“I think we all know we’re already tired of the uncertainty, right, and the terror of the trade war that’s overhanging us for the better half of this year.” – 01:57
Remy Blaire welcomes Tongtong Gong, the Chief Operating Officer at Amberdata, for a live discussion from the Money20/20 conference in Las Vegas. The conversation begins with an overview of the current financial markets, highlighting the recent record highs in U.S. equities, particularly in big tech, while noting the sluggish performance of major cryptocurrencies like Bitcoin and Ethereum, as well as precious metals such as gold and silver.
Remy and Tongtong discuss the factors contributing to the market’s upward momentum, including the anticipation of a 25 basis point interest rate cut from the Federal Reserve. They explore the implications of this potential decision and how it aligns with the expected earnings reports from major companies like Apple, Alphabet, and Meta. Tongtong emphasizes the importance of these developments in shaping investor sentiment.
The discussion then shifts to the geopolitical landscape, focusing on President Trump’s recent trip to Asia and the anticipated meeting with China’s leader, Xi Jinping. Tongtong expresses optimism about the potential for productive dialogue, particularly in light of ongoing trade tensions and issues such as fentanyl and agricultural trade. She highlights the significance of face-to-face meetings in resolving uncertainties that have affected the global economy.
As the conversation progresses, Remy and Tongtong examine the performance of various asset classes as they approach year-end. Tongtong shares her bullish outlook on Bitcoin, predicting it could surge past $120, with hopes for it to reach $140 by the end of the year. This leads to a broader discussion on the implications of fintech and digital assets, especially in the context of the innovations showcased at Money20/20.
Tongtong highlights the growing adoption of cryptocurrencies by major financial institutions and the increasing interest in ETFs and asset tokenization. She notes that regulatory developments, such as the Genius Act and Clarity Act, are helping to reduce uncertainty and foster innovation in the industry.