← The Wolf Of All Streets
The Wolf Of All Streets
Market Bloodbath! $758M Liquidated as BTC Hits $108K | CryptoTownHall
00:34:54
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- [00:02]
A
$110,000 bitcoin on a lovely Tuesday morning. Welcome to Crypto Town Hall. Every day here on spaces at 10:15am Eastern Standard Time. I guess we, it's a bit repetitive to say the same thing, but 110,000 is a lot of money for a bitcoin. I don't see why this is so depressing to people. But every day that passes that we're not at a new all time high, people are seemingly losing their minds. Meanwhile, the news couldn't be more bullish. We still have just incredible tailwinds coming from every direction and the industry seems to just be ramping up right now. So I chop this up to the doldrums of summer, the end of August and frankly I don't care if we were at 124 a couple weeks ago and now we're at 110. I'm happily buying it, every single price at the moment. Personally, Joe, I have the idea here that sentiment is lower than it should be at 120k. But you have the data. What's Lunar Crush saying about where we stand right now with bitcoin sentiment? Because I could just be wrong.
- [01:17]
B
Scott.
- [01:18]
C
I slightly missed the intro, but I'm assuming you talked about the title of it being a bloodbath right now.
- [01:24]
A
That's a little hyperbolic frankly, but the sentiment does seem that way.
- [01:29]
C
Yeah, I think it's, yeah. A little overreactive on Bloodbath. You know, we're, I just think we're at a little bit of a lower liquidity moment in the market. I think people are, are finally kind of coming back from, from summer vacations and seeing where things are at. You know, there's also, you know, I would say some weakness in, it feels in the, in the stock market and equity market. And that's also playing into this. You're just seeing some, you're just seeing some profit taking. Is the, is the piece here also, you know, the, you know, someone selling off a couple billion dollars in like a fat finger market sale or whatever it was the other day also kind of playing just into the volatility and people are trying to take advantage of that. I would say. Overall, I think you're actually seeing the Ethereum and some of the other L1s holding up nicely in comparison to what's been happening. Right. Like they, they should be down way, way more than they are based on some of this stuff. And ethereum's still up 5% of the week. So not. I, I wouldn't say too worrisome you were seeing, you know, obviously, you know, some, like, bitcoin dominance going down. And. And I think that was, you know, an effect, the ETH effect, I would call it, of just Tom Lee and everything happening in the public markets and, you know, people kind of picking winners over there. And so that's a. Been a big piece of kind of what we've seen. And then, you know, Mark, like, the. The actual social dominance for bitcoin hasn't really changed like retail, I would say, still not completely here yet or maybe not returning ever in the same way. That's something to kind of. To look at. But, you know, know, if you look, you know, even a couple months ago compared to now, like what we call people call market dominance, it's what we call social dominance. So what percentage share of all of the mentions, at least within crypto, does bitcoin have? And it was kind of maxing out at like 23, 24% in social dominance, and now it's sitting at 17%. So, you know, it's not anything huge, but it's definitely a little bit less people talking about bitcoin, a little bit more people talking about other things. And I think that's kind of like the eth effect, the salon effect, and everything else. L1.
- [03:46]
A
Yeah, that's really interesting. I think 6% down from those kind of highs is meaningful and aligns well with what you basically just see in bitcoin dominance. It probably looks like a very familiar chart, right? I mean, a very similar chart.
- [03:58]
C
Yeah. It's like social is always this kind of, like, reinforcing metric. Right. It's another thing for you to look at when, you know, you're looking at other things in the chart or you're looking at technicals, or you're looking at fundamentals of a business. And then you go and you look at social, and it's telling you the exact same thing. It's a really nice.
- [04:19]
A
So just broke up for me. I don't know about you guys, but. Joe, you there?
- [04:24]
C
Yeah.
- [04:25]
A
You broke up for a second and then showed your mic go off. Yeah. You're good.
