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The Secular Investment Case for Bitcoin and Crypto Adoption Remains Intact: Coinbase
The combined effect of expansionary fiscal and monetary policies should support bitcoin long term as a hedge against fiat debasement and profligate spending, the report said.
The investment case for bitcoin (BTC) could be compelling as investors look to navigate some of the current uncertainties in the global macro landscape, Coinbase (COIN) said in a research report Thursday.
The structural factors affecting inflation are changing with the advent of new technologies such as generative artificial intelligence (AI), and this may herald a new era of loose monetary policy, the report said.
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Coinbase notes that government spending in the U.S. has increased, keeping economic growth stable but increasing the cost of servicing the country’s debt over the next few years.
“We believe the combined effect of expansionary fiscal and monetary policies should support bitcoin long term as a hedge against fiat debasement and profligate spending,” wrote David Duong, head of institutional research.
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Artificial intelligence is expected to have a major impact on the global economy. AI and the accompanying technology will be transformational across industries and will be one of the most important secular investment themes over the next 10 years, said Wall Street giant Morgan Stanley (MS) in a report last week. Rival investment bank Goldman Sachs (GS) predicts that AI adoption will likely start to have a meaningful impact on the U.S. economy sometime between 2025 and 20230.
“Bitcoin is not only a technologically innovative instrument but a financially innovative one,” the note said, and what distinguishes BTC as a financially innovative instrument is that it is a “globally accessible, decentralized supranational asset with a fixed supply.”
Furthermore, cryptocurrency allocations can diversify fund managers’ exposure to unusual sources of risk in a traditional balanced portfolio, the note said.
“The secular case for bitcoin and crypto adoption remains intact,” the report added. A secular investment theme is a long-term trend that isn’t tied to market cycles.
Read more: Bitcoin Spot ETF Approval Could Help Power up a New Crypto Cycle: Bernstein
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
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