Billionaire investor Paul Tudor Jones said bitcoin BTC$76,393.96 stands out as the strongest hedge against inflation, citing its fixed supply as a key advantage over traditional assets like gold.

“Bitcoin is unequivocally the best inflation hedge that there is — more than gold,” Jones said in an interview with Invest Like the Best podcast published Tuesday. He pointed to the largest crypto’s capped supply. Unlike gold, whose supply increases each year, bitcoin has a hard limit on the number of coins that can be created, making it scarcer by design, he said.

Jones framed bitcoin’s appeal through the lens of past market cycles. During periods of aggressive monetary and fiscal stimulus, such as after the March 2020 pandemic crash, he said inflation trades tend to emerge as central banks inject liquidity into the system.

“When you saw all the interventions… you just knew that the inflation trades were going to take off,” he said, adding that bitcoin was the most compelling opportunity at the time.

His bullish view on bitcoin contrasts with a more cautious stance on equities. Jones warned that stock markets are stretched, with valuations that historically point to weak future returns.

At the same time, a wave of upcoming initial public offerings — such as SpaceX and artificial intelligence firms like OpenAI and Anthropic — and reduced share buybacks could increase equity supply, putting additional pressure on prices.

“If you buy the S&P at this current valuation, the 10-year forward returns [are] negative,” he said. “It’s going to be really hard to make money from here.”

While he stopped short of calling the current environment a full-blown bubble, he noted that the ratio of U.S. stock market capitalization to GDP remains near historic extremes, echoing levels seen before major downturns such as the dotcom bubble.

“In 1929 we were, I think at the top, at 65% [stock market capitalization to GDP] and then in ’87 we got to about 85%-90%, in 2000 we got 270%,” he noted.

“And now we’re at 252%, so you can just imagine,” he said. “We’re clearly so leveraged in equities in this country.”

Because of that, a major stock market correction may have broader ramifications on the economy, government budget deficit and the bond market, according to Jones.

“10% of our tax revenues are capital gains. They go to zero,” he said. “So you can see the budget deficit blowing up. You see the bond market getting smoked.”

You can see this kind of negative self-reinforcing effect,” he concluded. “It’s troubling.”

Canaan Inc. has landed another order from Tether to supply custom Bitcoin mining hardware, extending a collaboration that began with an experimental R&D phase focused on new system designs for large-scale operations. The latest deal centers on high-density hash board modules designed for immersion-cooled mining setups, with deployment planned at a Tether-linked facility in South America.

The arrangement positions Canaan as a preferred hardware partner for major mining operators like Tether, building on a 2025 research-and-development partnership with ACME Swisstech that produced a proof-of-concept platform aimed at boosting efficiency and scalability in mining operations. The open question moving forward is whether the new design will unlock meaningful gains in energy use and throughput at scale.

Beyond hardware, Tether is moving toward deeper integration of hardware and software within its mining operations. The issuer of the USDT stablecoin has been developing its own control boards and management software, signaling a broader push to coordinate mining infrastructure with centralized software systems. The latest agreement includes an option for additional purchases, giving Tether the flexibility to scale up its data-center-style mining footprint if the new design performs as hoped.

Canaan, a Singapore-based technology company focused on ASIC microprocessors and Bitcoin mining hardware, has disclosed that it currently holds 1,808 BTC on its balance sheet, valued at roughly $137 million. This represents its highest level of retained Bitcoin to date, according to the firm’s disclosures tracked by BitcoinTreasuries.NET.

Key takeaways

• The new order extends Canaan’s collaboration with Tether, supplying high-density, immersion-cooled hash boards for a South American facility and signaling deeper integration of cooling and processing technology.
• The arrangement includes an option for additional purchases, offering Tether a clear path to scale its mining operations if the tested designs prove effective.
• Tether’s move to develop control boards and software in-house points to a broader strategy of hardware-software cohesion within its mining stack, potentially reducing reliance on third-party management tools.
• Industry-wide demand pressures have spurred miners to diversify into data-center services and AI workloads, as companies seek new revenue streams beyond traditional BTC mining margins.
• Market response to related developments shows mixed sentiment, with Canaan’s stock and related mining ETFs reacting to broader sector dynamics and Bitcoin mining profitability expectations.

Strategic expansion: Canaan and Tether deepen collaboration

The latest contract underlines a strategic pivot for Canaan from standard ASIC manufacturing toward bespoke, turnkey hardware solutions for large-scale operators. By supplying immersion-cooled, high-density hash boards, the company aims to support more compact, efficient mining deployments in facilities designed to handle intensive heat and energy demands. This aligns with a growing industry preference for data-center-grade infrastructure that can host thousands of mining rigs under optimized cooling regimes.

