WEBVTT 00:00:09.839 --> 00:00:12.199 Welcome to the Bitcoin Street Journal Bitcoin 00:00:12.199 --> 00:00:14.980 Market Update podcast, your daily source for 00:00:14.980 --> 00:00:17.460 live updates on the Bitcoin market. Join us as 00:00:17.460 --> 00:00:19.820 we delve into current Bitcoin technical analysis, 00:00:20.300 --> 00:00:23.899 track Bitcoin BTC prices, explore market capitalization 00:00:23.899 --> 00:00:27.469 trends, and analyze market supply. Stay ahead 00:00:27.469 --> 00:00:29.289 of the curve with our comprehensive coverage 00:00:29.289 --> 00:00:32.609 of the ever -evolving world of Bitcoin. In today's 00:00:32.609 --> 00:00:35.369 episode, we'll cover CZ admitting to involuntary 00:00:35.369 --> 00:00:38.289 terminations at Binance, a father and son facing 00:00:38.289 --> 00:00:41.229 jail time for a crypto scam, BitMEX introducing 00:00:41.229 --> 00:00:43.909 social trading, the launch of Aave stablecoin 00:00:43.909 --> 00:00:47.210 GHO, the surge of 1 -inch while Bitcoin stagnates, 00:00:47.689 --> 00:00:50.609 Kim .com teasing a Bitcoin Cash app, Coinbase 00:00:50.609 --> 00:00:53.429 restricting staking, Aave Dow voting for GHO 00:00:53.429 --> 00:00:56.149 stablecoin launch, The release of NFT enhanced 00:00:56.149 --> 00:00:58.890 sneakers by Roc Nation and Puma. Binance reducing 00:00:58.890 --> 00:01:02.329 staff. Meta's focus on AI. Thyssen Museum minting 00:01:02.329 --> 00:01:05.590 Van Gogh NFTs. The Space Mermaids game on XRP. 00:01:06.010 --> 00:01:08.409 XRP leading altcoin week. AI causing a Hollywood 00:01:08.409 --> 00:01:11.129 strike. Le Clou 3 introducing NFT loyalty perks. 00:01:11.310 --> 00:01:14.409 Bitcoin miners facing a stress test. The SEC 00:01:14.409 --> 00:01:16.890 accepting BlackRock's Bitcoin ETF application. 00:01:17.469 --> 00:01:19.230 The struggle for tokens launched too soon to 00:01:19.230 --> 00:01:22.849 find a user base. Louis Vuitton embracing NFTs. 00:01:23.250 --> 00:01:26.609 De -dollarization. Bitcoin's market cap, regulations, 00:01:27.329 --> 00:01:29.409 and the potential for a new international currency. 00:01:30.769 --> 00:01:33.269 Hey there. Today we've got some interesting news 00:01:33.269 --> 00:01:35.469 in the world of cryptocurrency and technology. 00:01:35.909 --> 00:01:40.049 Let's dive right in. First up, CZ, the CEO of 00:01:40.049 --> 00:01:43.170 Binance, has admitted to involuntary terminations 00:01:43.170 --> 00:01:45.650 within the company, but disagrees with the reported 00:01:45.650 --> 00:01:48.250 numbers. It seems there's always something happening 00:01:48.250 --> 00:01:51.450 at Binance. In a shocking case, a father and 00:01:51.450 --> 00:01:54.269 son are facing up to 20 years in jail for orchestrating 00:01:54.269 --> 00:01:57.829 a $10 million crypto scam. It's unfortunate to 00:01:57.829 --> 00:01:59.849 see people taking advantage of others in the 00:01:59.849 --> 00:02:02.469 cryptocurrency space, but it's good to see that 00:02:02.469 --> 00:02:04.530 they're being held accountable for their actions. 00:02:05.469 --> 00:02:08.469 BitMEX, a popular platform for professional traders, 00:02:09.030 --> 00:02:11.469 has introduced social trading called guilds. 00:02:11.770 --> 00:02:14.689 This feature allows traders to collaborate, share 00:02:14.689 --> 00:02:17.110 trading strategies, and learn from each other. 00:02:17.360 --> 00:02:19.740 It's a great way to foster a sense of community 00:02:19.740 --> 00:02:22.719 among professional traders. Aave, a decentralized 00:02:22.719 --> 00:02:25.219 lending platform, has launched its stablecoin 00:02:25.219 --> 00:02:29.000 called GHO on the Ethereum mainnet. GHO has been 00:02:29.000 --> 00:02:31.379 in development for the last year and aims to 00:02:31.379 --> 00:02:33.379 make markets more accessible and efficient for 00:02:33.379 --> 00:02:36.500 its users. Stablecoins play a crucial role in 00:02:36.500 --> 00:02:39.240 the crypto ecosystem, providing stability in 00:02:39.240 --> 00:02:42.120 an otherwise volatile market. In other news, 00:02:42.379 --> 00:02:45.620 the price of one inch has skyrocketed by 45 % 00:02:45.620 --> 00:02:48.810 in a single day. while Bitcoin seems to be stagnating 00:02:48.810 --> 00:02:51.729 above the $30 ,000 mark. The crypto market is 00:02:51.729 --> 00:02:54.330 always full of surprises, with some coins experiencing 00:02:54.330 --> 00:02:56.789 massive gains while others struggle to keep up. 00:02:57.090 --> 00:02:59.590 Unstoppable Domains, a Web3 domain provider, 00:02:59.849 --> 00:03:02.810 has expanded its support to ETH domains. This 00:03:02.810 --> 