Wallstreetbets bitcoin, crypto snooker bookmaker live bet exchange posted an update 1 month, 3 weeks ago

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Wallstreetbets bitcoin Only deposits made using Cards or Paypal will qualify for this promotion. Bet £10 Get £30 in Free Bets. New online customers only, min £10/€10 stake, win only, min odds 1/2, free bets paid as 3 X £10/€10, 30 day expiry, free bet/payment method/player/country restrictions apply. New online customers only, min £10/€10 stake, win only, min odds 1/2, free bets paid as 3 X £10/€10, 30 day expiry, free bet/payment method/player/country restrictions apply, wallstreetbets bitcoin. Place Bet – A place bet is wagered for a horse to finish first or second in a race, wallstreetbets bitcoin. Crypto Snooker bookmaker live bet exchange You are probably aware of the fact that the past week has been pretty important for reddit’s island of misfit investors how cnn business calls them. Wallstreetbets managed to explode and hit the mainstream, and they moved from the front page of reddit to the front page of the new york times and most massive […]. Ever since the federal reserve was created in 1913, the game has been rigged against the average person. For years, wall street has been manipulating the market to keep ordinary people from “making too much money” while the 1 percent swim in huge gains. They don’t want a truly free market to trade, they want. The post wallstreetbets drama reaches crescendo – bitcoin fixes this. Reddit group that shot up gamestop (gme), wallstreetbets, now eyeing bitcoin & doge. As gamestop gme stocks surged from $19. Ever since the federal reserve was created in 1913, the game has been rigged against the average person. For years, wall street has been manipulating the market to keep ordinary people from “making too much money” while the 1 percent swim in huge gains. They don’t want a truly free market to trade, they want it to be one-sided to benefit them. Cryptocurrency proponents and talking heads on social platform twitter are seemingly excited about a new wave of market participants making their way to. [ january 29, 2021 ] why r/wallstreetbets needs bitcoin – bitcoin magazine bitcoin [ january 29, 2021 ] reddit partners ethereum foundation to create scaling tools ethereum. Bitcoin is currently trading for $32,964, representing an increase of… the crypto sector ended the day with most of the top cryptocurrencies in the green. Most analysts speculate that the recent wave of buyers came as a result of dogecoin's incredible pump, which was caused by the notorious r/wallstreetbets subreddit. Don’t fret if you see a wallstreetbets token as the world’s biggest cryptocurrency by market cap today while scrolling markets site coinmarketcap. Don’t fret if you see a wallstreetbets token as the world’s biggest cryptocurrency by market cap today while scrolling markets site coinmarketcap. Bitcoin’s still the market leader, but a wsb token has been put up to commemorate the namesake subreddit’s sudden worldwide fame. Blockchain coinmarketcap adds joke ‘wallstreetbets token’ above bitcoin. It might not be april fools but coinmarketcap has added a joke token to the top of the cryptocurrency market Then, a ‘Download the App’ button will drive you to the correct app store and install the app, wallstreetbets bitcoin. Wallstreetbets bitcoin, crypto snooker bookmaker live bet exchange    Weekend fixed matches, manipulated fixed matches, ht ft fixed match. EUROPE FIXED MATCHES SITE, wallstreetbets bitcoin. Free 100% sure fixed matches, sure fixed matches, fixed match football , best win sure bet, genuine fixed matches. Bitcoin has surged by roughly 18% in the last 24 hours and was trading at $37,535, at press time. Meanwhile, ftx derivatives exchange launched futures trading for "a basket of wall street bets markets. " the index quarterly futures contract includes stocks being targeted by wsb members. Namely, nokia, gamestop, as well as dogecoin among others. • wallstreetbets, a popular subreddit, made the headlines this week after its members piled against a hedge fund’s short positions on gamestop. Gamestop, amc and r/wallstreetbets: reddit’s impact on bitcoin, cryptocurrency and decentralization. Sofia h – january 28, 2021. After gamestop short squeeze, r/wallstreetbets is ready for bitcoin jan 28, 2021 ever since the federal reserve was created in 1913, the game has been rigged against the average person. Bitcoin cash 24h $ 422. Bitcoin cash 24h $ 422. Dogecoin 24h $ 0. Wallstreetbets is occupy wall street with teeth — [coindesk podcast network, ep. Bitcoin equaliser combines the power of dlt and ai to trade btc cfds at an extremely high win rate. The robot could earn up to 80% in daily roi. Introducing bitcoin equaliser: a trading platform – review by finixio bitcoin equaliser combines the power of dlt and ai to trade btc cfds at an extremely high win rate. Blockchain coinmarketcap adds joke ‘wallstreetbets token’ above bitcoin. It might not be april fools but coinmarketcap has added a joke token to the top of the cryptocurrency market. I won't mention their accounts, but lots of handles with "wsb" and "wallstreetbets" in them are pretending to speak for us. They're saying things that we don't agree with, driving traffic to derivative communities and shitty pixelated merch stores, and generally making it harder for us to define who we are. Wallstreetbets is ready for bitcoin. Bitcoin magazine takes readers down the memory lane, reminding them how the wall street has been manipulating the market in such ways to keep the ordinary people from making too much money – there was 1% who was making massive money on the other hand. Wallstreetbets & dogecoin “the name wallstreebets has recently cropped up as a bunch of “memers” in the mass media who have all longed for the most-shortened stock gme [gamestop]. At the time of publication, this sent the stock prices of gme hurtling, with the same rise of over 880 percent in one week. Like bitcoin, tesla, and the spac ipo, r/wallstreetbets grew exponentially in 2020. In the first weeks of 2021, the forum discovered just how strong it's become. Ever since the federal reserve was created in 1913, the game has been rigged against the average person. For years, wall street has been manipulating the market to keep ordinary people from “making too much money” while the 1 percent swim in huge gains    Online sports predictions. Reliable bookmaker, Nitrogen Sports results, sports predictions, soccer tote.Sportsbook bitcoin, BasketballToday sports events:Today’s winners: 1xBit Table Tennis – 439.6bch   

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Nba ethereum bet online, best soccer bitcoin prediction strategy Wallstreetbets bitcoin, Bookmaker bitcoin, Tennis. BetOnline has live chat, a toll-free phone number both can be reached 24/7 in English or Spanish. Having separate email addresses for the casino, racebook and sportsbook is a huge plus in terms of getting results when you have a problem. BetOnline is a great gambling site because they put lots of effort into their Racebook, wallstreetbets bitcoin. They have a well-run blog that offers advice for gamblers of all skill levels and they really know how to keep novice bettors interested and coming back. MyBookie is another place which offers Sports betting online.    If you are looking to maximize your casino and betting experience, it’s best that you take advantage of the standard and seasonal offers, wallstreetbets bitcoin.    Wallstreetbets bitcoin, Bitcoin betting, Darts. Also, the facilities of Bet365 are assessed and tested by the British Gambling Commission, crypto snooker bookmaker live bet exchange.   

Sharesmantra infosystems forum – member profile > profile page. User: does sportsbook only accept bitcoin, what is cover bet bitcoin bet365, title: new member, about: does sportsbook only accept bitcoin, what is cover bet bitcoin bet365 &n. Ethereum chart by trading view ethereum price prediction 5 years. Continuing with the use of the same method, we are able to arrive at a price of $6400 for december 31, 2025. However, prior to doing so, the ethereum price is expected to reach an all-time high of $19,000 on july 2024, prior to a decrease that leads to our target of $6400. Ag is your best bet for nba excitement with a complete selection of odds including pointspreads, moneylines, totals, futures and props. There’s also live betting opportunities on every televised game on the nba board. Betonline’s preferred payment method for both real money deposits and withdrawals is through cryptocurrencies. The betting site offers excellent perks on using your preferred cryptocurrency (between bitcoin, ethereum, litecoin, bitcoin cash, and ripple) including no fees and a healthy bonus structure. Betonline is also an attractive option for crypto users. They will match 100 percent up to $1000 for first time users when they deposit using crypto. Betonline accepts the following cryptocurrencies for deposits: bitcoin, bitcoin cash, ethereum, litecoin and ripple. Licensed and regulated by the government of panama, betonline was one of the first to establish an international sports wagering service in that country. Ethereum preface ethereum betting sites components influencing ethereum preface ethereum was planned in 2013 as an earth shattering open-source registering stage and has been increasing increasingly more acknowledgment because of the open doors it gives. Advanced business solutions limited forum – member profile > profile page. Wpdiscuz support forum – member profile > profile page. User: online bet online site bonus deposit bitcoin, online bet bitcoin on horse racing, title: new member, about: online bet online site bonus deposit bitcoin, online bet bitcoin on horse racing &nbsp. Some people want to follow that ethereum sports betting “hype” that is being pushed out by marketers but we primarily bet with bitcoin. And mostly on nitrogen because of anonymity and history of payments being made. The bitcoin nba sports betting sites offering the best odds currently are:. Ag; if you go to betonline. Ag, you will notice that the sportsbook is offering a 50% welcome bonus. Not bad, you might think, but it can get even better – if you decide to use ethereum to make your first deposit, you’re going to receive a 100% bonus. What sports can you bet on at betonline? the usual suspects are available to bet on at this online sportsbook. You can wager on everything from the top north american leagues (nfl, nhl, mlb, nba) to tennis, soccer, aussie rules, rugby, cricket, boxing, mma and more   

After registration is complete, you are automatically taken to the cashier page where you can make your first deposit. The deposit page gives you payment options for your region plus also any limitations you would like to place on the account. During the registration process Bet365 offer 4 options to receive notifications: Notifications (push browser), text message, email or messages in bet365 (ie your account), nba ethereum bet online. You can chose yes to all or no to all – your choice.     They offering straight bets, teasers, if bets parlays, futures, and props on just about any sport, best ethereum online betting. This makes Bovada one of the best Online sports betting sites. Is Betfair banned in India, betway soccer bitcoin jersey. Yes, Indian government will show no interest in legalising bet365, betfair, etc in India because the illegal betting market in India is huge and these politicians have their own people who run illegal betting especially on cricket in India. Give the details of the card or e-wallet you wish the money to come from and the amount. Place a bet on the cricket match of your choice, popular bets – soccer bitcoin. If the favorite is designated as the home team, then the total will be listed above and vice versa (below) if the visitors are favorites, value bet bitcoin soccer. All of the above numbers are listed next to the teams, and before each matchup is a Rotation number. We have an Open Account Offer to welcome you, win bet bitcoin online tips. Download the app or visit the site to get the latest details. Moreover, the special loyalty programs will allow making even the first steps here profitable. For the bettors from Kenya, there are always special promotions available on the platform, best ethereum online betting. Online Horse Betting Sites 2021 – Best Racing Books. Bonus: 50% up to $250, sky bet bitcoin football booking points. Date Home – Away Tip Odd FT 05. Last combo ticket 28 11 2021 WON, ethereum gambling sites table tennis no kyc. Cards are a preferred method, but legal hurdles has given some prominence to e-wallet, in the cases when one is available, checks and of course cryptocurrencies, value bet bitcoin soccer. You will notice that deposits are usually instant while any type of withdrawal could take up a while to complete. Here are some of the best online betting sites worldwide reviewed: 1xBet Bet365 22Bet 888 Casino MelBet, crypto enba bookmaker live bet site bonus deposit. Gambling Laws and Regulations Around the World.   

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Top football bitcoin betting sites uk, top football bitcoin prediction sites 2020 posted an update 1 month, 2 weeks ago

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Top football bitcoin betting sites uk FIBA Basketball World Cup: The last incarnation of the FIBA World Cup began in September 2019. The FIBA Basketball World Cup features the best countries in the world going toe-to-toe. The 2019 edition saw the USA’s dominance of International basketball snapped by Spain, but it must be said the Americans did not have their best team playing. The next FIBA Basketball World Cup is due to be played in September 2023, with the Philippines, Japan and Indonesia the hosts. Rugby World Cup: The next Rugby World Cup is due to be played in France in 2023, and for a change it won’t be the All Blacks defending the title, after South Africa claimed the 2019 crown in Japan, top football bitcoin betting sites uk. We also cooperate and support smaller scale type of games for you to joy, top football bitcoin betting sites uk. Top football bitcoin prediction sites 2020 Bovada also has a wide variety of general and bitcoin sports betting promotions, as well as articles from betting experts that can help one navigate the often-complex college football landscape. The number of bitcoin betting websites on the market is rapidly growing, which means there is a large number of safe bitcoin bookies, but there are also those that you should be careful about. Overall, online sports betting with bitcoin is much safer or at least as safe as traditional gambling as long as you are betting on the right website. I ranked betcoin in the top five of the best ethereum sports betting websites because it’s been around for such a long time; it launched in 2013! that’s a solid pedigree. Since then, betcoin, which also is an anonymous ethereum betting site, has expanded its games and offering to include every international sport under the sun. Whether it’s odds to win premier league or the top 4 finish betting odds, bitcoin football betting sites have these covered from many of the same odds makers the sportsbooks on the street use. With such popularity among uk sports bettors, it is only natural that you deserve to know about the best football betting sites accessible in 2021. We have delivered this exact information for you in the list below, and we have explained why these bookmakers have made the top 5 below. Top sites feature all the most popular types of sports betting, including football, horse racing, cricket, greyhound racing, tennis, and rugby. It is not just traditional sports that are featured either. At the top sites, you can also gamble on esports and virtual sports. In-play betting is also offered at many of the best sports betting websites. Some of the bitcoin top betting sites include fortune jack and 1xbit. 1xbet, cloud bet, and sportsbet. Io also allow bitcoin sportsbook deposits and bookmaker withdrawal bitcoin transactions. So, we can say that they are the best bitcoin football betting sites too. Is bitcoin good for btc bookmakers bonuses? what are the best bitcoin bonuses? Best bitcoin btc sports betting site in the world? its not easy for us to say which is the best bitcoin bookmaker. One sports betting crypto site is offering best odds, while the other bookmaker bitcoin site widest choice of sports. There is a cold hard truth that needs to be recognised when entering sports betting. The top ten criteria for ranking the uk’s best betting sites. In total, we’ve split the reviews into ten different categories. Firstly, this ensures that all aspects of a betting site’s product are acutely reviewed and given the attention they deserve. Spread betting in the united kingdom requires a good trading platform such as metatrader 4 and a top uk spread betting broker. Our 2021 analysis found the best uk spread betting platforms include pepperstone, city index, etx capital and cmc markets. Best bitcoin sports betting sites of 2021 best offshore sportsbooks of 2019 | legal usa approved betting sites one of the easiest, safest and most popular ways of making deposits at offshore sportsbooks is with bitcoin. Football betting in the uk. Football is the national sport in the uk and huge crowds descend on stadiums around the country every weekend. It is a huge part of british life and for many, football on a saturday is all that matters. If their team loses, fans will be miserable for the rest of the week Tennis bets have never been quite so pleasant online, top football bitcoin betting sites uk.     Accepts sports bets, large odds 2021. High odds, Cloudbet reviews, sports betting, tote.Ethereum betting game Basketball bonus, top football bitcoin prediction for today Top football bitcoin betting sites uk, Sports betting bitcoin, Basketball. You can bet on games such as NFL Football, college basketball, NBA basketball, NHL hockey, soccer, golf, and horse racing among others. With one of the highest bet bonuses in the industry, MyBookie gives you a welcome bonus of up to 50 percent for up to $1000 if you are a first time depositor. For reloads, they offer a 20 percent cash bonus. This makes it one of the best sports betting sites, top football bitcoin betting sites uk.    There are many different horseracing bookies online, top football bitcoin betting sites uk.    Top football bitcoin betting sites uk, Sportsbook bitcoin, Boxing. We Provide up to date information from our expert tipsters and writers, top football bitcoin prediction sites 2020.   

