WEBVTT 00:00:00.520 --> 00:00:32.420 Thank you. Hey everyone and welcome to the Bitcoin 00:00:32.420 --> 00:00:36.000 Street Journal Market Update. I'm Zia. And I'm 00:00:36.000 --> 00:00:38.759 Enzo. Get ready because today we're diving deep 00:00:38.759 --> 00:00:41.859 into all the wild things happening in the Bitcoin 00:00:41.859 --> 00:00:45.740 world right now. Exactly. And we're not doing 00:00:45.740 --> 00:00:49.899 it alone. We've got an extremely knowledgeable 00:00:49.899 --> 00:00:53.979 and fantastic Bitcoin expert joining us today 00:00:53.979 --> 00:00:56.640 to break down all the latest news and trends. 00:00:56.960 --> 00:00:59.979 Welcome. We're excited to have you. Thanks for 00:00:59.979 --> 00:01:03.759 having me. Glad to be here. Awesome. So today's 00:01:03.759 --> 00:01:07.579 gonna be packed, you guys. We're talking like 00:01:07.579 --> 00:01:14.140 BlackRock's ETFs smashing records, some SEC shifts 00:01:14.140 --> 00:01:17.760 that are like actually surprising, and you know, 00:01:17.879 --> 00:01:20.540 a whole bunch of companies just like piling into 00:01:20.540 --> 00:01:23.790 Bitcoin. Oh, yeah. Plus... we're going to get 00:01:23.790 --> 00:01:26.810 into some really interesting takes on how to 00:01:26.810 --> 00:01:29.989 even think about Bitcoin in the long term. Basically, 00:01:30.010 --> 00:01:33.349 we are covering all the bases. So buckle up, 00:01:33.370 --> 00:01:36.549 everyone. It's going to be a fast -paced, super 00:01:36.549 --> 00:01:40.250 informative ride. Let's get into it. All right. 00:01:40.250 --> 00:01:43.129 So let's kick things off with something huge. 00:01:43.730 --> 00:01:46.650 BlackRock's ETF iBit just became the fastest 00:01:46.650 --> 00:01:51.510 ETF ever to hit $70 billion in AUM. I mean, that's 00:01:51.510 --> 00:01:54.810 insane, right? Absolutely, Enza. I mean, think 00:01:54.810 --> 00:01:58.650 about it. Smashing past the old record by like 00:01:58.650 --> 00:02:02.129 five times. It's not just impressive, it's a 00:02:02.129 --> 00:02:05.810 total game changer. It shows how serious institutional 00:02:05.810 --> 00:02:09.509 investors are about Bitcoin now. Seriously, what 00:02:09.509 --> 00:02:11.710 do you think is driving that? Because like, I 00:02:11.710 --> 00:02:13.729 still hear people saying Bitcoin is just for 00:02:13.729 --> 00:02:17.270 nerds or something. Well... That's where Robert 00:02:17.270 --> 00:02:21.189 Mitchnick comes in, actually. He was saying wealth 00:02:21.189 --> 00:02:25.550 advisor adoption of Bitcoin is still very early. 00:02:26.030 --> 00:02:28.629 That tells you something right there. These advisors 00:02:28.629 --> 00:02:31.370 are finally getting their clients on board. So 00:02:31.370 --> 00:02:33.669 it's not just like hedge funds anymore, right? 00:02:34.490 --> 00:02:37.550 It's actual people, you know, with like regular 00:02:37.550 --> 00:02:41.159 retirement accounts and stuff. Exactly. And these 00:02:41.159 --> 00:02:44.020 wealth advisors, they aren't just throwing darts. 00:02:44.219 --> 00:02:46.900 They're doing their due diligence. They're seeing 00:02:46.900 --> 00:02:49.860 Bitcoin as a legitimate part of a diversified 00:02:49.860 --> 00:02:53.520 portfolio, especially now that there's an ETF 00:02:53.520 --> 00:02:57.639 that makes it so accessible. I mean, 70 billion. 00:02:58.599 --> 00:03:02.740 That's a lot of zeros. So how do you think this 00:03:02.740 --> 00:03:05.360 early adoption phase plays out over the next, 00:03:05.360 --> 00:03:08.919 like, few years? Does it just keep growing exponentially? 