Next guest joins us now down here at the FinTech TV booth.
John Har, managing director at Swan Bitcoin, also my former college roommate.
My man, welcome back to the show.
Nice to see you again.
Good to see you, JD.
I want to ask you about crypto price action.
It seems as if relatively range bound, a support level around 65%, resistance up to 75%, has not really been able to budge out of that range since early February.
How do you look at a chart like that?
Yes, so we at Swan would.
They definitely agree there seems to be a support level, certainly in the 65 to 70K range.
We've kind of been trading in the 65 to 75K range for quite some time.
It seems like it's been hard to break above that, as you said.
What we're starting to feel more confident about is that 65 level is looking like a support level, looking like a bottom.
Obviously, these things are hard to predict, external events, external shocks could happen, but we're getting more confident that 65 to 70K is a floor.
Um, so that's the first thing we would want to say before we can say we're likely to go much, much higher from here.
We're not getting that confident yet, but we do think that 650 level is a likely bottom.
Yeah, down here on the show we've been talking for more than the last year about institutional adoption.
We've got a big, a lot of the big heavy hitters in the world of finance making some big moves.
I'll ask you about these Morgan Stanley, Goldman, and Schwab.
Which one of those do you want to start with and why do they matter right now?
Yes, so this is one of several reasons why.
We think that 65 level will have a lot of support is this institutional adoption that was really just absent in a year like 2022, which was the last tough year for Bitcoin.
Fast forward 4 years ahead, 2026 is a tough year for Bitcoin, but we think it's not going to be nearly as tough as 2022, and it's because these institutional players are embracing Bitcoin.
So I think the first one that has to be mentioned is Morgan Stanley, as you said, uh, they rang the closing bell here.
They're launching a Bitcoin ETF of their own.
And that's critical because there's already 10 Bitcoin Spot ETFs that have existed for 2+ years.
So you have to ask why is Morgan Stanley launching their own in this environment?
And I think the punchline is they believe with all of their assets under management, all of their advisors, all of their clients, that Bitcoin will be a persistent allocation in those portfolios going forward.
And that's why they're launching.
They don't think that Bitcoin is hype in my opinion.
They think it's here to stay.
It's going to be a persistent allocation, so that's why they're launching that ETF.
Yes, Morgan Stanley shares overall up fractionally on the day.
Speaking of embracing crypto, crypto and Bitcoin, Michael Saylor's strategy, are they ramping up Bitcoin accumulation?
What is the latest for folks who don't follow the ins and outs of Mr.
Saylor's position?
Yeah, so they have gotten very creative in years in the past few years, and they, they continue to do it with ways to raise capital to deploy into Bitcoin.
Their latest, um, strategy that they're hitting pretty hard is this STRC known as stretch vehicle.
It's a perpetual preferred instrument.
And um there's some details behind it, but it's essentially a variable coupon.
It pays 11.5% right now, and a lot of people are buying that.
It's meant to stay at par at 100%, and it's, it's done a decent job of that.
But everyone who buys that, they take the capital and they put it into Bitcoin.
Just to give you a sense of how much Bitcoin they're buying now relative to years past, in the year 2022, they bought a total of 8000 Bitcoin as a company.
They're averaging this year about 8000 Bitcoin accumulated per week in 2026, so it's just orders of magnitude bigger now than it was in the past, and it's because of these types of vehicles.
Yes, he's buying the dip, to say the least.
That puts it lightly.
John Har, managing director at Swan Bitcoin, my man, thank you for being here.
Please come back on the show anytime.
Always great to be here.
