Alternative Investing Report - April 23, 2026

*as of 4/22; Sources: S&P, BTC, FTSE, DJRE, GOLD

President Trump’s nominee to be the next Fed Chair, Kevin Warsh, faced the Senate in a confirmation hearing, revealing his preferences if he is confirmed to lead the Fed. He argued for lowering interest rates and is decidedly pro-crypto. Right now, Warsh’s nomination is at a stalemate, as Thom Tillis (R-NC) has promised to block his appointment until the Justice Department’s politically motivated investigation of current Fed Chair Jerome Powell is dropped.

➨ TAKEAWAY: Powell can stay on as interim chair after his term expires May 15 if Warsh is not confirmed before then. Eventually, it seems likely that Warsh will take over, and he will certainly push for lowering rates. However, rates are set by a 12-member committee and Warsh cannot unilaterally make decisions, so his stance has not changed traders’ predictions of no cuts until at least December.

In the newest episode of Smart Humans, Slava Rubin, Milk Road's John Gillen and Sacra's Jan-Erik Asplund discuss the current state of crypto, gold, and prediction markets, and the shift towards financial entertainment in investing.

🪙 Prediction markets launching crypto trading: Both Polymarket and Kalshi are launching perpetual futures markets for crypto, putting them in direct competition with the likes of Coinbase and Kraken in the fight for a share of an enormous global market.

🤖 SpaceX could buy Cursor: The AI coding startup just raised funds at a $50 billion valuation, and now SpaceX has an option to buy the company for $60 billion later this year to fold it into its xAI business.

🏡 Price growth still slowing: Redfin’s U.S. home price index rose just 0.1% in March and is up 1.7% year-over-year, the slowest rate of annual growth since at least 2012. The biggest monthly increase came in San Francisco, and the biggest decrease came in Fort Worth and Austin.

🚀 Biotech IPO activity: This month has seen an uptick in IPO activity, particularly in the biotech and healthcare sectors, led by Kailera Therapeutics’ $625 million IPO.

🧤 Michael Jackson glove: Timed to coincide with the release of the new Michael Jackson biopic “Michael,” his white rhinestone glove is now up for auction with a minimum bid of $50,000. While the provenance is strong, it is only “likely” stage-worn, limiting its value.

🎨 High-value Giacomettis: Two works by the legendary Swiss sculptor highlight the Wingate collection coming to the auction block at Sotheby’s next month. One, “La Clairière (Composition avec neuf figures)” carries a high estimate of $25 million, while the other, “Buste d’homme (New York I)” is expected to sell for $2 - $3 million.

There is no getting around it - AI is becoming less and less popular with the U.S. population, even among younger generations that are using AI the most. More than 80% of Gen Z believes AI will lead to fewer jobs, and there has been a 14 point drop in excitement about the technology over the last year. The U.S. is more negative on AI than most other countries, particularly when compared to China, and shows the lowest trust in its government to properly regulate it. Overall, around half the country is more concerned than excited by AI, compared with just around 10% who are more excited than concerned. This backlash may not have an effect on overall usage or the market potential of the technology, but it is worth keeping an eye on.