Joining me ahead of the long holiday weekend is someone who is Ray Salmond, Head of Markets at Cointelegraph. good morning.
Happy Friday to you and of course happy Bitcoin pizza day.
I do want to take a closer look at Bitcoin price action.
We did see some weakness after the crypto major hit the 83,000 level right now in New York morning trade.
We are looking at Bitcoin right above 77,000.
So tell us about the macro dynamics that are affecting price action.
Right.
Hey, good morning, Remy.
I hope you have a good weekend also.
Um, the Bitcoin's doing fine, you know, I, I still think we're in this situation where price is kind of irrelevant and from an investor perspective, It's all about exposure, consistent exposure, and your cost basis, because, you know, the upward projection over the longer term remains positive.
I think Tom Lee is still calling for 120,000.
By the end of the year, Arthur Hayes, uh, recently, I believe, also called for around 125,000 at the end of the year, and that's on the lower end.
There's much more extreme, um, price.
Projections out there.
So, um, from a macro point of view, um, we're looking at, uh, is there going to be a peace deal between Iran and the United States?
Uh, how do markets respond to that?
Uh, there's a lot of, uh, of euphoria surrounding potential IPOs with SpaceX and OpenAI.
Um, we just had CPI and PPI.
Finished last week, and while there's some red flags, uh, red red flags pointing to rising US inflation, um, I think people are looking beyond that, you know, it's, it's really the, the consumer that's most negatively impacted.
By inflation, not necessarily the investor.
So, uh, the mindshare of the market right now is with IPOs and with the AI buildout and uh with a potential strategic Bitcoin reserve and the Clarity Act getting passed.
I mean, it's a speculator's market, uh, but the actual speculation is on fundamentals and positive.
Pro crypto regulation.
So, I think in the lower range for Bitcoin, uh, 75,000 to 70,000 is kind of the lower range price expectation we'd, we'd have in the short term.
Uh, the upper range, 80,000 to $88,000 but it's dependent upon a lot of those narrative catalysts, uh, that I described earlier. and while I have you here, help us understand what's happening in the nation nation's capital with the clarity acts timeline complicated by the June recess.
So what are your expectations as we head into the summer months.
I hope it gets done before the midterms.
That seems to be the kind of dominant theory being expressed on Capitol Hill and in the crypto circles is that Republicans may lose their majority in either House after the midterms, and that could complicate getting clarity to the Oval Office.
So, that seems to be the, the prevailing kind of view at this moment.
Um, I did see something yesterday where a reporter, Eleanor Terrett, was saying that her sources had told her that the June recess complicates, uh, this recess into June complicates matters because it leaves like 3 weeks to get it done in June, and then July is very tight.
There was other unresolved, uh, legislation that didn't come to the floor, uh, that will probably take precedence over clarity.
So clarity could get pushed back further into July, uh, which possibly could be problematic, but I still think the overall view is that eventually it gets done.
You can't forget that President Trump is really good at using the big stick, the bully pulpit, uh, to make those phone calls and to call people up to the.
House and have behind closed doors talks with them, possibly threatening them or motivating them to get things done that he wants done legislatively, and that hasn't happened yet regarding clarity, but as we get closer to kind of like a critical deadline, you could begin to see that sort of thing happen and then things get moving on the Senate floor.
And we have less than 60 seconds here, but we are looking at a rally and tokenization crypto tokens.
So tell us what's happening where it comes to on the hyperliquid and even ZCash.
RWA is here to stay, uh, the SEC, uh.
Uh, under Paul Atkins being, uh, uh, is moving toward, um, a lighter approach to, uh, tokenize stocks on crypto platforms.
Um, hyperliquid has gone ballistic as a result.
Um, as I mentioned earlier, there's a lot of interest in trading pre-IPO stocks on hyper liquid, um, and also like oil futures and tokenized stocks.
So with the Fed giving master account access to various crypto exchanges and crypto companies and the president saying banks should onboard crypto companies and the SEC having a looser approach to crypto integration to Tradf, I think that opens the door for more tokenized assets to roll out across fintech platforms, and it's only up from here.
Well we will have to leave it there thank you as always for sharing all of your insights as well as your perspective.
Thank you.