Read our roobet review and see what this cryptocurrency casino has to offer players. Some of the topics covered include roobet promo codes and bonuses for free money, slots and other casino games that are available to bet on and the pros and cons of gambling at roobet. While betonline’s ethereum presence and other crypto options are not nearly as expansive as those of bookmaker. Eu, it is still one of the definitively top eth sports betting sites. New players are eligible for a deposit bonus and will be able to play using ethereum at the site’s poker room and casino in addition to the sportsbook. Ethereum is redefining what online gambling means for both players and casinos. Its blockchain is uniquely capable of hosting “smart contract casinos” which allow gamblers to bet against the house in an entirely trustless and secure way. Ethereum is the second largest cryptocurrency in the world, next to bitcoin. It's a very fast, secure and cheap payment option that is actually cheaper to transfer than bitcoin and usually faster as well, while not having quite the same brand recognition as bitcoin. Com esl csgo + dota 2 money back special! stake. Com provides its customers with casino games and sports betting. For casino fans, there are live dealer games, table and virtual games, as well as roulette, blackjack, baccarat, etc. Sports bettors can place bets on live events such as nhl, nba, mlb, tennis, rugby, and more than 120 other sports. Ethereum sports betting bonuses. Get your value-pack thanks to ethereum sports betting bonuses at playbetr. Com's crypto sportsbook! we are making it worth your while to sports bet using eth or other coins. Join us now for some of the most exclusive ethereum sports betting bonuses that crypto bettors have yet seen! For sports betting sites that accept ethereum, common bonuses include a welcome bonus and a bonus with each deposit made to your sportsbook account thereafter. Most of the time, the bonus for depositing into a sports betting account with ethereum comes doubled than if you were to use a credit card or other payment. Now, for all its flashy newness, you can rest assured that ethereum offers some of the best games out there. Thanks to how advanced ethereum has become, you can today experience every category of casino gaming betting with eth. That includes slots, blackjack, roulette, baccarat, live games, and all sorts of special games. At trustdice crash game you can use eth, btc, eos, and usdt to enjoy crash gambling. Once you start playing, you stand to win up to 2000x your original bet. If you are one of the last to cash out,. In this respect, most ethereum games are similar to a betting application: you try to guess the result of the game and place a bet for a certain outcome. These are not skill based games and luck is the only thing you need. 1xbet ethereum review: 1xbet is one of the most prolific bookmakers in the world, with hundreds, if not thousands, of events you can bet on. They cover all major betting markets, plus some exotic ones, such as betting on the weather, chess, tv games, etc. Live games are also available and you can place a variety of bets, including systems, chain bets, and others. Ethereum betting bonuses: first, second, and third deposit betting bonuses up to 100%, 50%, and 25% of 1 btc + free spins. Countries accepted: asia, europe, south america, canada. Ethereum sportsbook rating: 8   

Many of the above betting sites will also have legal betting apps, which are available in markets where they operate, but this is dependent on the gambling laws in your country and whether you use an Android or iOS device — the two main mobile operating systems for which developers around the world create apps. Sports betting apps are essentially a downloaded version of the website, which will dynamically update the odds while you browse. Often the app of a betting site will have features that the mobile website will not. Here are some key points about both iOS and Android sports betting apps, plus a brief explanation of web apps, ethereum betting game basketball bonus.     You can choose one of the matches and then decide the amount you want to bet, top football bitcoin tipsters on twitter. Live betting experience on this bookmaker is just amazing. What Is SBD Play, top football bitcoin betting apps. SBD Play is the free play sportsbook that allows you to sharpen your skills in a risk-free environment, competing with other players from around the nation to reach the top of our leaderboard and win $500 cash. Cash back offers: These exist usually surrounding accumulator or parlay bets and certain events and usually involve a customer receiving cash back on a losing bet if a certain instance, like your bet finishing second, happens, top football bitcoin betting picks. Enhanced odds: Becoming more and more frequent at the top betting sites, enhanced odds is when you are given a daily boost to use on selected or any event, depending on how it works at your chosen site. The bet365 new customer offer for online casino players. There is a really good chance that we are going to see the bet365 sign up offer for their online casino games, top football bitcoin tip prediction of today forebet. Like the other countries mentioned in this post, you will need to familiarise yourself with how to use mirror links, with all of the information on that available in this article. Official mirror for Bangladesh: 365838, top football bitcoin betting tip. Odibets is famous for designing the most lucrative promotions for the benefit of its Kenyan customers. These promotions are not regular features of the online sports betting site, top football bitcoin tip prediction of today forebet. You can use free play towards straight bets and parlays of any sport excluding horse racing. MyBookie enforces a maximum winning amount of $500 per free play wager, top football bitcoin betting prediction. The most popular clubs that regularly play in Ligue 1 are: Paris Saint-Germain Marseille Lyon Monaco Nice. Why Bet365 is the Best Streaming Platform to Watch Football, top football bitcoin betting prediction. You will, however, need a compliant Playbet online account in order to claim your prize, top football bitcoin prediction sites 2020. Prize will not be released until you meet these requirements and will expire after 30 days of failing to FICA. Greyhound Racing Field Hockey Motorcycling Snooker Baseball Betting Sites Horse Racing F1 MMA. Darts Futsal NASCAR NFL Betting Sites Basketball Betting Sites Cricket Golf Rugby, top football bitcoin tip prediction of today.Live bet:Bitcoin sports betting, FloorballTop football bitcoin betting sites uk, top football bitcoin prediction sites 2020    It’s no surprise, as Golden Nugget offers one of the best casino experiences on the internet in the state. No wonder the casino won the coveted EGaming Review (EGR) North America award for Operator of the Year three years running. Golden Nugget Online Casino has one of the widest ranges of games in New Jersey, top football bitcoin betting sites uk. You can choose from over 700 slots, progressives, and table games from over a dozen providers. Bitcoin betting is already available on every sport you can imagine like mma, cricket, football, horse racing, and soccer. Using bitcoin to bet is only good and secure with azbookmaker site. Security tips for bitcoin betting now we’re are going to discuss the most important security tips for betting with bitcoin. The top football betting sites for us bettors are listed above and they can all be trusted. Also on this page is a look at some of the reasons why you should use online football betting websites for your wagers, along with details of the wagering options available at the sportsbooks we recommend. The three online sportsbooks above are my top recommendation for betting on the 2020 us presidential election with bitcoin. They are head and shoulders above the rest in multiple important categories, and lead the way in political gambling. Top-rated football betting sites not on gamstop even outside the jurisdiction of the ukgc, players can still find top-rated football bet sites not on gamstop in 2020. Therefore, even if you’re registered with gamstop, you can still cheer your favourite teams on with a wager in hand. Due to the savings the betting sites receive on processing costs, they would prefer depositors use bitcoin. Therefore, some betting sites offer bitcoin-exclusive bonuses such as sportsbetting. Ag which offers a 100% first cryptocurrency deposit bonus up to $1,000 for new players. Clearly, there are many advantages to betting with bitcoin. Cloudbet is another top cryptocurrency sports betting brand and it accepts both bitcoin (btc) and bitcoin cash (bch). They run regular promotions and even offer a welcome bonus of up to 5 btc. Registration just requires you to provide an email address and username so you can start sports betting in seconds. The top ten criteria for ranking the uk’s best betting sites. In total, we’ve split the reviews into ten different categories. Firstly, this ensures that all aspects of a betting site’s product are acutely reviewed and given the attention they deserve. Top sites feature all the most popular types of sports betting, including football, horse racing, cricket, greyhound racing, tennis, and rugby. It is not just traditional sports that are featured either. At the top sites, you can also gamble on esports and virtual sports. In-play betting is also offered at many of the best sports betting websites. Io is where you can find competitive odds, on a platform offering the best bitcoin betting experience. Our team continues to work hard to give you the competitive odds, betting props and interactive experience offering you the fulfilling betting journey you've been looking for. The spread or line is the oddsmaker’s prediction on the number of bets required to split betting evenly between teams. This is why you often see the line change sometimes before kickoff. By the way, you can try safely and anonym bitcoin football betting today! we have here the best bitcoin betting sites with corresponding sportsbook bonuses. Cloudbet is the most secure bitcoin betting site online, offering bitcoin casino gambling or bitcoin sports betting for players around the world. Customer support our customer support team is available 24/7 to help with any questions you might have about betting with cloudbet. Bitcoin betting sites evolving into credit card sites. In 2014, bitstarz became the first bitcoin-only casino to start taking credit cards. It may seem like an odd thing to do because bitcoin allows for such easy deposits and withdrawals, but if you think about it, it makes sense    BTC winners: OneHash Rugby – 29.2ltc   

FortuneJack Dota 2 – 106.2ltc   

Bovada Cricket – 600.9eth   

Cloudbet Rugby – 71.8dog   

Betflip Rocket League – 92.7dog   

Betflip American Football – 341.8dog   

BetFlip Ice Hockey – 283.9usdt   

Thunderpick CS:GO – 86.4dog   

FortuneJack Darts – 29.6eth   

Betflip Ice Hockey – 501.7eth   

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I bet bitcoin you 10 to 1 you'll be mine, i bet bitcoin my life video posted an update 1 month, 2 weeks ago

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Bitcoin Ticker: BTC= Price: $16080.82

Cynthia Lummis, the newly-elected U.S. senator for the state of Wyoming, spoke about Bitcoin on live TV during an interview with ABC News.

The 66-year conservative Republican, who was endorsed byPresident Donald Trump, was declared the winner of the U.S. Senate race in Wyoming on November 3, thereby becoming Wyoming’s first female senator-elect. Interestingly, one of the nicknames for Wyoming is “the Equality State” (because, according to Lummis, it was “the first state to grant women continuously the right to vote”).

Lummisserved as a member of the U.S. House of Representatives between 3 January 3 2009 and 3 January 2017. And prior to that, for eight years, she served as the 27th Treasurer of Wyoming.

On Friday, Lummis was interviewed on ABC News show “Good Morning America” (GMA).

During this interview, one of the GMA co-anchors told Lummis that because the first Bitcoiner to join the U.S. Senate, some people believe that she “should be an advocate for this type of currency” while there are “other people who are raising some concerns that this could be a front for money laundering or for some sort of tax evasion”, and then went on to ask Lummis whether she plans to bring Bitcoin into the “national conversation”.

Lumis replied:

“I do hope to bring Bitcoin into the national conversation.

“I’m a former state treasurer and I invested our state’s permanent funds; so I was always looking for a good store of value, and Bitcoin fits that bill.

“Our own currency inflates. Bitcoin does not. It’s 21 million bitcoin will be mined and that’s it. It is a finite supply.

“So, I have confidence that this is going to be an important player in stores of value for a long time to come.”

Lummis also talked about why she first bought Bitcoin and why she is a Bitcoin HODLer:

“I bought my first bitcoin in 2013 because I believe in the economic power of scarcity and the potential for bitcoin to address some of the manipulations in our financial system … Now I am a hodler and I hodl because like gold I want to preserve the relative value of my labor over time.”

More recently, on November 10, Lummis explained in a tweet why she is excited about Bitcoin:

This is how Wall Street veteran Caitlin Long, the founder and CEO of Wyoming-based Avanti Bank and Trust, who is one of the strongest advocates for crypto, congratulated Lummis on November 4:

Overall, the bias in prices is: Upwards.

Note: this chart shows extraordinary price action to the upside.

By the way, prices are vulnerable to a correction towards 13,373.70.

The projected upper bound is: 17,202.71.

The projected lower bound is: 15,199.65.

The projected closing price is: 16,201.18.

A white body occurred (because prices closed higher than they opened). During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 32 white candles and 18 black candles for a net of 14 white candles.

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 70.6130. This is not an overbought or oversold reading. The last signal was a sell 1 period(s) ago.

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 69.56. This is not a topping or bottoming area. However, the RSI just crossed below 70 from a topping formation. This is a bearish sign. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 0 period(s) ago.

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 66. This is not a topping or bottoming area. The last signal was a sell 2 period(s) ago.

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 40 period(s) ago.

FOREX BTC= closed down -210.540 at 16,093.760. Volume was 46% below average (neutral) and Bollinger Bands were 109% wider than normal.

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

FOREX BTC= is currently 49.0% above its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods.

Our volume indicators reflect moderate flows of volume into BTC= (mildly bullish). Our trend forecasting oscillators are currently bullish on BTC= and have had this outlook for the last 50 periods.

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Meme cryptocurrency dogecoin (DOGE) has soared in January 2021, demonstrating the power of investor sentiment in financial markets.

2021 has been a year full of surprises for the world of finance. Between GameStop soaring 1,400% in January and bitcoin (BTC) reaching new all-time highs, dogecoin is now seeing increased participation from retail investors.

Over the past month or so, the cryptocurrency has witnessed stellar price growth outperforming nearly every other asset in the market.

At the end of December 2020, dogecoin was trading for a mere $0.004. Only a month later, each token is trading for around $0.08. That represents a nearly 2,000% appreciation, which is pretty much unheard of even in volatile crypto markets.

Dogecoin’s buying pressure has become too big to ignore, with daily trading volumes routinely peaking above $10 billion as well.

So how did dogecoin go from being a meme currency to dominating the news cycle alongside bitcoin and ethereum (ETH)? Will this particular cryptocurrency continue to see skyrocketing valuations throughout 2021?

Launched in 2013, dogecoin got its name from the then-popular “doge” meme involving images of a Shiba Inu. This is also why the official mascot and logo of the digital currency prominently feature the Japanese dog.

The biggest criticism of dogecoin has always been that it follows an inflationary policy. Traditional cryptocurrencies such as bitcoin have a fixed supply preventing inflation commonly seen in fiat currencies. For context, the supply of dogecoin is infinite, while there will only ever be 21 million BTC in total.

Dogecoin already has approximately 128 billion coins in circulation, with more expected to flow in over time. This is also why the cryptocurrency’s market capitalization is in the billions despite its low, sub-$1 price point.

Dogecoin’s recent price movements aside, its community has gone a long way towards making the token usable as a currency.

Back when bitcoin was released in 2009, crypto enthusiasts envisioned a future where money would be decentralized. By decoupling wealth from the state apparatus, Satoshi Nakamoto hoped to steer the world away from yet another economic crisis.

Over a decade later, and bitcoin has strayed away from its founding goal of serving as a peer-to-peer (P2P) transfer of value. These days, the asset is mostly regarded as an excellent store of value. The institutions that bitcoin sought to overthrow are now investing in it — as a hedge against fiat currencies such as the United States dollar.

Dogecoin, on the other hand, is still an asset that can be used to complete user and merchant transactions. Even better, dogecoin can do that for cheap, while cryptocurrencies such as BTC and ETH now have exorbitant fees.

In other words, DOGE has gone from being a satirical take on finance to an actual, usable cryptocurrency.

According to Cryptwerk, over a thousand merchants already accept payments in dogecoin for various goods and services. In contrast, around 6,000 merchants are known to accept payments in bitcoin. Still, dogecoin’s rise from a meme currency to one of utility is proof that anything is possible with a coordinated community.

Most of dogecoin’s recent success comes at the behest of individual investors. This is unlike more mainstream cryptocurrencies, which have attracted significant investments from Wall Street traders and institutions. Bitcoin and ethereum, for instance, have seen inflows worth billions of dollars from entities such as Grayscale and Galaxy Digital.

Indeed, retail investors banding together is a phenomenon that appears to be increasingly commonplace. In January 2021, share prices of video game retailer GameStop surged by 400% amidst calls for a short squeeze.

The GameStop situation was a unique scenario wherein large hedge funds had shorted the stock to oblivion. By betting against the company, these funds expected to make money as share prices fell.

Once Reddit’s r/WallStreetBets (WSB) community got wind of the situation, its users began aggressively buying up all available shares. This pushed GameStop’s stock price upwards, forcing hedge funds and traditional finance firms to swallow an unprecedented loss.

The WSB community caught the attention (and ire) of almost every entity operating on Wall Street. Mainstream media was rife with stories about how a bunch of Reddit investors were beating billionaires at their own game. Slowly but steadily, the community’s sentiment managed to propel GameStop’s stock to an all-time high price of $483.

Over the course of a single month, r/WallStreetBets gained six million readers, totaling a staggering eight million.

