๐ฅ Our lead analyst just sold BTC ๐คจ
AI Summary
Milk Road's lead analyst Martin trimmed his Bitcoin, Coinbase, and Tesla positions to raise cash and reduce crypto correlation, rotating proceeds into Uber stock. The thesis centers on Uber as a superior autonomous vehicle play โ asset-light, growing bookings 8x faster than headcount, with $9.8B FCF in 2025 and AV partnerships with Waymo, Rivian, and others. The newsletter also covers Circle's Agent Stack launch and Bridge's free stablecoin guide.
Key Facts
Author Takes
Uber vs. Autonomous Vehicle disruption risk
Self-driving cars will not disintermediate Uber โ AV fleets need demand aggregation during peak hours and complex routes, making Uber's network more valuable, not less, as robotaxis scale.
Crypto portfolio diversification
Diversification within a crypto-heavy portfolio is largely cosmetic because all crypto assets sell off together, making true diversification require assets outside the crypto correlation bucket.
U.S. inflation
U.S. inflation hit 3.8% in the latest reading โ the highest since May 2023 โ with oil cited as the primary culprit.
Contrarian Angle
Crypto Analyst Sells BTC to Buy Uber as the Better AV Bet
Milk Road's lead crypto analyst trimmed Bitcoin, Coinbase, and Tesla to fund a position in Uber, arguing Uber wins the AV era as a demand aggregator regardless of which company builds the cars, trading at 23x forward earnings with 20%+ growth.
A crypto analyst publicly rotating out of BTC into a ride-hailing stock as the 'cleaner' autonomous vehicle bet is unconventional, framing Uber as an asset-light tech platform rather than a transportation company.
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