The partnership builds on Canaan’s earlier R&D engagement with ACME Swisstech, which produced a proof-of-concept platform intended to improve mining efficiency and scalability. While the specifics of the platform remain largely private, industry observers see it as part of a broader trend toward engineering custom, enterprise-grade mining architectures rather than off-the-shelf solutions.

Tether’s broader mining strategy appears to be moving toward a tighter hardware-software loop. By developing its own control boards and management software, the stablecoin issuer signals an ambition to coordinate the entire lifecycle of mining operations—from hardware deployment to real-time performance monitoring and workload optimization. The objective is to reduce operational friction and create a more predictable, scalable mining environment as demand grows in certain regional markets.

Hardware-software convergence and the AI-infrastructure pivot

Coinciding with the Canaan deal, Tether announced the launch of an open-source mining framework designed to unify Bitcoin mining infrastructure under a single operational system. The framework aims to streamline management across disparate rigs and facilities, potentially lowering maintenance costs and shortening deployment cycles for large operators. The move follows industry-wide notices that several miners are expanding into data-center capabilities and AI-oriented workloads to diversify revenue and improve utilization of their physical assets.

The shift toward AI-enabled infrastructure is not unique to Tether. Major miners and adjacent players have been diversifying into AI-focused data centers and cloud capabilities as margins tighten within traditional mining. Industry observers note that this transition is driven by the high energy and capital intensity of Bitcoin mining, pushing firms to seek revenue streams that can better absorb cyclical demand fluctuations and rising energy costs.

Analysts have highlighted the broader risk-reward profile of this pivot. For instance, Bernstein has suggested that certain mining operators could recalibrate their portfolios toward AI cloud infrastructure, potentially reallocating capital away from pure mining activities if returns from existing mining operations prove insufficient to sustain growth. While this assessment focuses on specific players, the underlying takeaway is the sector-wide re-evaluation of where profitable growth lies as miners seek to weather a challenging operating environment.

From a market perspective, the news cycle surrounding Canaan and Tether has contributed to modest trading activity in related equities and funds. Canaan’s Nasdaq-listed shares traded down slightly in the mid-day session, while the CoinShares Bitcoin Mining ETF (WGMI) softened, reflecting a broader sensitivity to sector-wide profitability expectations and the evolving mix of mining assets within investor portfolios. Within WGMI’s holdings, CAN sits at a subdued weighting, underscoring the ETF’s diversified exposure to the mining sector rather than a single stock narrative.

BitcoinTreasuries.NET continues to track Canaan’s bitcoin holdings, which have climbed to their highest reported level. This reserve position is often cited by investors as a barometer of a mining-focused company’s willingness to retain capital in Bitcoin amid price volatility and sector headwinds. The current stance underscores a broader question for stakeholders: will Canaan’s strengthened hardware partnership with Tether translate into sustained cash flow and a longer-term upside for the stock as mining demand cycles evolve?

Industry backdrop: miners explore new revenue streams amid volatility

The expansion of mining infrastructure into data centers and AI workloads reflects a practical response to revenue pressures facing many miners. As mining rewards and margins compress, operators are looking to monetize energy-intensive assets through adjacent services and alternative compute workloads. The strategic emphasis on immersion cooling and high-density hardware is particularly relevant given the heat and energy dynamics associated with large-scale Bitcoin mining operations.

In parallel, several other players—ranging from established miners to new entrants—have signaled a similar appetite for diversification. The goal is not only to sustain profitability but also to position themselves as multi-service providers capable of supporting a broader compute ecosystem. Such positioning could prove advantageous if industry demand for AI-capable data-center capacity continues to grow, even as the price of BTC experiences volatility.

As this trend unfolds, observers will be watching indicators such as project execution milestones, unit-level efficiency gains from immersion-cooled designs, and the degree to which in-house hardware-software ecosystems translate into measurable improvements in uptime and operational costs. The outcome will influence who leads in the next phase of commercial mining infrastructure and whether AI-centric compute becomes a core pillar of long-term strategy for major miners.

With Tether continuing to push into hardware-software integration and Canaan expanding its custom, enterprise-grade offerings, the market will likely reassess the supply chain readiness for advanced mining deployments. The timing of any scale-up or additional orders will be telling, particularly as regional energy policies, tax considerations, and corporate strategies shape the feasibility and speed of such deployments.