00:03:09.150 --> 00:03:12.289 I think we'll see more and more advisors allocating 00:03:12.289 --> 00:03:16.330 a small percentage, maybe 1 % to 5 % to Bitcoin 00:03:16.330 --> 00:03:19.710 for their clients. And that might not sound like 00:03:19.710 --> 00:03:24.110 much, but when you multiply it by the trillions 00:03:24.110 --> 00:03:27.469 of dollars these firms manage, that's a massive 00:03:27.469 --> 00:03:31.370 influx of capital. Yeah, for sure. So is this 00:03:31.370 --> 00:03:35.810 the signal that institutional adoption is really 00:03:35.810 --> 00:03:38.800 here for good? Or is this like a flash in the 00:03:38.800 --> 00:03:42.280 pan? No, Anza, this is the real deal. BlackRock's 00:03:42.280 --> 00:03:45.159 not going to put their name on something unless 00:03:45.159 --> 00:03:48.080 they're, you know, in it for the long haul. And 00:03:48.080 --> 00:03:51.460 this ETF success, it's paving the way for even 00:03:51.460 --> 00:03:54.159 more institutions to come on board. It reduces 00:03:54.159 --> 00:03:58.219 the friction. OK, so BlackRock's making moves. 00:03:58.919 --> 00:04:01.259 Wealth advisors are getting involved, but it's 00:04:01.259 --> 00:04:03.400 not just them, right? I mean, what about these 00:04:03.400 --> 00:04:07.159 companies like the Blockchain Group, Cooler? 00:04:08.460 --> 00:04:12.080 and strategy. Yeah, exactly. I saw that like 00:04:12.080 --> 00:04:15.020 each of them is raising a ton of money to, you 00:04:15.020 --> 00:04:16.839 know, just buy more Bitcoin. What's the deal 00:04:16.839 --> 00:04:19.279 with that? It's not just like a coincidence, 00:04:19.279 --> 00:04:22.379 right? No, absolutely not. It's a trend. And 00:04:22.379 --> 00:04:25.019 it's really interesting. You have the blockchain 00:04:25.019 --> 00:04:28.100 group in France looking to raise like 300 million 00:04:28.100 --> 00:04:31.819 cooler planning up to 300 million as well. And 00:04:31.819 --> 00:04:34.600 then their strategy You know sailors crew upping 00:04:34.600 --> 00:04:37.420 their stock offering to a billion for more buys 00:04:37.420 --> 00:04:40.500 a billion That's that's sailor being sailor. 00:04:40.560 --> 00:04:44.839 I guess but is it just like hopium or is there 00:04:44.839 --> 00:04:49.500 a real? Strategy behind it. I think it's a multifaceted 00:04:49.500 --> 00:04:52.680 strategy. Actually first they recognize, you 00:04:52.680 --> 00:04:56.600 know bitcoins potential as a store value Especially 00:04:56.600 --> 00:04:59.620 with all the fiat currency shenanigans going 00:04:59.620 --> 00:05:02.660 on Second, it can boost their stock price. I 00:05:02.660 --> 00:05:05.420 mean, look at strategy, right? A big Bitcoin 00:05:05.420 --> 00:05:08.860 position makes them attractive to investors who 00:05:08.860 --> 00:05:11.560 want to get exposure to Bitcoin without directly 00:05:11.560 --> 00:05:14.600 holding it themselves. So it's like a Bitcoin 00:05:14.600 --> 00:05:18.980 proxy stock. Precisely. And third, there's the 00:05:18.980 --> 00:05:21.819 long -term game. They're betting, correctly in 00:05:21.819 --> 00:05:26.399 my opinion, that Bitcoin will just keep appreciating, 00:05:26.759 --> 00:05:28.980 right? These companies are positioning themselves 00:05:28.980 --> 00:05:34.740 to be major players in a future where Bitcoin 00:05:34.740 --> 00:05:38.959 is just way more integrated into the global economy. 00:05:39.740 --> 00:05:43.759 Okay, so smart and strategic. What about a smaller 00:05:43.759 --> 00:05:46.079 company like Cooler, though? They're not exactly 00:05:46.079 --> 00:05:49.699 a household name. Right. But what a signal, right? 