00:00What next for crypto in 2026? Not just the billionaires. Elise Killeen, Stillmark Managing
00:05Partner, says she's going to see momentum. She writes, we expect to continue progress through
00:10increased M&A activity, expanded entrepreneurial innovation, and a deeper, more robust base of
00:15both retail and institutional users. She joins us now. For you, Elise, reflecting on 2025,
00:21what was the biggest landmark move? Was it institutional adoption?
00:24Well, 2025 was one of the most consequential years in Bitcoin's history, not because of price
00:32depreciation, but because of structural progress. And that includes policy, product, and institutional
00:38adoption. Across all of these fronts, Bitcoin moved meaningfully into the mainstream as an embedded part
00:45of the financial system. And 2026 will be able to take advantage of that foundation.
00:50What does advantage look like?
00:52Well, what it looks like is recent regulatory clarity, and an effort by regulators and
01:00policymakers to acknowledge Bitcoin as part of the financial system, and to lay the foundational
01:07groundwork in terms of policy, so that the U.S. can continue to lead both in terms of innovation,
01:14distribution, as well as institutional adoption that can provide efficiencies and gains for U.S.-based
01:21institutions from Bitcoin, the asset and Bitcoin technologies.
01:25Elise, remind us quickly, just remind us where we are on policy, because Genius Act ticked that
01:31helped stable coins and pass through Congress. But the Clarity Act, what will that give us if
01:37indeed it does get through the Senate?
01:39So in addition to the Genius Act passing this year, we've seen advancement of the Clarity Act.
01:44What the Clarity Act attempts to do, or aims to do, I should say, is to create a framework for Bitcoin
01:51and other digital assets that can create clarity, as well as consumer protection, and can offer
01:58definitions of what these digital assets are. So for example, we expect that Bitcoin will be defined
02:03as a commodity along with other decentralized assets under the purview of the CFTC, and that will help drive
02:11institutional adoption, both in terms of institutions' own interaction with Bitcoin,
02:18but also institutions' comfort with distribution of Bitcoin to their own clients.
02:24We've got about a minute left, but your portfolio is so interesting because it's all around the Bitcoin
02:28ecosystem. None of it's energy focused. How is that playing into also this need for energy and power in
02:35the AI era as well?
02:37That's right. So we began the year talking about Bitcoin and the intersection of Bitcoin with other
02:43critical trends, and that included AI and energy infrastructure. What we've seen as the year comes
02:50to an end is an acknowledgement or recognition of the opportunity at the intersection of Bitcoin and
02:55energy. We've seen this with large transactions, such as those advanced by major AI stakeholders,
03:04seeking energy development and looking for a way to drive efficiencies, especially in terms of pace of
03:12development, including through partnership with Bitcoin miners and Bitcoin mining development institutions.
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