00:03:05.509 means that users can now register and use ETH 00:03:05.509 --> 00:03:07.750 domains for their decentralized websites and 00:03:07.750 --> 00:03:10.289 applications. It's exciting to see the continued 00:03:10.289 --> 00:03:13.550 growth of the decentralized web. Moving on, Kim 00:03:13.550 --> 00:03:16.409 Dotcom, the creator of Mega Upload, has teased 00:03:16.409 --> 00:03:19.610 a Bitcoin Cash killer app called Fileshop. He 00:03:19.610 --> 00:03:21.669 expressed his support for Bitcoin Cash on Twitter 00:03:21.669 --> 00:03:24.050 and his desire to see Fileshop become a game 00:03:24.050 --> 00:03:26.750 changer in the crypto space. It'll be interesting 00:03:26.750 --> 00:03:29.729 to see how this project unfolds. Coinbase, one 00:03:29.729 --> 00:03:32.789 of the largest cryptocurrency exchanges, has 00:03:32.789 --> 00:03:35.610 restricted Ethereum and Solana staking in four 00:03:35.610 --> 00:03:38.629 US states. This move comes after allegations 00:03:38.629 --> 00:03:41.210 that Coinbase was violating securities laws in 00:03:41.210 --> 00:03:44.270 11 states. Compliance with regulations is crucial 00:03:44.270 --> 00:03:46.289 for the long -term success of cryptocurrency 00:03:46.289 --> 00:03:50.310 businesses. In a significant vote, Aave's Decentralized 00:03:50.310 --> 00:03:53.289 Autonomous Organization, DAO, has decided to 00:03:53.289 --> 00:03:55.990 launch GHO Stablecoin on the Ethereum mainnet. 00:03:56.729 --> 00:03:59.009 This move will further enhance Aave's position 00:03:59.009 --> 00:04:01.469 in the DeFi space and provide users with more 00:04:01.469 --> 00:04:04.219 options for stablecoins. In the world of music 00:04:04.219 --> 00:04:07.719 and NFTs, Jay -Z's Roc Nation and Puma have dropped 00:04:07.719 --> 00:04:10.800 NFT enhanced sneakers. These sneakers are tied 00:04:10.800 --> 00:04:13.699 to exclusive digital content, including new music, 00:04:14.099 --> 00:04:16.519 and celebrate the 50th anniversary of hip hop. 00:04:17.139 --> 00:04:19.519 It's interesting to see how NFTs are being integrated 00:04:19.519 --> 00:04:22.300 into different industries. Addressing recent 00:04:22.300 --> 00:04:25.180 rumors, Binance has announced staff reductions, 00:04:25.439 --> 00:04:27.699 but it says reports of thousands of employees 00:04:27.699 --> 00:04:32.120 being cut are way off. Rumors about Binance's 00:04:32.120 --> 00:04:33.899 workforce have been circulating for a while, 00:04:34.000 --> 00:04:36.100 and it's good to have some clarity on the situation. 00:04:36.600 --> 00:04:39.399 Meta, formerly known as Facebook, is going all 00:04:39.399 --> 00:04:43.600 in on AI. With its CM3 Leon model and a reported 00:04:43.600 --> 00:04:46.480 commercial version of El Lama, Meta aims to compete 00:04:46.480 --> 00:04:49.560 with the likes of Google Chat GPT and Mid Journey 00:04:49.560 --> 00:04:52.959 in the generative AI industry. It'll be exciting 00:04:52.959 --> 00:04:55.459 to see how these AI technologies develop and 00:04:55.459 --> 00:04:57.800 what they bring to the table. In the world of 00:04:57.800 --> 00:05:01.000 art and NFTs, the Spanish National Museum Thyssen 00:05:01.000 --> 00:05:03.800 and Olivers have partnered to mint an exclusive 00:05:03.800 --> 00:05:07.000 collection of Van Gogh NFTs. This collaboration 00:05:07.000 --> 00:05:09.740 brings Van Gogh's art to the metaverse, offering 00:05:09.740 --> 00:05:12.879 art lovers a new and immersive experience. If 00:05:12.879 --> 00:05:15.519 you're a fan of retro -style games and XRP, then 00:05:15.519 --> 00:05:17.420 Space Mermaids might be right up your alley. 00:05:18.000 --> 00:05:20.199 It's an addictive arcade -style game where players 00:05:20.199 --> 00:05:23.060 control a pixelated mermaid, dodging asteroids 00:05:23.060 --> 00:05:25.920 and collecting stars. Plus, you can earn NFT 00:05:25.920 --> 00:05:29.040 rewards while having fun. Looking at the cryptocurrency 00:05:29.040 --> 00:05:32.839 market, XRP has led the altcoin week, outperforming 00:05:32.839 --> 00:05:35.480 Bitcoin and Ethereum. Ripple's recent courtroom 00:05:35.480 --> 00:05:38.079 victory against the SEC has had positive effects 00:05:38.079 --> 00:05:41.199 on several leading altcoins. It's fascinating 00:05:41.199 --> 00:05:43.519 to see how legal developments can impact the 00:05:43.519 --> 00:05:46.339 crypto market. Artificial intelligence seems 00:05:46.339 --> 00:05:48.500 to have become a common enemy for actors and 00:05:48.500 --> 00:05:51.220 writers in Hollywood. The industry is facing 00:05:51.220 --> 00:05:54.740 a joint strike over AI and