Bitcoin Faces Warsh's First FOMC Today - Should We Be Concerned?

The guest, Kyle Reedhead of Milk Road, argues that Bitcoin's stagnation at $65,000 isn't due to lack of belief in its long-term value, but because capital is currently flowing into productive assets like AI compute and high-growth equities—especially SpaceX, which is trading at a $2.1 trillion valuation despite only 4.2% of its shares being available for trading. He explains that the extreme low float and delayed unlock schedule (first sales not until August 5th) are creating artificial scarcity, making SpaceX a structural bubble that could briefly surpass all other companies in market cap. Meanwhile, Coinbase’s aggressive move into pre-IPO perps, AI-powered investment advisors, and tokenized stocks signals a shift toward real-world asset integration, which could redefine crypto’s role. Reedhead emphasizes that the real opportunity isn’t in rehypothecating ETH, but in building infrastructure for oil, silver, and other world-class assets on chain—something Hyperliquid has already begun to do. He also notes that most crypto analysts now focus on equities, not altcoins, due to regulatory uncertainty and lack of legal rights in tokens. The only potential catalyst for crypto revival? The Clarity Act.