The Milk Road Show Stop Watching Bitcoin: The 3 Biggest Opportunities in Crypto Right Now w/ Jeff Dorman
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Feb 16, 2026 Jeff Dorman, CIO at ARCA with decades in portfolio management and digital asset research. He explains why fixating on Bitcoin price misses bigger crypto opportunities. He breaks down who sold during the recent crash and why. He highlights three growth areas: DeFi, stablecoins/payments, and tokenized real‑world assets. He also discusses institutional signals, allocation challenges, and where value may accrue as assets move on‑chain.
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TradFi, Not Crypto Natives, Drove The Crash
- Recent Bitcoin selling looked driven by TradFi deleveraging and cross-asset flows, not crypto-native issues.
- On-chain vs off-chain signals (CME basis blowout vs Deribit/Binance) support this conclusion.
Four-Year Cycle Lacks Logical Basis
- The four-year cycle is an unsupported pattern and likely a self-fulfilling prophecy.
- Bitcoin's price moves are dominated by fast macro traders, not a logical valuation signal.
Bitcoin Is Valuation-Free, Crisis-Responsive
- Bitcoin lacks a clear intrinsic valuation framework; its usefulness rises when confidence in banks or governments falls.
- Treat Bitcoin more like a belief-based asset or a hedge against local financial instability.