Galaxy Digital Research Director: The structural bull market remains intact, with AI, stablecoins, and RWA favorable for the next upward movement

ChainCatcher news, Galaxy Digital's research director Alex Thorn believes that the current structural bull market remains intact for both cryptocurrencies and the stock market. He points out that the three forces driving the next phase of the rise are artificial intelligence capital expenditure, stablecoins, and tokenization.

First is artificial intelligence capital expenditure. Thorn defines the current wave as a capital expenditure cycle in the real economy led by well-funded existing companies (megacorporations, chip manufacturers, and data center operators), reinforced by strong U.S. policy support, rather than a pure speculative internet bubble replay. Thorn believes that corporate budgets and government positions indicate that there is still a long way to go.

Second is stablecoins. With the improvement of payment channels, increased participation, enhanced liquidity, and more activities anchored on public chains, tokens pegged to the U.S. dollar will continue to gain attention. Even during price fluctuations, these can support the ecosystem.

Third is tokenization. Thorn states that the transfer of real-world assets and parts of traditional market infrastructure onto the chain is shifting from pilot projects to implementation, creating new demand for block space and core assets used to protect, route, and settle these activities.

Thorn indicates that this shift is beneficial for platforms linked to this liquidity. In this context, despite ongoing skepticism about the prudence of fiscal and monetary policies, Thorn remains optimistic about Bitcoin's status as "digital gold." Thorn also believes that major currencies like ETH and SOL, related to the use of stablecoins and tokenization, will face favorable conditions, even if short-term rebounds may fall below previous highs.