Looking ahead, readers should monitor updates on Tether’s open-source framework implementation, any further disclosures about the performance of the new immersion-cooled modules, and the potential expansion of the partnership with ACME Swisstech or similar collaborators. These developments will help determine whether the convergence of hardware and software in mining signals a durable shift or a temporary alignment driven by current market dynamics.

Crypto markets are stuck in neutral as traders weigh a closed Strait of Hormuz, hawkish dissent at the Bank of Japan, and Jerome Powell’s final Fed meeting, all falling within the same 48-hour window.

Bitcoin is trading at $76,360, down 0.7% over 24 hours, after failing twice in the past week to reclaim $80,000, per CoinGecko data. Ether ticked up 0.3% to $2,299, though the second-largest cryptocurrency is still marginally lower over the past seven days.

The total crypto market capitalization slipped 0.5% to $2.64 trillion.

The macro situation dominated heading into Tuesday’s session. WTI crude futures for June delivery traded 3% higher near $100 per barrel as traders weighed Iran’s offer to reopen the Strait of Hormuz only if the U.S. lifts its blockade. The chokepoint has been closed since February 28, triggering one of the most significant energy shocks in modern history.

The Bank of Japan kept its benchmark interest rate unchanged at 0.75% earlier today, though the decision was not unanimous, with three members calling for a hike. The yen rose while Bitcoin remained under pressure. The Federal Reserve’s two-day FOMC meeting kicks off today, with markets pricing in a near-certainty that rates will remain unchanged. Tomorrow’s decision marks Jerome Powell’s last meeting and press conference as Fed Chair before his term ends on May 15, with Kevin Warsh expected to take over.

ETF Flows

The structural ETF bid that anchored the recent consolidation broke on Monday. U.S. spot Bitcoin ETFs logged $263 million in net outflows on April 27, ending a nine-day streak that pulled in roughly $2.11 billion through April 24, per SoSoValue data.

Cumulative net inflows since launch now sit at $58.30 billion, with total ETF net assets at $101.23 billion as of April 27, equivalent to roughly 6.5% of Bitcoin’s market cap.

Altcoin Movers

MemeCore (M) is today’s biggest loser, dropping 15% over the past 24 hours and 21% on the week to $3.38, per CoinGecko.

Privacy token Zcash (ZEC) fell 5.6% on the day to $334 but remains 8.4% higher over seven days, while Hyperliquid’s HYPE slid 3.8% to $40 but eked out a 2.7% weekly gain. Stellar’s XLM is up 8.8% on the week despite today’s pullback.

Among the top 10, XRP, TRON and Solana slipped by 0.3% to 0.8%, while Dogecoin bucked the broader weakness with a 1.8% gain.

Looking ahead, near-term price action hinges on whether the Fed’s tone on Wednesday is dovish enough to offset oil-driven inflationary pressures and geopolitical tensions.

Robinhood (HOOD) reported a sharp decline in crypto trading revenue for the first quarter of 2026, even as growth in other parts of its business pushed overall revenue higher.

Crypto-related revenue fell 47% from a year earlier to $134 million, down from $252 million in the same period of 2025, according to its earnings release.

The drop came as customer activity shifted toward other trading products. Transaction-based revenue rose modestly to $623 million from $583 million a year ago. A key driver was a surge in so-called event contracts, which brought in a large share of “other transaction revenue” that climbed 320% year over year to $147 million.

Robinhood said users traded a record 8.8 billion event contracts during the quarter, reflecting growing interest in prediction markets. These products let users place bets on the outcome of real-world events, similar to forecasting whether interest rates will rise or who might win an election.

Total revenue increased 15% to $1.07 billion, compared with $927 million a year earlier. Net income increased 3% year-over-year to $346 million.

Adjusted earnings per share came in at $0.38, slightly above $0.37 in the prior-year period, but missing analyst estimates of $0.39.

The results show how Robinhood is working to reduce its reliance on crypto trading, which can swing sharply with market sentiment. Like Coinbase (COIN), which is set to report earnings on May 7, the company has been expanding into new areas such as derivatives and prediction markets to smooth out revenue.

Robinhood also reported strong growth in net interest revenue and subscription products, including its Gold service, as it builds a broader financial ecosystem.

Shares of HOOD fell 6% in post-market trading. The company said it will host an earnings call at 5 p.m. ET.

Solana is advancing a post-quantum security plan as it selects Falcon to secure the network against future threats. Independent developer teams align on Falcon for speed and compact design, and there are no immediate changes as the rollout proceeds in phases to ensure a smooth transition.

Solana Aligns on Falcon for Quantum Security

Solana relies on high transaction throughput, so any upgrade must remain efficient.

Developers selected Falcon because it offers compact signatures and strong security.