- [04:29]
C
Yeah. No, I was just saying, you know, social as a metric is a nice metric to. It's a reinforcing metric to look at, you know, the fundamentals. Fundamentals of a business are telling you one thing. If the charts are telling you the same thing. And then you also, you know, have social, which is like, you're saying, like, a little bit less people talking about bitcoin right now. It's a Nice reinforcing metric to, to look at, to understand.
- [04:49]
A
Okay.
- [04:49]
C
This is actually the direction of where the market is going. You know, if I was going to tell you that, you know, suddenly more people are now talking about Bitcoin than were, you know, two or three weeks ago when we were a little bit closer to all time highs, you know, that might be another thing to look at to say maybe there's going to be kind of a more of a jagged or volatile turnaround here. So it's just, it's another great metric to kind of keep an eye on.
- [05:11]
A
Go ahead.
- [05:13]
D
Yeah, I would concur about the Ethereum effect. There was an article in Bloomberg today pointing that out and they said that in August There were about $1 billion in outflows from Bitcoin ETFs compared to 3.3 billion in Ethereum inflows. So there's definitely a trend here. I'm not sure to what extent and for how long of a bit of rotation or maybe Bitcoin getting less attention and ETH getting more attention. And that's a factor when you look at the options. So far it's slightly more bearish for Bitcoin than it is for Ethereum. Ethereum, the put to call ratios is more in favor of bullishness. The put to call ratios is well below 1 on Ethereum so far. So that's something to keep in mind as to what might happen on Friday. And we have to remember that Ethereum touched its all time high twice in the last few days only and it's going to bump against that high maybe a third time before it breaks through it. Everybody's been expecting that. And obviously you can expect next week to be filled with a number of news items as everybody comes back from Labor Day. And I'm not saying that the news will come only from Ethereum. Obviously the news will come from multiple sources, but everybody's gearing up for that.
- [07:07]
A
Yeah, listen, it's not I think to what Joe's seeing with the decrease in talk about Bitcoin relative to the rest of the market is obviously not just ETH centric. Although I tend to agree that ETH as you would see in any cycle is the first sort of hint that there is an alt season or more interest in the rest of the market beyond Bitcoin. And that's not unique just to eat at this point. I mean I don't know if you guys have seen but there were three sizable Solana Treasury Company announcements in the past 24 hours. Sharpe's technology was just a reverse merger into an old medical company, which we've seen this playbook about 400 million. But Pantera Capital, not a small player. Announcing a 1.25 billion raise for a Solana Treasury. And then who is it? Multicoin? What was the other one? Somebody might know. I don't have it pulled up. But another billion dollar one with Cantor Fitzgerald, multicoin and a couple huge other players. I think it was Jump crypto. Someone else. But I mean, these are, you know, this is a huge uptick for the Solana side. So. Yeah, I mean, not just eth, clearly. William.
- [08:23]
D
Yeah, yeah, I mean, but I mean, Solana is kind of following what ETH has been doing the last few months. Obviously, to a lesser extent, though this is all intent at this point. Obviously, I'm not totally knocking that down, but I would say Ethereum is still ahead in those efforts. And the point is not to just buy the currency, it's what to do with it in terms of yield. And the story with Ethereum is really about defi and what you can do with the yields aspects. So we'll have to see what happens with those Solana announcements.
- [09:16]
A
Anyone else, thoughts on this?
- [09:17]
C
Galaxy?
- [09:18]
A
Yeah, what's with Galaxy?
- [09:21]
C
Was it Galaxy that announced something with Solana?
- [09:24]
A
Maybe it was. Yeah, I mean, I think it was Galaxy Jump. Is it Galaxy Jump and multicoin? Is that what it was? I was trying. Yeah, I was trying. I was missing the third one, but yeah, I mean, these are not like throwing. These are the biggest incumbent crypto funds and the bankers. Cantor Fitzgerald on that one, who's been focused, to my knowledge, exclusively on Bitcoin previously.
