If 2024 was the year of recovery, 2025 was the year of "overexuberance followed by utter deflation." While market cap peaked at $4.2 trillion and Bitcoin hit a high of $126k, the market has since cooled, with Bitcoin struggling to break past $100k since mid-November. But looking past the price action, the real story was the quiet rise of institutional plumbing.



Hann Liew, Founder and CEO of Halogen Capital, joins BFM to review a volatile 2025 and outline the outlook for 2026. We discuss:


The 2025 Scorecard: Hann describes the year as "overexuberance," where a pro-crypto US administration drove hype that outpaced reality. However, the market floor is now significantly higher than previous cycles.


The Genius Act: How new US legislation has legitimised stablecoins, forcing major banks like JP Morgan to explore the "blockchainisation" of their internal systems.


The $300B Stablecoin Utility: Beyond trading, stablecoins are now essential infrastructure. Hann explains why you can't have a tokenised bond market without tokenised cash to settle it.


Tokenising Real World Assets (RWAs): How tokenisation upgrades assets from paper certificates to immutable code. We explore the potential for a tokenised bond and what it could mean for Malaysian capital markets.


Bots Paying Bots: The intersection of AI and Crypto. Hann explains why AI agents can't open bank accounts, making stablecoins the essential currency for the emerging "machine-to-machine" economy.


Outlook 2026: Why the lack of a "blow-off top" is a sign of maturity, the potential passing of the Clarity Act, and why fiat currency debasement remains the ultimate long-term tailwind.

If 2024 was the year of recovery, 2025 was the year of "overexuberance followed by utter deflation." While market cap peaked at $4.2 trillion and Bitcoin hit a high of $126k, the market has since cooled, with Bitcoin struggling to break past $100k since mid-November. But looking past the price action, the real story was the quiet rise of institutional plumbing.Hann Liew, Founder and CEO of Halogen Capital, joins BFM to review a volatile 2025 and outline the outlook for 2026. We discuss:<ul><li>The 2025 Scorecard: Hann describes the year as "overexuberance," where a pro-crypto US administration drove hype that outpaced reality. However, the market floor is now significantly higher than previous cycles.</li><li>The Genius Act: How new US legislation has legitimised stablecoins, forcing major banks like JP Morgan to explore the "blockchainisation" of their internal systems.</li><li>The $300B Stablecoin Utility: Beyond trading, stablecoins are now essential infrastructure. Hann explains why you can't have a tokenised bond market without tokenised cash to settle it.</li><li>Tokenising Real World Assets (RWAs): How tokenisation upgrades assets from paper certificates to immutable code. We explore the potential for a tokenised bond and what it could mean for Malaysian capital markets.</li><li>Bots Paying Bots: The intersection of AI and Crypto. Hann explains why AI agents can't open bank accounts, making stablecoins the essential currency for the emerging "machine-to-machine" economy.</li><li>Outlook 2026: Why the lack of a "blow-off top" is a sign of maturity, the potential passing of the Clarity Act, and why fiat currency debasement remains the ultimate long-term tailwind.</li></ul>

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Helping you navigate the ever-changing universe of business, from headlines to the bottom line

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