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With recent volatility in crypto, Mike Fay wonders how much has been priced in (1:15). Trump initiatives and why it's hard to not be bullish long-term (3:30).

The crypto market has been heating up recently, and with recent volatility in the market, Unchained's Mike Fay joins the Investing Experts to discuss what he thinks has been priced in at this point.

The crypto market has been heating up recently, and with recent volatility in the market, Unchained's Mike Fay joins the Investing Experts to discuss what he thinks has been priced in at this point.

As the role of Trump initiatives is discussed, is it still difficult to be bullish on the crypto market long-term and what does this mean for investors through the rest of 2023?

Plus, with several coins being ranked, what does the market share breakdown look like for the leading smart contracts platforms at this time?

Plus, with several coins being ranked, what does the market share breakdown look like for the leading smart contracts platforms at this time?

Further highlighting BTC ETFs and how to hold crypto, what advice does Mike have for investors and what does he see being the best reason to go long Coinbase (NASDAQ:COIN) at this time?

Listen to the full interview here.

Rena Sherbill: Mike Fay, welcome back to the Investing Experts podcast. It’s great to have you back on the show talking crypto and seeing where you're at in the marketplace.

Rena Sherbill: Mike Fay, welcome back to the Investing Experts podcast. It’s great to have you back on the show talking crypto and seeing where you're at in the marketplace.

Mike Fay: Thanks for having me back. It’s a pleasure as always and it’s an interesting time to be talking crypto.

RS: It’s definitely an interesting time. So maybe ground us in the present moment. We're almost in the middle of March. We are seeing a lot of volatility in that space. Share with us what you're thinking about how you would articulate your thoughts for investors.

MF: I think the market is behaving similarly to other markets, specifically US equities. So I think a lot of what we're seeing is being driven by a risk off sentiment and I think there are a lot of reasons for that. Fundamentally it really depends on how you view the space.

MF: I think the market is behaving similarly to other markets, specifically US equities. So I think a lot of what we're seeing is being driven by a risk off sentiment and I think there are a lot of reasons for that. Fundamentally it really depends on how you view the space.

So if you're someone who thinks that it needs to have utility then there are concerns. If you're someone who thinks that this area is more of a digital adaptation of some of the older tech infrastructure or digital gold in the case of Bitcoin (BTC-USD)USD.

Nothing has really changed and in fact maybe the thesis is even getting stronger given some of the things that we've seen from President Trump with the digital asset stockpile, Bitcoin strategic reserve, these are the things that the market's now looking at.

The question is how much of that has been priced in? I think that Bitcoin right now is behaving more as a leveraged play on the Nasdaq (NDAQ) than it would be something like a safe haven. I think that that's pretty clear in the correlation data.

I think that's pretty clear in that it's essentially going down with equities rather than going inverse where gold has been performing quite well to start the year.

So my view is still that it's largely a capital flow game for Bitcoin. You have to then think from the perspective of the people who are allocating that capital, what do they think Bitcoin is?

If they're buying the idea that Bitcoin is digital gold why isn't it behaving more like gold rather than the NASDAQ? My thinking is that currently, right or wrong, it's viewed more like leverage on the NASDAQ or a raw speculative instrument.

So in a risk off environment, which is what we're seeing now, it's gonna probably go down.

So in a risk off environment, which is what we're seeing now, it's gonna probably go down.

RS: Trump's initiatives - the Summit, strategic reserves, how has that affected not just Bitcoin but also investors and sentiment and what do you think it means both in the near term and maybe throughout this year at least?

MF: Honestly near term through the end of the year I really wouldn't be surprised if we see markets make another top or another high I should say that may be the top for this cycle. There's also the question of whether or not having cycle theory even still applies.

I think broadly it's hard to not be bullish long term because, and I don't want to get political but I think that many in the space viewed the previous administration as being combative to the industry, and so I think it would be hard to argue against that.

I think that this new administration has overtly been far friendlier to the industry, so I think that it's a good time to be an American crypto business if you buy the idea that this is tech and financial tech, financial infrastructure that is going to change maybe settlement works in the future. It's hard to not be bullish long term.

Doesn't mean the price is going to go up right away, but I think that what we've seen is very good.

RS: What would you say in terms of the other cryptos? How would you rank them I guess in terms of near term, long term?

MF: Good question, you're the master. I think that where this goes is, I think that the blockchain network as an idea is going to be, if you're an investor in this space, you really to be selective and this