Bull Market Excludes Crypto for Now, Bitcoin Security Model Has an Expiration Date

Kyle, co-owner of Milk Road, recently presented his 'everything bull market' thesis, which could be disappointing for crypto enthusiasts. According to Kyle, the current setup is a perfect macro backdrop combined with AI ROI at every level of the stack, but he doesn't think crypto will participate in it yet.

Meanwhile, Bitcoin's security model has an expiration date, according to Matt Crosby from Bitcoin Magazine. He points out that Bitcoin's fee revenue has hit its lowest yearly average since 2011, and miners like Riot are already pivoting to AI data infrastructure instead of securing the network through fees alone.

M0xt, Lead Analyst at Milk Road, is skeptical about the 'AI creates new jobs' narrative. He thinks AI will destroy more jobs than it creates, citing agent labor costs as low as $6 to $8 an hour, cheaper than outsourcing to India. M0xt predicts that the real disruption will start showing up in data by 2027, and when it does, the market will panic.