1900: “U.S. Strategic Bitcoin Reserve Bill Proposed by 22 States”

Summary

Podcast Summary: Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News Episode 1900: “U.S. Strategic Bitcoin Reserve Bill Proposed by 22 States” Release Date: February 8, 2025 Host: Justin Verrengia (JV)

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Introduction

In the 1900th episode of Crypto News Alerts, host Justin Verrengia delivers a comprehensive analysis of the current Bitcoin and cryptocurrency landscape. Covering major market movements, regulatory developments, and key industry events, this episode provides listeners with valuable insights and expert opinions to navigate the ever-evolving crypto space.

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Market Update

[02:53] JV begins with an overview of the cryptocurrency market, highlighting a general correction among major altcoins. Despite the downturn, Binance Coin (BNB) showed resilience, increasing by 6% for the day. The current Bitcoin market cap stands at $1.9 trillion, with a total crypto market cap of $3.15 trillion. Notably, Bitcoin dominance remains strong at 60.6%, while Ethereum's dominance has decreased to 10.1%.

Co-Host: "It's basically Binance Coin leading the pack and just a handful of others as the majority of the alter correcting in the red."

[03:30] The discussion reveals that approximately 90% of the market is seeing corrections, with many altcoins experiencing losses exceeding 30-50%. The overall sentiment remains cautious, with crypto indices reflecting a shift from fear to greed in recent weeks.

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Technical Analysis

[04:02] The technical analysis segment delves into critical support levels for Bitcoin. According to Ryan Lee from Bitget, maintaining a weekly close above $93,000 is essential to prevent a significant liquidation event involving $1.3 billion in leveraged long positions.

Ryan Lee (Bitget) Quote [05:20]: "Watch for the Bitcoin support at 93,000. Dropping below 90,500 might indicate the bearish trends."

[05:44] The host elaborates on the impact of global trade wars, particularly between the US and China, on Bitcoin's price stability. James Wo, founder of venture capital firm DFG, suggests that while tariffs introduce short-term risks, Bitcoin's role as a hedge against fiat devaluation could drive long-term price appreciation.

James Wo Quote [06:21]: "Bitcoin was originally intended to be a hedge against fiat devaluation and inflation, which might see Bitcoin ultimately benefiting from the flight away from weaken fiat currencies."

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Major News Highlights

Michael Saylor Meets Ryan Cohen

[07:03] JV discusses the recent meeting between Michael Saylor, CEO of MicroStrategy (now rebranded as Strategy B), and Ryan Cohen, CEO of GameStop. The potential integration of Bitcoin into GameStop's balance sheet could signify a substantial institutional endorsement, further legitimizing Bitcoin's position in corporate finance.

Coinbase's Growing Influence

[09:21] The podcast highlights Coinbase reaching $420 billion in assets under management, surpassing the 21st largest US bank. Armstrong, Coinbase's co-founder, emphasizes the company's role akin to a bank and brokerage, aiming to onboard the next billion users by eliminating friction points in crypto adoption.

Armstrong (Coinbase) Quote [10:02]: "If you think of Coinbase like a bank, we now hold about $0.42 trillion in assets for our customers."

Tornado Cash Legal Developments

[11:55] A significant portion is dedicated to the legal case of Alexi, the developer behind Tornado Cash, a prominent crypto mixer. Released from prison on house arrest pending his legal appeal, Alexi's case has sparked debate over the regulation of privacy-preserving technologies and the broader implications for digital privacy rights.

Co-Host Quote [14:15]: "Tornado Cash contracts are lines of immutable code. Yeah, all it is is coding—it's free speech. It should be protected by our amendment of the United States Constitution."

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Event Coverage: Max and Stacy Bitcoin Golf Invitational

[14:56] JV shares his experience attending the Max and Stacy Bitcoin Golf Invitational in Puerto Rico. The event, celebrating Bitcoin innovation and community spirit, featured over 300 attendees, exclusive prizes like custom Bitcoin watches from Coin Vigilante, and networking opportunities with key figures in the crypto industry.

JV: "Hanging out with Max and Stacy was phenomenal. Their event fostered lasting friendships and provided invaluable insights into the Bitcoin community."

