Macro outlook: rates, GDP, and 2026 expectations

Scarce Assets: Alex Pron explains why wealth managers are finally embracing Bitcoin, how Wall Street distribution changes the market, & why long-term conviction matters more than cycles.

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Jackson Mikalic on X --- https://x.com/macrojack21

Alex Pron on X --- https://x.com/Crossover_Alex

🎙️ About This Episode

Alex Pron, Founder and Wealth Strategist at CrossOver Capital Advisors, joins Scarce Assets for a deep conversation on Bitcoin’s maturation inside traditional wealth management, the slow capitulation of Wall Street, and why Bitcoin’s fundamentals are strengthening even when price action lags.

Alex shares his journey from EY and Merrill Lynch to launching an independent RIA so he could fully educate clients on Bitcoin as part of a fiduciary portfolio framework. Today, nearly 90% of his clients hold Bitcoin exposure.

We discuss why most investors still misunderstand Bitcoin’s supply dynamics, how ETFs created Bitcoin’s “IPO moment,” why 2025 price action frustrated expectations, and how institutional distribution may permanently change market structure. The conversation also explores Bitcoin’s role in divorce settlements, long-term portfolio construction, AI-driven deflation, and why the four-year cycle may be fading.

Topics covered include:

- Why Alex left Merrill to build a Bitcoin-forward RIA

- The simple portfolio math that helps clients understand Bitcoin risk

- How ETF liquidity enabled whale distribution without collapsing price

- Bitcoin vs crypto: strategic allocation vs speculative exposure

- Vanguard, Merrill, Bank of America & Morgan Stanley’s quiet pivot

- Why 2025 fundamentals improved while price disappointed

- The “Bitcoin IPO moment” and what comes after it

- AI, scarcity, and why Bitcoin differs from gold and commodities

- Why time horizon matters more than timing the market

- How advisors help clients stay committed through volatility

Scarce Assets: a biweekly podcast presented by Onramp which delves into the emergent role of bitcoin in finance professionals' strategies and outlooks. Hosted by Jackson Mikalic, Scarce Assets provides invaluable insights for wealth managers aiming to outperform their peers in the decades ahead. Finance professionals everywhere know about stocks and bonds, but the macroeconomic outlook requires that serious investors pay close attention to another category: Scarce Assets.

🧠 Chapters

00:00 — Wealth Management Meets Bitcoin

07:33 — How Bitcoin Changed an RIA’s Market Lens

13:39 — The Supply Story: Scarcity, Issuance, and 21M

19:27 — Bitcoin vs Crypto: Portfolio Roles and Risk

25:23 — Where Bitcoin Demand Comes From Next

30:32 — 2025: Price Action vs Fundamentals (What Happened)

41:31 — AI, Deflation, and Why Bitcoin Differs From Metals

54:46 — Sentiment, Cycles, and the Long-Term Setup

58:42 — Outro and Disclaimer

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