00:05:50.360 --> 00:05:53.069 Cooler probably isn't trying to be a... Bitcoin 00:05:53.069 --> 00:05:55.970 proxy stock, they're likely seeing an opportunity 00:05:55.970 --> 00:05:58.829 to strengthen their balance sheet, protect against 00:05:58.829 --> 00:06:01.949 inflation, and potentially even use Bitcoin in 00:06:01.949 --> 00:06:05.269 future transactions. Like, who knows? So more 00:06:05.269 --> 00:06:07.949 companies seeing the potential in holding Bitcoin 00:06:07.949 --> 00:06:11.069 in their corporate treasury. It's not just Tesla 00:06:11.069 --> 00:06:14.069 and strategy anymore. It seems like we're seeing 00:06:14.069 --> 00:06:17.120 more of them. And that's a huge shift from just 00:06:17.120 --> 00:06:20.019 a few years ago. It tells you how far Bitcoin 00:06:20.019 --> 00:06:23.120 has come in terms of mainstream acceptance. This 00:06:23.120 --> 00:06:25.980 isn't some fringe thing anymore. Speaking of 00:06:25.980 --> 00:06:30.000 shifts, what about the SEC? I saw something about 00:06:30.000 --> 00:06:34.360 Paul Atkins coming out in favor of Bitcoin's 00:06:34.360 --> 00:06:37.879 self -custody. That's like a complete 180, right? 00:06:38.259 --> 00:06:41.839 Yeah. It's kind of wild. I mean, wasn't the SEC 00:06:41.839 --> 00:06:44.800 like public enemy number one for crypto just 00:06:44.800 --> 00:06:49.540 a few months ago? Well, things are complicated. 00:06:49.980 --> 00:06:53.139 But yeah, Paul Atkins, former SEC commissioner, 00:06:53.680 --> 00:06:57.300 says self -custody is a foundational American 00:06:57.300 --> 00:07:01.060 value. That's a big deal. But why the change 00:07:01.060 --> 00:07:03.649 of heart, do you think? A few things, I think. 00:07:03.990 --> 00:07:06.629 First, there's growing recognition that, you 00:07:06.629 --> 00:07:11.949 know, not allowing self -custody is just impractical, 00:07:12.170 --> 00:07:15.629 right? How can you really stop someone from holding 00:07:15.629 --> 00:07:19.610 their own private keys? True. It's like trying 00:07:19.610 --> 00:07:23.089 to ban cash. Exactly. Second, there's a growing 00:07:23.089 --> 00:07:26.629 understanding that, you know, self -custody can... 00:07:26.639 --> 00:07:31.180 reduce risk, actually. If you hold your own coins, 00:07:31.620 --> 00:07:35.199 you're not relying on some centralized exchange 00:07:35.199 --> 00:07:40.120 that could get hacked or go bankrupt. You control 00:07:40.120 --> 00:07:42.639 your own destiny, in other words. And third, 00:07:43.040 --> 00:07:47.100 there's just the political pressure, right? From 00:07:47.100 --> 00:07:51.519 who? From, you know, the crypto community, from 00:07:51.519 --> 00:07:53.860 politicians who see the potential of Bitcoin 00:07:53.860 --> 00:07:59.379 and even from the courts, maybe. The SEC's track 00:07:59.379 --> 00:08:03.480 record in crypto cases hasn't exactly been stellar, 00:08:03.500 --> 00:08:06.360 you know? So it's like they're finally starting 00:08:06.360 --> 00:08:08.779 to realize that fighting against Bitcoin is a 00:08:08.779 --> 00:08:14.060 losing battle? Well... losing battle might be 00:08:14.060 --> 00:08:17.500 too strong, but they're definitely, uh, reassessing 00:08:17.500 --> 00:08:20.720 their approach. And Atkin's comments are a clear 00:08:20.720 --> 00:08:24.180 sign of that, actually. It really... changes 00:08:24.180 --> 00:08:27.379 the whole regulatory landscape, you know? So 00:08:27.379 --> 00:08:32.860 does that mean smoother sailing for DeFi and 00:08:32.860 --> 00:08:36.419 blockchain innovation? Hopefully. Atkins even 00:08:36.419 --> 00:08:39.899 mentioned, you know, the SEC needs to change 00:08:39.899 --> 00:08:43.340 rules to provide incentives to issuers in blockchain 00:08:43.340 --> 00:08:46.620 systems. That's huge. It suggests they're looking 00:08:46.620 --> 00:08:49.879 at ways to, you know, encourage innovation, not 00:08:49.879 --> 00:08:53.960 stifle it, you know? Okay, but... Hold on does 00:08:53.960 --> 00:08:56.919 that mean the SEC is just gonna let defy run 00:08:56.919 --> 00:09:00.340 wild There's still got to be regulations, right? 