compensation. marking 00:05:54.740 --> 00:05:58.540 the first such strike in 63 years. It highlights 00:05:58.540 --> 00:06:01.000 the increasing role that AI plays in various 00:06:01.000 --> 00:06:03.879 sectors and the need to address its impact on 00:06:03.879 --> 00:06:06.920 workers. Credit Agricole's Indosuez Wealth Management 00:06:06.920 --> 00:06:09.800 arm has launched Le Clou 3, a loyalty program 00:06:09.800 --> 00:06:13.379 based on NFTs aimed at high -end clientele. It's 00:06:13.379 --> 00:06:15.319 an innovative approach to attracting and retaining 00:06:15.319 --> 00:06:18.360 customers in the private banking sector. Finally, 00:06:18.379 --> 00:06:20.740 JP Morgan predicts that Bitcoin miners will face 00:06:20.740 --> 00:06:24.250 a stress test in the next halving event. The 00:06:24.250 --> 00:06:27.009 lower block reward means that the price of Bitcoin 00:06:27.009 --> 00:06:30.029 and transaction fees will need to rise significantly 00:06:30.029 --> 00:06:33.269 to offset the reduced rewards for miners. It's 00:06:33.269 --> 00:06:35.990 a reminder of the economic dynamics and challenges 00:06:35.990 --> 00:06:38.910 within the Bitcoin ecosystem. That's all for 00:06:38.910 --> 00:06:41.610 today's news roundup. Stay tuned for more updates 00:06:41.610 --> 00:06:44.589 on the ever evolving world of cryptocurrency 00:06:44.589 --> 00:06:48.509 and technology. So some interesting news in the 00:06:48.509 --> 00:06:50.920 cryptocurrency world. The Security and Exchange 00:06:50.920 --> 00:06:54.279 Commission, SEC, has formally accepted BlackRock's 00:06:54.279 --> 00:06:56.519 application for a Bitcoin Exchange Traded Fund, 00:06:56.759 --> 00:06:59.319 ETF. This means that the agency will give the 00:06:59.319 --> 00:07:02.000 application a serious look and consider approving 00:07:02.000 --> 00:07:05.360 it. This is a big deal because if the ETF gets 00:07:05.360 --> 00:07:08.060 approved, it could open up the floodgates for 00:07:08.060 --> 00:07:10.079 institutional investors to enter the Bitcoin 00:07:10.079 --> 00:07:13.560 market. Moving on to another topic, the launch 00:07:13.560 --> 00:07:15.860 of tokens in the cryptocurrency space has become 00:07:15.860 --> 00:07:19.430 quite common. However, Many projects fail to 00:07:19.430 --> 00:07:21.769 find product market fit, meaning they struggle 00:07:21.769 --> 00:07:24.730 to find a user base for their token. It's important 00:07:24.730 --> 00:07:26.709 for projects to consider the timing of their 00:07:26.709 --> 00:07:29.149 token launch and make sure they have a solid 00:07:29.149 --> 00:07:31.930 product that people actually want before jumping 00:07:31.930 --> 00:07:34.240 into the token game. In the world of fashion, 00:07:34.439 --> 00:07:36.939 luxury brand Louis Vuitton is making waves by 00:07:36.939 --> 00:07:39.199 embracing a non -traditional creative director 00:07:39.199 --> 00:07:42.920 and non -fungible tokens, NFTs. Despite critics, 00:07:43.379 --> 00:07:45.259 this move could pave the way for other fashion 00:07:45.259 --> 00:07:48.379 brands to explore the world of NFTs and unlock 00:07:48.379 --> 00:07:50.579 new opportunities for creativity and revenue. 00:07:51.120 --> 00:07:53.240 Now let's dive into the exciting happenings on 00:07:53.240 --> 00:07:56.199 crypto Twitter. This week, the XRP community 00:07:56.199 --> 00:07:58.220 had reason to celebrate as the cryptocurrency 00:07:58.220 --> 00:08:01.680 scored a courtroom victory against the SEC. This 00:08:01.680 --> 00:08:04.000 news sent shockwaves throughout the cryptoverse, 00:08:04.259 --> 00:08:06.040 leaving enthusiasts buzzing with excitement. 00:08:06.620 --> 00:08:08.680 It's always interesting to see how legal battles 00:08:08.680 --> 00:08:11.720 play out in the crypto space. In Brazil, a blockchain 00:08:11.720 --> 00:08:14.019 developer named Pedro Magalhaes discovered a 00:08:14.019 --> 00:08:16.120 function in the country's central bank digital 00:08:16.120 --> 00:08:19.939 currency, CBDC, that allows the government to 00:08:19.939 --> 00:08:22.379 freeze funds. Concerned about the implications 00:08:22.379 --> 00:08:25.459 of this discovery, Magalhaes took to social media 00:08:25.459 --> 00:08:28.310 to demand answers from the central bank. This 00:08:28.310 --> 00:08:30.670 raises important questions about privacy and 00:08:30.670 --> 00:08:33.450 control in the world of digital currencies. On 00:08:33.450 --> 00:08:36.110 the investment front, a recent report suggests 00:08:36.110 --> 00:08:38.710 that crypto investment continues to slide and 00:08:38.710 --> 00:08:41.570 has not yet