Even though dogecoin does not carry significant short interest capital, many retail investors are hoping for a similar success story as GameStop. Armed with nothing more than positive sentiment, the dogecoin community claims it is ready to shed the “meme coin” moniker.

r/SatoshiStreetBets, a subreddit pitched as the crypto equivalent of r/WallStreetBets, has amassed over 300,000 subscribers. Throughout January 2021, the vast majority of discussions within that community involved dogecoin in one way or another. For proof of their conviction and loyalty to dogecoin, look no further than some of the most popular content on the subreddit.

One user loudly proclaimed:

“It [Doge] will become the currency of the internet.”

The post continued:

“You need to understand that DOGE coin is not a joke anymore, and it has a great future and is currently backed by the biggest influencers. If bitcoin becomes an alternative for gold as a way to store money, DOGE could become the internet currency by excellence!”

The post went on to garner over 1,300 upvotes, at the time of writing.

While WallStreetBets exploded in popularity only recently, dogecoin has been steadily gaining momentum for several months, if not years. With DOGE, users have an established platform that can be used for good and create an economy free of central banks and hedge funds. Even though WSB has attracted millions, the community does not have the tools necessary to create a decentralized economy.

Creating a cryptocurrency is no tall ordeal — after all, there are now over 8,000 of them on the market. Maintaining one and generating enough hype to be a top ten digital currency by market cap, on the other hand, is a feat only dogecoin has achieved. Starting from scratch is not an option for WSB, which is perhaps why many have chosen DOGE as their preferred asset.

Whether or not dogecoin enables wider crypto adoption, it has already succeeded in bringing public attention to the cryptocurrency market. In fact, the community has managed to hold its own for several years now.

In 2014, for instance, a Reddit user successfully managed to convince the dogecoin community to sponsor a NASCAR race car. Through a Reddit-wide fundraiser amounting to over $50,000, racer #98 at Talladega in Alabama was eventually sponsored by Dogecoin. Over 65 million dogecoins were donated within the first week of the fundraiser — equivalent to around $4.2 million, at the time of writing.

Another time, the dogecoin community organized a fundraiser aimed at providing service dogs to special needs children. This Doge4Kids campaign reached its 20 million DOGE goal by September 2015.

In yet another instance of community service, the Dogecoin Foundation raised $50,000 to build two wells in Kenya. The African country was suffering from a severe drought and multi-year water crisis, at the time.

Thanks to its highly approachable premise and philanthropic efforts, dogecoin has grown in popularity as a people’s cryptocurrency. Indeed, the cryptocurrency community has always pushed for democratization of wealth. What remains to be seen, however, is if dogecoin can fulfill the condition of sound money.

So far this year, dogecoin has experienced far greater volatility than any other cryptocurrency. Even then, most long-term DOGE holders are looking at a net gain as long as their entry point was in 2020 or prior.

An important factor to consider is the fact that dogecoin’s recent price action was not motivated by a singular Reddit group alone. Elon Musk, of Tesla and SpaceX fame, has taken a newfound interest in dogecoin.

Musk’s barrage of dogecoin-related tweets began in late 2020. On Dec. 20, 2020, he simply tweeted, “One word: Doge.” These three words were enough to spark a 40% price bump for the cryptocurrency.

In a later statement on Jan. 31, Musk acknowledged that some of his past dogecoin comments were made in jest. Nevertheless, he continued:

“The most entertaining outcome and the most ironic outcome would be that dogecoin becomes the currency of Earth in the future.”

By Feb. 6, 2021, Musk was back at it. He encouraged his Twitter followers to vote for “The future currency of Earth.” The only two options were “Dogecoin to the Moooonn” and “All other crypto combined.”

Musk is not the only high profile billionaire that has spoken favorably about dogecoin of late. Mark Cuban, famed tech entrepreneur, said that he would pick dogecoin over a lottery ticket.

Then, on Feb. 7, rap artist Snoop Dogg tweeted out an image of dogecoin’s mascot with the caption “Snoop Doge.” The rapper also tagged Musk, reaching millions of Twitter users between the two accounts. This event was enough stimulus to pump dogecoin to a new all-time high of $0.0872.

Snoop Dogg’s tweet was also enough to propel dogecoin to the list of the top ten cryptocurrencies by market capitalization. With a valuation of over $10 billion, the token briefly became more valuable than litecoin (LTC) and bitcoin cash (BCH).

CoinMarketCap, a cryptocurrency price aggregation platform, also joined in on the dogecoin humor. The website now prominently features dogecoin’s price and recent movements at the top instead of a more typical market-wide summary.

Then, Tesla revealed that it had been silently scooping up bitcoin throughout January 2021. With a portfolio amounting to a whooping $1.5 billion, Tesla’s stake in the world’s largest cryptocurrency sparked a new rally for the entire market. Bitcoin’s price rose by 22% over 12 hours, peaking at $47,500 — a new all-time high.

Unfortunately for dogecoin investors though, Tesla did not purchase any cryptocurrency other than bitcoin. Nevertheless, news of the company embracing the asset class sent dogecoin prices soaring as well — allowing it to breach the $0.085 price point again. A few hours later, Musk was back on Twitter — this time, to post an “instructional video” on dogecoin.

On Feb. 10, however, Musk confirmed his DOGE purchase, though how much he has bought remains unclear.

With support for dogecoin pouring in from all facets of the world, it appears to be only a matter of time before the community realizes its target of $0.1 per DOGE. Still, for many within the dogecoin community, this will not be a victory. To them, the cryptocurrency is worth much more than its price alone.

On Feb. 8, dogecoin creator Billy Markus, published an open letter on Reddit denouncing the recent mania surrounding the coin. He stated:

“People are talking about dogecoin going to $1 — that would make the ‘market cap’ larger than actual companies that provide services to millions, such as Boeing, Starbucks, American Express, IBM. Does dogecoin deserve that? That is not something I can comprehend, let alone answer,”.

Two years after creating dogecoin, Markus quit working on the project in 2015. He claims to have liquidated his entire dogecoin holdings at the time, which was only enough to “buy a used Honda Civic.”

Markus somberly concluded:

“Joy, kindness, learning, giving, empathy, fun, community, inspiration, creativity, generosity, silliness, absurdity. These types of things are what makes dogecoin worthwhile to me. If the community embodies these things, that’s True Value,”

Rahul Nambiampurath is an India-based Digital Marketer who got attracted to Bitcoin and the blockchain in 2014. Ever since, he's been an active member of the community. He has a Masters degree in Finance. <a href="mailto:editorinchief@beincrypto.com">Email me!</a>

In the early months of 2018, the nonprofit Multidisciplinary Association for Psychedelic Studies (MAPS) was still millions of dollars short of raising the funds needed to complete Phase III of the clinical trials needed to gain FDA approval for MDMA-assisted therapy. Unexpectedly, the money came to MAPS through cryptocurrency. An anonymous person using the name Pine created the Pineapple Fund, a philanthropic project that has made donations in the form of Bitcoin cryptocurrency to 60 charities. Pine donated $5 million dollars worth of Bitcoin to MAPS, which allowed their MDMA research to continue.

In a 2018 MAPS Bulletin, Pine said that he suffers severely from bipolar disorder. In his quest to ease the pain in his life, Pine says he came across ketamine therapy. Just one experience with ketamine made his life more manageable. Under the influence of a ketamine treatment, Pine decided to donate a portion of his Bitcoin. Later, he discovered the work of MAPS and their MDMA research and decided to transfer some of his cryptocurrency to support their work. 

The Pineapple Fund’s contribution to psychedelic research is just one example of how psychedelic and cryptocurrency communities overlap. Out of this intersection emerged the CryptoPsychedelic Summit, a conference that took place in Tulum, Mexico in February 2018. Leaders in the fields of both psychedelics and cryptocurrencies converged to present their ideas on the symbiosis of these movements. Participants examined how psychedelics encourage us to expand our definition of how healing takes place, while cryptocurrencies allow us to question money and how financial systems work.

Bitcoin is an open source peer-to-peer cryptocurrency system with no central organization. The first major users of Bitcoin were black markets such as Silk Road, which was known as a platform for selling illegal substances. Since the original Bitcoin code was developed in 2008, a growing number of companies have emerged to provide services to Bitcoin users in above ground economies, such as Bitcoin wallets that allow users to store cryptocurrencies. Some who work for these companies have been outspoken about the connections between Bitcoin and psychedelics. 

Sterlin Lujan, former Communications Ambassador for Bitcoin.com, which has developed a Bitcoin wallet, talked at the CryptoPsychedelic Summit about a life-defining transformative experience that psychedelics catalyzed for him. In 2009 he was involved in the rave scene and an MDMA experience catalyzed “what the Zen Buddhists refer to as an experience of satori,” says Lujan. “I was completely shaken to my core by MDMA because it allowed me to look at myself from a birds-eye perspective.” 

Months later, Lujan was arrested for selling MDMA. The experience empowered him to become an activist focused on expanding social freedom. While delving into Libertarian culture, he became aware of Bitcoin and cryptocurrencies. “Blockchain technology, cryptocurrency in general, this trend towards decentralization is extremely important, because in my opinion, the greatest impediment to healing and health and wellness are these government bureaucrats,” said Lujan at the summit. 

On February 7, 2021, three years after the CryptoPsychedelic Summit, Psychedelic Seminars and Tam Integration kicked off a three-part CryptoPsychedelic Flashback series. At this online event, the groups began releasing videos from the original 2018 Summit and bringing back panelists for live roundtable discussions to reflect on how psychedelics and cryptocurrencies have evolved in the last three years. 

“The things preventing both of these movements … from reaching maximum potential is the social-political limitations that are external and generated by the people within them because of a lack of imagination… or a lack of full-spectrum consciousness,” said Ismail Ali, Policy and Advocacy Counsel at MAPS, during the first event of the CryptoPsychedelic Flashback. 

Matt McKibbin, a cofounder of the CryptoPsychedelic Summit, is founder of Decentranet, an investment and advisory firm specializing in blockchain technology, which is central to cryptocurrencies. McKibbin said during the 2018 event that he believes psychedelics and blockchain are very intertwined. He also thinks that blockchain technology and cryptocurrencies could be used as a new way to fund and direct resources to psychedelics which have great potential to positively impact humanity and provide effective healing from trauma.

“Over the last six years I think there are a lot of people that can think outside the box because of psychedelics and thinking about new systems of money and new systems of governance and how we build incentive structures and things you can’t be thinking inside the box about,” said McKibbin. “You can’t be saying, ‘I am going to design you a new system,’ and yet be using the same tools and structures of the old system.” 

The Blockchain Council defines blockchain technology as “a peer-to-peer decentralized distributed ledger technology that makes the records of any digital asset transparent and unchangeable and works without involving any third-party intermediary.” The Council and other advocates of blockchain assert that the technology has a capability to reduce the risks of financial transactions and possible fraud in a way that scales. 

Merete Christiansen, Associate Director of Development at MAPS, said at the CryptoPsychedelic Summit that she believes blockchain technology can help support the integration of psychedelics into society. “Blockchain technology has the potential to help us in the regulation and control of substances so that we don’t have to have a central governing body doing that,” said Christiansen, who says it would allow users to see the supply chain and control of custody of these substances. “We can use the technology possibly to help us guarantee the purity and quality of a substance. We can use it to help verify the qualification of the people who are administering treatment, whether it’s a peer review system or whatever else it may be.”

Mike Margolies, co-founder of the CryptoPsychedelic Summit and founder of Psychedelic Seminars, who also reports for Lucid News, also notes parallels between blockchain and psychedelics. “The decentralized networks created by blockchain are interestingly analogous to the way researchers have described psychedelics as decentralizing the brain,” says Margolies. 

Neuroscientists such as Robin Carhart-Harris believe that psychedelics disengage the default mode network in the brain, the neurological representation for our experience of a central self. Carhart-Harris told the NPR radio show Science Friday in 2018 that, “As the brain develops and we develop and mature, our thinking becomes more sophisticated, more specialized, more analytical. And all the systems start to parcellate off and specialize. What happens on psychedelics is that there’s a kind of de-specialization in a way, and the brain sort of operates in this more sort of rudimentary, freer, more hyper-associative and plastic kind of way.”

According to researchers, subsystems within the default mode network appear to be over-developed in people with severe depression and anxiety. Some neuroscientists believe that the dissolution of the default mode network, correlated with the hyper-analytical and more repressive part of the self, allows more information to arise from different systems within the brain and encourages creation of new neural networks. In a similar way, blockchain, as a decentralized system, encourages the creation of new financial structures. According to The Harvard Business Review, “The blockchain will do to the financial system what the internet did to the media.”

Liana Sananda Gillooly, Development Officer at MAPS, expanded on the similarities between blockchain and psychedelics at the CryptoPsychedelic Summit. “There’s something extremely psychedelic about the way in which the blockchain works,” said Gillooly. “It’s borderless. It’s virtual. It’s decentralized. It’s distributed trust. It’s all of these things that we find in the psychedelic experience naturally.”

As the sociologist Jeremy Rifkin points out in his book Empathic Civilization: The Race to Global Consciousness in a World in Crisis, the structures of historical societies depend on the technology of their time. As a response to the 2007–2008 economic crisis, blockchain emerged as a potential way to reorganize informational and economics systems. “Blockchain could represent the very first time that human society has a system for creating an unbroken historical record,” writes Michael Casey and Paul Vigna, former and present writers at The Wall Street Journal, in their 2018 book The Truth Machine: The Blockchain and the Future of Everything. “… blockchain is seen as capable of supplanting our outdated, centralized model of trust management, which goes to the heart of how societies and economies function… The broad idea is that by deferring the management of trust to a decentralized network guided by a common protocol instead of relying upon a trusted intermediary, and by introducing new, digital forms of money, tokens, and assets, we can change the very nature of social organization.”

The European Business Review notes five advantages cryptocurrencies have over fiat currency including low storage and transfer costs, support for small transactions, global reach, and strong barriers to government interference and the ability to falsify. As there will never be more than 21 million Bitcoins in existence, supporters say this cryptocurrency cannot be used to support a debt driven financial system. Bitcoin won’t solve all problems with current financial systems. Unlike banks or credit card companies, there is also no easy way to reverse a Bitcoin purchase. Because Bitcoin is being used as a store of value, like a savings account, it may encourage hoarding of wealth instead of currency circulation. Cryptocurrencies other than Bitcoin that are better designed for moving money through economies may better serve day-to-day transactions.

Supporters of blockchain technology have pointed out some of the similarities between blockchain, psychedelics, and structures found in nature. In his article Bitcoin is the Mycelium of Money, entrepreneur Brandon Quittem writes at length about the similarities between fungi and cryptocurrency. One the many commonalities he points to is that fungi and blockchain technologies such as Bitcoin are decentralized intelligence networks. This means that like mycelium, cryptocurrencies have no centralized points of failure. Any individual part can be removed, and the system still survives. Quittem also notes that like mycelium, the structure of blockchain makes cryptocurrencies less fragile than traditional financial systems. 

Quittem likens Bitcoin’s fluctuations in perceived and financial value to that of fungi reproduction. The majority of fungal life exists underground as mycelium and most observers do not see the consistent growth happening behind the scenes. It is only when the conditions are right that a mushroom quickly forms above the ground and spreads its spores before disappearing again from most observers. 

Bitcoin appears to follow a similar pattern. Months go by and for most people, nothing big is happening with cryptocurrencies. Then, relatively quickly, Bitcoin appears to hijack public consciousness as the price quickly mushrooms and the cryptocurrency spreads like spores to a larger environment of adopters. The Bitcoin mushroom may fade, but it has already reached into a larger territory, allowing greater growth and awareness for the next cycle. Quittem points out that as mycelium acts as a resource transport layer and communications network connecting organisms in an ecosystem, blockchain technology provides similar services. He believes that both mycelium and Bitcoin are catalysts of human consciousness and that they evolve through symbiotic relationships that can further evolve entire ecosystems.