00:09:00.720 --> 00:09:04.539 Of course, but the regulations might be more 00:09:04.539 --> 00:09:08.519 Tailored, you know more focused on protecting 00:09:08.519 --> 00:09:13.279 consumers and less on Just killing innovation 00:09:13.279 --> 00:09:19.840 Okay, so the SEC seems to be warming up to Bitcoin 00:09:19.840 --> 00:09:25.360 but What about the macro picture? I saw something 00:09:25.360 --> 00:09:30.759 about the U .S. issuing, like, a ton of new treasuries. 00:09:31.159 --> 00:09:35.000 Yeah, I saw that too. Something like 10 trillion 00:09:35.000 --> 00:09:38.600 dollars? Isn't that like a third of our national 00:09:38.600 --> 00:09:44.399 debt? It is. And that's significant, to say the 00:09:44.399 --> 00:09:50.080 least. So, what does that mean for Bitcoin? Well, 00:09:50.100 --> 00:09:53.960 you know... In a nutshell, it makes Bitcoin look 00:09:53.960 --> 00:10:01.179 a lot more attractive. How so? Because when the 00:10:01.179 --> 00:10:06.600 government prints that much money, it devalues 00:10:06.600 --> 00:10:10.059 the currency, right? That's inflation in its 00:10:10.059 --> 00:10:13.600 simplest form. And when your currency is losing 00:10:13.600 --> 00:10:19.399 value, you need to find something to store your 00:10:19.399 --> 00:10:23.940 wealth in, right? Like Bitcoin? Exactly. Bitcoin 00:10:23.940 --> 00:10:28.299 is a limited asset. There will only ever be 21 00:10:28.299 --> 00:10:31.720 million coins. So as the dollar loses value, 00:10:32.500 --> 00:10:38.600 Bitcoin theoretically should hold its value or 00:10:38.600 --> 00:10:41.059 even increase in value. You know, it becomes 00:10:41.059 --> 00:10:45.500 a hedge against inflation, kind of. Okay, I get 00:10:45.500 --> 00:10:51.779 that. So it's like a digital gold. It's similar. 00:10:52.120 --> 00:10:54.679 Yeah, although Bitcoin has some advantages over 00:10:54.679 --> 00:11:00.000 gold. It's easier to transport, easier to store, 00:11:00.740 --> 00:11:07.159 and much easier to verify its authenticity. Plus, 00:11:07.299 --> 00:11:11.440 it has this whole potential for disrupting traditional 00:11:11.440 --> 00:11:16.399 finance. The gold just doesn't have. So basically, 00:11:16.820 --> 00:11:19.080 the more the government prints money, the more 00:11:19.080 --> 00:11:22.950 people might Flock to Bitcoin. That's the theory 00:11:22.950 --> 00:11:26.529 anyway, and you know, we're already seeing some 00:11:26.529 --> 00:11:29.350 evidence of that more and more institutional 00:11:29.350 --> 00:11:32.870 investors are Starting to allocate a portion 00:11:32.870 --> 00:11:36.669 of their portfolios to Bitcoin Because they're 00:11:36.669 --> 00:11:38.330 worried about inflation partially. Yeah, but 00:11:38.330 --> 00:11:40.389 also because they're starting to recognize Bitcoin 00:11:40.389 --> 00:11:44.090 as a Legitimate asset class actually, you know, 00:11:44.090 --> 00:11:47.450 it's it's not just some internet fad anymore. 00:11:47.909 --> 00:11:53.259 It's a real Store of value make sense it all 00:11:53.259 --> 00:11:56.600 comes down to Supply and demand right if the 00:11:56.600 --> 00:11:59.299 supply of dollars keeps increasing and the demand 00:11:59.299 --> 00:12:02.159 for Bitcoin keeps increasing The price is going 00:12:02.159 --> 00:12:07.139 to go up. You know, it's Simple economics really 00:12:07.139 --> 00:12:10.019 so um, maybe we should be thanking the government 00:12:10.019 --> 00:12:13.120 for printing all that money I wouldn't go that 00:12:13.120 --> 00:12:16.799 far, but it certainly doesn't hurt Bitcoin put 00:12:16.799 --> 00:12:21.279 it that way So speaking of prices, I saw this 00:12:21.279 --> 00:12:25.320 tweet from Joe Consorti saying that home prices 00:12:25.320 --> 00:12:29.120 have dropped like 99 % in the last decade when 00:12:29.120 --> 00:12:34.019 priced in Bitcoin. That's intense. Yeah, Joe's 00:12:34.019 --> 00:12:38.580 got a very Bitcoin centric worldview. Let's put 00:12:38.580 --> 00:12:44.919 it that way. OK, but is he wrong? Well, no, not 00:12:44.919 --> 00:12:50.409 factually. He's making a valid point. You know, 00:12:50.409 --> 00:12:54.250 it's just about perspective. Meaning? Meaning, 00:12:54.549 --> 00:12:56.909 you know, most people think about prices in terms 00:12:56.909 --> 00:13:00.389 of dollars or euros, you know, whatever their 00:13:00.389 --> 00:13:03.850 local currency is. But consortia is saying, hey, 00:13:04.250 --> 00:13:07.129 what if we priced everything in Bitcoin instead? 