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Market Forecast: Bitcoin to $200,000

[23:13] Fred Thiel, CEO of Marathon Digital, projects that Bitcoin could soar to $200,000 by the end of the year. This bullish outlook is supported by factors such as a favorable regulatory environment, increased institutional investment, and the inherent scarcity of Bitcoin.

Fred Thiel Quote [23:37]: "Bitcoin can go up by over 100% from the current level before the end of the year."

[24:07] Thiel further explains that as institutional investors and major financial entities like money center banks begin to adopt Bitcoin, its price is likely to experience significant upward momentum.

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Strategic Bitcoin Reserve Bill: 22 US States on Board

[25:14] The episode delves into the U.S. Strategic Bitcoin Reserve Bill, now proposed by 22 states, including Texas, Florida, and Wyoming. This initiative aims to allocate state funds into Bitcoin and other digital assets as a hedge against inflation and fiat currency devaluation.

[26:27] Florida's Senator Grutters has introduced a bill to invest up to $500 million annually into Bitcoin, marking a more aggressive stance compared to Wyoming's 3% allocation caps. This legislative movement reflects a growing trend among states to embrace Bitcoin as a strategic asset.

Senator Grutters Quote [28:04]: "The state should have access to tools such as Bitcoin to protect against inflation."

[29:56] Additionally, Kentucky has introduced legislation (KYHB 376) to authorize the allocation of up to 10% of excess state reserves into digital assets, further cementing the bipartisan support for Bitcoin as a viable state investment.

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Conclusion

Episode 1900 of Crypto News Alerts provides an in-depth exploration of Bitcoin's current market dynamics, regulatory advancements, and community-driven events. With significant milestones like Coinbase's asset growth, major states adopting strategic Bitcoin reserves, and bullish forecasts from industry leaders, the cryptocurrency landscape continues to evolve robustly. Host Justin Verrengia effectively synthesizes these developments, offering listeners a thorough understanding of the factors driving Bitcoin's future trajectory.

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Notable Quotes:

• Ryan Lee (Bitget) [05:20]: "Watch for the Bitcoin support at 93,000. Dropping below 90,500 might indicate the bearish trends."

• James Wo (DFG) [06:21]: "Bitcoin was originally intended to be a hedge against fiat devaluation and inflation..."

• Senator Grutters [28:04]: "The state should have access to tools such as Bitcoin to protect against inflation."

• Fred Thiel (Marathon Digital) [23:37]: "Bitcoin can go up by over 100% from the current level before the end of the year."

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This comprehensive summary encapsulates the critical discussions and insights from Episode 1900, providing both casual listeners and crypto enthusiasts with a clear overview of the episode's key themes and expert analyses.

Transcript

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[JV]

1, 2, 3 will that be cash or credit?

[Co-Host]

Credit.

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[JV]

Welcome crypto fam to no. 1 daily Bitcoin pod in today's show, Bitcoin's cracked in. I'll be breaking down the latest technical analysis as well as breaking news. Michael Saylor met with Gamestop CEO Ryan Cohen in just last night. What do you think they were discussing? We'll also be talking about Coinbase's 420 million assets under management exceeds the 21st largest US bank as well as Tornado Cash developer leaves prison custody as the war on Crypto is over. We'll also be discussing inside the Max and Stacy Bitcoin Golf Invitational. As you know, I attended, so I have the insider insights for you. We'll also be discussing Bitcoin prime to.

[Co-Host]

Skyrocket to $200,000 per coin.

[JV]

I'll be shar the timeline according to the Marathon Digital CEO and why.

[Co-Host]

We'll also be discussing America is embracing Bitcoin.

[JV]

There are now 22 states in the US that are proposing the strategic Bitcoin reserve. Also breaking news, Florida Senator Grutters proposes Bitcoin Investment bill for the state funds.

[Co-Host]

As the global hash wars continue around the world.

[JV]

We'll also be taking a look at.

[Co-Host]

The overall crypto market. All this plus so much more today.

[JV]

On Sat Stacking Saturday yo, what's good Crypto fam. This is first and foremost a video show. So if you want the full premium experience with video, visit my YouTube channel at crypto news alerts.net again that's crypto news alerts.net today is pod number 1900. That's right, 1900 episodes as of today. And today is Sat stack and Saturday, February 8, 2025. I'm your host JV. An honor to be here. Today is the big celebration the 100k Bitcoin Fiesta I'm hosting in Puerto Rico alongside Shandy 10 Music and I can't wait to lock arms with the CNA fam and party it all night with you guys. It's gonna be amazing. So. But anyways, let's kick it off with.