Like blockchain and mycelium, the psychedelic movement and culture is decentralized. Psychedelics are boundary dissolving and blockchain dissolves economic borders between nations. There are currently 180 fiat currencies, which largely work only within national regions. Blockchain could potentially help create more resilient and globally interconnected economic systems, supporting more fluent economic communications between markets and nations. 

Like psychedelics, cryptocurrencies may also have a unifying effect dissolving ethnocentric ego-identification between nations and governments. Researchers, including those at the Harvard Business Review, believe that blockchain encourages the distribution of power and information allowing all people to act on the same data. According to Maslow’s Hierarchy of Needs, human beings cannot collectively reach a level of self-actualization and self-transcendence until their basic requirements for resources and safety are widely met. When these needs are met, people might have more freedom to move towards greater expressions of creativity and sense of purpose – and more fully receive the benefits psychedelics can offer. One fundamental problem people encounter on that journey is access to resources. Some researchers and advocates believe that blockchain can be one of our greatest allies in solving this problem.

Psychedelic Seminars and Tam Integration will continue to host the free CryptoPsychedelic Flashback on March 7th and April 11th on Crowdcast where replays of prior segments are also available. 

Image: Nicki Adams

Despite the health crisis that engulfed nearly all parts of the world amid the Covid-19 pandemic, the crypto industry remained still and intact. However, the pandemic dominated the news in 2020 due to its malicious damage across major sectors. The health sector, economy, social justice, politics, cross-border trade were among the highly affected.

Federal governments across many nations imposed lockdowns and curfew to mitigate the spread of the virus and as well offering stimulus package to safeguard their falling economies. Although prevention measures were necessary, those measures raised the rate of global inflation. In that context, the move pushed many traditional investors and institutions to seek an alternate store of value

That is where the cryptocurrency and blockchain sectors thrived. Bitcoin and other top cryptos seemed less affected. Also, the technology stocks helped salvage the failing traditional markets to the benefit of the global economy.

Following the March 11, 2020 dip, BTC started its journey to glory reaching its then record high by the end of the year. Below is a recap of the hot stories that dominated the cryptocurrency and the blockchain world in 2020.

The largest seeded and world’s oldest cryptocurrency attained record highs close to the end of the year. Bitcoin circulating trading cap surpassed $500B moving higher above top-seeded investment platforms like VISA and Berkshire Hathaway. However, Bitcoin price neared the $30,000 mark before the year ends.

Since then, Bitcoin has exploded higher reaching highs of just under $38,500 as of January 7, 2021 and its market cap is hovering above $680 billion. If it continues with this momentum, it will soon overtake Tesla and Facebook in the market capitalization charts heading towards $1 trillion.

The year 2020 was different compared to pre-rally in 2017. In December 2017, Asian traders joining the crypto industry pushed Bitcoin to record an all-time high of $19,850. Nonetheless, the Year 2020 thing was different as many bitcoin l“whales” and institutions flocked to the industry to accumulate more holdings.

In a crypto review done by the New York Times, many mature investors were continuously purchasing increments of Bitcoin and often holding it off-chain for long-term investment. The New York Times cited:

“We’re seeing fresh stories about institutional crypto adoption almost a daily basis at this point.”

Brandon Mintz, Bitcoin Depot CEO, in mid-December hinted that MicroStrategy, Square, Paul Tudor Jones, MassMutual, PayPal, Guggenheim Investors, and several insurance company were among those purchasing BTC in 2020. Brandon said:

“We are being driven by corporations and billionaires now not just retailers.”

The amount locked in decentralized finance (DeFi) soared nearly four times by the end of the year 2020. The co-founder of Smart Economy Network, Da Hongfe, stated that last year was unequivocally the year of DeFi which somewhat was true. Da Hongfe highlighted:

“2020 was unequivocally the year of decentralized finance”

According to data compiled by DeFi Pulse, the amount of locked-in decentralized finance surged threefold to almost $15 Billion on December 30, compared with only $658 million at the beginning of the year.

In that context, a new term “yield farming “entered the crypto lexicon. interestingly, in return for staking BTC or Ether(ETH) as collateral with DeFi firm, participants were set to get a governance token that lets the holder debate or vote in matters connected to protocol change.

Nevertheless, the ownership of governance tokens became increasingly lucrative in 2020. In June 2020, Compound (COMP) was launched and issued in the market. COMP surged in value from $61 at its launch to $382 on June 21 following endorsement by United States-based crypto exchange, Coinbase. COMP closed the year at $148 on December 31, 2020.

According to one professor at the Stevens Institute of Technology, Giuseppe Ateniese, Decentralized Finance stood as a “game-changer”. He said:

“with decentralized finance, there’s no human in the loop, no server, no organization. There’s no bias”

Unlike the traditional bank car loan, where the borrower defaults, the bank goes to seek for the car repossession, he explained:

“With the DeFi, assets are digital and locked/committed through smart contracts. If you don’t pay the loan back, the digital asset that was used as collateral is taken, and there is nothing I can do about it”

PayPal’s participation in the crypto space attracted a huge positive sentiment that has dominated the sector ever since. It took Bitcoin 12 years to gain 100 million users. Interestingly, in a single month, the network added a potential 300 million users after PayPal announced its partnership. PayPal announced that it would allow its users to buy, sell and hold Bitcoin, Ether, Bitcoin Cash (BCH|), and Litecoin (LTC).

In November 2020, Pantera Capital also announced that the impact from the partnership between PayPal and crypto was evident within weeks. Pantera updated:

“Within four weeks of going live, PayPal is already buying almost 70% of the new supply of Bitcoins”

Later, in the following month, Pantera hinted that PayPal had maximized its buy option by more than 100%. Pantera updated:

“within two months of going live, PayPal is already buying more than 100% of the new supply of Bitcoins.”

Bitcoin halving is fairly important. Since its development, the BTC halving was designed to limit the issuance rate of new coins to mitigate inflation in the Bitcoin market. Notably, Bitcoin is capped at 21 million units that are released gradually and their supply rare is halved roughly after every four years.

The analogous of a company telling its employees that it will issue a 50% pay cut is a perfect example of Bitcoin halving. The incentives given to network validators “miners” are sliced by half.

May 2020 saw the halving event that reduced miner’s incentives from 12.5 BTC to 6. 25 BTC. In that incident, the halving came and went causing no impact on the miners or collapse in the network’s computing power “hash rate” as many had feared. But, seven months down the line, Bitcoin was selling at almost three times higher compared to its pre-halving level of $8,566 recorded on May 11.

After the DeFi industry became more competitive, Central banks thought of challenging the DeFi ecosystem. The race to issue the first central bank digital currency moved closer to resolution in 2020. In August 2020, China announced the trial run of its digital Yuan in four city hubs; Shanghai, Beijing, Guangzhou, and Shenzhen. The test was conducted with the participation of 400 million people which translates to 30% of the country’s population.

Although many expected China’s digital currency electronic payments project would soon achieve full rollout, disagreements came up surrounding its significance. But, many feared that the Yuan could not challenge the United States dollar as the world’s reserve currency, according to financial times. The publication highlighted:

“China rapid development of central bank digital currency has the potential to upset global monetary order”

According to United States Federal Reserve chief, Jerome Powell, the rush to launch a central bank digital currency (CBDC) was irresponsible since matters such as cyber-attacks and fraud prevention were not prioritized.

However, if China will not have the world’s first CBDC, the distinction belongs to the Bahamas, an island that made history in October 20 with its digital currency built on blockchain platform and it is known as the Sand Dollar.

In 2020, the number of corporations and institutional investors joining the crypto space was at hype. The biggest independent publicly-traded intelligence company, MicroStrategy, led the institutional investment brigade. In August 2020, MicroStrategy had accumulated $250 million worth of bitcoin.

Amid the Covid-19 pandemic, a majority of the investors found refuge in Bitcoin as a dependable store of value. Furthermore, the increasing government stimulus measures undertaken to combat the economic impact of the Covid-19 health crisis was at a high. These efforts were expected to harm the value of fiat currencies according to Michael Saylor, the MicroStrategy CEO. He commented:

“Significant depreciating effect on the long-term real value of fiat currencies and many other conventional asset types, including those traditionally held as part of corporate treasury operations”

Michael further gained the confidence to endorse Bitcoin as a dependable store of value. He added:

“In this new world, Bitcoin is a dependable store of value, with more long term appreciation potential than holding cash”

MicroStrategy continued to acquire more Bitcoin. The company raised $650 million through the sale of convertible notes to buy more Bitcoin. In December 2020, MicroStrategy had a cumulative of 70,470 BTC, purchased at $15,964 per Bitcoin on average. The move attracted some attention to the Wall Street Journal. The mainstream publication wrote:

“Is this a publicly-traded company or it’s a hedge fund?”

In December 2020, Coinbase crypto exchange announced its ambitious bid to become the first crypto-native corporation to be listed on a major U.S stock exchange through an in initial public offering (IPO).

According to the research firm Messari, if Coinbase manages to get listed, the 35-million customers’ company value could be $28 billion. St. Gotthard Fund Management AG, the director and co-founder of Swiss wealth management firm, endorsed the Coinbase bid. He said:

“It’s a massive event because the IPO will provide the marker in terms of how markets are ready to value such companies.”

Notably, this IPO is a milestone for the crypto industry. In that context, it was far from clear, whether the United States Securities and Exchange Commission (SEC) would have signed off the arrangement. Coinbase stirred controversy somewhat in 2020 by discouraging its employee from political activism in the workplace which was at a peak.

In November 2020, the New York Times reported that some Coinbase black employees had voiced their worries about discriminatory treatment. Others noted that the exchange was still plagued by untimely service outages during the times of price volatility.

John Griffin, a professor at the University of Texas Finance cited that, the IPO announcement was a major event. He stated:

“showing that the path of Coinbase ton work within the regulatory process is an economically profitable one.”

Earlier, Telegram Group Inc. has sought to build a decentralized blockchain platform along the design of Bitcoin and Ethereum. According to Pavel Durov, the founder and CEO of the open-source encrypted messenger service firm, this project was set to be widely superior to bitcoin and Ethereum in matters related to speed and scalability.

Telegram had 300 million users globally but failed to overcome the resistance from the SEC and abandoned its project TON (Telegram Open Network) in May 2020. Although that project was well-strategized, with the Dubai-based firm raising around $1.7 billion to launch “Gram token”, the SEC deemed the coin as an unregistered security and moved to stop their distribution in the United States and anywhere else around the world.

After the SEC rejected that project, Durov seemed to console himself. He stated:

“We are still dependent on the United States when it comes to finance and technology, but this may change in the future. But today, we are in a vicious circle: you can’t bring more balance to an overly centralized world exactly because it’s so centralized.”

Telegram attracted participation from several prominent investors, including blue-chip venture capital firm Kleiner Perkins and Sequoia Capital.

In 2020, High profile billionaire, Paul Tudor Jones endorsed Bitcoin. His move came after the COVID-19 Pandemic-related stimulus efforts attracted worries among most of the investors.

While the federal government was seeking ways to safeguard their plunging economies, high-profile billionaires pledged to invest in cryptos and gave the nascent space a fresh view as an alternate store of value.

In May 2020, prominent billionaire Paul Tudor hinted that a portion of his asset portfolio was invested in Bitcoin. Bitwise Asset Management revealed that the endorsement of a celebrated investor like Jones who predicted a stock market crash in 1987 paved the way for mainstream investors and institutions to join the crypto sector. Bitwise representative, David Lawant said:

“Making the Case for Bitcoin as his preferred hedge against what Jones calls ‘the great monetary inflation’ has significantly reduced ‘career risk ‘for many of his peers considering an allocation to Bitcoin.”

The Wall Street Journal also published:

“The (Bitcoin) rally has attracted a wide cast of characters, from the Wall Street billionaires Paul Tudor Jones and Stanley Druckenmiller to momentum investors who aim to ride winning assets higher and losing markers lower. Their participation, in turn, has fueled more buying.”

Earlier in December 2020, Ripple engaged in a lawsuit with SEC after denouncing XRP as a security. The XRP was the third-biggest cryptocurrency by market value trailing behind Bitcoin and Ether.

The SEC, led by outgoing chairman Jay Clayton, filed legal action against Ripple and its top-executives. SEC alleged that the XRP coin created by Ripple was created as a security, and the firm raised over $1.3 billion through unregistered, ongoing digital asset securities offering. In that context, three days after the announcement, XRP price plummeted by 41%, and it became unclear whether the San-Francisco-based firm will survive that lawsuit.

On December 27, Ripple’s problems worsened after Coinbase, the largest stock market exchange announced that it would suspend XRP trading. Coinbase claimed that the climate around the coin had become increasingly unbearable. Similarly, on December 27, the largest digital asset management firm Grayscale investments reportedly liquidated more than $9.18 million in XRP.

Nevertheless, Ripple denounced the SEC’s action as “an attack on the entire crypto industry here in the United States “as the firm CEO Brad Garlinghouse stated that he would continue to support Ripple’s customer base in the United States and globally.

The number of corporations and institutional investors seeking an alternate store of value is actively growing. In that connection, the crypto space will continue to shine as it happened in 2020 amid the pandemic.

While the health crisis continues to take a downward trend amid vaccine rollouts in various nations, elsewhere blockchain innovations continue to thrive on several fronts, including decentralized finance and CBDC development.

In the United States, fingers remain crossed on digital token expansion following SEC lawsuit against XRP and Telegram’s TON. Interestingly, the awaited administration transition, including SEC leadership hopefully will bring more regulatory clarity in crypto in 2021.

This week Saifedean Ammous, legendary author of The Bitcoin Standard, and George Gammon, Rebel Capitalist, joined Swan Signal live to discuss gold, central banking, the deval­u­a­tion of curren­cies and how Bitcoin is going to suck value out of every store of value. George and Saifedean connected well and needed nearly no prompting for a lively discus­sion hosted by Brady Swenson, Swan Bitcoin Head of Educa­tion.

Subscribe to the Swan Signal YouTube channel and Swan Signal podcast.

0:00 Intro­duc­tion

1:59 Micros­trategy holds Bitcoin on balance sheet

8:32 Bitcoin vs Gold

15:01 Bitcoin vs Real Estate

21:07 Infla­tion’s conse­quences

29:00 Nation-state responses to Bitcoin

41:01 Histor­ical transi­tions between curren­cies

55:28 Fed Coin as compe­ti­tion

1:02:02 Which country will adopt Bitcoin first?

1:05:43 How will Bitcoin narra­tives change?

1:15:57 Closing thoughts

Brady Swenson:

Welcome to the Swan Signal podcast, a produc­tion of Swan Bitcoin. The best way to accumu­late bitcoin with automatic recur­ring buys at swanbitcoin.com. Swan Signal pairs great guests for compelling discus­sions and this week we have author and educator, Saifedean Ammous and George Gammon, host of The Rebel Capitalist Show. Pairing up great guests is a unique format in the bitcoin content space and has produced some incred­ible content so far. In my opinion, Swan Signal absolutely deserves a spot in your rotation. So subscribe today if you’re not already. Glad you found your way here. Hope you enjoy.

Hello and welcome back to Swan Signal live, a produc­tion of Swan Bitcoin. Swan Signal is a weekly show that pairs up great guests for compelling discus­sions about bitcoin and economics. I’m your host, Brady Swenson, head of educa­tion at Swan. But before we dive in, a quick word about the service we provide here at Swan. We’ve built the best way to accumu­late bitcoin with automatic recur­ring buys. It’s a very simple setup. One, you just connect your bank account to auto fund USD.

Two, we automat­i­cally stack for you. Three, you can set up automatic withdrawals to your wallets. We do all this with very low fees in the industry up to 80% lower than Coinbase, absolutely crushing Coinbase and up to 57% lower than Cash App for automatic recur­ring purchases.

Today, I have some big news for you all. We are launching our Daily Buys beta. We’ve had a huge demand to add Daily Buys to our weekly, bi-monthly, and monthly purchase frequen­cies. So we’re about to roll that out. You can sign up at swanbitcoin.com. Just add your email address, click get started to be added to the beta list or you can DM us on twitter @SwanBitcoin.

