The Milk Road Show Bitcoin to $48K or $100K First? Why the Next Rally Would Hurt Most Investors w/ Peter Smith
Mar 2, 2026
Peter Smith, Founder and CEO of Blockchain.com and long-time crypto entrepreneur. He discusses the Clarity Act’s likely timeline and political trade-offs. He lays out why Bitcoin often takes the path that inflicts the most pain. He weighs a sharp rally to ~100K versus a drop toward 38K and explains how an unexpected violent rally could catch many investors off guard.
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Clarity Act Likely Passes Before Midterms
- The Clarity Act will likely pass and is better than no regulation.
- Peter Smith expects it before the midterms or summer and argues industry compromise and incremental progress matter more than perfection.
Market Got Ahead Of Political Timelines
- The market priced in unrealistic, fast policy changes which led to disappointment and selling.
- Smith says expectations after the election were too high and the market got ahead of itself expecting immediate results.
Bitcoin Finds The Most Painful Path
- Bitcoin tends to take the market path that causes maximum pain to participants.
- Smith calls it Bitcoin's 'ability to find the exact market pathway that will blow out the most number of people.'