Delphi Digital Report Claims Speculation is the Theme of the Decade, Advises Holding Clearing Places

Cryptocurrency research firm Delphi Digital has released a report titled "The House Always Wins: Why Speculation is the Theme of the Decade." The report's author, Jason Pagoulatos, points out that speculation has two engines: constructive and lottery-like. Technological changes drive the former, while fiscal and political pressures drive the latter. Historically, famous bubbles have been fueled by both, and currently, both are operating at high speeds, supported by the same batch of technologies. Pagoulatos advises investors to hold clearing bets rather than the bets themselves. The report mentions that the U.S. federal deficit for fiscal year 2025 is projected to be $1.8 trillion, accounting for 5.8% of GDP, with net interest payments of about $1 trillion per year, exceeding defense spending. The national median price for single-family homes in 2024 is 5.0 times the median household income, with first-time homebuyers accounting for 21% of transactions and a median age of 40. Legal sports betting volume has increased from $6.6 billion in 2018 to $166.9 billion in 2025. Capital expenditures for Microsoft, Alphabet, Amazon, and Meta are projected to be about $416 billion in 2025, with combined guidance for 2026 of approximately $720 billion to $745 billion. Robinhood's event contract revenue for Q2 2026 is expected to be $156 million, surpassing stock revenue of $129 million and cryptocurrency revenue of $100 million. Hyperliquid's expenses in 2025 are estimated at $972 million, with transactions around $3 trillion. Kalshi is raising funds at an estimated valuation of $40 billion, and Polymarket is set to relaunch by the end of 2025. The report states that it is for educational and general informational purposes only and is not investment advice; the author may hold assets such as Bitcoin.

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