00:13:07.409 --> 00:13:10.549 And then everything gets cheaper? Relatively, 00:13:10.929 --> 00:13:15.590 yes, because Bitcoin's value has increased. so 00:13:15.590 --> 00:13:19.509 dramatically over the past decade. So if you 00:13:19.509 --> 00:13:22.210 measure the price of a house in Bitcoin, it looks 00:13:22.210 --> 00:13:26.370 like it's plummeted, right? Even though the dollar 00:13:26.370 --> 00:13:31.009 price might have stayed the same or even gone 00:13:31.009 --> 00:13:34.830 up. So it's more about Bitcoin getting more valuable 00:13:34.830 --> 00:13:39.490 rather than houses getting less valuable. Exactly. 00:13:39.549 --> 00:13:43.840 It's about relative value. and it's a really 00:13:43.840 --> 00:13:47.460 interesting way to think about long -term wealth 00:13:47.460 --> 00:13:50.240 preservation. If you believe that Bitcoin will 00:13:50.240 --> 00:13:56.600 continue to appreciate in value, then holding 00:13:56.600 --> 00:14:02.740 Bitcoin is a better strategy than holding dollars, 00:14:03.620 --> 00:14:05.779 right? Okay, so I see what you're getting at. 00:14:05.820 --> 00:14:10.899 So you're saying... consortia's point is stop 00:14:10.899 --> 00:14:14.399 thinking in dollars and start thinking in Bitcoin. 00:14:14.539 --> 00:14:19.120 Precisely. It's a mental shift, you know, about 00:14:19.120 --> 00:14:32.580 what we consider to be real money. Okay. So everything's 00:14:32.580 --> 00:14:34.779 getting more expensive and Bitcoin is going to 00:14:34.779 --> 00:14:39.379 be what keeps us afloat. In theory, which is 00:14:39.379 --> 00:14:43.700 why all this talk about volatility is so important. 00:14:44.480 --> 00:14:47.740 Absolutely. And that's where the ETFs come in, 00:14:47.860 --> 00:14:50.639 right? I mean, you've seen Bitcoin's volatility 00:14:50.639 --> 00:14:54.639 has actually dropped quite a bit recently. Really? 00:14:54.679 --> 00:14:57.000 I hadn't really noticed. How much are we talking? 00:14:57.919 --> 00:15:02.200 Well, one metric put it in the 10th percentile, 00:15:02.340 --> 00:15:05.980 which means... It's less volatile than like 90 00:15:05.980 --> 00:15:10.220 % of the weeks over the last decade. And that's 00:15:10.220 --> 00:15:13.659 despite hitting all time highs recently. Wow, 00:15:13.720 --> 00:15:16.679 so less volatile even with all the craziness? 00:15:16.679 --> 00:15:19.440 That's wild. What's the deal? A lot of people 00:15:19.440 --> 00:15:21.980 are saying it's because of the ETFs. You know, 00:15:22.000 --> 00:15:27.500 they bring a lot more institutional money, which 00:15:27.500 --> 00:15:31.340 tends to be less twitchy, I guess you could say. 00:15:31.740 --> 00:15:34.360 less likely to panic sell at the first sign of 00:15:34.360 --> 00:15:39.639 trouble? Exactly. It's like adding ballast to 00:15:39.639 --> 00:15:43.460 a ship. You know, it helps to stabilize things. 00:15:43.720 --> 00:15:48.399 And that reduced volatility, it's a huge deal 00:15:48.399 --> 00:15:52.659 for institutional investors. Why? Well, you know, 00:15:52.759 --> 00:15:56.159 a lot of these big funds, they have... volatility 00:15:56.159 --> 00:15:59.480 budgets, right? They can only allocate a certain 00:15:59.480 --> 00:16:03.500 amount of their portfolio to like risky assets. 