found a clear bottom. Despite more 00:08:41.570 --> 00:08:44.330 deals happening, venture funding for crypto and 00:08:44.330 --> 00:08:46.870 blockchain initiatives has declined for the fifth 00:08:46.870 --> 00:08:49.269 straight quarter. This indicates that the market 00:08:49.269 --> 00:08:51.549 is still searching for stability and a sustainable 00:08:51.549 --> 00:08:54.429 growth trajectory. In another interesting development, 00:08:54.679 --> 00:08:57.039 A judge overseeing a Coinbase case expressed 00:08:57.039 --> 00:09:00.259 skepticism over the SEC's prior approval of Coinbase's 00:09:00.259 --> 00:09:02.799 S1 filing. The judge seemed to align herself 00:09:02.799 --> 00:09:05.080 with Coinbase, suggesting that the company's 00:09:05.080 --> 00:09:07.779 S1 may have some legal weight. This legal battle 00:09:07.779 --> 00:09:10.080 highlights the ongoing tension between the crypto 00:09:10.080 --> 00:09:13.759 industry and regulatory authorities. Now, onto 00:09:13.759 --> 00:09:15.860 something that affects Ethereum users directly. 00:09:16.379 --> 00:09:19.480 Over 200 users of a protocol called ETHscriptions 00:09:19.480 --> 00:09:22.639 fell victim to a smart contract exploit. The 00:09:22.639 --> 00:09:24.940 protocol's creator surprisingly praised these 00:09:24.940 --> 00:09:28.019 victims, referring to them as the earliest adopters. 00:09:28.559 --> 00:09:30.960 It's a reminder that even in the world of cryptocurrencies, 00:09:31.659 --> 00:09:34.320 where security is a top priority, vulnerabilities 00:09:34.320 --> 00:09:37.360 can still emerge. Speaking of Ethereum, there 00:09:37.360 --> 00:09:39.860 is some exciting news for its scaling solution 00:09:39.860 --> 00:09:42.940 called ZKSync. The solution has unveiled its 00:09:42.940 --> 00:09:46.000 latest technology called Boojum, which significantly 00:09:46.000 --> 00:09:48.700 reduces transaction time and the need for expensive 00:09:48.700 --> 00:09:51.549 hardware. This is great news for everyday users 00:09:51.549 --> 00:09:53.470 who want to help secure the network without breaking 00:09:53.470 --> 00:09:56.009 the bank. Now let's talk about Lens Protocol, 00:09:56.529 --> 00:09:59.149 a crypto -powered alternative to Twitter. The 00:09:59.149 --> 00:10:01.710 platform has launched its latest version, V2 00:10:01.710 --> 00:10:04.450 Lens, which introduces a new functionality called 00:10:04.450 --> 00:10:07.370 blocking. This allows users to control who can 00:10:07.370 --> 00:10:10.169 see their content and interact with them, providing 00:10:10.169 --> 00:10:12.470 more control over their social media experience. 00:10:13.429 --> 00:10:15.409 It's an interesting approach to addressing some 00:10:15.409 --> 00:10:17.769 of the challenges faced by mainstream social 00:10:17.769 --> 00:10:21.019 media platforms. Moving on to cryptocurrency 00:10:21.019 --> 00:10:24.200 exchanges, Binance has finalized its integration 00:10:24.200 --> 00:10:27.559 of Bitcoin's Lightning Network, a Layer 2 scaling 00:10:27.559 --> 00:10:30.559 solution. This means that Binance customers can 00:10:30.559 --> 00:10:32.879 now withdraw and deposit funds using the Lightning 00:10:32.879 --> 00:10:36.179 Network, which offers faster and cheaper transactions 00:10:36.179 --> 00:10:38.840 compared to the main Bitcoin network. In the 00:10:38.840 --> 00:10:41.360 realm of crypto wallets, Gnosis has launched 00:10:41.360 --> 00:10:43.899 a self -custodial debit card called the Gnosis 00:10:43.899 --> 00:10:46.659 Card. This card allows users to make payments 00:10:46.659 --> 00:10:49.379 anywhere that Visa is accepted, giving people 00:10:49.379 --> 00:10:51.720 greater flexibility in using their crypto assets 00:10:51.720 --> 00:10:54.659 in the real world. Gnosis is even open to other 00:10:54.659 --> 00:10:57.440 wallets using their design, showing a collaborative 00:10:57.440 --> 00:11:00.840 and inclusive approach. Let's focus on the trading 00:11:00.840 --> 00:11:03.399 volume of the native token powering the one -inch 00:11:03.399 --> 00:11:06.440 network. It has experienced a surge in trading 00:11:06.440 --> 00:11:09.840 volume on South Korean exchange Upbit. This indicates 00:11:09.840 --> 00:11:12.179 growing interest and adoption of the token in 00:11:12.179 --> 00:11:14.559 the South Korean market. It will be interesting 00:11:14.559 --> 00:11:17.360 to see how this momentum continues. Now let's 00:11:17.360 --> 00:11:19.980 talk about Aave, a decentralized lending protocol 00:11:19.980 --> 00:11:22.740 on Ethereum. They have launched a new dollar 00:11:22.740 --> 00:11:25.899 -pegged