Empire Hivemind: Circle Valuation, Pump.Fun Token & What We’re Bullish
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Jun 12, 2025 This week's discussion highlights the macro shift towards deficit-driven growth and the frenzy surrounding Circle's IPO. The hosts dive into the disruptive potential of stablecoins on traditional banking, alongside a critical look at Plasma's launch mechanics and the implications of Pump.Fun's token launch for Solana. They also evaluate crypto treasury companies, the prospects for ETFs, and share what they're feeling bullish about in the ever-evolving crypto landscape.
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Deficit-Fueled Growth Wave
- The macro shift is moving towards deficit-fueled growth with governments abandoning austerity.
- This wave of persistent deficits globally pushes markets and crypto assets higher over the next few years.
Circle's IPO Valuation Appeal
- Circle's IPO valuation is extremely high but reflects the stablecoin market's massive US dollar Tam and sticky demand.
- Despite skepticism, Circle's model is attractive to traditional finance with the stablecoin narrative driving investor enthusiasm.
Stablecoins Disrupt Banking Model
- Stablecoins threaten traditional banking by offering better user yields, risking bank deposit outflows.
- The banking model's reliance on cheap deposits is under pressure as stablecoin adoption grows, potentially reducing credit flow and bank margins.