- [09:45]
C
It just seems like a wild world we're living in right now where it's these companies, like you said, like I found, they found like a, like a random medical device company and, you know, somehow got those people to sell.
- [09:59]
B
Right.
- [09:59]
C
Or, you know, just some sort of takeover, gave them equity. And then you've got a bunch of crypto pros out there just like taking these companies public. And then you've got someone that kind of operates and understands our market and then someone that's operating and understanding the public markets. And there's filings that they have to do and a lot more accounting that needs to be done. Ultimately, you do kind of wonder, having been in this industry for a long time, where this is actually all going and, you know, is it like. Sure, I guess they're going to set up a bunch of like, Solana infrastructure and that's, that's probably Great for Solana. But ultimately, like, is the, is the utility there to maintain the fees?
- [10:44]
A
Right.
- [10:44]
C
Like, if number don't go up forever, like these things start to get in some, some kind of deep, deep trouble. But I don't know, I mean, I've. I'm still obviously bullish on the fact that, like, more people are getting involved in like, more interesting ways and I didn't think we would be able to suck up this much public market capital, shoot into our industry in that way. And I think it is great for different offshoots. I think it's great for bitcoin ultimately, but it does kind of make you wonder, like, where does it stop? Like, can we all just launch some sort of public vehicle and go raise this capital? Like, where is all this capital coming from? It's like, it just seems endless.
- [11:23]
A
Sorry, my mic.
- [11:24]
C
Yeah, it's more of just a brain, a brain fart. Like just so much figure out what's going on then. Yeah, like where, like where is it coming from and where does this end?
- [11:34]
A
Well, where do you think we are in this treasury company cycle? It's an. I think it's a valid conversation to have right now in context of all this. I've. It's been quieter on the bitcoin treasury front, honestly.
- [11:48]
C
Yeah, I. I think people are still out there trying to gear up and they're trying to, you know, there, there will be more. Right. Like, I think there's going to be a thousand of these things by the, the bitcoin conference next year, close to, who knows? But, yeah, you're seeing people just look at the same play across different, different layers. I mean, I'm not sure if, like, what Scaramucci launched the other day was a. It wasn't a pubco with Avalanche, but it was something, you know, it's another $300 million just getting shoved into another chain, you know, and that, that really hasn't moved too much because of some of these announcements, which is also kind of crazy to see that there's not as much upside in these announcements as there was before, which does maybe think that make me think that it is cooling off.
- [12:30]
A
William?
- [12:33]
D
Yeah, I was just looking up the volume of bitcoin Treasuries just so we can compare. The Ethereum number right now is sitting at about $20 billion and the Solana number is sitting at about one and a half billion dollars. So just to give you an idea, I have the number here. I'm just looking up the number for the bitcoin. Bitcoin is still the highest. It's really hard. There's close to, let me see here, I'll come back to that number. But Bitcoin is way, way higher. So maybe that is the top end and you can follow what might happen by looking at the ratio. Basically, if Bitcoin has reached the top, let's see where Ethereum is, let's see where Solana can go. And that can give you an idea on a relative basis perhaps.
- [13:39]
A
William, are you interested as an investor, are you as interested in buying a Treasury company as you would be in buying, say the underlying asset?
- [13:49]
D
Well, I'm interested in learning more and seeing what these companies are going to do with the underlying asset and whether what they do with it is going to generate more yield than just holding the asset itself. In a time where everybody is bullish, you could say I hold the asset and you, you get returns there. But let's see what happens when times are not so bullish and let's see how creative these companies will get in terms of making the asset productive itself. And right now there are high expectations from the Ethereum treasury companies about how they would make ETH productive because ETH is the largest part of DeFi. So I'm waiting to see what companies like the Ether machine, for example, who has been setting high expectations as to how they will make ETH productive and how they will make that reflect on their balance sheet and the return to their shareholders. So it's not just like a loan driven strategy. Like what strategy does, I mean, they keep selling and buying loans and almost like, I don't want to say the word Ponzi, but it's kind of a Ponzi of a sort because they keep selling loans to the next taker and hoping that Bitcoin keeps going up. Whereas Ethereum is not just a number go up, it's more, let's make ETH productive, let's do staking, restaking, maybe some loops, maybe entering liquidity pools. It's really about exploiting the yield aspects of eth, whether it's another 10 or 15% in addition to the traditional 3% that's, that's talked about. And that I think is going to be a more balanced strategy to look for.