stablecoin called GHO, which has quickly 00:11:25.899 --> 00:11:28.519 reached a market cap of $2 .5 million within 00:11:28.519 --> 00:11:31.980 just two days. GHO is backed by overcollateralized 00:11:31.980 --> 00:11:35.320 loans, similar to Maker's DAI stablecoin. This 00:11:35.320 --> 00:11:37.460 demonstrates the demand for stablecoins in the 00:11:37.460 --> 00:11:40.480 crypto ecosystem, providing stability and a familiar 00:11:40.480 --> 00:11:43.450 value proposition to users. Shifting our attention 00:11:43.450 --> 00:11:45.990 to stablecoins in general, the cumulative trade 00:11:45.990 --> 00:11:49.490 volume of stablecoins in 2023 has exceeded $3 00:11:49.490 --> 00:11:53.250 trillion, with Tether leading the way. Stablecoins 00:11:53.250 --> 00:11:55.309 have become a crucial component of the crypto 00:11:55.309 --> 00:11:58.169 market, offering a bridge between the volatile 00:11:58.169 --> 00:12:01.350 world of cryptocurrencies and more stable traditional 00:12:01.350 --> 00:12:05.070 financial systems. In other news, Alex Maszynski, 00:12:05.529 --> 00:12:08.809 the CEO of Multichain, has had his bail set at 00:12:08.809 --> 00:12:12.110 $40 million and his travel has been restricted. 00:12:12.990 --> 00:12:15.070 Multi -Chain, a cryptocurrency platform, has 00:12:15.070 --> 00:12:17.450 ceased operations possibly due to the detention 00:12:17.450 --> 00:12:20.090 of Ma Xingsi's sister in China, who was holding 00:12:20.090 --> 00:12:23.789 $220 million of funds. This situation raises 00:12:23.789 --> 00:12:25.950 concerns about the regulatory challenges and 00:12:25.950 --> 00:12:28.110 risks associated with operating in the global 00:12:28.110 --> 00:12:31.250 crypto space. Finally, let's touch on Bitcoin's 00:12:31.250 --> 00:12:33.710 trading volume during weekends. In the first 00:12:33.710 --> 00:12:38.340 half of 2023, The BTC USD trading volume in native 00:12:38.340 --> 00:12:41.980 units hit the lowest levels since 2012. This 00:12:41.980 --> 00:12:44.500 indicates lower market activity during weekends, 00:12:45.120 --> 00:12:47.659 highlighting the potential impact of market dynamics 00:12:47.659 --> 00:12:50.940 and investor behavior on trading volume. And 00:12:50.940 --> 00:12:53.120 that's a wrap for this week's crypto roundup. 00:12:53.779 --> 00:12:56.419 As always, the world of cryptocurrencies is full 00:12:56.419 --> 00:13:00.039 of excitement, surprises, and challenges. Stay 00:13:00.039 --> 00:13:02.379 tuned for more updates and developments in the 00:13:02.379 --> 00:13:06.700 ever -evolving crypto space. Hey there! Let's 00:13:06.700 --> 00:13:08.399 dive into some interesting news in the world 00:13:08.399 --> 00:13:11.100 of cryptocurrency. Binance recently announced 00:13:11.100 --> 00:13:13.259 that they have completed the integration of the 00:13:13.259 --> 00:13:16.000 Bitcoin Lightning Network. This is a big deal 00:13:16.000 --> 00:13:18.539 because it opens up new possibilities for faster 00:13:18.539 --> 00:13:21.480 and more scalable Bitcoin transactions. With 00:13:21.480 --> 00:13:24.159 the Lightning Network, Bitcoin can be sent and 00:13:24.159 --> 00:13:27.279 received almost instantaneously, making it even 00:13:27.279 --> 00:13:30.330 more convenient for users. Speaking of digital 00:13:30.330 --> 00:13:33.549 assets, last week saw a significant inflow of 00:13:33.549 --> 00:13:37.129 $137 million. And here's an interesting tidbit. 00:13:37.690 --> 00:13:40.389 Over the past four weeks, inflows have reached 00:13:40.389 --> 00:13:44.970 a whopping $742 million. That's the largest run 00:13:44.970 --> 00:13:47.230 of inflows we've seen since the final quarter 00:13:47.230 --> 00:13:50.570 of 2021. It's exciting to see such strong interest 00:13:50.570 --> 00:13:53.309 in digital asset investment products. In other 00:13:53.309 --> 00:13:56.250 news, Athena, an Ethereum -based stablecoin developer, 00:13:56.789 --> 00:14:00.000 recently raised $6 million. This funding will 00:14:00.000 --> 00:14:02.340 support their ongoing efforts to create a stable 00:14:02.340 --> 00:14:04.620 and reliable digital currency that is backed 00:14:04.620 --> 00:14:07.460 by Ethereum. It's always great to see startups 00:14:07.460 --> 00:14:09.759 in the crypto space securing funding to further 00:14:09.759 --> 00:14:12.639 their development and innovative ideas. Now let's 00:14:12.639 --> 00:14:14.960 switch gears for a moment and talk about Opensats. 