This combination helps preserve network speed while improving future resilience.

Both Anza and Firedancer teams studied multiple post-quantum options. However, they reached the same outcome without coordination.

This consistency signals strong technical validation behind Falcon’s selection.

Falcon also holds recognition from the National Institute of Standards and Technology as a post-quantum candidate. That status adds credibility to its long-term viability. It also aligns Solana with broader industry research.

Compact Signatures Support High Throughput

Falcon produces signatures around 690 bytes, which remain significantly smaller than alternatives.

Larger schemes like Dilithium generate signatures several kilobytes in size.

Smaller data sizes help maintain faster processing speeds.

Solana processes thousands of transactions per second, so efficiency remains critical.

Developers confirmed that Falcon supports this demand without major trade-offs.

Early tests suggest improved performance compared to current cryptographic methods.

Optimized implementations may increase network speed further. Internal testing indicates potential gains of up to three times. These results strengthen the case for Falcon integration.

Phased Roadmap Limits Immediate Disruption

The foundation confirmed that no urgent changes affect users today. Existing wallets and transactions continue operating under current cryptographic standards. This ensures stability while development progresses.

Future phases will introduce Falcon gradually across the ecosystem. New wallets may adopt the system first if risks increase. Older wallets will transition later through a structured migration plan.

Other ecosystem projects explore additional quantum-resistant tools. Blueshift’s Winternitz Vault represents one such effort. These parallel developments show broader preparation across the network.

Solana’s strategy reflects a long-term focus on security and performance. The foundation recognizes that quantum threats remain distant but possible. Early preparation allows controlled testing and reduces future risk.

TLDR:

• Raoul Pal argues UBI is a broken 20th-century solution that cannot keep pace with an AI-driven economy.
  
• AI agents will become the biggest DeFi users within five years, managing treasuries at machine speed.
  
• Anyone with a phone can buy permissionless equity in blockchain infrastructure with no KYC or restrictions.
  
• Pal projects the total crypto market will hit $100 trillion in six to eight years, calling it humanity’s pension plan.
  

Crypto will power the first truly global wealth system, according to macro investor Raoul Pal. The Real Vision CEO recently outlined a sweeping vision for how blockchain technology could reshape wealth distribution after artificial intelligence disrupts traditional economies.

Pal argues that permissionless crypto ownership is not a speculative bet but a structural reality. He believes anyone with a phone and internet connection can access this system regardless of location, status, or background.

Crypto Rails Are Already Replacing Legacy Financial Infrastructure

Crypto will power the new economy because legacy financial systems cannot keep up with AI-agent activity. The dollar does not fractionalise below a cent, and settlement is far from instant. Permissions depend on jurisdiction, which slows down machine-speed transactions considerably.

Pal noted that “agents run on crypto rails because nothing else works.” He added that “stablecoins handle the dollar leg and native tokens handle the rest.” This makes blockchain infrastructure the only viable backbone for an agent-driven economy.

AI agents are becoming the dominant users of the internet, gradually replacing human activity online. Pal wrote that “the biggest users of DeFi in five years won’t be humans farming yield” but rather “agents managing treasuries, swapping, earning and spending at machine speed.” That shift is already underway and accelerating faster than most expect.

Pal also pointed to memecoins as an early proof of concept for this system. He described them as enabling “instant capital formation around the attention of an idea, raised by entities without legal personhood, settled in seconds.” That model, he argues, is “the template agent economies will use to fund themselves.”

A Permissionless Stake in the World’s Productive Infrastructure

Crypto will power the first homogenous, globally fractionalisable claim on productive infrastructure ever created. Layer 1 blockchains are not just settling agent transactions but coordinating the entire new economy. Every contract, treasury, permission, and identity layer routes through this substrate.

Pal described ownership of this substrate as the actual answer to what he calls the Economic Singularity. He stated that anyone on earth with a phone can access “the first homogenous, permissionless, globally fractionalisable claim on the productive infrastructure of the world.” He added that there are “no KYC walls, no accreditation rules, no jurisdiction, no employer, no state, no permission.”

He outlines four pillars that hold up the post-AGI world for humans. These are Universal Basic Equity through token ownership, income derived from being human, AI-driven abundance lowering living costs, and taxing data center electricity use. Pal called these “four legs of a stool that holds up the post-singularity human world.”

Pal advises putting 10% of monthly earnings into crypto assets consistently over a decade. He recommends “Bitcoin if you want pure store of value, a basket of the major L1s if you want the coordination layer.” He projects the total crypto market will reach $100 trillion within six to eight years, adding that crypto is “humanity’s pension plan.”