00:16:04.019 --> 00:16:09.360 If Bitcoin is less volatile, it automatically 00:16:09.360 --> 00:16:14.440 becomes more attractive to them, you know? So 00:16:14.440 --> 00:16:17.740 it's kind of a self -fulfilling prophecy. The 00:16:17.740 --> 00:16:20.179 more institutions buy in, the less volatile it 00:16:20.179 --> 00:16:21.899 gets, and the less volatile it gets, the more 00:16:21.899 --> 00:16:26.990 they buy in. Potentially, yeah. I mean, that's 00:16:26.990 --> 00:16:31.330 the hope, right? And it's not just about attracting 00:16:31.330 --> 00:16:35.370 new investors either. It also affects Bitcoin's 00:16:35.370 --> 00:16:39.230 potential as a store of value. The more stable 00:16:39.230 --> 00:16:43.950 it is, the better it is at preserving wealth 00:16:43.950 --> 00:16:48.610 over the long term. So speaking of ways to store 00:16:48.610 --> 00:16:52.679 value, what's the deal with stable coins? Yeah, 00:16:52.679 --> 00:16:55.620 I saw something about the stable coin market 00:16:55.620 --> 00:16:59.159 exploding. What's going on there? Oh man stable 00:16:59.159 --> 00:17:02.879 coins are huge the total value of stable coins 00:17:02.879 --> 00:17:08.160 in circulation has climbed past 250 billion dollars. 00:17:08.319 --> 00:17:12.319 No kidding. That's like a real number now and 00:17:12.319 --> 00:17:18.079 where was it before well, it's a More than double 00:17:18.079 --> 00:17:37.000 from a low of like A lot of it is just the demand 00:17:37.000 --> 00:17:40.880 for stable ways to transact within the crypto 00:17:40.880 --> 00:17:44.960 ecosystem. People want to be able to move value 00:17:44.960 --> 00:17:49.339 around quickly and easily without all the volatility 00:17:49.339 --> 00:17:52.799 of something like Bitcoin, right? So stable coins 00:17:52.799 --> 00:17:56.740 kind of fill that gap. Makes sense. I mean, nobody 00:17:56.740 --> 00:18:00.000 wants to wake up and find out their coffee money 00:18:00.000 --> 00:18:04.230 is suddenly worth half as much. Exactly. You're 00:18:04.230 --> 00:18:08.710 also seeing a lot more real -world use cases 00:18:08.710 --> 00:18:11.750 for stable coins now, too. I mean, people are 00:18:11.750 --> 00:18:15.630 using them for remittances, for cross -border 00:18:15.630 --> 00:18:19.630 payments, for all sorts of things. So is it still 00:18:19.630 --> 00:18:23.089 just like USDT and USDC dominating the market, 00:18:23.329 --> 00:18:27.579 or are there new players coming up? USDT and 00:18:27.579 --> 00:18:32.980 USDC are still the big dogs for sure. I think 00:18:32.980 --> 00:18:38.380 USDT's got like 62 % of the market and USDC's 00:18:38.380 --> 00:18:42.559 around 24%. But yeah, you're definitely seeing 00:18:42.559 --> 00:18:46.859 a growing tale of other stables gaining ground 00:18:46.859 --> 00:18:53.339 like DAI, FRAX, GUSD. There are a lot of. you 00:18:53.339 --> 00:18:56.640 know, smaller ones trying to break through. I 00:18:56.640 --> 00:19:00.240 guess the better choice could be to stake USDT 00:19:00.240 --> 00:19:04.720 and make good money. Is that... a good thing, 00:19:04.720 --> 00:19:07.839 you think? More competition? Yeah, definitely. 00:19:08.319 --> 00:19:13.059 I mean, more competition usually leads to better 00:19:13.059 --> 00:19:17.039 products and services, right? And it also reduces 00:19:17.039 --> 00:19:21.099 the risk of one single stablecoin... collapsing 00:19:21.099 --> 00:19:24.420 and taking down the whole ecosystem with it. 00:19:24.640 --> 00:19:26.700 Kind of like how you don't want any one bank 00:19:26.700 --> 00:19:31.000 to be too big to fail. Exactly. It spreads the 00:19:31.000 --> 00:19:35.660 risk and it also encourages innovation. You know, 00:19:35.779 --> 00:19:38.720 different stable coins are experimenting with 00:19:38.720 --> 00:19:42.339 different