[Co-Host]

Our market watches we do each and every day.

[JV]

As you can see on coin360 bitcoin and most the major alts are correcting it in the red. But ironic enough bnb binance to is up 6% on the day. And checking out coinmarketcap.com the current Bitcoin market cap, let's see where we're at. 3.15 trillion. Total crypto Bitcoin is 1.9 trillion. We have roughly 93 billion worth of volume. For the past 24 hours Bitcoin dominance has been maintaining above 60%. Currently 60.6% Ether dominance all the way down to 10.1%.

[Co-Host]

Checking out top 100 crypto gainers past 24 hours.

[JV]

It's basically Binance Coin leading the pack and just a handful of others as the majority of the alter.

[Co-Host]

Correcting in the red and checking out the crypto bubbles.

[JV]

We always like to see the visual perspective on the day. Unfortunately it's rec City. It's about 90% of the market correcting in the red and zooming out on the monthly very similar, only the losses are more significant. Obviously you get wrecked with the shitcoinery. Many of these alts down 30, 40, 50 plus percent.

[Co-Host]

And checking out the crypto getting very index today we're 40, yesterday at 44 fear last week of 68 and last month of 69. In greed and checking out the time.

[JV]

Chain calendar we have 167,099 blocks until the next having in 2028 and we're.

[Co-Host]

Currently on block number 882 901. You can currently exchange one fiat monopoly dollar for 1038 SATS.

[JV]

So stack the sats, put down the gats and pick up some bitcoin caps from my man sergio [e-mail] such as this Bitcoin country. One of my favorite caps right here. But anyways let's dive into a little astrology for the brosis and also pull up the live charts as we're correcting happy SAS stack and Saturday Bitcoin hinges.

[Co-Host]

On 93 support risk 1.3 billion liquidation.

[JV]

On the trade war concerns. That's right, Bitcoin price may experience a significant liquidation event if it falls under.

[Co-Host]

The key support level which would wipe.

[JV]

Out over 1.3 billion of the leverage long positions. Bitcoin price fell below 100k February 4 after market sentiment was hit by the global trade war concerns following news of import tariffs announced by the United States in good old China. To avoid A correction below 90,000 5 hundo in the near term, Bitcoin needs a weekly close above the 93,000 support.

[Co-Host]

Level, according to Ryan Lee over at Bitget. Quoting him here.

[JV]

Watch for the Bitcoin support at 9,593 GS. Dropping below 90,500 might indicate the bearish trends. These levels could shape the market sentiment depending upon how the Bitcoin trades around them. The Bitcoin risk significant downside volatility under 93G's a potential correction below would trigger nearly 1.3 billion worth of leverage long positions across the crypto exchanges now the.

[Co-Host]

Global trade wars are a double edged sword for the Bitty Price act this.

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[JV]

Macroeconomic uncertainty is generally a red flag for risk assets. The current tension between China and the.

[Co-Host]

US may be a double edged sword for the biddy price.

[JV]

Do you agree? And while the prospect of new tariffs increases investor uncertainty due to their historically negative market impact, they may only pose.

[Co-Host]

A short term risk for the bitty.

[JV]

Price, according to James Wo, the founder of venture capital firm dfg.

[Co-Host]

Quoting him here, this is what Bitcoin was originally intended for to be a.

[JV]

Hedge against fiat devaluation and inflation which might see Bitcoin ultimately benefiting from the.

[Co-Host]

Flight away from the weekend fiat.

[JV]

I'm sorry the weaken fiat currencies to.

[Co-Host]

Push the price higher over time. Trump's meeting with Chinese president reportedly delayed President Xi and the Trumpster.

[JV]

So be it.

[Co-Host]

But in breaking news I do want.

[JV]

To also point out Plan B tweeted all bitcoin gain is made the red.periods 6 months before the having until 18 months after the having the blue periods are all in a loss. We are more in the red period.

[Co-Host]

Nine more months of the red candles.

[JV]

To be printed on the stock to.

