Episode notes
What happens when the US has to roll over its debt with 10-year yields above 5%? For Geoffrey Kendrick, that pressure is part of the Bitcoin case, and part of why he argues crypto is back and the low is in. The bigger shift may sit underneath Bitcoin: stablecoins, tokenization and protocols whose fees keep growing while their tokens stay cheap.
Geoffrey Kendrick is Global Head of Digital Assets Research at Standard Chartered. The conversation covers why Geoffrey believes crypto has bottomed, and how US debt, Treasury intervention and the Fed shape the Bitcoin case.
It then turns to stablecoins, where transactions doubled while supply stalled at about $300 billion, and why that is a massive use case for Ethereum and for protocols like Uniswap, Aave, Morpho, Chainlink and Arbitrum. It also covers the SEC exemption for tokenized US equities and why AI agents will need blockchain rails. It closes with price targets to 2030 and why Bitcoin dominance could edge lower as crypto moves from speculation to revenue.