- [16:09]
A
Douglas.
- [16:13]
E
I think like, you know, Altcoin treasury companies are, they've noticed a quirk with the, with Bitcoin treasury companies and that is there's, there's, you gotta match supply and demand and there's a heck of a lot of supply right now from early entrance into, let's say bitcoin or Solana or Ethereum or whatever, they have huge, huge positions obviously because of how much the, the price has changed higher. And if they want to be able to sell that well, it needs to be matched by the demand and then the demand side, there's plenty of people that have been reading about altcoins but haven't wanted to invest in them directly or haven't had the means to invest in them directly and want to invest in them in equity format. And what the Bitcoin treasury, sorry, what an altcoin treasury company does that sort of matches that supply with the demand. It can take very large positions off of early holders and it can transfer it to equity preferred folks and you know, really, you know, match the two together. And I think that, you know, when you look at just Bitcoin, you know, on, in the early stage or even over this past weekend, when you've got someone that has a huge amount that they've been hodling for a long time and they want to sell it, the only way they'd be able to sell it these days is if a Treasury company was sitting there on the bid or an institution was on the bid. If it was all retail flow like we saw, you know, five years ago, then you'd never be able to get out of these very large positions. So I think that you're going to see more and more altcoin treasury companies come into being so you can transfer, so the early investors can transfer over to institutional investors or folks that only want to invest in equities.
- [17:50]
A
100%. Just describe the playbook. I've said this a lot of times. I don't know if it's controversial, but bitcoin treasury strategies seem very risky to me even though Bitcoin is the only natural treasury asset because Bitcoin doesn't have a native yield as William sort of described. And you have to do something to beat Bitcoin and justify a premium to nav with altcoins. I think they should just be called altcoin hedge funds, not treasury companies. Because no, I don't think that like you want to be holding hyper liquid in 30 years like digital gold as a hedge against your cash in your portfolio. But something like a Salana where you can earn 9% yield or an Ethereum that you can earn a yield and you can go into defi and participate a and get that 10, 15, 20%. If the goal of a Treasury company is to beat the benchmark asset, that logically a lot easier with an Altcoin than with Bitcoin and you don't really have to take much risk to do it. So I don't think they justify as a 4 or 5x premium. But like, you know, if you're trading at a 1.5 premium or something and you're earning a significant yield, which is compounding. That makes sense. It's a whole other conversation if you want to talk about your long term belief in that asset going up or down, you know, and the value there. But the Bitcoin Treasuries, other than just adding Bitcoin to your balance sheet with available cash, there has to be risk there. But Gary, I mean you're a huge microstrategy bull. I think he's different. I think Saylor has such a lead that I, that one makes a hell of a lot of sense to me.
- [19:29]
F
I agree with you over the long term but I tell you I'm getting a little nervous about how many. There's just too many of these projects being launched and it's going to be, man, there's going to be. I think there's going to be a lot of people lose a shitload of money. I don't.
- [19:46]
A
Yeah, there's, there's this weird sentiment that like they could never trade at a discount as if we've never seen that before. And I think that that's coming for most of us.
- [19:54]
F
There's too many of these being launched. I mean if you got. How many did the gentleman say?
- [19:59]
A
You know, I think there's 300 comp public companies with some sort of crypto on their balance sheet now or something.