mechanisms to maintain their peg. And 00:19:42.339 --> 00:19:45.819 that's all good for the long -term health of 00:19:45.819 --> 00:19:48.740 the market. Okay, so we've talked about stable 00:19:48.740 --> 00:19:51.519 coins and we've talked about you know big money 00:19:51.519 --> 00:19:55.339 and regulations What about something a little 00:19:55.339 --> 00:20:00.319 more? Wild West I saw something about Paraguay's 00:20:00.319 --> 00:20:04.160 president getting hacked. Oh Yeah, I saw that 00:20:04.160 --> 00:20:10.039 too What was that all about? Yeah, that was weird. 00:20:10.039 --> 00:20:14.960 So basically the Paraguayan president's Twitter 00:20:14.960 --> 00:20:21.029 account X account was apparently hacked, right? 00:20:21.490 --> 00:20:25.210 And someone posted a message saying that Bitcoin 00:20:25.210 --> 00:20:28.390 was going to become legal tender in Paraguay. 00:20:28.849 --> 00:20:33.230 Whoa! Hold on. They just went full El Salvador? 00:20:33.769 --> 00:20:41.490 Well, no. That's the thing. It was pretty quickly 00:20:41.490 --> 00:20:44.630 debunked. The Paraguayan government came out 00:20:44.630 --> 00:20:47.450 and said, uh, yeah, no, that's not happening. 00:20:47.990 --> 00:20:51.390 The president's account was compromised. So it 00:20:51.390 --> 00:20:57.829 was a total... fake? Yeah, pretty much. It was, 00:20:57.829 --> 00:21:06.910 uh... a... clumsy attempt to, uh... spread misinformation, 00:21:06.930 --> 00:21:13.660 I think. Wow. That's kind of... scary though, 00:21:13.660 --> 00:21:18.480 right? Like, if people hadn't caught on so quickly, 00:21:18.839 --> 00:21:23.119 it could have caused some real chaos. Exactly. 00:21:23.579 --> 00:21:27.180 And that's the thing about the crypto space, 00:21:27.299 --> 00:21:31.539 right? It's still relatively unregulated. And 00:21:31.539 --> 00:21:35.259 there's a lot of room for misinformation and 00:21:35.259 --> 00:21:43.740 scams to spread. So always Double -check your 00:21:43.740 --> 00:21:46.119 sources, kids. Don't just, you know, believe 00:21:46.119 --> 00:21:49.059 everything you see on Twitter. Okay, so where 00:21:49.059 --> 00:21:53.579 does this all leave us, right? Is there anything 00:21:53.579 --> 00:21:55.779 else that we should be, you know, keeping an 00:21:55.779 --> 00:22:00.960 eye on? Yeah, any bold predictions that we should 00:22:00.960 --> 00:22:03.259 know about, you know? Something we can tell our 00:22:03.259 --> 00:22:07.539 listeners to idle, get excited about, or, you 00:22:07.539 --> 00:22:10.740 know, be really skeptical about. Well, you know, 00:22:10.740 --> 00:22:16.099 uh... Arthur Hayes. He's always got something 00:22:16.099 --> 00:22:21.779 to say. Oh yeah, Arthur Hayes. The BitMix guy, 00:22:22.099 --> 00:22:25.819 right? What's he been spouting lately? Well, 00:22:25.819 --> 00:22:30.559 he's still super bullish on both Bitcoin and 00:22:30.559 --> 00:22:35.400 Ethereum. He's got really aggressive price targets 00:22:35.400 --> 00:22:41.980 for 2025. Aggressive, huh? So what are we talking 00:22:41.980 --> 00:22:48.019 numbers wise? Oh, you know, hundreds of thousands 00:22:48.019 --> 00:22:51.519 for Bitcoin, tens of thousands for Ethereum. 00:22:51.900 --> 00:22:55.299 I can't remember the exact numbers off the top 00:22:55.299 --> 00:23:07.559 of my head. Wow, those are some serious numbers. 00:23:08.039 --> 00:23:12.220 So what's driving his optimism. You know, it's 00:23:12.220 --> 00:23:15.839 the same old story, right? More institutional 00:23:15.839 --> 00:23:20.119 adoption, more government debt, the continued 00:23:20.119 --> 00:23:23.039 erosion of the fiat system, basically everything 00:23:23.039 --> 00:23:25.740 we've been talking about today. Makes sense. 