[Co-Host]

Flow chart between February and October. And if you don't know stock to flow projects the video price hover in between a quarter million and a million between now and the next having in 2028 and on average that's a five hundred thousand dollar Bitcoin price with a bull scenario of one million shout out to the plan B Now also big news. The Gigachad sailor with GameStop CEO Ryan Cohen last night. Gamestop massive company. Are they thinking of putting the pretty little bitty on the balance sheet? Well if he's speaking of Mikey Saylor, there's only be one thing. I mean that's all Michael does is speak about Bitcoin. How great it is and how it's going to change the world. How it's already changing the world as we continue to orange bill the masses you recently know they rebranded MicroStrategy. The new company name is Strategy B And that's for the biddy. And pulling up some of the live charts.

[JV]

We'll check this out. Obviously we're correcting today but it's all good. It's perfect on a SAT stack. And Saturday here's a live chart via trading Vivia Coinbase. We do have a Target on the one hour chart. 104 856. That's about an eight thousand dollar price appreciation for the current price level. Zooming out from the una order.

[Co-Host]

Let's go to the four hour. The four hour chart says pretty little.

[JV]

Video going up forever JP we have $130,000 target. Very bullish. There have a 106,000 target which will take us closer to price discovery.

[Co-Host]

And zooming out from the four hour. Let's take a look at the one day.

[JV]

The one day chart says we're still going up forever. Laura.

[Co-Host]

The rising wedgie.

[JV]

We've had some red corrective candles past few days but it's all good in the hood. Zooming out from the daily let's visit the weekly chart. Still have the sexy cup and handle target. Last couple of weeks have been you know, bearish. Closes we get a new close for tomorrow. Let's see if we can flip this hunted K psychological. Yeah, I mean resistance. Flip it back to his support so the preload bitty can Never re enter 5 digigit price action ever again. And zooming out from the one week we take a look at the one month. And the one month chart shows February thus far forming a red candle. November was the most bullish God candle.

[Co-Host]

We have ever seen in a price appreciation of roughly 30 GS.

[JV]

But there you have it. Crypto bros and bitty baddies. But anyways fam.

[Co-Host]

Let's continue with our next story of the day.

[JV]

Next headline reads Coinbase is 420 billion.

[Co-Host]

In assets under management. Happy 420 to the Broskis exceeds the 21st largest US bank.

[JV]

That's right. Broskis Coinbase's assets under management make the.

[Co-Host]

Crypto exchange worth more than the 21st.

[JV]

Largest bank of the US showcasing continued.

[Co-Host]

Growth for the industry.

[JV]

Coinbase, the third or largest centralized crypto exchange in the world by trading volume, is holding 420 billion worth of digital assets on behalf of the users. Pretty substantial number. It's like almost a half a trillion dollars briskies. This would make Coinbase the 21st large bank of the U.S. according to Armstrong, co founder of Coinbase who wrote here. If you think of Coinbase like a bank, we now hold about 0.42 trillion.

[Co-Host]

In assets for our customers because they're.

[JV]

The custodian of Black rock micro strategy, all the major whales which would make us the 21st largest bank of the US by total assets. If you think of us more like a brokerage, we'd be the 8th largest.

[Co-Host]

Brokerage today by the assets under management.

[JV]

Now The NYCB posted a 26060 million quarterly loss for the fourth quarter of 2023 after purchasing the collapsed crypto friendly Signature bank back in 2023. Coinbase posted a 273 million net profit the same quarter, marking the first positive.

[Co-Host]

Income quartet since the fourth quarter of 2021.

[JV]

Now more advanced crypto platforms could consolidate today's numerous financial services into a single.

[Co-Host]

All in one neo bank for the future. With crypto, the line between these categories is a blur in if in the.

[JV]

Updated financial system you'll just have single primary financial account which serves all these functions, a greater percentage of the global.

[Co-Host]

GDP will run on a more efficient.

[JV]

Crypto rail over time. And also quoting let's see here. Shintan Turkahia, Senior director of the engineering at Coinbase. If our goal is to bring the next billion users and let's start with.

[Co-Host]

Just 100 million, we have to take all those friction points out.

[JV]

And there you have it. I mean massive volume. Let me know if you guys are using Coinbase or what's your go to.

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[JV]

Crypto exchange of choice. Holl at your boy. But anyways, next story of the day, let's discuss the Tornado cash.