- [20:07]
D
Yeah, actually I have the numbers for. So just as a. To Compare Bitcoin, about 200 companies, this is excluding ETFs, just treasury, public, private or countries. 200 companies are holding 200 billion in dollars of Bitcoin. So it's about 10% more or less of the Bitcoin market. Cap Ethereum, it's 70 entities holding $20 billion in ETH and Solana. A more in your entry entrance, 12 companies are holding one and a half billion dollars in Solana in the Treasury. So that gives you a relative kind of comparison between the top three.
- [20:57]
F
Yeah, I mean I'm sure there's people just looking for broken companies. Find a broken company, go to their board, approach them, they won't know the difference between Solana and Bitcoin or Ethereum. I just think it's going to be one. I have no way to value any of these other than looking at the sponsor and going wow, Galaxy's behind this or Pantera behind this. So therefore it must be a good deal. Why do I need to pay 2 and 20 for this risk? Why do I need to pay 2 and 20 for this Risk when I can buy bitcoin or in fact I can buy MicroStrategy through my own broker or whatever. But look, 600,000, 700,000 Bitcoin with a guy that's been doing this now four years, very different. I think people are going to get hoodwinked quite easily comparing one of these businesses to another. And I mean look how many, how many complaints have been made about some of the so called mistakes that sailors already made. Imagine the mistakes that are going to be made by these new companies. They have no clue what this asset is, dude. None.
- [22:11]
B
Zero.
- [22:11]
A
When, when you and I went to Vegas, we landed and like, I think within like three hours we were talking about how all we had been pitched was bitcoin treasury companies. Right? And this was at the beginning of May and you and I discussed this and I was saying very publicly, I was like, and there were only four of them at the time or something, or five, you know, if you really like as far as those trying to engineer it. And we talked about it and I was like, dude, I'm very worried about number 30 and 40. Like I was concerned when there were four, you know. So definitely the notion that they'll never trade at a discount just blows my mind. Like so many companies trade at a discount to the net asset value of their companies. We've had miners, I mean iron for a very long time was trading at less than the value literally of like their machines. Happens all the time. If I was sailor right now, I would just be raising money to wait to buy a bunch of exploded treasury companies in a few months.
- [23:08]
F
That I totally agree with. Dude, this is going to be an M and a cycle that's going to be very interesting. And if you're not holding bitcoin, I think it's going to be painful as shit.
- [23:19]
A
Anyone else on the panel thoughts here? I think that that's what we'll end up seeing is the well capitalized ones buying up the ones that end up trading at a discount even if they're themselves trading at a discount.
- [23:30]
C
Bankers and lawyers got both sides. It's recession in and out.
- [23:35]
F
I mean you expect consolidation. I mean that's what you want, that's.
- [23:38]
A
What you expect, right? Yeah, I just wonder what it takes for the market for that to happen. Yeah, right. Yeah.
- [23:50]
F
But I think anything to me that is, you know, crypto related but is purely based on, you know, number go up or speculation or financial crimes is not as bullish to me as, you know, what might be adoption or what might be actual things we do. Moving on to crypto rails. So, you know, I think if anything it was just a reminder that you should be taking profits on the pumps and things are going to fluctuate. I bought a bag of Solana like 160 bucks and here we are in a big dip and I'm still feeling great. You really have to zoom out a little bit. But I agree on those points about the treasury companies.
- [24:28]
A
And now we're already seeing some of them announcing effectively that they're doing stock buybacks. Even the Tom Lee one did a stock buyback while issuing stock. It's just very confusing to me. Like they sell stock to buy togens and then at certain points buy back the stock while also buying the coins. It just seems like these are going to get out of control very quickly. But what do I know, Matt, you came at the perfect time.
- [24:56]
F
I think you're absolutely right, dude. It's going to end messy. It's going to. Sorry to interrupt, Matt, but there's going to be 300 of these things. You know, they're all just lining up right now to get their fees and.
- [25:08]
A
They'Re just going to be hedge funds and they're just going to be hedge funds trying to out compete one another as you said, and taking on more risk. There's only one way that ends, right Scott.