00:14:15.399 --> 00:14:19.480 They are a 501C3 organization that awards grants 00:14:19.480 --> 00:14:21.840 for Bitcoin development. They are doing some 00:14:21.840 --> 00:14:23.700 pretty cool stuff, so it's worth checking out 00:14:23.700 --> 00:14:26.590 the projects they are funding. One particularly 00:14:26.590 --> 00:14:28.710 interesting project they support is the concept 00:14:28.710 --> 00:14:31.070 of auctions where you can bid on anything using 00:14:31.070 --> 00:14:34.009 lightning invoices. Just imagine the possibilities 00:14:34.009 --> 00:14:36.730 this opens up in terms of decentralized commerce. 00:14:37.389 --> 00:14:39.710 Let's shift our focus to the strength of cryptography 00:14:39.710 --> 00:14:42.669 in Bitcoin. Some people argue that Bitcoin's 00:14:42.669 --> 00:14:44.429 cryptographic security is stronger than that 00:14:44.429 --> 00:14:48.289 of gold. Why? Well, gold relies on the social 00:14:48.289 --> 00:14:51.070 technology of order and property rights, which 00:14:51.070 --> 00:14:53.840 is currently under threat. And while electricity 00:14:53.840 --> 00:14:56.220 and the Internet might not be going away anytime 00:14:56.220 --> 00:14:59.240 soon, other social factors can influence the 00:14:59.240 --> 00:15:02.659 value of gold. On the other hand, Bitcoin's value 00:15:02.659 --> 00:15:05.100 is derived from your ability to keep its cryptographic 00:15:05.100 --> 00:15:07.980 key a secret, which doesn't rely on the stability 00:15:07.980 --> 00:15:10.580 of social order. Now let's draw some historical 00:15:10.580 --> 00:15:13.120 parallels. When the Roman Empire fell in the 00:15:13.120 --> 00:15:15.860 West, people stopped using silver and gold as 00:15:15.860 --> 00:15:18.700 a form of currency. Similarly, during the fall 00:15:18.700 --> 00:15:21.909 of the Bronze Age civilization, the use of bronze, 00:15:22.070 --> 00:15:24.629 silver, and gold declined. When money came back 00:15:24.629 --> 00:15:27.049 into the picture after those falls, it took the 00:15:27.049 --> 00:15:29.669 form of promises to deliver valuable assets like 00:15:29.669 --> 00:15:33.490 sheep, goats, cows, and even virgins. This highlights 00:15:33.490 --> 00:15:35.970 the fact that gold is just a symbol, much like 00:15:35.970 --> 00:15:38.509 Bitcoin is just a symbol. The key difference 00:15:38.509 --> 00:15:40.649 though is that a cryptocurrency like Bitcoin 00:15:40.649 --> 00:15:43.029 depends on the ability to keep a secret rather 00:15:43.029 --> 00:15:45.539 than relying on social order. Gold, on the other 00:15:45.539 --> 00:15:47.860 hand, is only useful as money because it's lightweight, 00:15:48.139 --> 00:15:50.279 durable, and transportable over long distances. 00:15:51.100 --> 00:15:53.840 Unlike apples, yes, we're comparing gold to apples. 00:15:54.340 --> 00:15:56.299 Gold is more suitable for making purchases from 00:15:56.299 --> 00:15:59.399 people who are not next door. But if you can't 00:15:59.399 --> 00:16:02.120 physically move gold over a long distance, just 00:16:02.120 --> 00:16:04.500 like the man next door, then he might prefer 00:16:04.500 --> 00:16:08.200 apples instead. This shift from gold to other 00:16:08.200 --> 00:16:11.139 forms of value exchange has been observed throughout 00:16:11.139 --> 00:16:14.250 history. Let's explore the concept of a store 00:16:14.250 --> 00:16:16.690 of value. It's interesting to note that while 00:16:16.690 --> 00:16:19.289 gold can be hidden and stored, it has to be moved 00:16:19.289 --> 00:16:22.570 to be useful. In comparison, sheep, for example, 00:16:23.029 --> 00:16:25.210 are a better store of value because they can 00:16:25.210 --> 00:16:28.549 reproduce and create more value over time. Gold, 00:16:28.649 --> 00:16:31.230 unfortunately, cannot produce more gold. This 00:16:31.230 --> 00:16:33.169 brings us back to the importance of mobility. 00:16:33.750 --> 00:16:36.070 Gold is more valuable than sheep or virgins when 00:16:36.070 --> 00:16:38.750 it comes to long distance transfers. However, 00:16:39.000 --> 00:16:42.000 Secrets like cryptographic keys can be moved 00:16:42.000 --> 00:16:44.639 over distances with greater safety and speed 00:16:44.639 --> 00:16:47.440 than gold. So if you can't physically move gold 00:16:47.440 --> 00:16:50.039 over a long distance, you might find that someone 00:16:50.039 --> 00:16:52.899 who has eggs and is in the same position won't 00:16:52.899 --> 00:16:55.639 be interested in gold either. Now let's talk 00:16:55.639 --> 00:16:58.419 about the potential market cap of Bitcoin. When 00:16:58.419 --> 00:17:00.639 we consider the average allocation of funds into 00:17:00.639 --> 00:17:04.170 gold, it typically sits around 5 % or less. Now 00:17:04.170 --> 00:17:06.690 imagine if just 1 % of those funds found their 00:17:06.690 --> 00:17:09.650 way directly or indirectly into Bitcoin. That 00:17:09.650 --> 00:17:12.289 would add a whopping $400 billion of new money 00:17:12.289 --> 00:17:14.809 into the Bitcoin market. But here's the catch. 