in my mind, some of
• 28:30
  Speaker 3: the smaller tokens like the protocols uniswop Morpho are winning
• 28:34
  Speaker 3: as well. So I think we could have a period
• 28:36
  Speaker 3: of just a bit of diversification there. I like XP,
• 28:39
  Speaker 3: I like the guys Ripple. I think they've got a
• 28:41
  Speaker 3: fabulous product. But really, where we came into the year,
• 28:46
  Speaker 3: we were looking somewhat frothy, I guess in XRP from
• 28:50
  Speaker 3: a token perspective, and obviously it was hurt like everyone
• 28:53
  Speaker 3: in the first few months of the year.
• 28:55
  Speaker 1: Do you think XRP suffers from the equity token debate
• 29:00
  Speaker 1: in general because it, you know, obviously it doesn't have
• 29:03
  Speaker 1: that kind of benefit that we're seeing in some of
• 29:06
  Speaker 1: these other projects that are significant.
• 29:08
  Speaker 2: Now.
• 29:08
  Speaker 1: Granted XRP is a completely different animal, but you know
• 29:11
  Speaker 1: what if something like that were to change.
• 29:14
  Speaker 3: Absolutely, it's fair to say that the large off chain
• 29:19
  Speaker 3: companies like Ripple that have tokens like XRP it's a
• 29:23
  Speaker 3: more complex animal than the ANI swaps or the arvas
• 29:27
  Speaker 3: of the MorphOS right, which have been on chain for
• 29:30
  Speaker 3: essentially forever, and they just have like labs projects if
• 29:33
  Speaker 3: you like. On the side. Another one I could throw
• 29:36
  Speaker 3: in there maybe is chain Link. They have some fabulous
• 29:39
  Speaker 3: product at chain Link, but they have like quite a
• 29:41
  Speaker 3: lot of off chain stuff and on chain stuff, so
• 29:44
  Speaker 3: it gets a bit mixed in the middle. So I
• 29:47
  Speaker 3: suspect in each of those examples, at some stage we
• 29:51
  Speaker 3: want to have either a change in how the value
• 29:53
  Speaker 3: is passed through to token holders and or possibly even
• 29:57
  Speaker 3: just more communication around how the value passes through would
• 30:01
  Speaker 3: also be helpful, something that the smaller uniswaps and vas
• 30:06
  Speaker 3: and MorphOS have not really had to do. They've just
• 30:08
  Speaker 3: had to turn on p switches or not at various times.
• 30:11
  Speaker 3: So a little bit simp simpler business model, I guess
• 30:14
  Speaker 3: for those Yeah, for sure.
• 30:15
  Speaker 2: Listen, MICA has launched.
• 30:18
  Speaker 1: It's now effective, So what was for thirty one hundred
• 30:23
  Speaker 1: crypto firms is now two hundred and forty four. So
• 30:26
  Speaker 1: this is a big change in terms of the landscape.
• 30:29
  Speaker 1: How much of an impact on the overall crypto landscape
• 30:32
  Speaker 1: does Mica. Have we've seen tether impacted here, binance impacted here?
• 30:39
  Speaker 3: What do you think Meca has been massively important? I mean, firstly,
• 30:43
  Speaker 3: it's just been massively important to have, quite frankly, have
• 30:46
  Speaker 3: something in regulation space actually active, which is wonderful. I
• 30:50
  Speaker 3: think it's fair to say that Genius Act took a
• 30:53
  Speaker 3: chunk of what was in Meca and quite frankly cut
• 30:57
  Speaker 3: and paste and added some new stuff on the top.
• 31:00
  Speaker 3: I suspect that some stage meet you might get reopened
• 31:02
  Speaker 3: as well, and perhaps take some of the lessons that
• 31:04
  Speaker 3: have been learned in the US, which I think would
• 31:06
  Speaker 3: be great. Where I'd like us to get to would
• 31:09
  Speaker 3: be to have regulations for stable coins in both jurisdictions
• 31:13
  Speaker 3: be the same ie. One hundred percent reserve backing, etc.
• 31:19
  Speaker 3: The narrowbank solution that the US has gone down with
• 31:21
  Speaker 3: Genius OL. I think that would be the ultimate outcome
• 31:23
  Speaker 3: would be if regulation was the same in every country
• 31:26
  Speaker 3: and jurisdiction. And I certainly know that a number of
• 31:30
  Speaker 3: other countries are thinking about going down the same route
• 31:33
  Speaker 3: as the US, and so I wouldn't be surprised if
• 31:36
  Speaker 3: the EU if Mekia ended up going that route as well.
• 31:38
  Speaker 1: What countries do you think would be following in line
• 31:42
  Speaker 1: with the United States that you think would have a
• 31:44
  Speaker 1: major impact, Because you look at what's happening in Asia,
• 31:48
  Speaker 1: in the Pacific Rim, there's some key movement, whether it's Japan,
• 31:52
  Speaker 1: Hong Kong. Where do you think a hot center is
• 31:55
  Speaker 1: that would potentially contribute to the crypto market globally.
