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Today’s Menu

• Sam Altman's Succession Plan: Give OpenAI to an AI Model

• Bitcoin Hits $73K—Crypto Winter Is Here, Says Bitwise CIO

Markets

TODAY IN AI

Sam Altman's Succession Plan: Give OpenAI to an AI Model

OpenAI's CEO sat down for a wide-ranging Forbes profile, revealing a succession plan that involves handing the company to an AI model, commentary on AGI that drew pushback from Microsoft's CEO, and more.

Altman described a succession plan to "hand off the company to an AI model," arguing that if the goal is AGI capable of running companies, his own should be first in line. He also claimed OpenAI has "basically built AGI," with Microsoft CEO Satya Nadella pushing back on that statement and describing the Microsoft-OpenAI relationship as "frenemies."

Forbes reported Altman "has stakes in more than 500 companies," with employees privately expressing concerns about OpenAI trying to do "too much too quickly." Altman also addressed the ongoing drama with Elon Musk, saying it's "crazy to me how much time he spends attacking us" and criticizing xAI's own safety issues.

Nobody in AI generates more headlines than Altman, and this profile shows why. Whether claiming AGI is here or floating an AI succession plan, his ability to drive the narrative is clear. The question is whether OpenAI's execution and sprawling direction can keep pace with his visionary claims.

TODAY IN CRYPTO

Bitcoin Hits $73K—Crypto Winter Is Here, Says Bitwise CIO

Bitcoin erased every gain since Trump's election night victory. BTC crashed to a low of $72,945 on Tuesday, its lowest level in 15 months. The entire post-election rally is gone. Since October's all-time high of $126,000, Bitcoin has dropped 45%. It's since bounced slightly to around $76,300, but the damage runs deep.

According to Glassnode, 44% of all Bitcoin supply is now held at a loss, up from just 22% a month ago. Glassnode's Sean Rose noted that "top buyers near the ATH are now holding at a loss. These investors' conviction and patience will be tested in the coming weeks."

Over $650 million in positions were liquidated in the past 24 hours, with Bitcoin longs taking $234 million of that hit.

Bitwise CIO Matt Hougan isn't sugarcoating it: "This is not a 'bull market correction' or 'a dip.' It is a full-bore, 2022-like, Leonardo-DiCaprio-in-The-Revenant-style crypto winter."

Hougan argues the bear market actually started in January 2025, not October. If true, we're 13 months in, and historically crypto winters last about that long. He added: "The end of those crypto winters feel a lot like now. Despair, desperation, and malaise."

Galaxy's Alex Thorn warned the slide could continue, pointing to Bitcoin's 200-week moving average at $58,000 as a potential target if selling persists.

This isn't just crypto. Risk assets are getting crushed broadly. Software stocks like Shopify, Adobe, and Salesforce dropped 7-12% on Tuesday. AI giants Nvidia and Microsoft fell 3%. Private equity names like Blackstone and KKR lost 6-10%.

Late Tuesday, the House passed a funding bill 217-214, ending the shutdown. Prices bounced off lows after the news, but the bounce is fragile. Ethereum is still down 26% on the week. Solana fell below $100. Prediction markets now put 75% odds on Bitcoin hitting $69,000 before $100,000.

The winter is here. The only question is how deep it goes.

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Until next time,

Damon James