00:17:15.630 --> 00:17:17.809 Most Bitcoin is not readily available for sale 00:17:17.809 --> 00:17:21.690 at any price. So if $400 billion of new money 00:17:21.690 --> 00:17:24.710 were to flow into BTC, it would undoubtedly raise 00:17:24.710 --> 00:17:26.970 the market cap by far more than $1 trillion. 00:17:27.589 --> 00:17:31.660 And that's a wrap. Today, we discussed Binance's 00:17:31.660 --> 00:17:34.279 completion of the Bitcoin Lightning Network integration, 00:17:34.880 --> 00:17:37.420 the recent inflows in digital asset investments, 00:17:37.960 --> 00:17:41.019 Athena's successful funding round, and the intriguing 00:17:41.019 --> 00:17:44.720 work being done by Opensats. We also delved into 00:17:44.720 --> 00:17:47.099 the differences between gold and Bitcoin as symbols 00:17:47.099 --> 00:17:49.460 and explored the role of secrets and mobility 00:17:49.460 --> 00:17:52.700 in cryptocurrency and gold's value. Lastly, we 00:17:52.700 --> 00:17:54.680 touched upon the potential impact of Bitcoin 00:17:54.680 --> 00:17:57.359 on the market cap with its increasing popularity. 00:17:57.759 --> 00:18:00.299 Until next time, stay curious and keep exploring 00:18:00.299 --> 00:18:04.559 the exciting world of cryptocurrency. So let's 00:18:04.559 --> 00:18:06.599 talk about the biggie in the world of Bitcoin, 00:18:07.240 --> 00:18:09.859 de -dollarization. This is a process that could 00:18:09.859 --> 00:18:12.640 result in a massive influx of money into Bitcoin, 00:18:13.180 --> 00:18:15.460 approximately a trillion dollars to be exact. 00:18:15.920 --> 00:18:18.299 To put things into perspective, the market cap 00:18:18.299 --> 00:18:20.759 of gold is currently around 10 trillion dollars. 00:18:21.279 --> 00:18:24.259 But here's the thing. Bitcoin is actually more 00:18:24.259 --> 00:18:27.849 useful than gold in many ways. Right now? Today, 00:18:28.230 --> 00:18:30.190 you can spend Bitcoin more easily than you can 00:18:30.190 --> 00:18:32.730 spend gold. And that's why its market cap is 00:18:32.730 --> 00:18:35.269 expected to rise well above $10 trillion once 00:18:35.269 --> 00:18:37.809 it replaces the dollar for international transactions. 00:18:38.210 --> 00:18:41.390 Let's say around $20 trillion. That's a jaw -dropping 00:18:41.390 --> 00:18:44.490 30 -fold increase in the price of Bitcoin. However, 00:18:45.130 --> 00:18:48.190 de -dollarization has hit a roadblock. Efforts 00:18:48.190 --> 00:18:50.390 to create a fiat replacement for the U .S. dollar 00:18:50.390 --> 00:18:52.809 keep getting mired in bureaucracy and regulation. 00:18:53.349 --> 00:18:55.309 The sovereign nations agree on the need for a 00:18:55.309 --> 00:18:57.960 new international currency. but then their bureaucrats 00:18:57.960 --> 00:19:00.400 and bankers get involved and things start to 00:19:00.400 --> 00:19:03.019 slow down. It's like trying to run through mud. 00:19:03.799 --> 00:19:05.859 In the meantime, people are turning to Bitcoin 00:19:05.859 --> 00:19:09.759 for international transactions. It's a spontaneous 00:19:09.759 --> 00:19:12.319 movement that's gaining momentum. Even though 00:19:12.319 --> 00:19:14.819 it's illegal in Russia, the Russian Ministry 00:19:14.819 --> 00:19:17.740 of Finance has recognized that everyone is breaking 00:19:17.740 --> 00:19:20.579 that law. They've basically thrown up their hands 00:19:20.579 --> 00:19:22.920 and said, what's the point of making a fuss? 00:19:23.400 --> 00:19:25.700 Enforcing American sanctions won't do any good. 00:19:26.029 --> 00:19:28.730 So, they're considering creating a new and more 00:19:28.730 --> 00:19:31.769 practical law which will likely attempt to ban 00:19:31.769 --> 00:19:34.430 Russians from buying stuff from other Russians 00:19:34.430 --> 00:19:37.750 using Bitcoin. But here's the thing, with lightning 00:19:37.750 --> 00:19:40.670 wallet and Noster, most Bitcoin transactions 00:19:40.670 --> 00:19:43.769 are going to be international anyway. So, this 00:19:43.769 --> 00:19:46.349 law will probably only be effective for physical 00:19:46.349 --> 00:19:49.950 goods moving within Russia. Now, some are murmuring 00:19:49.950 --> 00:19:52.349 about a gold -based replacement for international 00:19:52.349 --> 00:19:55.630 transactions. However, in an increasingly violent 00:19:55.630 --> 00:19:58.710 and untrustworthy world, this