What's behind bitcoin's run toward $125K and what's next

Michelle, I want to start with you because uh really Bitcoin has taken off uh the past week, two weeks, even the past month. Any signs of fatigue that you're seeing in Bitcoin, Ethereum, really, I guess, at all across the landscape of uh crypto assets?

Well, I was always looking for a 125 target, so we're we're darn close to that, but that doesn't necessarily mean.

Time to raise your target, Michelle. Let's get the new target on Yahoo Finance or 200,000 maybe?

Well, I I I tend to be a little bit more conservative in my in my calls for things, although I have been also known to make bold ones. But in terms of Bitcoin right now, 125 is really where I'm looking at. But what I'm really interested right now, believe it or not, besides Ethereum, which has exploded over 3,000 and that's fantastic. I really like Chainlink. It has made a huge move over the last week. It actually was starting to make a move even before Ethereum did. And if you look at a chart, since that's what I do, right now it's sitting right at a 200 day moving average. So I'm talking about l i n k u s d. And if it gets through there, it hasn't been since January. We have a really interesting setup where this thing can go much higher. From a from a from a standpoint of what Chainlink does, it's a bridge between what's on the blockchain and what isn't on the blockchain. It actually brings that access to the blockchain. That is a future growth area anyway in the whole space from a more fundamental standpoint. So yeah, I think uh I don't see fatigue in some of the old coins. Like I said, Bitcoin will see around 125. I wouldn't necessarily get out, but I would certainly be looking at holding at 120 now, somewhere around that 118, 120.

Yeah, just seeing Michelle what uh Brian Armstrong, uh Coinbase CEO's working on. I mean, really laying the foundation for a very strong, fundamentally oriented business. Let me just follow up with some of the things you said. What is the better trade? Do you trade some of these altcoins and look, they are very, very risky or do you go into something more, I guess a proven commodity at this point, no pun intended in the Coinbase?

Well, that's interesting you use the word commodity because as an old school commodities trader, what's so great about all the old coins and Bitcoin and and of course being the kingpin, Ethereum and Chainlink, Solana, all of it is that they're so highly technical. So they're risky in that they're not investments necessarily, although that could be changing with this mass adoption. All this legislation is just another feather in the cap of mass adoption, especially with stablecoin and now Circle that IPO proved that people are hungry for some kind of an access to like a credit card, so to speak, for Bitcoin without actually owning it. The point is is that if you really can understand how to look at price action, especially on these volume surges and take advantage and look at it more as an active investment, sort of almost a fun way to make extra money, then I think it's a great space and that's one of the reasons why I love about it.

Krishna, we hear uh we've heard consistently uh of late institutions are getting into crypto. Institutions are getting into crypto. Well, you are an institution. What are your thoughts, have your thoughts changed on crypto compared to six months ago?

So I'll start by saying that I've been wrong on crypto for 15 years. So don't whatever I say please.

There's always a chance to be right, Krishna. And today could be that day.

Yeah, I know that but I think the point that was made earlier was a really good one. That is, if you're going to be playing in crypto, you have to play it the way the commodities folks play it, which is this is really not an investment still. Despite all the talk that we see here about changing landscape and things like that, this is still not an investment. It is a speculative vehicle. You can make a lot of money as people already have. And and and but it's not an investment. So we are not involved and it's quite unlikely that we'll remain involved. The only place where I see crypto actually making progress is on the stable coin front. But if you look at valuations of something like Circle relative to the potential amount of money that you could make out of stable coins, I'm I'm not so sure it's it's the right metric.