[Co-Host]

Tornado Cash developer Alexi leaves prison custody.

[JV]

First Ross is a free man.

[Co-Host]

Now this man is a free man.

[JV]

Tornado Cash developer Alexi was released from prison custody February 7th. That was yesterday.

[Co-Host]

And will remain on house arrest while he prepares his legal appeal.

[JV]

That's a win. February 6 Dutch court suspended his pre trial detention which began October August of 2022. Extended in the prior court ruling November 2024. As part of the pre trial release. He must be electronically monitored.

[Co-Host]

It is not real freedom, but it's better than prison.

[JV]

Can I get a name in his case raised alarm amongst privacy advocates who decried the legal action as setting a dangerous precedent for privacy preserving technologies and developers of immutable code. If you're not familiar with the Tornado Cash, it's ultimately a crypto mixer. And the government with their war on crypto definitely targeted him. I think gave him a life sentence for, you know, obviously doesn't belong in prison. But anyways, the S heterogan Bosch court of Appeal found this guy guilty of money laundering in May of 2024 and sentenced the software developer to five years and four months in prison. Dutch court officials found him guilty despite developers of the Tornado Cash software having no control over the funds that passed the protocol or the protocol itself. U.S. department. Department of the treasury on foreign assets sanctioned Tornado Cash the same month as the detention began. Officials from the government regulator claim that more than 7 billion in illicit funds have been laundered through the service since it launched. Now here's the thing.

[Co-Host]

He created the service. He's not the individual using the mixer.

[JV]

You know what I mean? So it's kind of like using the.

[Co-Host]

Logic of Mark Zuckerberg created Facebook and there's criminals that do illicit activities using the Facebook marketplace. So let's just lock up Zuck Berg for creating this in the first place.

[JV]

Which is the whole logic, you know, I mean, which makes no sense here. Ofac also cited 455 million in funds purportedly stolen by the infamous North Korean.

[Co-Host]

Hacking group Lazarus and already laundered through the Tornado catch as a reason for sanction in the service. So In November of 2024, the U.S.

[JV]

5Th Circuit of Appeal Court ruled that OFAC exceeded in congressional authority and sanction.

[Co-Host]

And Tornado Cash immutable contracts.

[JV]

The panel of judges for the court found Tornado Cash contracts which are lines of immutable code.

[Co-Host]

Yeah, all it is is coding it' free speech. It should be protected by our amendment of the United States Constitution. They were not property and could not be owned. In January 2025, the U.S. digital Courts of the Western District of Texas overturned tornado cast sanctioning, signaling a seismic shift of the privacy tools regulatory policy for the United States. Take that Gensler.

[JV]

And like earlier rulings, the overturning of the OFAC sanctions against tornado cash represents.

[Co-Host]

A seminal case that will set precedents for the digital privacy cases in the U.S. the U.S. government despises privacy coins.

[JV]

There's been a war against them if you guys haven't noticed. Now. Anyways, let me know your thoughts with that. And have you ever used a mixer such as a tornado cache? Let me know now.

[Co-Host]

Here's the latest regarding the Max and.

[JV]

Stacy Invitational event and obviously I was there a couple of weeks ago. Incredible experience in Bitcoin country. This was an article just published.

[Co-Host]

I'm going to read this to you.

[JV]

From the author's perspective and then at the end I'll chime in and give.

[Co-Host]

You a little more details of of.

[JV]

My personal experience locking arms with Max and Stacy at the incredible event in Bitcoin country. So yeah, first and foremost, the Max and Stacy Bitcoin Invitational brought together more than 300 attendees. That was on the 11th, 10, 11. That is Chandy. That's a blackjack at the El Encanto.

[Co-Host]

Country Club in El Salvador. That's where the Huddle House studio is.

[JV]

That Max, Kaiser and Stacy just had built.

[Co-Host]

And that's where JB got invited to record the podcast.

[JV]

The event was a celebration sportsmanship, bitcoin innovation and community building set against the backdrop of beautiful landscapes and world class facilities.

[Co-Host]

And let's not forget about the Coco Max, the official drink of bitcoin country.

