Aug 18, 2023

Bitcoin (BTC) is trading near $26,000, as the largest cryptocurrency by market cap is on track for its worst weekly decline since the collapse of FTX.

Video transcript

I wanted to pick up on an op ed that we ran this week uh by Dan Coon is a columnist here and editor of the node newsletter. And it's entitled as you can see the end of the end of crypto and Dan, as she points to um lots of good news actually for crypto recently, particularly with institutions coming into the market. So, uh you know, we, we had Black Rocks application for a Bitcoin ETF ripples partial victory over the SEC with XRP. Um You know, you could say that the justice is being meted out to some of the villains in the industry like SPF is good news. Uh And then particularly the uh the pay coin um pay coin paypal uh stable coin announcement. Uh These are all good kind of signals for, for crypto. And what Dan does in the piece is kind of bring this together and say this could actually be the bottom of the market. And as evidence for that, he points to coverage from the New York Times, which is often very critical of crypto and Bitcoin in particular where economist there, a personal finance colist actually gives advice to young investors about how to get into crypto and to do it safely. And for the New York Times, it's kind of a milestone because it normally has a very kind of negative attitude. And here it is saying that, you know, if you're young, you want to get into crypto, you want to invest in this. Uh this is how to do it safely, which is sort of accepting that crypto exists and that it's here to stay. Um And the kind of point of the piece is to really say, well in other kind of down markets and other times of kind of like we're seeing at the moment, there are lots of people out there, particularly in the mainstream press who kind of say, oh, this is the end of Bitcoin, the end of crypto, but we're not really seeing that this time, even the New York Times is kind of saying it's here to stay, here's how to invest in it um safely. So, um that's what the piece is about. And it's kind of a milestone in the kind of conversation around crypto as much as the actual, you know, movements of crypto. I just, I just want to say that Dan Coon clearly jinxed it because he goes out here, he's like mission accomplished and then Bitcoin falls off a cliff, way to go, Dan Coon, way to go. I think he was a little bit premature of him to publish that. And I think investors everywhere should be mad that he has tanked the price subsequently. After this is, this is the Dan Coon dump there, there was once the consensus pump, but this is indeed the Danon Dump. I'm sticking to it. Don't be me to Dan. No, we love Dan Dan. We love, we love that. Uh Here on the hash we call, well, we don't call this chart the road to boring, but we call this the road to boring, right? We have like the Black Rock ETF. We have Larry Fink comments. I think we learned recently that Donald Trump has almost $3 million of crypto sitting in a wallet. And I just think the fact that these people, these organizations have been so outwardly skeptical about crypto various parts of the crypto industry and now have kind of changed. Their tune are good and indicates a definite road to boring. I think that paired with like paypal's news, we're going to talk about mastercard later. These like really trusted names in financial services are still experimenting in crypto, still forming groups to discuss what's happening here. And this is all happening after the FTX implosion after there was huge contagion in the industry after bank collapses that were blamed on the industry. Whether there is any merit behind that is, I guess still to be debated. I think all backs up and arguments here, Zack. Yeah, it's interesting. I mean, I think if you look at you know, today's chart, I think maybe people were sort of um what's, what's the saying? Like, buy the rumor, sell the news, right? Maybe they're buying the rumor that we get some clarity on Bitcoin Spot ETF approval today that didn't pan out and now we're seeing significant market reaction so that, I mean, honestly could be maybe the bigger factor at play for some more. Uh Savvy Wall Street investors in the space you're saying, hey, you know, there's been a lot of speculation that this gray stale decision would unleash a whole flood of Bitcoin spot ETF S into the market and didn't see that today. Therefore, market is acting um a bit pessimistically. So I would, you know, rather than Dan Coon putting these things down on paper and, and, and that turning the tide, I think maybe again, like we can talk about some of those bigger um picture things that are happening specifically around the spot ETF which I think recently, um you know, some weeks ago when Black Rock came out and said that they were behind this thing that caused significant significant price action on the positive uh following that announcement. And now we're seeing a bit of price action on the negative because uh conclusion to that saga has, has yet to arrive. Um But, you know, I think Dan is, he's been around for a while, right? And he's wise to point out in this piece that uh a as with many things, you know, sentiment uh rises and falls and there will likely be, um, you know, again, that cycle that we've seen play out time and time again in the crypto markets where things go up only to come down. And um that sort of is the uh the, the story of crypto when you look at him. Yeah, I mean, I think he's talking more about the kind of long term here and as you say, he's been around for a while and uh you know, we might have these kind of short term movements in the market and the market is down generally, but it does seem like a different type of conversation around crypto now than, than at previous points and uh you know, different cycles.

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