• 31:58
  Speaker 3: I can probably tell, honestly by demand for my time personally,
• 32:02
  Speaker 3: so I'm sat in the UK. I've been to the
• 32:06
  Speaker 3: US five times in the last nine months, I think
• 32:09
  Speaker 3: for trips, so that tells me US is the hot
• 32:13
  Speaker 3: is the number one hot place, which I guess is
• 32:15
  Speaker 3: no great surprise. I've been four times in Hong Kong,
• 32:18
  Speaker 3: so that tells you who's second. Hong Kong has been
• 32:21
  Speaker 3: massively pragmatic in the last two months or so. A
• 32:23
  Speaker 3: lot happening there elsewhere in Asia Singapore probably demand has
• 32:28
  Speaker 3: died off slightly. I can see it picking up in
• 32:30
  Speaker 3: Japan and Korea in the next six to twelve months,
• 32:32
  Speaker 3: which is great. Europe, if I'm honest, is always a
• 32:35
  Speaker 3: little bit sleepy or bit. UK is becoming a little
• 32:37
  Speaker 3: bit more pragmatic in recent times, so maybe we'll see
• 32:41
  Speaker 3: something out of FCA in the next little while in Europe,
• 32:45
  Speaker 3: and obviously the Middle East was hurt by what happened
• 32:47
  Speaker 3: in Iran, but presumably will bounce back now in the
• 32:50
  Speaker 3: second half.
• 32:50
  Speaker 1: I'd think Jeff Metallic puts out an interesting tweet. He's
• 32:54
  Speaker 1: talking about the lean ethereum a roadmap, and one of
• 32:58
  Speaker 1: the things that he's talking about a core. There has
• 33:00
  Speaker 1: been the idea around native privacy. When you look at that,
• 33:04
  Speaker 1: if the upgrade does take place, how much of an
• 33:08
  Speaker 1: impact would that have on your thesis on ethereum as
• 33:13
  Speaker 1: a whole.
• 33:13
  Speaker 3: I think it'd be massively positive. So, I mean, the
• 33:16
  Speaker 3: only thing that stands in the way from an institutional
• 33:21
  Speaker 3: perspective of large scale capital going onto permissionless chains is
• 33:28
  Speaker 3: this privacy question. So if that can happen natively on
• 33:32
  Speaker 3: layer one eighth, which I think it will happen, the
• 33:34
  Speaker 3: question is it's timing. Then all of these use cases
• 33:38
  Speaker 3: will go into e theoreum and also quite frankly, into
• 33:41
  Speaker 3: the protocols that are very very theorem based. So I
• 33:45
  Speaker 3: have partly priced that in in my forecast thing. It's
• 33:47
  Speaker 3: fair to stay so at some stage I think it
• 33:51
  Speaker 3: does happen and hopefully we can get the push from
• 33:55
  Speaker 3: a theorem Foundation will be fantastic. We just had the
• 33:57
  Speaker 3: new spinouts announced so eth Labs and Etherreum Institute. I'm
• 34:05
  Speaker 3: hoping that we get let's say, some cleaner communication from
• 34:09
  Speaker 3: those two new vehicles. I think would be helpful. So
• 34:12
  Speaker 3: let's say having the core EF and Vitelick in this
• 34:16
  Speaker 3: on the tools creating those types of solutions, and then
• 34:19
  Speaker 3: hopefully the new entities eth Labs and Etherreum Institute telling
• 34:23
  Speaker 3: us or on the outside exactly what the plan is.
• 34:27
  Speaker 3: I think is where this will hopefully go. And I
• 34:29
  Speaker 3: would also note that those two new entities eth Labs
• 34:33
  Speaker 3: and Etherereum Institute, they're three backers, are the three adults
• 34:36
  Speaker 3: in the room Bitmine, Sharplink, and Joe Lubin right, which
• 34:41
  Speaker 3: I think is the main takeaway that I had when
• 34:43
  Speaker 3: they were announced.
• 34:43
  Speaker 1: Recently, we listen, we've talked about the underrated tokens, which
• 34:47
  Speaker 1: is uniswat more fo ave, let's talk about the overrated
• 34:52
  Speaker 1: tokens in crypto. Is there any that you would kind
• 34:55
  Speaker 1: of say, hey, these are overrated rate now versus what
• 34:58
  Speaker 1: we're seeing in the market.
• 34:59
  Speaker 3: It's to say overrated but I guess what we could say, well,
• 35:04
  Speaker 3: I mean quite generally down here as an asset class,
• 35:07
  Speaker 3: you know, I would say the whole asset class is
• 35:09
  Speaker 3: still relatively underrated.
• 35:11
  Speaker 2: But underrated, there.
• 35:13
  Speaker 3: Have been some tokens that have obviously taken a lot
• 35:16
  Speaker 3: of the hype pardon the pun, in the last six
• 35:20
  Speaker 3: to twelve months, right, So I guess where I'm saying
• 35:23
  Speaker 3: there is. I'm not chasing hyper Liquid. I think they've
• 35:26
  Speaker 3: got a fabulous product, fabulous team, but most most viewers
• 35:29
  Speaker 3: already know that story, right, So I'm looking for those,
• 35:33
  Speaker 3: let's say, lesser known stories today. Hence the uniswap a
• 35:36
  Speaker 3: morpho and perhaps at some stage eth Layer one trading
• 35:40
  Speaker 3: a lot better as well, I think would be fantastic.
• 35:42
  Speaker 3: But some of those other stories, like hyper Liquid, even
• 35:45
  Speaker 3: the AI digital asset crossover types, probably have been more
• 35:50
  Speaker 3: known or more followed, if you like, for the last
• 35:53
  Speaker 3: six or twelve months.
• 35:54
  Speaker 1: All right, Jeff Kendrick, Global head of Digital Assets over
• 35:57
  Speaker 1: at Standard Charter, thanks for coming in today.
• 35:59
  Speaker 2: We appreciate it.
• 36:00
  Speaker 3: It's it's a great pleasure. Happy to be here.
• 36:09
  Speaker 1: If you like this video, hit like and subscribe, drop
• 36:11
  Speaker 1: a comment down below, and also join our free private
• 36:14
  Speaker 1: member group.
• 36:15
  Speaker 2: The link is in the description mm hmm