[JV]

Now these were the gentlemen that won these, these jackets, Banco Azteca's team and I believe that is Ricardo Salinas's team over from Mexico. Obviously he sent his crew there and this guy's Rafa and Pedro, they proudly received the prestigious orange jackets for securing first place at the Max and Stacy Golfing invit. And for those that don't know it was a golfing tournament like they competed against each other. I was there as more as like a spectator just to capture footage and get around Max and spend as much time with him as possible. But also they gave away some custom watches from Coin Vigilante and actually just went to their website and I'm pretty blown away. I may have to order this watch.

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[JV]

Coin Vigilante for those that don't know, they make custom bitcoin watches that are are pretty amazing. This is the website. I was actually on it earlier for the first time and they actually provided some of the watches that were given away as prizes. For those that don't know, max and Stacy gifted 250000 worth of prizes at their event. Like total next level, fifth level G. But here's their website. They make some stunning bitcoin watches. This one's to the moon theme. I'm going to show you this orange one I've been eyeing. I may have to pick up and look at the back the craftsmanship here. I mean the 100k edition on going to the soon. Pretty slick. I like these watches. This one's the genesis celebration. Genesis edition. That's a pretty sexy one as well. People have been asking me about these watches. They're actually affordable. I assume they would be like 10 or 20,000 for some reason. So when I just went to the website and I have no affiliate relation with them whatsoever, I just find them sexy. Notice that orange one, it's only 500 bucks. That's pretty. I totally rock this one. Oh, sold out. I may have to hit up coin Vigilante and ask for a favor. But I really like this one. Let me know what you guys think. I like the watches where you can see the mechanics like on the inside the, you know, I mean like right there. And for 500 bucks, custom Bitcoin watch, bro. I'll take two. One for each wrist. But yeah. So shout out coin vigilante. And I know I'm getting sidetracked, but I thought that was kind of cool that Max was giving away some really, really cool prizes. And those jackets were hand stitched in Milan, Italy. Like next level. Totally cool. So there was a 16th whole challenge where they offered to give away one Bitcoin if anyone got a hole in one. I don't think anyone got the hole in one because the odds of doing it is like I think I heard one out of 13,000. It's not easy as you know. I'm sure you know already if you're a golfer.

[Co-Host]

Tourism insights.

[JV]

They had some great, you know, speakers there who were sponsors of the show. Shout out to them. Happy hour, Bitcoin beach, the first day of the event. I actually didn't attend the first day. I didn't get there until late that evening and then I attended the full second day. But I saw some of the highlight, you know, footage that Daniel Martin, Brandon captured and stuff like that. But it seemed really cool they were hanging out here and hanging out at the beach. That's the Bitcoin Sports Network on the left, Chris and Freda that put on Frida, that put on the event. They own the Bitcoin Sports Network. And that's the jacket on the inside. You can see how sexy that really is in detail. And that was the jacket handmade in Milan, like Italy. Just total next level everything about the event. So I guess now I'll touch upon some of the things that I really enjoyed hanging out with Max and Stacy. Shout out Jason Buck, brother. Wow. A hundred dollar super.

[Co-Host]

Just like that. Happy B day, jv. Thank you for all you do.

[JV]

Well, Jason Buck, right back at you. Thank you for all your support. This gong strike is for you, brother. Wow. Makes me want to like standing ovation for, for Jason.

[Co-Host]

Wow.

[JV]

Next level, fifth level G. But yeah, the Max and Stacy event was amazing. I try to capture as much event footage as I could. For me the highlight was getting to ride in the golf cart with Max. Capture footage through the 18 holes in the El Encanto Golf Club. Top notch property. Have the cocoa, Max, you know, incredible drink, incredible people. Max is completely electric. His personality, he's naturally a comedian, so it's hard not to laugh in his presence. And he is always channeling satoshi. I don't know how many times he said he is channeling Satoshi. And so yeah, it's just amazing hanging out with such a legend. I've been looking up to Max since I got into the bitcoin space. My favorite power duo in bitcoin is Max and Stacy. Yeah, I mean, and they're gonna have another event and I'm not gonna miss it. And if you guys can get tickets, if you get the opportunity, highly recommend attending events. They're life changing. It's not just the experience, which is great, that you'll never forget, but you develop friendships and relationships that'll last a lifetime. So priceless. You can't put a price point on attending an event, when you get around the people you want to be around, you feel me? So I couldn't recommend it enough. The event was phenomenal. Top notch. So inexpensive compared to what they provided. They could have charged 10, 20 times more for that event. And I've been like, damn, that was a fantastic value. It was practically free the way I looked at it. I think I paid $200 for a ticket to an event with Max and Stacy. A two day event included food. Like, come on now, you can't put on an event like that without cost and probably at least a half a million dollars. I'm speculating, but it's not cheap. So everything was top notch and I can't wait for the next one. And if you get an opportunity, this.