We have about 400 out of our thousand Daily Buys beta slots filled up, so get in there. All right. I’m really excited to welcome our guest to the show today. First, we have the inimitable, Saifedean Ammous with us today. He’s author of a staple of the bitcoin canon, of course the Bitcoin Standard and he’s an economics educator researcher. You can find Saif’s work at saifedean.com. Saif, welcome to the show, man.

Saifedean Ammous:

Thank you very much for having me. It’s always fun to join you, Brady.

All right. And we have finance and wealth manage­ment YouTuber, host of The Rebel Capitalist show and investor, George Gammon with us today as well. You can subscribe to George’s channel at youtube.com/georgegammon. Gammon is G‑A-M-M-O‑N. Welcome, George. How’s it going today?

George Gammon:

Doing very well. Thank you very much. I appre­ciate you having me on the show.

I really appre­ciate your time. Okay. Let’s dive in and get started with the big news from yesterday that bitcoin Twitter is a buzz about the news that MicroS­trategy announced that they made a $250 million bitcoin purchase. Black­Rock, the largest asset manager in the world and Vanguard, the largest provider of mutual funds in the world, both hold a signif­i­cant stake in MicroS­trategy. The two of them together hold over 25%.

So it seems likely that they had prior notice of this buy and if so, that means that these two finan­cial behemoths just essen­tially approved a massive bitcoin buy. The MicroS­trategy stock price is up around 15% on the news. So that means I’m sure that other CEOs are taking notice. We’ve also seen in the past few months big macro investors are publicly announcing their bitcoin positions. Paul Tudor Jones, Raoul Pal, Lyn Alden who we had on the show recently.

For instance, Raoul Pal recently tweeted that bitcoin is the future and is wildly under­priced. So George, let’s start with you on this one. What do you think of these devel­op­ments and their impli­ca­tions for bitcoin?

Well, I’d have to go with Lyn Alden. She’s my partner in Rebel Capitalist Pro. So anything she says, I’m definitely going to go along with because she is definitely one of the smartest people I have ever met in my life without excep­tion. But I think the best infor­ma­tion I can give you is just some insider infor­ma­tion right here from St. Barts and I came here maybe three weeks ago because I wanted to find a place in the world where I could just go to the gym or I could go to the beach where things were as close to normal as you could find.

And if your viewers or your listeners have never been to St. Barts, it’s right in the Caribbean. It’s basically like Monaco. So there’s 9,000 people on this little island and it’s extremely affluent. I mean 90% of the people here are in finance. They’re hedge fund managers, they’re invest­ment bankers, they’re straight from Wall Street. This is the group that you were basically just mentioning. And I’ve gone to several social gather­ings, let’s say. And you’re having drinks with the guys just saying, “What do you do?” I’m not going to mention any names, but a lot of the people that I’ve met here, you’d recog­nize from CNBC, you’d recog­nize from Bloomberg.

I would say pretty much every single one of them that I spoke with after a few drinks, we ended up talking about bitcoin. So you can take that for what it’s worth and I don’t really know what’s going on as far as the news. I don’t know what’s going on with this company or Black­Rock, but I do know that every hedge fund manager I’m talking to here in St. Barts after a couple drinks. That’s where the conver­sa­tion goes.

Great. Tell them about my book.

Yeah. It’s a great place to start for sure. It’s widely recom­mended. Saif, what are the impli­ca­tions here for bitcoin. I’ve got a follow-up after this, but I’d like to hear just your initial thoughts.

I think it’s quite signif­i­cant because a lot of people have spent the last few years discussing bitcoin from the perspec­tive of payments and retail adoption, and the idea was when am I going to be able to pay for my coffee or for my McDon­ald’s with bitcoin? The point that I made in my book in the Bitcoin Standard is that bitcoin is not competing with Visa, with Master­cards, with all these payment methods. Bitcoin is not an alter­na­tive to these things. It doesn’t compete with them. It’s orthog­onal to them. You can install all of those things on top of bitcoin.

Bitcoin is competing with the actual assets that are being traded on these networks. It’s competing with the curren­cies, with national curren­cies and with gold as a form of money and as a store of value. I think this devel­op­ment bears it out and of course it’s absolutely massive. It’s $250 million of bitcoin, which is not chump change. I mean, it’s a large company that makes about a half a billion dollars of revenue a year.

It’s a company that has a signif­i­cant cash balance and it has reached the conclu­sion that the best thing for us to do with the signif­i­cant part of our cash balance is to hold some bitcoin. Somebody dug up there, I think it was the investor letter from a few weeks or a few months ago where they had discussed… I’m not sure if it was a confer­ence call or the letter, but they discussed their cash position and they said, “Our outlook on our cash position is becoming negative now because of all the devel­op­ments of the last three months with the coron­avirus lockdowns and so on. They have a negative outlook on their cash position and now we see that they’ve acted upon that and they’ve replaced part of their holdings of US dollar cash with bitcoin and I think a lot of people are going to see the benefit of this.

I think really this is how bitcoin adoption happens. Bitcoin is going to become part of people’s cash balances and if it continues to work, if it continues to operate and it continues to appre­ciate, it’s going to become an increas­ingly signif­i­cant part of other people’s cash balances partic­u­larly as other curren­cies continue to lose value more and more over time. So the phenom­enon I described in my book is that in the long run, value accrues to the hardest money. I think Microsys­tems recog­nizing that, I think is I find it to be very exciting because it’ll be inter­esting to see what happens when more compa­nies really do that.

I mean, if we look at bitcoin’s average perfor­mance over the last 10 years, I think it’s gone up. Last time I ran the numbers, it was maybe 500 or 400% per year on average. So if bitcoin has an average year for bitcoin next year, every company is going to pay atten­tion because this move is likely to end up being more profitable than anything else the company has done. I think that just shows the value propo­si­tion for investing in an alter­na­tive to central banks. The market is telling the world, invest in this central bank alter­na­tive that works well.

Go ahead, George.

I’m sorry. I don’t know the format here, but just to dovetail on that thought, I think going back to the people that I’m speaking with who are the profes­sionals, short term, I think it’s more of a specu­la­tion, and I don’t really see gold as competing with bitcoin or silver just because I see them as two completely separate asset classes. I would never buy bitcoin for the reasons I buy gold and vice versa because gold to me is just an insur­ance policy. It’s not a way to get rich, it’s a way to stay rich. And with bitcoin, it’s a fantastic asymmetric specu­la­tion.

So I just see them as two completely separate things. Now, that said, I think long term what you were saying with your book is really inter­esting because you’re talking about how in the long run every­thing goes into hard curren­cies or hard money like we’ve seen in the past with gold. When you were saying that, it reminded me of Gresham’s law. Brady, if your viewers aren’t familiar with Gresham’s law, it’s basically the bad money chases out good money.

So let’s use an example of Ancient Rome or some society where they used physical gold coins and when they get over indebted, what happens is the presi­dent or king or whomever says, “Okay. We’ll just solve this problem by making these new coins and we’ll just paint them gold. But really, they’re nickel or they’re copper or something like that. They’re trying to pull the wool over your eyes and they issue more and more of this currency, we’ll call it. But everyone knows it’s fake. So the more they issue these curren­cies, the more the real gold coins come out of circu­la­tion because smart people see the value, they see the intrinsic value and they start hoarding all of the real money. It’s Gresham’s law. Over the long-term, I’m not saying it’s happening today, but it could happen with bitcoin. It’s a very inter­esting concept.

Yeah, but I think the nickel coins are nowhere to be found today, but gold coins are still around today. So I think Gresham’s law talks about which coins will be used for legal, commer­cial trans­ac­tions in the country. And the answer is clearly in Venezuela today, every­body wants to spend their Bolivars if they can, but nobody wants to take them. So officially, yes, the bolivar has driven out the US dollars because it is the worst money many, many times over. But in reality, the bolivar continues to drop further and further and further. And any actual real wealth that exists in Venezuela is stored in the US dollar or in bitcoin or in gold.

It’s misin­ter­preted by Keyne­sians to suggest that, “Oh, if it’s an easy money, then it’s just going to win out over the harder money.” Well, no, it’s going to win out because people are just going to get rid of it, but eventu­ally it’s not going to be money very quickly because it’s going to just lose its value quickly and eventu­ally the harder money will remain.

Yeah, I think that’s my point.

Yeah. I think this is effec­tively what’s happening with bitcoin and you’re right that it is in this asymmetric bet now, but it’s an asymmetric bet where the positive upside outcome is that it becomes something like gold. It stops being an asymmetric bet. It becomes just the predom­i­nant monetary asset. We’re at least 100X away from there or maybe 50X away from there or a thousand X away from there. God knows how much more bull run we have to get there. But bitcoin keeps going up. It eats every­thing else. I’m not saying it will happen, but it hasn’t looked like it’s been stoppable over the last 10 years. So we’ll see.

I’m sure you guys have done the math. I’d be curious to know how much the price of bitcoin would have to go up in order for it to be equiv­a­lent to the market value of gold or the market cap of gold.

It’s at about the price of one gold bar like the 12 1⁄2 kilogram, 400 ounce bar. So basically one bitcoin would be worth about 400 ounces of gold.

Yeah. The math I’d like to do is figure out how much gold is in the world right now?

I think it’s about 180, 170,000 tons.

Yeah. How much is that in dollar terms and then figure out how much bitcoin would have to go up to equal that amount?

I think it’s about $10 trillion at this point if I’m running-

Gold is about $10 trillion, yeah because it’s about 180,000 tons and then 1 kilogram is I think around $60,000 or something. I think you multiply these, you end up with around 10 trillion. It’s in that ballpark. So bitcoin is around 200 billion so far.

Yeah. I think that’s your upside.

Exactly. 2% of gold.

That’s not the upside actually. That’s just one way station on one base camp on the real launch because that’s just gold. Right now in a world in which all kinds of other monetary assets are used because gold is not allowed to be in a free market. If we could have a free market of money, I believe gold would win and every­body would be using more of the instru­ments back for gold.

In that case, probably gold would be worth a lot more than what it is today because we would have all these national curren­cies. So there’s also that. So gold and then there’s the national curren­cies. And then there’s the question of how much of the store value market in the world. How much of the finan­cial markets in the world and the art market, and the real estate market is actually just store of value demand that could better be repli­cated by just going into bitcoin.

How many people are just buying houses and real estate invest­ments not because they want to own houses, but because they want to store their wealth. So you think that could lead to poten­tially more stuff for bitcoin to eat as it rises.

Another fantastic point. I do a lot of business in South America, and I’ve been doing so since, call it 2014. And for the Ameri­cans or people in more devel­oped economies, they might not get this. But in South America, I mean I’m going to call it almost 100% of the popula­tion stores their wealth in real estate. That’s just what you do. I mean, when I was in Ecuador, even the poor people in the fishing villages, if they earned an extra even hundred thousand dollars, what they do is they just build another 10 or 20 square feet on their house and they just keep building, and building, and building, and building.

And the same thing in Medellin, Colombia where I’ve been doing real estate since 2015. I would say and I had the numbers for this, but almost like 90% of the apart­ments that are owned there are owned just outright. There’s no mortgage on them, because people really don’t have savings accounts there. Their currency hasn’t been a store of value at all. It’s lost a lot more than the dollar a lot faster. So for them, their house, their apart­ment, their property, their FINCA, it’s a store of value. It’s their savings account. So I think you just hit the nail on the head there, very inter­esting point.

Yeah. I think in my book, I argue basically bitcoin is the most advanced technology for saving that we’ve ever invented because it’s strictly scarce. Gold was the most advanced because gold by nature of its chemistry can never increase it more than 1 or 2% per year, but bitcoin is even more advanced because in a few years, it’s going to go below gold’s growth rate and eventu­ally drops to zero. So it’s the one thing, one liquid asset that we have in the world that is strictly scarce. There’s never going to be more than 21 million. That’s it.

When you think about it this way, there’s no better thing in which if you want to store value in the future, this offers, in my mind, the expla­na­tion for why we’ve seen so much gains in bitcoin and I think as long as this continues, the case is arguably very strong that this is quite useful as a store of value simply because nobody can make more of it. We’ve had 10 years, 11 years of this thing running and nobody managed to find a way of making one bitcoin more than what should be made in the schedule by this block height. And I think that’s an aston­ishing inven­tion really.

Just thinking about it, it’s almost… Robert Breedlove on Twitter compares this to the inven­tion of zero. It’s a mental construct. Once we’ve invented… It changes the way that we can do math just by thinking of zero and in a sense inventing this first strictly scarce asset just changes the way that we deal with scarcity and with storing value and with saving for the future. It’s an aston­ishing idea.

I would even take it a step further and that I don’t even think it’s a fixed number of bitcoin. I think it’s a decreasing number. These human beings are always going to lose them. That may be a crude way of looking at it, but there might be more than one billion, but sure next year, there’s going to be maybe 20.5 and as the years go on, you lose more, and more, and more of them. So it’s a scarce asset as is that becomes more and more scarce just because us, clumsy human beings are just going to lose our thumb drive or who knows what we’ll do.

We call those donations, George.

It’s philan­thropy. Defla­tionary philan­thropy.

So Saif, I want to circle back to this idea of monetary premiums in other assets especially real estate. So how much do you think that the monetary premiums in these actually hard assets drives wealth inequality or inequality of access to these assets that are needed?

I think it’s quite signif­i­cant because it makes the market for people who are looking for homes. It’s not just young people who are looking to leave their parents home and start their own family and have their own home. On top of that, you have people who already have a house, but are looking for a savings account that can’t be confis­cated through capital controls and infla­tion by their govern­ment. The people in Latin America instead of putting money in a bank account or a stock market or something, some advanced technology for saving like bitcoin, they end up having to buy a new apart­ment.

So you see this all over the world so many apart­ments are empty or are owned by people that are renting them out. It’s increased demand. Most people have no business specu­lating in the real estate business. This should be something that is provided by profes­sionals who have exper­tise in this business. If you’re a doctor, you’re not providing any value to the real estate business by investing in real estate proper­ties. In a healthy finan­cial system, what you’re looking for in terms of savings, you would keep in a decent saving vehicle like gold or bitcoin.

Then what you’re looking to invest, you’d invest in things in which you have, some kind of specific edge that allows you to under­stand probably your own business. You’d open your own clinic, your own practice or some business that you have some exper­tise with. But I think this notion that every­body needs to be a real estate specu­lator just so that they can retire is in my mind massive ineffi­ciency in the housing market. I think we’d have cheaper houses avail­able for people if it was just the people who… If the people bidding for houses were only the people who were looking for houses to live in, to buy. And if credit for housing wasn’t so easy to get, houses would be far cheaper.

I mean, I think that’s a huge point that I hope everyone just under­stands and I would take it and say all finan­cial assets. Let’s take it back to 1930 and if you look at a chart of infla­tion from 1930 to today, you see that every single year, it’s just pretty much going up. We’ve got a few years it just goes down a fraction. It might stay the same, but it’s just up, up, up, up. Take it prior to 1930 and you see that infla­tion and defla­tion was more like a heart­beat. It would go up, it would go down, it go up, it would go down and most of the time it stayed pretty consis­tent.

If you look at the 1800s as an example, the late 1800s, we had about 3% defla­tion per year. So the price of goods and services were going down. Now most people especially Keyne­sians would have a heart attack and say, “Oh my gosh, that must have been the most horrible time in history.” But it wasn’t. We had nominal GDP growth and we had nominal wages increase. We also had about 4% nominal rates. So you could put your money in a bank back then and you could get a 7% real return. So you didn’t need to specu­late on real estate or in the stock market or in bonds.

But now that we have a two or 3% per year infla­tion, I would argue that it’s higher going back to 1980. You don’t have a choice. The average Joe and Jane, whether they know it consciously or subcon­sciously, they realize that if they keep their money in the bank, they’re never going to be able to retire. The way that you get ahead is you buy a home or you take and you put as much money as you possibly can in your 401k to go in the stock market and then maybe, just maybe you’ll have enough money to retire.

