It has been quite the brutal week for crypto with Bitcoin seeing its lowest level since February and also hitting a one-year low, while Michael Sailor's strategy selling 32 Bitcoin and that did lead to a drop below the 70,000 level.
But with the sell-off accelerating to the point where the crypto major briefly dipped below its 200 week moving average.
But another narrative is also emerging sailors jumping on board and saying that the rampant AI race is sucking capital.
Away from the coin, he does state that we're seeing a capital rotation and not a flaw with Bitcoin.
Also major US banks teaming up to take on the crypto industry.
They do plan to launch a tokenized deposit network next year to compete with stable coins will joining us on this Friday morning to weigh in on what's happening across digital assets is Chris Perkins, CEO of 250 Digital Asset Management.
Chris, great time here.
Thank you so much for joining me.
Good morning.
How are you?
I am doing well.
Well it has been quite a week.
Across the crypto market and right now we are looking at Bitcoin around the 62,000 level and holding above 1660.
So how would you characterize what we're seeing right now?
Look, as crypto investors we're very used to volatility.
Volatility traditionally works in both directions.
When you step back and you look at the charts.
I think you're right.
I think AI right now is being perceived as some kind of competitor to crypto, and I think this is a very near term phenomenon.
Some retail investors are chasing the shiny new toy and going after that AI trade, and that's fine.
And also you're seeing some folks saying, oh, AI is going to contribute to some security vulnerabilities in crypto.
But when you step back for a second, wait a second here, these are two technologies that are very symbiotic.
They need each other.
Those agents that you love, they need to be able to pay.
How are they going to do that?
They're going to pay on crypto rails.
And once AI fixes whatever legacy vulnerabilities they find, what's next?
So AI is actually going to fuel a lot of these issues.
So look, um, crypto is very cyclical.
We're used to volatility and you know we'll see what it goes in both directions.
When we take a step back, Chris, we have to keep in mind that we've seen volatility across all asset classes in 2026, and of course artificial intelligence has been in the spotlight both as a technology as well as an investment theme.
So you mentioned this convergence between crypto as well as AI, and we're also seeing a rotation as well when it comes to these mega IPOs that are coming down the pike.
So in terms of liquidity and rotation, what do you think is also going on?
So you know today we had a good jobs report and people were saying, oh, AI is going to destroy the jobs.
Everyone's losing their job.
That's not the case.
Jobs are rewiring, they're repositioning.
Market structure is changing and so like I said, near term volatility caused by this like perceived friction between AI is going to give way to this perceived wow, these technologies. are working together to deliver decentralized finance in a way that's never been seen before.
I mean, look what we're seeing right now.
You talked about IPOs.
We're seeing real-time 24/7 pre-IPO price discovery.
What an incredible unlock.
And think about how that's going to revolutionize IPO markets when issuers are coming out for the first time and they're not leaving money on the table because they have a good idea what the price.
I mean this could do incredible things.
It could even unlock direct listings like we've never seen before.
Yes, and there are key terms, Chris, that you just mentioned market structure as well as what's happening in perpetual futures.
So there are risks as well as opportunities when it comes to regulation as well as perps.
What are you seeing right now?
Perps make me so excited.
You're seeing some incumbents coming out and getting very concerned and very upset.
I've been advocating for purposes in this country for years.
They're the greatest innovation that I've seen in derivatives markets, and I've been in derivatives markets for decades.
And so now for the first time under the leadership of people like Chairman Selig, they're making this innovation a reality in the United States.
Derivatives are such an important foundational part of market structure.
It allows for hedging.
It allows for risk management.
It allows for risk transfer.
And now investors are going to have those tools for the first time in the crypto asset class.
Again, very good fundamental development in an otherwise volatile market.
And of course we are also paying attention to the regulatory landscape as we fast approach that July 4th date.
But what do you expect in terms of clarity?
I think it gets done, you know, we're in touch with policymakers.
I think both Democrats and Republicans know that this makes sense.
This is like, why wouldn't we want clarity?
That's what it's called, right?
That's a fundamental part of our US economy.
That's why we're great, because we have clarity, we have predictability.
So if you're coming out against it, it doesn't make a ton of sense.
And if you're coming out against it because of stable coins, guess what?
We already have a.
Stablecoin law, it's called Genius Act, and if we don't get clarity sorted, you still have the Genius Act.
It's going to take an act of Congress to change it.
So it's sad to me that we're conflating these two issues when it comes to stable coin yield, and I know you mentioned bank deposits, but I really hope it gets done.
And if it doesn't, we're going to be just fine because we have two chairmen, Atkins and Selig, who are working really hard together to give us clarity whether we have the law or not.
But obviously I'm a big fan of the law.
And finally, before I let you go, I do want to ask you about your new role at Franklin Crypto Division.
So tell us what you plan to do and how you plan to scale.
Once we arrive at Franklin Crypto, Look, Jenny Johnson, Sandy Hall, and the entire leadership at Franklin Templeton is really doubling down on their focus on this asset class.
And along with my partner Seth Gin and Tony Pakor, we're really going to drive to really solve.
Our clients' challenges as they enter the space.
I've said this time and time again.
You actually have more risk now for not being in the space than being in the space.
Everyone needs a solution.
Tokenized assets are going to change the world, and we can't wait to help our clients navigate this space.
Well, Chris, we will have to leave it there for today, but great having you on the show as always and hope to see you back here soon.
Always a pleasure, Remy.
Thank you so much.