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[JV]

Take advantage of it. I think there's a waiting list. I think as soon as they launch tickets, they sell out like within 30 minutes. So follow Max and Stacy and cop your ticket to the next one if you get the opportunity to come. And I'll look forward to seeing you there. Let's discuss this two hundred thousand dollar target and the timeline. Then we'll discuss the breaking news of the 22 states now proposing a strategic bitcoin reserve. And then we'll premiere Chandy's new music video and I'll kick it with you guys for a little bit before we got to get ready for the party. And yeah, again, shout out Max and Stacy. We love you guys.

[Co-Host]

Next headline, bitcoin prime to skyrocket to up to 200,000 by the year end according to Marathon Digital CEO.

[JV]

And he explains why. Here you go. The CEO of the Bitcoin mining giant.

[Co-Host]

Marathon Digital, Fred Thiel is leaning bullish on bitcoin, believing it can more than double its value before the year expires.

[JV]

Why so bearish, Fred? In an interview on CNBC, Thiel said.

[Co-Host]

Bitcoin can go up by over 100 from the current level before the end of the year.

[JV]

Thanks, Captain Obvious.

[Co-Host]

Quoting them here.

[JV]

I think there's a general consensus that.

[Co-Host]

The price of the bitty will move.

[JV]

Up this year to somewhere between 150.

[Co-Host]

And 200 by the end of this year.

[JV]

What do you see or what you do see is Anytime there's major selling.

[Co-Host]

Of the biddy, there are buyers who enter the market and keep the price in the range of somewhere between 95 and 100,000. So I think there's still a big.

[JV]

Belief that bitcoin will continue to go up in price. There's still a lot of demand for the asset by not just retail but.

[Co-Host]

The institutional investors and according to the Marathon Digital CEO, so many analysts that will drive the price of the bitty up include a friendly regulatory environment and the embracement of the king crypto by both the private and public entities.

[JV]

Quoting them here. On the regulatory side of the US.

[Co-Host]

You'Ll see money center banks being able to custody the crypto and lend against the crypto. That will then drive corporations to begin putting the biddy on the balance sheet.

[JV]

And that's we're not talking in large.

[Co-Host]

Amounts but 1 to 2% of their cash or the liquid assets as an alternative to the Treasuries are just holding it in the fiat. What do we call those who store the fiat in the banks? We call them poor. But I digress. And when you do that, that drives the price of the bitcoin up. There is a limited action of bitcoin available unlike gold or unlike other types of precious commod that can be extracted out of the ground. There are 20 million Bitcoin in circulation today. There only ever be 21 million Bitcoin available. So the scarcity will in fact drive the price up. Prelo bitty going up. If then the US decides to go.

[JV]

Ahead and plan to execute a bitcoin.

[Co-Host]

Strategic reserve in which we're witnessing, that will require another 1 million bitcoin to be put aside and into the fund and the other sovereigns will do the same thing and that will continue to drive the price up. Hence it's going up forever.

[JV]

Laura and there you have it. Now for our feature story of the day. America is embracing bitcoin big time. There's now 22 states officially adopting the U S Strategic Bitcoin reserve bill. So let's break this one down. As you can see here in this chart posted by the Bitcoin magazine, here are the states we have Texas, Ohio, Pennsylvania, New Hampshire, North Dakota, Oklahoma, Wyoming, Massachusetts, Florida, Arizona, Alabama, Utah, Kansas, South Dakota, Nebraska, Illinois, Indiana, Montana, Missouri, New Mexico, Iowa and Kentucky. Which state will it be first? Yesterday I read some stories where they say it's going to be Utah, Mormon land.

[Co-Host]

But what are your thoughts on that?

[JV]

And you can see the United States map here. I mean that's pretty phenomenal. What do you think will be the last state to adopt bitcoin? If I was to guess, I'd say like New York or something like that. They're just behind the times when it comes to the financial landscape. I mean, it's so controlled. But nonetheless, I digress. You guys let me know what you think. So, I mean, half the country, that's a w. And also, as Vivek shared here, the state of Texas to buy.

