Following their attendance at the 2025 Bitcoin Conference in Las Vegas, analysts at Piper Sandler expressed a cautiously optimistic view on Bitcoin and the broader digital asset space. They described themselves as “incrementally more optimistic on the momentum we’re seeing across Bitcoin and digital assets broadly.”
The team pointed to increasing support from U.S. lawmakers, wider corporate adoption, and the emergence of new financial products as key indicators that the crypto ecosystem is evolving and expanding.
Piper Sandler’s Patrick Moley and Will Copps highlighted the anticipated passage of stablecoin legislation in the U.S. as a potential trigger for more comprehensive market regulation. This, they noted, could hasten adoption by traditional financial players.
They referenced the GENIUS Act and Vice President JD Vance’s remarks, who stated that “regulatory uncertainty in this country has pushed way too much stablecoin activity overseas,” further calling stablecoins a “force multiplier of our economic might.”
Moley and Copps view these comments as favorable for Coinbase (NASDAQ:COIN), which collaborates with Circle on the USDC stablecoin and is headquartered in the U.S.
A significant discussion at the conference centered on the concept of a Bitcoin Strategic Reserve. Senator Cynthia Lummis shared that President Donald Trump supports a bill to purchase up to 1 million Bitcoins—equivalent to roughly 5% of the total supply.
The analysts noted, “Owning 5% of all Bitcoin would put the US’s bitcoin reserve at parity with the federal gold reserve.”
Lummis also suggested that the U.S. could finance part of this acquisition by leveraging gold certificates held by the Treasury.
Corporate interest in crypto appears to be growing as well. Companies such as Trump Media & Technology Group (NASDAQ:DJT) and GameStop Corp (NYSE:GME) revealed plans to hold Bitcoin on their balance sheets. Meanwhile, Steak ’n Shake and Square have expanded Bitcoin payment options.
Cantor Fitzgerald introduced a “Gold Protected Bitcoin Fund,” designed to offer investors crypto upside with gold-backed downside protection.
Following the event, Piper Sandler reaffirmed its bullish outlook on crypto-related stocks, identifying Robinhood (NASDAQ:HOOD) as the “most attractive risk/reward way to play the crypto bull run.” They praised Robinhood’s dominant position in retail crypto trading and believe the company is well-positioned even if overall crypto activity cools.
The analysts also noted a shift in sentiment around tokenization, quoting Robinhood CEO Vlad Tenev who said, “tokenization is no longer a buzz word, but a phenomenon worthy of mainstream attention and action.”