00:23:26.400 --> 00:23:33.059 Yeah. So is he just all about the price or is 00:23:33.059 --> 00:23:36.099 there anything else he's interested in? Well, 00:23:36.099 --> 00:23:39.880 he also talks a lot about Bitcoin treasury companies. 00:23:40.619 --> 00:23:44.619 He thinks that, you know, more companies are 00:23:44.619 --> 00:23:48.180 going to start holding Bitcoin on their balance 00:23:48.180 --> 00:23:57.099 sheets. Like a strategy, you mean? Exactly. And 00:23:57.099 --> 00:24:01.079 he thinks that these companies could become really 00:24:01.079 --> 00:24:04.039 valuable because, you know, they're basically 00:24:04.039 --> 00:24:10.220 leveraged bets on Bitcoin. So a company like 00:24:10.220 --> 00:24:15.259 MetaPlanet in Japan? Yeah, exactly. Think MetaPlanet, 00:24:15.279 --> 00:24:21.380 but on a much larger scale. Companies that are 00:24:21.380 --> 00:24:27.240 basically pure play Bitcoin exposure. He's really 00:24:27.240 --> 00:24:33.059 excited about that entire trend. Interesting. 00:24:33.559 --> 00:24:37.140 So... Should we all be rushing out to buy shares 00:24:37.140 --> 00:24:41.220 in these Bitcoin treasury companies? Well, you 00:24:41.220 --> 00:24:47.519 know, I'm not a financial advisor, but it's definitely 00:24:47.519 --> 00:24:52.339 something to think about. It's a potentially 00:24:52.339 --> 00:24:56.700 high growth sector, but it's also really risky, 00:24:56.880 --> 00:25:00.220 of course. I mean, everything in crypto is risky. 00:25:00.589 --> 00:25:06.029 Okay, so wrapping things up, what are our main 00:25:06.029 --> 00:25:09.849 takeaways here? Yeah, what's the bottom line 00:25:09.849 --> 00:25:13.230 for our listeners? I mean, what should they actually 00:25:13.230 --> 00:25:19.049 remember from all of this? Well, you know, the 00:25:19.049 --> 00:25:24.579 big picture... is Bitcoin is clearly not going 00:25:24.579 --> 00:25:28.460 anywhere. It's becoming more and more ingrained 00:25:28.460 --> 00:25:33.720 in the global financial system. ETFs are a huge 00:25:33.720 --> 00:25:37.539 deal. Corporations are starting to take notice. 00:25:38.000 --> 00:25:42.160 And even the SEC seems to be warming up a little 00:25:42.160 --> 00:25:45.420 bit. Yeah, that is huge. Even small steps forward 00:25:45.420 --> 00:25:50.130 are important. Totally. I agree. So Where do 00:25:50.130 --> 00:25:53.130 we go from here? What's the outlook for the next 00:25:53.130 --> 00:25:57.329 like few months? I think We're gonna see more 00:25:57.329 --> 00:26:00.970 of the same honestly continued institutional 00:26:00.970 --> 00:26:06.269 adoption more volatility of course probably some 00:26:06.269 --> 00:26:10.670 regulatory hiccups along the way, but Overall, 00:26:10.710 --> 00:26:14.619 I'm still bullish Well, that's good to hear. 00:26:15.680 --> 00:26:18.819 Thanks so much for sharing your insights with 00:26:18.819 --> 00:26:21.599 us today. I think we all learned a lot. Yeah, 00:26:21.720 --> 00:26:26.900 thank you. Really appreciate your time and your 00:26:26.900 --> 00:26:30.900 expertise. My pleasure. Always happy to talk 00:26:30.900 --> 00:26:35.500 Bitcoin. So that's it for this edition of the 00:26:35.500 --> 00:26:39.599 Bitcoin Street Journal Market Update. Yeah, we 00:26:39.599 --> 00:26:43.259 hope you enjoyed the show and we'll be back next 00:26:43.259 --> 00:26:47.720 week with another deep dive into the world of 00:26:47.720 --> 00:26:50.319 Bitcoin. Next time we're going to be talking 00:26:50.319 --> 00:26:56.480 about the latest developments in DeFi and what 00:26:56.480 --> 00:27:00.740 it means for the future of finance. So be sure 00:27:00.740 --> 00:27:04.740 to tune in. And don't forget to subscribe so 00:27:04.740 --> 00:27:07.700 you can keep up with the street and stay up to 00:27:07.700 --> 00:27:11.259 date with all the latest on Bitcoin. See you 00:27:11.259 --> 00:27:11.900 on the next block.