[Co-Host]

Up to $500 million worth, a big one every year. That's a half a billion every year. No one is bullish enough.

[JV]

But of course that's if the bill gets approved. But do you think the bill is not going to get approved when you have half the states in the U. S all racing for bitcoin adoption?

[Co-Host]

I mean, who's going to get left behind?

[JV]

Anyone that doesn't have the bitcoin bill. Which leads us to our next story. Florida senator Grutters. And I wonder, is he okay? I don't know this guy personally. But nonetheless, he proposes the bitcoin investment bill for the state funds. That's right. Florida Republican senator Joe Grooters has introduced a bill proposing the investment as part of the state's funds at the bitcoin and other digital assets to counter the rising inflation. We know inflation is no joke. It follows a string of other U. S States recently moving towards the same goal. Quoting him here, the state should have.

[Co-Host]

Access to tools such as bitcoin to protect against inflation. Inflation has eroded and the purchasing power of assets held in the state funds managed by the chief financial officer. Couldn't agree more. And for those that don't know, the US Dollar is mathematically guaranteed to continue to decrease your purchasing power because they're guaranteed to continue printing money. Bitcoin has the opposite of the polar opposite.

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[Co-Host]

Bitcoin is mathematically guaranteed to increase your purchasing power against the dollar because there is a finite limit. As a blind, they can't print more of it. Grutters highlighted major asset management firms such as BlackRock, Fidelity, Franklin already adopting the biddy and viewing it as a hedge.

[JV]

Against inflation along with bitcoin having greatly risen in value, becoming more widely accepted as the international medium of exchange and.

[Co-Host]

Reasons Florida should consider investigating state funds.

[JV]

Or investing I should say into the asset class and I think it's just a matter of time. We also know DeSantis governor very bullish.

[Co-Host]

On the biddy as well and anti CBDC alongside the Trumpster groiters proposed allowing.

[JV]

Florida's chief financial officer Jimmy Patronus to.

[Co-Host]

Invest Bitcoin into the state General Reserve.

[JV]

Fund, the budget stabilization fund and the.

[Co-Host]

Various other agency trust funds invested into everything.

[JV]

Why don't however, he said the biddy holding stingy account should be capped at 10%. Meanwhile, Wyoming's comparable recent proposed bill limits.

[Co-Host]

Allocations no more than 3%. So Florida's three times more bullish than Wyoming.

[JV]

That's a W It comes only months after Petronas Sounds like the drink patron.

[Co-Host]

Wrote a letter urging the Florida Board of Administration to consider adding the biddy to the state's retirement fund investments.

[JV]

That's another big one there. Bitcoin is often called digital gold and could help diversify the state portfolio and.

[Co-Host]

Provide a secure hedge against the volatility of other major asset classes.

[JV]

Classes, facts and Just a day before Groder's filing, Kentucky became the 16th US state to introduce legislation as we covered in yesterday's pod, aiming to establishing a Bitcoin reserve. The bill KYHB 376 introduced by Kentucky State Representative Theodore Joseph Roberts on February 6th and if passed it would authorize.

[Co-Host]

The State Investment Commission allocate up to.

[JV]

10% of excess state reserves into the.

[Co-Host]

Digital assets, including the king BTC. So what are your thoughts?

[JV]

22 states adopting the Bitcoin the state proposing the U. S strategic Bitcoin Reserve Bill do you think the state adoption will occur first before the nation state adoption from the Trumpster? I think it looks that way but you guys let me know your thoughts and welcome everyone to the Q A.

[Co-Host]

Segment of the live stream. As the crowd continues to go wild, there's a fiesta in five more hours. Hi Joe kids.

[JV]

Hi Joe wives. Hi Joe cats. Hi Joe Dogs. McFufinator is back. Hoddle gang. Thank you brother. You get a gong strike for that.

[Co-Host]

Appreciate the support all the memberships of the channel.

[JV]

Thank you guys, especially McFuFinator and don't forget to check out cryptonewsalerts.net for the full premium experience with video until participate in our live Q A and I look forward to seeing you on tomorrow's episode Hoddle.