But if you think about it, that’s because we have lived in a state of infla­tion where those currency units are losing value every single day. If they were gaining in value every single day, it’s the complete opposite. I would go so far as to say it would not only alleviate the misal­lo­ca­tion of resources through just pure specu­la­tion of the overall economy, but it would make society so much better because people… Just as an example, a McDon­ald’s worker. Let’s say they’re making $1,500 a month. Their expenses are $1,500 a month.

If you take and run that math over 20 years at 3% defla­tion and a 1% raise in their nominal wages, at the end of the 20 years, they’re making $1,800 a month doing the same job flipping burgers. If they don’t get a raise, if they don’t get a promo­tion. And you say, “George, that’s only a 300 raise over 20 years.” Right, but their expenses have gone from $1,500 down to $800.

So now they have a thousand dollar delta right there and they have a thousand dollars every single month of dispos­able income. They’ve gotten richer just as a result of letting the free market do its job, create goods and services at lower and lower prices.

Absolutely. That’s all music to my ears. People don’t get the idea that economics is not a rat race. Economics is we produce stuff and then that makes life better for us. And really by burning the value of our money, we’re making it so that every person is constantly watching… The alter­na­tive is that you’re just going to watch your wealth be dissi­pated. So you have no reason to save, you have no reason to think about the future. Your focus is going to be about what can I do with this money right now.

So that destroys the incen­tive for saving. In fact, think about it. With a hard money that appre­ci­ates at 1 or 2 or 3%, children could start getting their birthday gifts in small little sums of money and then they can start watching them appre­ciate over time. From the age of three, five, 10, you start saving and you watch them appre­ci­ating. And it makes sense that you’d work little jobs in the summer as a kid. You do a little bit of work here and there and you could see people actually saving up from their own money with the help of some savings, some work and some defla­tion.

It’s not impos­sible to imagine that any normal person working any kind of menial job given the techno­log­ical capacity of our society today. It’s normal that people should be able to afford normal and decent homes with 24-hour electricity and running hot water. It’s just something that is so cheap to produce given our techno­log­ical capac­i­ties today that really any burger flipper should be able to afford it. If you spend eight hours a day flipping burgers, that’s an extremely valuable thing. You should be able to afford saving up to that after a few years. You should be able to afford to buy a house.

I think it would be something that would be taken for granted in this world. For most of the 19th century, you’re right, people could save. People had that ethic of saving. They had that idea that you put your money aside and you save and you watch it grow. Now, that’s completely replaced with the idea that no, you just continue to spend and all of your life you spend, you spend, you spend and then when you have major expenses, you just take out a loan, and you get into the debt. Then the more income you get, the bigger debt you can take on.

Yeah. It’s ironic that we’ve got the people in the central bank, all these PhDs that see infla­tion as the solution, right? They see it as the solution to every­one’s problems instead of looking at it as the cause of the problem.

If we could just get people to rearrange their thinking and say, “Okay, wait a minute. If all this additional govern­ment spending, let’s say through welfare, this creates infla­tion. It creates additional money supply. Now, whether that comes out in the CPI due to velocity, that’s a whole other story. But you’re increasing the money supply through the debt moneti­za­tion of the fed and let’s say they’re spending it on welfare, that’s the solution that as a society we look to or the govern­ment just has to spend more money, the govern­ment just has to provide health­care or whatever. But if we turned it on its head, so to speak and said, “Well, if we just go back to defla­tion, we don’t need the govern­ment to solve all these problems, which they just make worse, that society could handle it on their own because they’ve got a hard money that stays consis­tent or appre­ci­ates over time.”

Listen, if that’s where bitcoin can take us, then I think everyone should be on board. Philo­soph­i­cally, I don’t think anyone is more aligned with bitcoin than I am whether it pans out, only time will tell, but I think if you under­stand really the ramifi­ca­tions for society at large to have a currency or a store of value, that’s scarce, that’s limited. You almost solve every single problem that we have at least in the devel­oped economies today.

Yeah. A lot of people make fun of bitcoiners because one of the things that we’re always saying is whatever problem there is bitcoin fixes this. But really, if we do manage to put central banks out of business and replace them with a form of software where every­body in the world can have access to a hard money that they could save in, really that’s going to fix an enormous amount of problems all over the world.

It’s all about hard money.

It’s all about hard money whether it’s gold, whether it’s bitcoin, whether you want a price in oil, whatever you want to do. As long as you got that hard money, that’s what it’s all about.

Yeah. But oil is not a hard money.

I’m just saying you use anything you want. I don’t care what you plug into the equation. As long as-

I mean, the reason gold was used is because it is hard, but I think the inter­esting thing about bitcoin is that it gets over the one limita­tion of gold, which is that gold is physical and clunky to move around. Bitcoin is native to the internet so there’s no physical asset to it anywhere. There’s nothing in the world that is a physical manifes­ta­tion of bitcoin that is needed for bitcoin to operate. So it exists purely digitally. So it can travel around the world very fast, very cheap. That’s the really powerful thing about it.

And so far, the past 11 years we don’t really have time to get into the technical details, but judging by results, we’ve had 11 years in which the supply has not been inflated by anybody or corrupted by anybody. That’s the really inter­esting thing.

Yeah. Where do you… I’m sorry, Brady. Do you have another question, Brady? I was going to…

No. Go ahead man. Go ahead. This is great.

How do you guys recon­cile the advance­ment of bitcoin? Let’s say that it triples in values. It quadru­ples in value. So now all of a sudden, it’s a competitor where the govern­ment really sees this as competing with the dollar. And I under­stand that they can’t ban it from a stand­point that it’s decen­tral­ized. I totally get that, but they make it illegal to where the conse­quences of being caught although very few people actually do get caught, but the conse­quences are so extreme that it prevents people from using it or holding it or want to. How do we get around that with bitcoin?

I mean, first of all, there’s no promises and no guaran­tees. So obviously this is a risk that any investor needs to assume and assess on their own. But I would say the… First of all, the fact that trying to pass a ban like this is highly unlikely to succeed. You can see it from the fact that you can still get drugs in pretty much any major city in the world even though drugs are illegal and even though drugs need to be physi­cally produced and processed and trans­ported and sold, and yet you can still secure them.

So bitcoin requires people to just run code on their computers and it can be encrypted. Of course, there’ll always be surveil­lance mecha­nisms, but there are always ways to get around them. It’s a compli­cated cat and mouse game, but I think ultimately it’s very hard to ban it and I think it seems that… At some point, it might even be ridicu­lous that we are discussing this because it’s been 11 years now and some govern­ments have issued recom­men­da­tions against it here and there, but practi­cally we haven’t seen any kind of real crack down on bitcoin.

It’s getting to a point where it’s entering into the mainstream and I think the way that I look at it is that in a sense this isn’t a superior technology and this is a point that I make repeat­edly in my talks. People think about this as if it’s just like a new gimmick, whether they let us adopt it or they won’t let us adopt it. But I think it’s better to think about it as something like dynamite. So when you’ve invented dynamite, govern­ments can make it illegal, but the smarter ones would rather have the dynamite themselves.

I think this is the case with bitcoin. I think the ultimate security of bitcoin rests not on maybe the technical speci­fi­ca­tions, but it rests on the fact that it’s going to be compelling as an economic option for every­body including people in govern­ment. I think we see this increas­ingly. Members of congress are open about the fact that they hold bitcoin and we see more and more finan­cial insti­tu­tions getting into it. It’s more likely that people once they under­stand the impli­ca­tions of bitcoin, it’s more likely that they would want to be on the side of bitcoin rather than fighting it because fighting it is extremely expen­sive and it has an extremely high oppor­tu­nity cost because if you failed, you could have spent all that time and money on securing yourself more of the scarce bitcoin buy.

Inciden­tally, I think the point where I started really paying atten­tion to bitcoin was in 2013 when it didn’t really collapse after the Silk Road incident. After that was shut down and bitcoin continued to operate. Later on, I remember hearing from one of the inves­ti­ga­tors where she I think said something along the lines of, “Once I started learning about bitcoin, my initial intuition was all right, we should just shut this thing down. But then as I dug into it, I thought to myself no, we should use this to identify the drug dealers and to work with them.”

I’ve heard several stories of this both in person to talking to people as well as reading about them. Inter­est­ingly enough, that same inves­ti­gator ended up also working in bitcoin and holding bitcoin, and using it. Now, she works in some bitcoin compa­nies as well. So I think there’s this allure to hard money that I think you clearly obviously under­stand the value propo­si­tion of gold. And in a sense, if you under­stand gold and you see bitcoin as digital gold, it starts to make sense that people don’t want to ban gold. They want to get their hands on it.

So they if they’re banning it, they’re probably taking it away from you so that they would have it rather than banning it because they don’t want to touch it. Because it’s really scarce and if it’s banned, I’d rather have it banned while I possess it rather than take my chances and not own it because I can’t get it back again because of that scarcity.

I see what has happened, let’s just say, since we can go back a long time, but let’s just take recently what has happened 2020 with the the coron­avirus and the fed coming in and doing limit­less quanti­ta­tive easing, commit­ting to a trillion dollars a day and repo. Just taking their balance sheet from under four trillion up to seven trillion. Or war. Bitcoin would prevent them from going into war, which I’m all about. I think everyone would be in favor of that except for the people in politics that gain polit­ical power through going to war and doing all of these, what I would consider nefar­ious things.

But I think that it’s just… If we were to say, “Okay, listen. We want to use this bitcoin that takes away the power of the central bank to increase the money supply and it elimi­nates the warfare state, it elimi­nates the welfare state. I don’t think govern­ments are going to… Or at least the United States govern­ments and the devel­oped economies are going to jump on board with that. But what I do think is inter­esting, if we get to a point where if bitcoin rises in value that much, then my guess is there’s going to be a lot of skepti­cism at that time even more so than today with fiat curren­cies.

One thing that I’ve looked into just recently because of how hard it is to travel right now, and I don’t even want to go into the story of me trying to get from Medellin, Colombia just to St. Barts. I mean it was like a mission impos­sible movie with Tom Cruise. I mean it was just crazy having to get a human­i­tarian flight out of Medellin to Fort Lauderdale. Then in Fort Lauderdale, I couldn’t get a COVID test in time to get to St. Bart’s because every­where in the Caribbean right now, you have to have a negative test that had been taken within three days.

And in Florida, when I was there, the fastest you could get the results was five days. So effec­tively, you’ve got a Berlin wall around Florida right there if you’re trying to get even somewhere like Puerto Rico. So I had to fly from Fort Lauderdale to St. Thomas in the Virgin Islands just to get a COVID test. Get it in 24 hours or 48 hours. Then once I got the test done, then go to Puerto Rico then down to St. Barts on a semi charter flight.

I mean, it was insanity. But my point is I’m like, “Okay. I’m in the process right now of getting my Colom­bian passport to have dual citizen­ship, but I’ve looked into some of these Caribbean islands.” Now, the passports in these islands right now as an example St. Kitts, St. Lucia, the ones that you always hear about that are actually very good passports, they’re a fraction of the price of what they were prior to COVID because all of their revenues are decreasing so they have to lower their prices to compete with other countries that are selling these passports.

So fast forward or go back to what I was saying about bitcoin and the lack of confi­dence in fiat currency, maybe if we have a United States, Japan that takes those draconian measures, because they want to keep the warfare and the welfare state alive and well, and give the the federal reserve the power to create money supply or at least base money supply or M2. Who knows where it goes in the future? But maybe there’ll be other countries that say, “Hey, listen. What we’ll do is we’ll go and we’ll use bitcoin.

Puerto Rico right now with Act 20 and 22. I know a lot of bitcoin guys have gone there for that. So what Puerto Rico is doing, saying, “Hey, guys. Come here and spend your money. We’ll take bitcoin or we’ll lower your taxes. We’ll do whatever needs to be done to encourage you to come here and create jobs, create businesses, do these things.” So maybe if you’re a country that’s an emerging market and you’re saying, “Hey, how do we get out of our debt problem? How do we save our economy? I know what we’ll do. We’ll take bitcoin, guys. Come here. Bring all your money. Bring all your wealth. Bring your human capital. Bring your brain power, your experi­ence. Come here and create a tech industry, create businesses, create jobs. I think that’s where it could go.

Also too, if central banks, and you guys would know this a heck of a lot better than I would, but a few people that I’ve talked to recently that know the bitcoin space have kind of gone over this hypoth­esis when I was inter­viewing them about if central banks start bringing bitcoin on and using that as an asset on their balance sheet a little bit like they do with gold, so then if you had the central banks that were kind of giving it the green light although it might not become and replace their hallowed fiat currency, it becomes more adopted and then you kind of have that boiling of the frog effect, with bitcoin boiling the frog, being the politi­cians, the federal govern­ment and the central bank of that nation.

They just gradu­ally adopt it. So that kind of goes along with what you’re saying. But that’s kind of where I find the argument very inter­esting against what I brought up initially with the govern­ments just not wanting to lose power over the printing press and just saying, “You know what, bitcoin is illegal.”

Yeah, and I think… Go ahead, Brady.

I want to steer this into a certain direc­tion. Excuse me. So the irony that you were trying to point out, George was that govern­ment inter­ven­tions under the guise of trying to fix the problems, fix certain problems in society and the vast majority of them were caused by this singular inter­ven­tion that we all know as the govern­ment take over control of money. As you say, this is how Saif says bitcoiners have this meme and bitcoin fixes this. Saif, in your book, you write that human civiliza­tion flour­ished in times and places where sound money was widely adopted. Whereas unsound money all too frequently coincided with civiliza­tional decline and societal collapse. So question on the table now, how do you guys see the path toward a better society unfolding given that we transi­tion to a bitcoin based economy? And what lessons might we be able to draw from histor­ical transi­tions between global curren­cies? Saif, you want to start this one?

Sure. So gener­ally as a little disclaimer, my friends will probably let you know that I am the most optimisti­cally delusional person or delusion­ally optimistic person.

You must be a great entre­pre­neur.

It’s best reflected in my support of my football team where I’ve believed for every one of the last 30 years, the Liver­pool are going to win the league, and they never do. Of course, until this year they’ve won it. So now I guess-

Like being a Chicago Cubs fan.

Yeah, basically. So now perhaps my delusional optimism is not entirely misplaced since it did work out eventu­ally. I think in this situa­tion, I like to take the optimistic take that it’s not going to neces­sarily… Or bitcoin is what’s going to mean that the collapse of govern­ment money is going to be less painful and less problem­atic. I think this is the way that I would like to think of it. When hyper­in­fla­tion happens, the reason hyper­in­fla­tion is terrible is not just because people lose money, it’s not just because people lost their wealth.

It’s not just that every­body got an 80 or 90 or 99% haircut on their wealth, it’s the fact that businesses are no longer working. Shelves are empty and economic produc­tion breaks down. Farmers can’t grow food and then food can’t get to the shelves. And all that stuff breaks down because money is no longer usable, because there’s no longer a money in society. So that’s the real catastrophe of hyper­in­fla­tion much more than just the finan­cial losses that are attached to it.

Now, in the case of bitcoin, I’m slightly optimistic that perhaps what’s going to happen is that, because bitcoin is avail­able, as we witness more and more of these hyper­in­fla­tions around the world, more and more people will have access to bitcoin. More and more people will be able to hedge against their national curren­cies with bitcoin, hold a 5% position in bitcoin, 10% position in bitcoin, which could end up being 50% of your net worth after a couple of years of national currency infla­tion and a couple of years of bitcoin appre­ci­a­tion 50 or even 90.

So I think with this being there, it means that… And I don’t think bitcoin is yet at that point where the liquidity is large enough, but possibly in a few years, 10 years maybe let’s say when more hyper­in­fla­tionary cases like, say, Zimbabwe and Venezuela and Lebanon start happening, more and more people will have access to bitcoin and these things will start mattering less and less. The way that I see it is, and I discussed this in my forth­coming book, The Fiat Standard, bitcoin is the way that we eutha­nize and get rid of the fiat standard peace­fully and without too much blood­shed.

