Morning Minute: Paul Tudor Jones Calls Bitcoin Strongest Inflation Hedge

Morning Minute is simply a regular newsletter written by Tyler Warner. The investigation and opinions expressed are his ain and bash not needfully bespeak those of Decrypt. And check retired our new regular quality show covering each of the apical stories successful 5 minutes oregon less, downloadable connected Apple Pod oregon Spotify.

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Today’s apical news:

• Crypto majors rebound 1-2% up of FOMC; BTC astatine $77.5k
• Paul Tudor Jones calls Bitcoin the strongest ostentation hedge, amended than gold
• Pump Fun burns $370M successful tokens, announces caller programmatic bargain back
• Robinhood’s HOOD banal falls 10% connected net miss, falling crypto revenue
• Polymarket successful progressive discussions with CFTC to assistance prohibition connected US users

🟠 Paul Tudor Jones Calls Bitcoin Strongest Inflation Hedge

In a Tuesday interrogation connected the Invest Like the Best podcast, Paul Tudor Jones called Bitcoin the strongest ostentation hedge available, explicitly ranking it supra gold.

His reasoning is straightforward: gold’s proviso grows each year; Bitcoin’s doesn’t. During periods of assertive monetary and fiscal stimulus, helium said, Bitcoin is the standout ostentation trade, citing the 2020 surge arsenic the clearest humanities example. “Bitcoin is unequivocally the champion ostentation hedge that determination is - much than gold,” helium said.

His comments connected equities were a spot different. He said that existent S&P 500 valuations punctual him of the 2000 dot-com bubble. The banal marketplace headdress comparative to GDP is adjacent historical extremes. He warned it volition beryllium “really hard to marque money” successful stocks implicit the adjacent decade, and added that a large marketplace correction would worsen the national shortage by collapsing capital-gains taxation revenues and destabilizing the enslaved market.

📉 Robinhood’s HOOD Stock Dips arsenic Crypto Revenue Falls

Robinhood reported Q1 2026 results Tuesday, missing estimates connected gross and income. Total gross came successful astatine $1.07 cardinal against a $1.14 cardinal consensus. Net income of $346 cardinal ($0.38/share) was 1 cent abbreviated of expectations. Shares fell 6% aft hours and are down 10% premarket.

The operator of the miss is straightforward: crypto transaction gross fell 34% quarter-over-quarter to $134 million, and 47% year-over-year, tracking Bitcoin’s 22% terms diminution implicit the aforesaid period.

The miss is notable due to the fact that the remainder of the concern held up. Prediction markets, futures, and scale options each posted grounds volumes successful Q1. Equities and options grew treble digits. Unfortunately, HOOD’s gross remains tightly correlated to BTC terms action, and the banal has tracked BlackRock’s IBIT much intimately than the S&P 500 for astir of 2026. The Q2 betterment successful crypto prices, if it holds, should amusement up successful the adjacent print

🔥 Pump.fun Burns $370M successful Tokens, Promises New Buybacks

Pump.fun executed a major token restructuring Tuesday, burning astir $370 cardinal worthy of $PUMP tokens (roughly 36% of circulating supply). The pain covers each tokens accumulated done 9 months of 100% gross buybacks.

At the aforesaid time, Pump announced a caller programmatic buy-and-burn for PUMP tokens utilizing 50% of revenue. They volition usage an irreversible astute declaration locking 50% of each nett gross from the Bonding Curve, PumpSwap, and Terminal into automatic open-market purchases and burns for the adjacent year. The remaining 50% volition money operations and growth.

Zoomed out, Pump.fun has seen tremendous success. In the past fewer years, Pump has:

• Raised $500 cardinal successful 12 minutes done its $PUMP token sale
• Surpassed $1 cardinal successful beingness level revenue
• Generated hundreds of billions successful trading volume.

But contempt allocating 100% of gross to buybacks, the squad said a spot shortage developed astir what those bought-back tokens would yet beryllium utilized for. The anticipation is that this caller pain removes that uncertainty permanently (or astatine slightest for the adjacent year).

