Empire Bitcoin Breaks $95k, Crypto’s Valuation Problem & The Path To Real Onchain Users
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Nov 18, 2025 Santiago Roel Santos, an experienced crypto investor and entrepreneur, joins the hosts to dissect the current state of Bitcoin and the broader crypto market. He argues that many crypto projects struggle with valuations due to a lack of revenue. The discussion shifts to why trading has gravitated towards stocks and AI. Highlighting the importance of active on-chain users, Santiago advocates for acquiring real businesses to fuel sustainable growth. The conversation closes with insights on institutional interest in Bitcoin and the essential role of applications over mere infrastructure.
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Valuations Don’t Match Cash Flow
- Most crypto projects lack justifiable valuations once you analyze revenue and fundamentals.
- Santiago prefers reallocating to AI over owning high-valuation networks that don't generate recurring cash flow.
Bitcoin Is A Different Asset Class
- Bitcoin occupies a different class: macro hedge and digital gold remain intact.
- Non-Bitcoin crypto should be valued as tech plays tied to user activity and revenue capture.
Shift Capital Toward Clear Cash Flows
- Prefer markets with clearer cash-flow stories and leverage opportunities like the stock market.
- Avoid speculative crypto bets when public equities and AI offer better reward-to-risk profiles.