- [25:17]
F
I mean when the next time that we're in a bear market and we are doing a diagnosis on. Diagnosis, excuse me, on what happened. We're going to be eyeing these treasury companies. I just, I understand trying to buy MSCR or a Treasury company as a levered play on the underlying asset that.
- [25:37]
C
They'Re accumulating, but I just see that.
- [25:40]
A
As a medium term trade.
- [25:44]
F
These companies are the antithesis of what Bitcoin's all about.
- [25:49]
C
Right? They have CEOs, they change, change their minds every other week. There's just so many things that can go wrong.
- [25:56]
F
I don't understand anyone that's holding these things long term. It doesn't make sense to me.
- [26:03]
A
Matt, did you get caught up enough based on what you just heard? Our favorite conversation that you and I have had so many times.
- [26:11]
B
That's right, Yeah. I think, you know, for years, Scott, we've been saying that the, the problem will be in, in as this sort of expands and people get more and more risky. I think that's going to happen. I do think. I don't know what the conversation has been. Sorry, I was caught up in travel, was late today. I do think, you know, generally you have to separate how the stocks will perform from whether or not they'll be forced to sell their existing holdings of crypto assets. I think the stock performance has some risk. I don't see them dumping huge amounts of Bitcoin or ETH onto the market. I still think they're going to be net buyers over the rest of the year, but, but, but for sure. Yeah. You know, we, we all saw this, this train coming.
- [26:55]
A
What's going on? Yeah, go ahead. What about over the course of three, four, five years?
- [27:02]
B
I, I have less clarity about that. I'd love to know what other people think. Yeah, I don't, I don't, I don't actually. My, my, my vision of what happens over the next three or four years is, is with these treasury companies is unclear. So I, I don't know is the short answer. I just think in the short term there's not debt due. Activist efforts take a long time. I don't think many of them will want to unwind. So I think their pace of purchasing is likely to slow significantly from where it was in Q2, but I don't think we'll see them cough up assets in the next handful of months. I could be wrong over three to four or three to five years. Yeah. I don't know. I just, I'm fuzzy. I'd love to hear what other people think.
- [27:49]
F
Hey. Hey, Matt. Do you see Gary here? Do you see any flows change because of all these strategic reserve plays? Is it impacting your ETFs any at all or can you even see into that?
- [28:03]
B
Yeah, it's a great question. It's a little bit hard to know. I think there's some substitution going on. I think some percentage of people who would buy ETFs are instead or have instead bought these treasury companies. You know, flows have been great, but, but maybe they would have been even greater without this ecosystem. So, so it's a good question. I don't, I don't really know the answer.
- [28:27]
F
It most certainly has impacted mstr. Right. They're, they're, they're, they have competition now that they didn't have 18 months ago.
- [28:36]
B
Yeah.
- [28:37]
F
Right. So I was just, I was assuming it was, it would impact some of your flow.
- [28:44]
B
You, you, you, you're probably right. You're probably right. I think that's right. Yeah, I think that's probably right. I think there's a chance. Yeah, I think that's probably right.
- [28:56]
A
Yeah, I, it's, that's an interesting question versus the ETFs, because generally, I know we've had some outflows here which are predictable, but there's been a very, very, very steady bid on the ETFs across the board and not just bitcoin, Matt. And that doesn't seem like a trend that's stopping at all. And everybody knew that that was going to take a huge bite out of micro strategy. But I don't know how that affects the other treasury companies in that sort of circle.
- [29:23]
B
Yeah, I, I would say, I mean I, I expect that trend to dramatically accelerate in Q3 and Q4. The, the sort of institutions don't care about what's going on in the, in the treasury space. They don't even see this as a pullback. We think ETF flows will set a record this year. We think they'll set a record next year. I think that demand is extremely intact. So yeah, these have probably taken some of the retail flows on the edges, but the long term trends of institutions allocating to the spaces is accelerating, not decelerating. So, you know, I think ETF flows will be just fine.