🤖 The CFTC Is Using AI to Review Crypto Applications

CFTC Chairman Mike Selig told CoinDesk that the bureau is building AI tools to reappraisal crypto registration applications and show trading markets, arsenic a nonstop effect to losing much than 20% of its workforce nether Trump’s national staffing cuts.

The existent process is afloat manual with papers submissions reviewed by staff. The caller strategy volition emblem incomplete applications, velocity up feedback, and cull filings that aren’t materially complete. Current unit are being trained connected Microsoft Copilot portion in-house swap information and marketplace surveillance tools are successful development.

Selig identified the associated CFTC/SEC integer plus taxonomy guidance arsenic the astir consequential crypto enactment of his tenure, and enactment prediction marketplace participants “on notice” astir the agency’s enforcement posture. Notably, the SEC has astir six times the CFTC’s staff, portion the CFTC’s mandate is expanding rapidly to screen crypto, prediction markets, and derivatives. The anticipation is that AI tin assistance marque up for that assets gap…

🇺🇸 Polymarket Is Trying to Come Back to the U.S.

Polymarket is successful progressive discussions with the CFTC to assistance the prohibition connected U.S. traders from its main planetary exchange, Bloomberg reported Tuesday.

The regularisation has been successful spot since a 2022 colony successful which Polymarket paid a $1.4 cardinal good and agreed to exit the US marketplace aft operating an unregistered lawsuit declaration facility. A abstracted US-only Polymarket level received CFTC clearance successful November pursuing the company’s acquisition of a registered exchange, but that level has yet to afloat launch.

A CFTC ballot is required to region the ban. With 4 committee seats presently vacant, Chairman Selig is the sole sitting commissioner, which could simplify the support process. If cleared, Polymarket’s main speech would vie straight with Kalshi connected US soil for the archetypal time.

🌎 Macro Crypto and Markets

• Crypto majors rebounded 1-2% up of FOMC today; BTC +2% astatine $77.5k; ETH +3% astatine $2,330; SOL +2% astatine $85; HYPE +1% astatine $40.30
• DOGE (+12%), PEPE (+8%) and FIL (+7%) led apical movers
• Oil +4% astatine $103; Gold -1% astatine $4,570
• Stock futures are somewhat greenish up of FOMC and contempt surging oil
• The CFTC sued Wisconsin Tuesday, making it the 5th authorities the bureau has taken to national tribunal successful little than a period implicit prediction marketplace jurisdiction
• Tether announced Tuesday it is gathering a caller people of modular, high-density Bitcoin mining systems in concern with Canaan and ACME Swisstech
• Localhost Research announced a caller Post Quantum Cryptography Group Tuesday, partnering with Stanford cryptographers Benedikt Bünz and Dan Boneh to money dedicated probe into Bitcoin-specific post-quantum signature schemes
• Canada announced plans to prohibition crypto ATMs to support its citizens from fraud

Corporate Treasuries & ETFs

• The Bitcoin ETFs saw $90M successful nett outflows connected Tuesday; the ETH ETFs saw $22M successful outflows
• Bitcoin miner IREN is present fully expected to upwind down its Bitcoin mining to afloat absorption connected AI; Bernstein labels arsenic Outperform but cuts terms people to $100

Meme Coin Tracker

• Meme leaders were very green; DOGE +12%, SHIB +6%, PEPE +8%, PENGU +1%, TRUMP +1%, BONK +6%, SPX +7%, FARTCOIN +7%
• Bull (+60%), Either (+30%) and CARDS (+14%) led notable movers

💰 Token, Airdrop & Protocol Tracker

• MegaETH launched a caller terminal and inducement program, with points earned based connected app usage (MEGA +9%)
• Layer Zero pledged 10,000+ ETH to the DeFi United cause, a overmuch awaited absorption fixed the team’s engagement successful the exploit

🚚 What is happening successful NFTs?

• NFT leaders were mostly flat; Punks adjacent astatine 30.9 ETH, BAYC +1% astatine 9.75 ETH, Pudgy +1% astatine 5.34 ETH; Hypurr’s -3% astatine 350 HYPE
• MegaETH NFTs rallied with World Computer Netizens (+60%) and Bad Bunnz (+55%) leading