idea seems unlikely 00:19:58.710 --> 00:20:01.650 to work. Just look at Turkey. They recently broke 00:20:01.650 --> 00:20:04.509 a crucial deal with Russia. Can Russia really 00:20:04.509 --> 00:20:07.630 trust India or vice versa to deliver gold without 00:20:07.630 --> 00:20:10.549 any issues? Moreover, there's always a risk of 00:20:10.549 --> 00:20:13.109 someone snatching the gold en route and justifying 00:20:13.109 --> 00:20:16.039 it with sanctions. On top of that, a gold -based 00:20:16.039 --> 00:20:18.859 system still doesn't solve the problem of a multinational 00:20:18.859 --> 00:20:21.019 bureaucracy trying to regulate it to the point 00:20:21.019 --> 00:20:23.920 of suffocation. This is exactly what has happened 00:20:23.920 --> 00:20:26.380 to previous attempts to create a new international 00:20:26.380 --> 00:20:29.119 fiat currency. But let's not forget one of the 00:20:29.119 --> 00:20:32.200 problems with gold itself. You see, miners are 00:20:32.200 --> 00:20:34.660 continuously dumping new supply onto the market. 00:20:35.240 --> 00:20:37.700 This constant influx of new gold can affect its 00:20:37.700 --> 00:20:40.940 value. On the other hand, Bitcoin supply is set 00:20:40.940 --> 00:20:43.980 to be cut in half next year. This means that 00:20:43.980 --> 00:20:46.180 there will be fewer new bitcoins entering the 00:20:46.180 --> 00:20:48.740 market, which could potentially contribute to 00:20:48.740 --> 00:20:51.380 an increase in its value. Now let's talk about 00:20:51.380 --> 00:20:54.200 your money and its expiration date. With traditional 00:20:54.200 --> 00:20:56.640 currencies, the government has control over what 00:20:56.640 --> 00:20:59.119 you can spend your money on. It's almost like 00:20:59.119 --> 00:21:02.339 a scene straight out of 1984. But with Bitcoin, 00:21:02.500 --> 00:21:04.720 it's a different story. You have more control 00:21:04.720 --> 00:21:07.220 over your own money. So it's important to remember 00:21:07.220 --> 00:21:09.880 the mantra, not your private keys, not your Bitcoin. 00:21:10.519 --> 00:21:12.849 In other words, If you don't control the private 00:21:12.849 --> 00:21:14.609 keys to your Bitcoin wallet, you don't really 00:21:14.609 --> 00:21:17.150 own the Bitcoin. Oh, and here's a little secret 00:21:17.150 --> 00:21:20.329 for all you Bitcoin enthusiasts out there. The 00:21:20.329 --> 00:21:22.950 Bitcoin Street Journal is running a Nostr -only 00:21:22.950 --> 00:21:26.069 livestream for the next 24 hours. It's all about 00:21:26.069 --> 00:21:28.130 Nostr the latest and greatest in the world of 00:21:28.130 --> 00:21:31.019 Bitcoin. So help spread the word Nostriches. 00:21:31.200 --> 00:21:33.640 You can catch the live stream on Twitch TV, the 00:21:33.640 --> 00:21:36.240 Bitcoin Street Journal, as well as on other video 00:21:36.240 --> 00:21:38.940 streaming platforms like DLive and Rumble. And 00:21:38.940 --> 00:21:41.259 finally, we would greatly appreciate your support. 00:21:41.680 --> 00:21:44.519 You can find us on fountain .com, Nostrich Build, 00:21:44.619 --> 00:21:48.799 Spotify, Amazon Music, RSS .com, Pandora, Samsung 00:21:48.799 --> 00:21:51.779 Podcasts, Stitcher, Apple iTunes, iHeart Radio, 00:21:52.000 --> 00:21:54.420 and many more. Just give us a like, share, or 00:21:54.420 --> 00:21:56.759 subscribe to the Bitcoin Street Journal. Thank 00:21:56.759 --> 00:21:58.859 you for listening and for your continued support. 00:22:25.529 --> 00:22:29.170 exciting NFT releases, and the impact of AI on 00:22:29.170 --> 00:22:32.069 Hollywood. We also explored the acceptance of 00:22:32.069 --> 00:22:34.990 BlackRock's Bitcoin ETF application by the SEC, 00:22:35.630 --> 00:22:38.250 the challenges faced by tokens launched too soon, 00:22:38.569 --> 00:22:41.410 and the entry of Louis Vuitton into the NFT space. 00:22:42.109 --> 00:22:44.529 Additionally, we discussed Binance's integration 00:22:44.529 --> 00:22:47.250 of the Bitcoin Lightning Network, the significant 00:22:47.250 --> 00:22:50.609 investment inflows into digital assets, and Athena's 00:22:50.609 --> 00:22:52.769 successful fundraising for Ethereum stablecoin 00:22:52.769 --> 00:22:55.759 development. Finally, we delved into the concept 00:22:55.759 --> 00:22:59.400 of de -dollarization, Bitcoin's market cap, regulations, 00:22:59.819 --> 00:23:02.319 gold, and the potential for a new international 00:23:02.319 --> 00:23:05.660 currency. Thanks for listening to today's episode. 00:23:06.099 --> 00:23:07.819 I'll see you guys at the next one, and don't 00:23:07.819 --> 00:23:08.799 forget to subscribe!