And Welcome back to Market Movers the opening bell live from the New York Stock Exchange.
Well, this week, Bitcoin dipped below 90,000 for the first time since April.
While stocks are up double digit percentages, this year, Bitcoin has erased 2025 gains.
Well, the crypto major is now down 25% from its all-time high, with the October 10th sell off and mass. of leveraged positions as well as ETF outflows to blame, but Bitcoiners have been in here and they're not wavering.
While Sailors strategy bought over 8000 Bitcoin last week.
Joining me here at the New York Stock Exchange on this Wednesday morning is Corey Clipston, who is CEO of Swan Bitcoin.
Corey, great to have you here.
Thank you so much for joining me.
Yeah, it's great to be here.
First time with In person and hopefully not the last.
Yes, well, 2025 has been quite the year.
We only have a few more weeks left.
So what do you make of the volatility that we've seen in the past month and a half?
Yeah, so zoomed in here in the near term for those of you that are that are in and out traders.
I mean, obviously Bitcoin trades like a risk on asset in the short term.
But for a company like Swan and kind of myself and my family and the way we think about it, this is a long term hold.
This is a savings technology.
This is something that we don't really worry about too much.
And so I think the way to kind of mesh those two perspectives is what we've seen since the bottom of the last trough.
Kind of, you know, 22, 23 after the FTX collapse is we've seen four successive step ups to new ranges, so it ranged around 30, then it ranged around 50, then it ranged around 75, and it's been just kind of ranging for the last year and a half, kind of in between 75 and 125.
That seems like a big swing.
Because it's like, oh my gosh, it's $50,000 difference, but really that's just kind of the consolidation above and below $1000 and I expect that to continue for a while and then I think you'll see a move up and another consolidation somewhere higher than that.
Yeah, and for viewers out there who may not be familiar with Swan Bitcoin, I understand education is a key part of your model.
So tell us why.
Yeah, so look, the way we think about Swan is we are a Bitcoin wealth platform for the leaders of families and businesses.
That means high net worth investors generally and people who own their.
Businesses and they come to us to be their Bitcoin team across all of their different needs.
So whether it's buying and selling, whether it's putting it in retirement accounts, asset backed loans, tax loss harvesting, three flavors of custody just depending on your risk model.
So we kind of help and we're your bitcoin guys or your Bitcoin gals to help you on your Bitcoin journey.
And what we realized really early on is, you know, I fell in love with Bitcoin in 2017 to 2018, and I realized all you need to do is understand it.
It markets itself, so you don't need any puffery.
All you need is education.
Like you can just sell the stake.
You don't even need sizzle.
So we always say the more you The more you buy, and that's basically what we've learned is we put out tons of education and tons of research and just tell the truth with journalistic objectivity and standards, and it seems to work as marketing too.
Yeah, so Corey, you mentioned 2017.
So out of curiosity, how much was Bitcoin when you first got in?
It was in the mid 3000s, I think.
And then I kept buying all that year and I didn't, I started buying before I understood it.
I didn't really understand what it was and how they, you know, Bitcoin is completely different than all of the altcoins and they're kind of completely different asset classes.
I didn't really get that until spring of 2018.
It takes a while sometimes.
Luckily there's more information in the market now and I think it's a lot easier to find that signal and understand that one of these is not like the others and there really is a Bitcoin industry and a crypto industry and they're very different, you know, and thankfully that's in large part just due to the institutionalization of Bitcoin with the ETFs launching in January 2024.
Uh, here in New York it's fun to talk about.
We refer to them as Uncle Larry and Auntie Abby, so BlackRock and Fidelity, like they really did change the game and then we obviously have Crazy Cousin Mike that just is always on the bid with micro strategy and between the three of them they're always talking about Bitcoin and you know it basically makes it easy for a company like ours because a lot of people know something about it, but they kind of have an inferior product.
They have.
Bitcoin, an IOU, and a brokerage account, and then a large number of those people actually get into real Bitcoin and Swan is the real Bitcoin company.
Like in gold terms it would be like the difference between owning a gold ETF and owning the physical.
It's weird to say about a digital asset, but you know we are like the physical bitcoin company where you own the real thing and not a receipt.
Yeah, so I have to ask you, you mention institutionalization of crypto, and of course, January 2024.
I remember when the first Bitcoin ETF was launched here on the floor of the New York Stock Exchange.
But for viewers out there who might not have dipped their toes into crypto yet and they're thinking about whether they go into funds or actually buy the token or the asset itself, what would you say to them, given the regulatory landscape here stateside and your expectations heading into 2026?
Yeah, sure, so two different things.
Let's do expectations in 2026 1st.
So I think that cycles are over.
So if you've watched the Bitcoin space at all or you want to read up on it, there were bull market peaks at the end of 2013, at the end of 2017, at the end of 2021.
In this case, we didn't have a big run up.
We're basically flat for the year and so it's very hard to imagine a dramatic fall from where we are now because we never saw the run up.
And so this boom and bust every 4 years cycle does it's by definition right now unless we see a run up over 200k in the next 6 weeks, cycles are over and so I'd say there's a very good chance that for the first time after one of those 4 year peaks we actually see a new all-time high in the next year.
So that's my expectation is that we go above 125k in 2026.
It's never happened before and I think that's very.
Do you have a price target.
I don't do price targets because I really encourage.
I just, I put my money where my mouth is.
I buy every day.
I never sell, and I just buy automatically and I have, you know, kind of a multi-decade view on this.
This is something I think that people sometimes compare to product launches like the rise of Facebook or the rise of an.
Had adoption or something like that.
It's the wrong way to think about it.
This is a huge technological revolution.
It's more like the industrial revolution or electricity or the printing press or something like that.
Those types of technological revolutions that affect everything, they take 5 to 8 decades for full install.
So we're looking at 2060 to 2090 before we can really say, OK, what was this Bitcoin revolution.
OK, Corey, well, we will have to leave it there.
Thank you so much for joining me and thank you so much for sharing your perspective.