- [30:01]
F
Yeah, I wasn't trying to suggest that it was going to eat into it, but I, I was actually trying to suggest that people are chasing these new projects because of the, the hope of, hey, I'm going to get a bigger return. But I would think that pensions, the nation state pensions that are investing in the ETFs, they're probably not going to do the sub tier strategic reserves. Norway, Norway's done a billion in mstr, but they're not going to go to a sub level strategic reserve on Solano, are they? I mean, I can't imagine them doing that. Whereas they would plow into the ETF heavy. Correct.
- [30:40]
B
I think that's, I think that's right. Yeah, I think you have that right.
- [30:45]
A
Also. You have to wonder, I mean, gary, you know, MicroStrategy, I think there's been a lot of incredible notes that he's issued or all of these things that he's created, these instruments that allow people different exposure but doesn't necessarily affect the price of MicroStrategy stock. The most recent offering, you get that 10% like we were talking about. Supposed to be trading apart 100 and it's under. That seems like a great buy, but that doesn't necessarily mean that MicroStrategy stock needs to go up. Right, right. It's like there's some competition within his own, you know, products. I would say maybe, maybe I'm reading that wrong. I mean, Matt, do you think that that's true?
- [31:30]
B
I think that may be, that may be true. I think MicroStrategy is going to be fine. I bet they'll be the buyer of last resort for some of these treasury companies. If they trade at a persistent discount, I bet that's the, that's the likely outcome for some of them. But yeah, I mean they're gonna, microstrategy is gonna slice Bitcoin into every financial slice that it can. And it may be. Yeah. That there is some competition, but I, I generally think they're going to be fine. They're doing an interesting financial engineering service for the bitcoin space and people are going to find their way to some of their products.
- [32:06]
A
Absolutely. Matt, what else is on your radar at the moment?
- [32:11]
B
I, it's, it's, it's almost ETF Palooza season. I think, you know, that that's sort of on my radar both in terms of institutional interest. I think is going to be extremely strong starting September. I'm on week two of a nine, nine consecutive weeks of going and speaking at TRADFI conferences. And then, you know, there are expectations that the SEC could open the floodgates for approval on multiple ETFs, index, ETFs, etc in the fall. Of course we don't know if that will happen. I'm not guaranteeing it will happen, but I think the sort of Tradfi access to crypto market could look really dramatically different in a few months versus where it is today. So that's been on my mind. And then of course, you know, as you covered in one of the letters, Scott, we just released you know, our long term capital markets assumptions for Bitcoin. So I'm excited to talk to institutions about that as well. That's been a fun project.
- [33:11]
A
Yeah, I wrote about that in my newsletter this morning. It was such a great paper as always. And seems like there's a much higher demand now from institutions for your research.
- [33:20]
B
Well, yeah, I mean that I think the most, I appreciate the kind words about the paper, but the most important thing about the paper is that we are asked to write it by 12 different firms that, you know, manage north of $100 billion in assets and in many cases trillions of dollars of assets. And you know, I've been doing this for eight years. No one ever asked for long term capital markets assumptions for Bitcoin until this year. And the reason is that they're used to build model portfolios for clients. And I think what it tells you is that until this year the big boys just weren't doing that. They were doing one off allocations for one off clients. And now they're thinking about does this belong as an asset essentially in every portfolio. So as interesting as the paper is, and I think it's interesting, it forecasts Bitcoin to be the best performing large asset in the world over the next 10 years and sort of provides receipts on why. I think it's more interesting that people asked for it. I mean, a lot of people asked for it. So we were excited to get it out in the world.
- [34:26]
A
Perfect. Yeah. Hey guys, we're going to wrap a bit early today. Summer Doldrums. I think we've covered most of the topics that we had. Appreciate all of you guys joining. Sometimes, you know, there's just not that much to talk about for, for very long and some days it's a five hour conversation. So I appreciate all of you joining. We will be back tomorrow 10:15am Eastern Standard Time. Thank you everybody for listening to Crypto Town Hall. See what Price is tomorrow. Bye.