We don’t have to butcher it and risk it. Jumping and killing us while we’re butchering it. Nobody needs to be reliant upon it and as it starts to collapse, people can choose to opt out and use bitcoin. Bitcoin is better than gold in this regard because you can continue to use it inter­na­tion­ally whereas gold is much harder to use. So I’m going to go with the… I discuss all different scenarios in the book, maybe delusion­ally, but I’m optimistic that bitcoin ends up being more of an upgrade of the finan­cial software of the world rather than messy cataclysmic Roman empire collapse.

Well, I can tell you that if you can get some way to transact, it gets around the swift system that we have right now and around FATCA. The increase in global produc­tivity would be meaning­less. I mean we’re talking about something that I think would be very much like the airplane. Let me explain.

That’s a great metaphor, yeah.

An airplane would, let’s say, go from Phoenix to Las Vegas. Let’s just say we only had cars, right? So it takes you six hours. Well, that’s six hours of your time. Well, if it only takes you an hour to fly, then that’s five hours that you have saved that you could be producing goods and services. Well, times that by however many flights there are, how many hours we save as a result. I can tell you by doing so much business in South America and in Medellin that just getting my own money that it’s not someone else’s, I’m not going to loan. It’s my money from the United States just down to Colombia and then take the dollars and then buy the pesos, and put them in the bank, and go to the paper­work, and go to the reporting system and blah, blah, blah, blah, blah, blah.

Then you’ve got to pay the spread to the bank for doing the transfer. So think about how much money is flushed down the toilet right there and then how much time is wasted. I mean, we’re talking about billions if not trillions of dollars a year. This is completely wasted in economic output and produc­tivity as a result of having to deal with something so cumber­some as the current dollar fiat system we have. It’s not just about the global reserve currency, just these green pieces of paper, but people have to under­stand it’s about the infra­struc­ture.

So that’s why it’s so hard to go from, let’s say the dollar to the euro, or the yen, or the won, or something like that, it’s not neces­sarily it would be hard to change green pieces of paper for red pieces of paper.

No, but every­body’s locked into the infra­struc­ture and the KYC and all that.

The infra­struc­ture. But this infra­struc­ture is very cumber­some. So to your point, if we could get this seamless way to transfer money… I remember the first time I spoke with my buddy, Alex with Nuggets News, he made me… Right when I was talking to him on the phone. I don’t know if we were live or not, but he had me download this app on my wallet while I was talking to him. I think I still got it right here. It’s this Wallet of Satoshi. He told me to open it up like this and I put it right in front of the the camera there and he trans­ferred me like 2 or $3 in Satoshi’s just through the little webcam thing. I mean, to think about how hard that would have been if he would have tried to transfer me, let’s say 100,000 or something like that from Australia to where I was in Medellin, Colombia at the time.

I mean, this is a huge, huge advance­ment. It’s really a game changer as far as global produc­tivity. Also, what I wanted to say is you were talking about how the current system completely distorts the economy and it creates this… Well, let me back up here. So it distorts the economy, but I would go so far as to take it even a step further back. So what I mean by this is we were talking about infla­tion distorting the economy, but if you look at govern­ment debt, it distorts the economy as well and people say, “Well, yeah. But it’s when the debt gets to a certain level.” But what they don’t realize is it’s getting from A to B that really matters.

I think most people really don’t get that. So let me give you an example. Right now, the United States govern­ment is almost 50% of GDP. The govern­ment spending is over 50% of GDP. So that means that private sector economy or the produc­tive part of the economy is only 50%. Take that back before we had the federal reserve and it was over 90% of the govern­ment was the actual private sector that really produced the goods and services.

So now even if we could just elimi­nate all 26 trillion in debt, the problem is that our economy has been built around this govern­ment spending and these ineffi­cien­cies just like Venezuela using them as an example. You could solve all their debt problems or the dollar denom­i­nated debt, but the problem is they still have a really unstable economy because it’s built around oil where we would have the same thing. You could wipe out all these things that people perceived to be the problem, but it wouldn’t rearrange our economy.

Our economy still is the same. You look at the zombie corpo­ra­tions in Japan. Even if you could wipe out their debt, zombie corpo­ra­tions are still there. So would anything really change if you just do a couple accounting tricks? Not really. So what bitcoin does or what any hard money system does is it starts from the ground up and every­thing that you build on top of this infra­struc­ture, on top of this founda­tion is solid, it’s secure, it’s sustain­able. I mean I know that’s a buzzword now with everyone in the green commu­nity and whatnot. But for me, something that’s sustain­able, number one is something that is profitable. I know it’s a bizarre concept in today’s stock market.

It’s profitable, but also it doesn’t require massive amounts and ever expanding amounts of debt in money printing and fiat currency. That’s sustain­able. So again, my main point is that whether it’s Bitcoin Standard, whether it’s gold, anything that fixes these currency units and provides us with natural defla­tion, a free market economy where entre­pre­neurs are always producing more efficient goods and services at lower and lower prices, that’s where we want to be. And I think looking at this through an optimistic lens hopefully I think we could get there. I know we could get there as human beings because we’ve done it many, many times before we’re very resilient and I think that’s how we kind of come out the other side.

Yeah. And I really think it’s shaping up to be bitcoin. That’s the solution. Bitcoin really is the… Because you identify the problem exactly in terms of the problem of not having a hard money and how govern­ment captures that and bitcoin just routes around the way govern­ment is able to capture it. And this is why I think… I’m not one of the people who puts a high proba­bility on there being the violent crack­down on bitcoin because I think it’s just… The natural techno­log­ical limita­tions of physical gold naturally led to govern­ment having the ability to abuse its authority over gold and then having that ability led to all these insti­tu­tions that were built around it.

When new technology is created, it creates its own reality and the world adjusts to it. So people deal with it from a self-interest perspec­tive, and that’s eventu­ally what bitcoin does. That’s the cycle of skepti­cism. You start off thinking, of course, this can’t work, of course, it’s going to fail. Then it continues to work and then you’re starting to appre­ciate why it continues to not fail. Then eventu­ally you under­stand that there’s value related there and that it’s relevant to you and you could use it yourself.

Yeah. I think that every day that goes by, as we see more adoption with bitcoin, the better proba­bility you have that that’s the default mecha­nism. So many people say, “Oh, we’ll never go on a bitcoin center. We’ll never go on a gold standard again. It will never ever happen. Govern­ments will never choose to go on XYZ standard.” But what they’re not under­standing is it might not be govern­ment’s choice.

You might not have an alter­na­tive.

Yeah. The Roman empire didn’t choose to go out of business.

Exactly, right. So if you get this gradual adoption, the more time goes on, the more bitcoin isn’t a new thing. It’s not a bizarre thing. You don’t have these grand­mothers like, “Bit what? Bit who? What’s going on here?” I think it’s very inter­esting and I’m not sure the specific countries in Africa, but I know many of them, the people aren’t even using cash. They’re just trading their their cellphone minutes back and forth on their cellphone or whatever little… I forgot the name of the little unit of exchange, but it just goes back and forth on their cellphone.

Although it might not be bitcoin directly, the bottom line is it’s a currency that’s completely digital that’s going back and forth that people are already starting to adopt. And of course the millen­nials are doing it. Even on your twitter feed, I know someone was making fun of both of us calling us boomers like, “Oh, I’m not watching that one. You got two boomers on there.” Right? But my point is obviously, it’s being more and more adopted by the younger gener­a­tion. So as those kids get older, it’s not so bizarre to them and that benefits bitcoin even more, I think.

You get to that point where govern­ments don’t have a choice because of a total loss of confi­dence in fiat current.

Yeah. All right. So I’m going to sneak in two questions here because you guys are going for 45 minutes on one question, which I love. It’s great. I’m going to sneak two in here.

Making your job easy, huh?

Yeah, exactly. And I want to check in, we’re about 15 minutes away or so from end time.

I forgot where we’re at.

So I want to know if you guys can go a little longer than we had planned or if you have a hard cut off?

I’m fine. Go ahead and let me look at my calendar here. Are people-

You check it out. All right. So here’s the questions. To follow up on the question about transi­tions. So we have some chatter in the YouTube chat about central bank digital curren­cies like a fed coin, right?

So Saif, what do you think about the prospects of a fed coin and the compe­ti­tion that it might bring against bitcoin?

I think ultimately we might get some forms of more digiti­za­tion. I think there will be things like that, but ultimately it’s not a digital currency. It’s still any national currency. And it’s orthog­onal to bitcoin, it’s irrel­e­vant to bitcoin or I shouldn’t say irrel­e­vant, it’s different from bitcoin because it doesn’t do anything that bitcoin does. In partic­ular, there are two things that are distin­guishing bitcoin from current national curren­cies, which is that bitcoin’s monetary policy is algorithmic, it’s not discre­tionary. Nobody wakes up in the morning and decides what to do with bitcoin’s monetary policy.

Also, the bitcoin payment final­iza­tions, clear­ance, and settle­ment is also algorithmic and crypto­graphic and program­mable rather than discre­tionary. So nobody can freeze your bitcoin account, nobody can confis­cate it. So those are the two main functions of central banks. That’s why central banks are there to decide who can pay and who can’t pay on one hand and secondly to decide what’s going to happen with the monetary policy.

So the notion that central banks would invent a digital currency or intro­duce a digital currency that takes away those two things, I think is a non-starter. They’re not getting themselves out of business. They’re not going to intro­duce a currency who supplies algorithmic or whose payment clear­ance is totally crypto­graphic. They’re still going to want what programs call god mode. They’re still going to want the ability to say, “No, you can’t send them money.” And they’re still going to want to set the money supply.

All they’re doing is that they’re just making it more digital­ized and there­fore hopefully making it, just as George was saying getting bitcoin accep­tance into people’s minds. So we thank them for the free PR.

Basically like a last gasp like rebranding of the dollar basically.

I think bitcoin could get us there a lot faster. And going back to what we’re talking about of the collapse of confi­dence in fiat currency itself. So I don’t want to get too wonky on everyone here, but if we create, let’s call it a fed coin and I actually talked to Ron Paul about this the other day. Basically what would have to happen is everyone would have to have a bank account with the fed with bank reserves just like the primary dealer banks and the banks under the fed’s umbrella because the fed right now can’t really create broad money directly as of right now. I think that may change, but right now they just create base money.

And I don’t want to bore anyone with details, but that’s why quanti­ta­tive easing, they could take it up to 10 trillion, 20 trillion and it wouldn’t neces­sarily affect consumer prices because the transfer mecha­nism there is A, the debt moneti­za­tion with the govern­ment. If they’re not doing that, then it has to be lent out into new money by the commer­cial banking system. And those bank reserves, they’re not lending those out directly. Those only just backstop additional loans and increase the capacity of their balance sheet, okay?

So that’s the way it works right now, but I’m thinking that maybe very soon here and we saw this how cumber­some it was to get out these stimulus checks that the fed because, they’re thinking okay, we’re going to take on more power. We want more control over the currency and how money is spent and we want to know where you’re spending every single dollar. We want more and more control over that whether it’s the fed, the govern­ment just the central planners, let’s call them. They want to micro­manage every­thing. So they take that. They set up this fed coin and say, “What you have to do is download this app on your phone and every single month, we’ll send you these stimulus checks or UBI,” whatever you want to call it of let’s say $2,000.

Then you can go right to Starbucks and use that on your phone. Okay. Well, everyone is going to… In my opinion, most people will adopt that because it’s free money and then you are on this fed coin system, if we look at the work of Dr. Lacey Hunt who’s one of my favorite econo­mists, he’s someone that’s really in the defla­tionary camp, but he says that once you change the Federal Reserve Act to allow the federal reserve to change what he calls their liabil­i­ties into actual currency units, into broad money, increase M2 money supply directly, that’s where he goes from being a defla­tionist to someone who sees us being on the path to hyper infla­tion.

Those are his words, not mine. And if you don’t know who Lacy Hunt is, not a tin foil hat guy. He goes all the way back to the Milton Friedman days. He is an OG. He is legit. You can look him up, google him for sure. So that’s how he sees this. So my point is that by creating this fed coin, what they’re doing is they’re getting us on the path to hyper­in­fla­tion. And the faster we get to hyper­in­fla­tion, obviously, that’s by defin­i­tion a loss of confi­dence in fiat currency. That’s when as a society, as a global society, we start looking for an alter­na­tive, whatever it is.

So you see my point? I think they’re going to a fed coin. Obviously, it’s not a cryptocur­rency, it’s just a more digital currency that gives them more control, but I think inadver­tently if they do that, they put us right on the path that will lead to their own destruc­tion.

All right. So here’s the second question I was going to ask then because I didn’t get it in. That was my mistake. All right. So we’re talking about how bitcoin might global, talking about hyper­in­fla­tion, hyper­bit­coiniza­tion. We’ve talked about the path that might be taken to get to a bitcoin future. So yeah, I wanted to go back to that idea, but ask a more specific question. What country do you guys think will be the first to publicly disclose that they have bought some bitcoin for their own treasury if they’re sover­eign treasury.

Again, remem­bering that at the top we talked about how we have macro investors, big investors buying in. We have compa­nies now buying in. It seems like the last kind of stone to fall is a sover­eign nation. Obviously, the game theory says that because it’s an asymmetric bet, you could make an asymmetric bet on the future of your country’s power and really rise and increase your country’s power on the global stage signif­i­cantly by accumu­lating bitcoin now. So what do you guys think? Saif, you want to start?

I think Venezuela.

Because what’s their downside? I mean obviously, the guy running the show there is a complete nut, but if you got someone that actually had some sense, then why not start going on what’s called a Bitcoin Standard. Because if you look at hyper­in­fla­tions throughout history, the way you partic­u­larly get rid of that like with Zimbabwe as an example. You say, “Okay. Just automat­i­cally overnight, we’re not using this Zimbabwe thing anymore. We’re using the dollar.” It’s just a change of confi­dence.

I employ a lot of them in Colombia, so believe me, they’re no fans of what’s going on there to say the least. I mean, viscer­ally it makes them sick when I even talk about it on my videos. So they’re going to have this complete loss in anything that the govern­ment comes out that even resem­bles a fiat currency which just puts them right back in the same position. So why not just say, “Okay. We’re on a bitcoin standard. We are no longer going to control…” I mean, the only other thing they could do is like dollarize something like that. But I don’t think Venezuela would do that because they want nothing to do with the US govern­ment. Although Ecuador did it, but I think that’s kind of what have you got to lose? There’s no downside. The only thing you have is upside so why not?

We know that Venezuela is using bitcoin. We know that Venezuela that some govern­ment depart­ment, I think for passport renewal, they were charging people in bitcoin because they can’t get their money from the regular banking system because they’re bankrupt and they were charging bitcoin. But I think it’s not so much about charging and holding it or using it, it’s about holding it for the long term. That’s the really inter­esting thing.

With a govern­ment like Venezuela, it doesn’t matter how much bitcoin they buy and sell and spend. I mean, it doesn’t matter how much bitcoin they get in, they’re going to continue to spend it and so they won’t really benefit from holding and appre­ci­ating in the long run. It’s really hard to say. I mean, it’s 200 govern­ments or something in the world. It’s really hard to say which one of them is going to take the plunge on it.

If I were to make a wild guess, I’d say Switzer­land just because they were the ones who had the gold standard for the longest time and they went off the gold standard the most recently. So perhaps, they might be the ones that are most percep­tive to it.

Yeah. I’d like to dive into talking a little bit about the market narra­tives in bitcoin and we’ve seen the narra­tive change quite a bit. It seems like the prevailing narra­tive now is probably digital gold in terms of like the widespread view of bitcoin. So Saif, how do you see bitcoin narra­tives evolving as adoption happens and works its way up the S curve?

I mean, I think the main evolu­tion is going to be the one that we mentioned earlier from asymmetric bet on this happening in over long-term into it becoming more and more of just a boring monetary asset that every­body holds and that’s ultimately it. I think we’ve seen a lot of narra­tives come and go and we’re going to continue to see a lot of narra­tives come and go that missed the point. But it may just be that hard money is really… It’s just going to be the narra­tive that is dominant.

Yeah. What I’d be curious to know and I’m sure you guys have your finger on the pulse of this more than I do is what is the proba­bility of the tech around bitcoin advancing to the point where it could legit­i­mately be a medium of exchange? Because correct me if I’m wrong right now, it’s rather cumber­some. The amount of trans­ac­tions that happen on a daily basis would just completely overwhelm the system and it would be slow or the amount of electrical needs what not. But I’m assuming there’s tons of people that are trying to figure out workarounds for that.

Yeah, there are. The thing that I argue in my book is… And that’s why the title of my book is The Bitcoin Standard is that you can’t really compare bitcoin trans­ac­tions with credit card payments. Bitcoin trans­ac­tions are final settle­ment trans­ac­tions so you have to compare them with settle­ment payments across inter­na­tional borders. That’s the advan­tage. If I send you a bitcoin trans­ac­tion and you’re in the same room, it costs let’s say five cents and it takes a few minutes or a couple of hours to confirm.

But if I send that same trans­ac­tion across the world to China, that’s also going to cost the same thing. So the trans­ac­tions that are going to be used in… I mean bitcoin is going to be used, in my opinion more as a settle­ment layer rather than for individual payments. I don’t think individ­uals are going to be using bitcoin to pay for their coffee, the bitcoin tune. And scaling limita­tions, and I show some numbers in my book, bitcoin does, what is it, half a million trans­ac­tions a day or something like that and Visa does I think something like 2 billion.

Even if we improve bitcoin in all kinds of way, there are limita­tions because it’s decen­tral­ized that mean that it will always be different from Visa. But you can’t compare Visa payments to bitcoin payments because Visa payments are credit payments. Visa payment is my credit card goes to your machine and in your shop and then my bank tells your bank that they’re going to settle with them and then they sort it out and it takes several weeks for it to finally settle. But a bitcoin trans­ac­tion is final.

Once you’ve gotten six, 10 confir­ma­tions, whatever, it’s going to take a few hours. Once you’ve gotten a few of these confir­ma­tions, then you’ve gotten to the point where the trans­ac­tion is completely secure. Well, completely is obviously a big word, but it’s secure and it’s irreversible. So in this regard we need to think of the bitcoin chain base layer as being similar to physical gold or physical money and that it’s going to be moved around. Central banks will exchange gold and they will exchange physical cash with each other and banks will move physical cash around, but ultimately the majority of trans­ac­tions will be done digitally without the physical under­lying asset having to move.

I think bitcoin is going to scale with that like there will be second layer solutions that are settled with the second layer bitcoin. It’s the second on the first layer, settled on the first layer of bitcoin chain.

How do you see the exten­sion of credit, if we’re on a bitcoin standard because obviously, you’re not lending… or how does that… Let me just…

My feeling… Well, I wouldn’t say feeling. I think the way that I think about it is that in that kind of situa­tion where we have hard money and what would happen is that banking would have two functions. Deposits where you pay people in order to store your money for you and have it avail­able for you and use it to settle payment around the world. And I think this is a very valuable service that your money is at once safe from theft and also a click of a button away from being sent to China.

So you pay people for offering you that service, so deposit banking and then there’s equity banking in my mind or equity invest­ment. I don’t see the possi­bility of… I don’t think credit really makes sense in this world, but I don’t think that’s neces­sarily a bad thing. I don’t see why it wouldn’t be a problem. I think deposit banking and equity are all that anybody needs. If you want your money to just remain safe or if you want your money to be there, then you pay people to store it.

Now, if you want your money to earn a return, they can’t just store it for you, they have to put it out, which means that there’s going to be a risk involved, which means that it’s going to be invested. And in a world in which nobody has a money printer and central banks can’t bail out banks, I don’t see how you can give depos­i­tors guaran­tees on their invest­ment. If lenders are not offered the guarantee on the downside because the central bank can’t bail them out, I don’t see why they would want to lend with a fixed interest rate rather than just taking equity, which has unlim­ited upside.

Right. So if I’m hearing you correctly, we’re not looking at a fractional reserve system there?

I don’t think it would work. I think bitcoin fixes the glitch in gold that makes fractional reserve banking work, because gold requires banks and places so much value in bank’s ability to clear money that it almost allows them to print money because they almost have like a monopoly network on banks. So bitcoin, by making settle­ments so cheap and open to anybody an open source and not monop­o­listic, anybody can set up their own bitcoin node and settle payments for people all over the world. I think by making it into an open market, it makes it very hard for banks to engage in things like fractional reserve banking or maturity trans­for­ma­tion. That’s also something I get into in detail in the fiat standard.

Yeah. I just wonder how that would work with the growth of the economy needing a growth of the money supply or if it just comes through defla­tion like you’re talking about.

Maybe we get five, 10% defla­tion a year.

Yeah, right because that in essence would increase the amount of… I want to call them units of measure­ment avail­able. Let’s just say that we had one bitcoin or had one dollar. A lot of people say, well, then the economy could never grow. But it could if you just divided the dollar into small amounts. Such as pennies, right?

And then everyone that was saving those quarters or in this case bitcoin, they would just get richer and richer and richer just by holding it. So anyway, it’s just kind of a thing that I’ve tried to think through there. I appre­ciate your feedback.

Yeah. It’s an absolutely amazing idea when you think about it that anybody can have their wealth, hold its value and appre­ciate over time, and that’s avail­able for anybody anywhere. Then if you want to take on extra risk. Once you’ve estab­lished an amount of saving that can protect you from say a rainy day or losing your job or whatever, and then you’re able to take risk, then you’re able to put invest­ments in. You’ll only invest and take risk once you find something that’s extremely compelling as an invest­ment. I think in that world, we’d only get resources diverted toward really valuable invest­ments that produce value in the long-term.

100%. We go back to what I said with a sustain­able business because your hurdle is so much higher. I mean, think what your hurdle rate is when you’re getting a business loan that costs 3% fixed rate over 30 years compared to if your hurdle rate was 10%. I mean, how much stronger would the cash flows of those businesses need to be? So, yeah.

Okay. Yeah, absolutely.

We had Jeff Booth on a couple of episodes ago with Lyn Alden. In his book, The Price of Tomorrow, he talks a lot about the defla­tionary forces that technology brings. We’ve actually like with the fiat standard been overcoming or suppressing the defla­tionary forces of technology.

Yeah, I’d agree.

I think the risk of defla­tion causing some problems or making… I don’t believe in the hoarding effect anyway or bringing the economy to a stand­still anyway. But with the defla­tionary effects of technology then there’s like no risk at all. I think we’re going to see really quick defla­tion especially with the hard money economy. Okay, guys. Time is up there. I want to respect you guys’ time and we’ll wrap it up. Any closing words?

No. This has been a fasci­nating conver­sa­tion. I appre­ciate you both for your time and expressing your views. I’ve learned a lot.

Likewise. Thank you. I really enjoyed this as well. I want to pick your brain about refer­ences on a couple of things that you mentioned, the 7% return in the 1890s. If you can give me refer­ences-

I was just using the 4% combined with 3% defla­tion to get the 7% real.

I’m looking for sources on this and a couple of other things. I’ll probably email you about them.

Okay. I think you’ve got my email, don’t you?

I’ll make sure, Saif has it.

All right. Thanks so much guys. And again, you know can find Saifedean’s work at saifedean.com. That’s S‑A-I-F-E-D-E-A‑N and George Gammon at youtube.com/georgegammon. It’s been a fantastic episode, guys. Of course, you can start stacking some bitcoin. I know you want to now. You can go stack some bitcoin regularly and steadily with automatic recur­ring buys at swanbitcoin.com. Thanks everyone for being here today.

Thank you so much, Brady. Take care. Bye-bye.

Thanks so much again to Saif and George for joining us today. You can find Saif on Twitter at @saifedean. That’s at S‑A-I-F-E-D-E-A‑N and George @GeorgeGammon. I am @CitizenBitcoin. On behalf of the Swan team, thanks so much for joining us. We hope you enjoyed this episode of the Swan Signal podcast. It’s fun to join us live on the YouTube broad­cast at youtube.com/swansignal. So head over there, subscribe, and turn on the notifi­ca­tion. We have a lot of fun in the live chat and we often are able to work in some questions for listeners.

Swan Signal is a produc­tion of Swan Bitcoin at swanbitcoin.com, the best way to accumu­late bitcoin with automatic recur­ring buys. Follow us on twitter @SwanBitcoin and subscribe to the podcast at swansignalpodcast.com.

Episode 8 –Andy Edstrom and Ansel Linder

Episode 9 –Rockstar Devel­oper and Jeremy Rubin

Episode 10 – Bitcoin TINA and CK Snarks

Episode 11– Gigi and Knut Svanholm

Episode 12 –Adam Back and Preston Pysh

Episode 13 –Alex Gladstein and Matt Odell

Episode 14 –Robert Breedlove and Tuur Demeester

Episode 15 –Isaiah Jackson and Max Keiser

Episode 16 –Gigi and Udi Wertheimer

Episode 17 –Aleks Svetski and Jimmy Song

Episode 18 –Stephan Livera and Marty Bent

Episode 19 –Mark Moss and Ben Prentice

Episode 20 –Samson Mow and Parker Lewis

Episode 21–Lyn Alden and Jeff Booth

Episode 22– Robert Breedlove and Cory Klipp­sten

Saifedean’s Personal Website

Saifedean on Twitter

The Bitcoin Standard– Saifedean’s book

George Gammon on Twitter

George Gammon on Youtube

In what looks like one of the biggest moves into crypto in 2019, Symbiont Inc got a $20 million cash injection from a Nasdaq-led funding round.Even though this is one of Nasdaq’s most pronounced moves into crypto, they are not unfamiliar with digital assets. Some months ago, the Wall Street giant acquired the pro-crypto fintech company Cinnober for $190 million. Cinnober is known for its crypto affiliations as the fintech partnered with BitGo last year.The investment marks the latest escalation in an arms race among traditional exchanges looking to capitalise on the budding technology that was once seen as an existential threat.Rather than being cut-out by blockchain tech, which like Bitcoin offers the possibility of moving value without a trusted third party, Nasdaq is partnering with several companies, including Citi, Mike Novogratz’s Galaxy Digital and Raptor Group to study the technology and increasingly, to use it.In an interview by Bloomberg, Symbiont CEO Mark Smith said: “We are entering a much more realistic phase where people look at this technology and think seriously about where it makes sense to apply it and where it doesn’t”.He continued: “We are leaving the peak of the hype cycle and entering the trough of disillusionment, especially for people who inappropriately applied this technology hoping it would become a panacea for solving all their problems.”Symbiont has developed its own blockchain and smart contract platform called Assembly. The platform is set to allow financial institutions to share and verify data via its pre-programmed agreements that determine how complex financial instruments will behave in a given scenario.The use of blockchain technology in this closed system is meant to speed up settlement times for loans and improve efficiency in the mortgage bond market. At the same time, this is a far cry from the ideal of eliminating third-parties entirely, but many would say it’s a necessary next step (which is a contentious viewpoint).According to the statement, Symbiont will use the cash to work on data management, mortgages, private equity and syndicated loans.Nasdaq is expected to explore further opportunities to apply Assembly with existing clients that are looking to use smart contracts or tokenize assets – a process that involves representing real-world assets into digital contracts.AI & BC Summit, Gaming Hub, Judge Paolo Debono Str., Msida Skate Park, Msida. MSD2032. MaltaViking PC Health Ltd. is a company registered in Malta, having company registration number C54356 and VAT number MT20561207. Copyright Viking PC Health Ltd.

The Stellar Development Foundation (SDF), a non-profit organization that supports the development and growth of the Stellar network, today announced the integration of Stellar into the Samsung Blockchain Keystore. 

The integration will allow Samsung device users to be able to securely store the private keys associated with their Stellar blockchain wallet. This solves what has traditionally been a challenging part of the blockchain user experience which is the ability to manage private keys in a secure manner. Typically, the more secure the solution, the more challenging the experience is for the user.

The ability to manage private keys in both a secure and user friendly way is a key hurdle that the blockchain community must clear if it is able to expand its appeal to a broader set of mass market users from the technologically inclined early adopters and hobbyists that predominantly use the technology today.

“To have a really simple way for users to store their keys and utilize them on-chain is so important, and why we are excited about this announcement,” said Denelle Dixon, CEO and Executive Director of SDF in an interview.

While software wallets that store private keys on behalf of users on computers and devices have been available for some time, they have often suffered from security vulnerabilities as they share the phone, tablet or computer with other applications which can eavesdrop on the software and steal private keys. As a “bearer asset,” those with the private keys have full control over a user’s funds and recovery from theft is seldom successful.

"We created a secure processor dedicated to protecting your PIN, password, pattern, and Blockchain Private Key," Samsung wrote on its website, announcing the new S20 Galaxy phones. "Combined with the Knox platform, security is infused into every part of your phone, from hardware to software. So private data stays private."

While the wallet and Keystore is only available on a handful of devices and regions — Samsung Galaxy Smartphones: Galaxy S20 Series, Galaxy Z Flip, Galaxy Note 10 Series, Galaxy Fold, Galaxy S10 series — as people cycle through their devices to newer models, there will be a natural increase in adoption of Samsung devices that use the Stellar blockchain.

“Stellar’s integration into the Samsung Blockchain Keystore is a significant step for our network and the incredible ecosystem of applications built on this platform. Samsung provides a key management solution that is user-friendly and drives greater adoption of blockchain technology. With this integration, we’ve opened up to a new network of users that can benefit from the combined innovation of Stellar and Samsung,” said Dixon.

For SDF, it’s not purely the ability to provide an easy-to-use key management capability that is exciting for the organization, it’s also the opportunity to further grow the ecosystem by providing a platform around which Stellar-based business can build innovative applications that can be used by users.

With Stellar’s blockchain services now being available through the Samsung Blockchain Keystore, Stellar ecosystem developers are able to create blockchain apps and services for Samsung Galaxy Smartphones, in addition to existing Stellar-based products and applications. 

That’s a point reinforced by Dixon: “It’s just the beginning as we work together to empower more developers and users to leverage blockchain and the capabilities presented by this integration.”

At the time of announcement, at least four Stellar-based businesses have committed to adopting the requisite SDKs to make their applications available in the Keystore, including DSTOQ, SatoshiPay, Litemint, and Nodle.

The Smartphone Race Is On

Samsung is not the only phone provider to have dived into crypto. Phone manufacturer HTC was one of the first to market with the announcement in 2018 that its Exodus 1 smartphone would be able to natively store bitcoin or Ether cryptocurrencies. 

Apple, it seems, seem to be prepared to support crypto, but have no appetite for making it the centerpiece of their brand in the way that Samsung and HTC appears to have done. Perhaps it’s because the company has been working on a geographic expansion into China which has adopted a hostile position towards cryptocurrency, in general. Alternatively, Apple, never one to be a follower, may be of the opinion that it is best to emphasize technology where it has demonstrated a first-mover advantage and play down where it is a fast follower on the heels of its competitors’ innovations.

SDF Continues To Progress Well

Notwithstanding, the lack of appetite from Apple, SDF appears to be on a roll with its partnership with Samsung. The foundation, in fact, has had a busy year so far.

Abra was in the news recently, for settling a case with the SEC and the Commodity Futures Trading commission concerning the illegal sale of security-based swaps to investors, which was a mechanism that the wallet provider briefly provided to U.S. users as a way of synthetically representing cryptocurrencies.

I’m an executive with 20 years of experience in the financial services technology space where I work at the intersection of business strategy and emerging technology to

I’m an executive with 20 years of experience in the financial services technology space where I work at the intersection of business strategy and emerging technology to help corporate clients conceptualize and bring new digital propositions to life.

In the last four years, I have focused on the next wave of digitization that is coming to financial markets; the unbundling of banks by fintech challengers, the emergence of digital assets, and the move towards the exchange based trading of assets that previously lacked standardization and formal exchange venues

I have brought industry initiatives to market across a range of sectors including banking, fund management, insurance, supply chain and healthcare organizations.

In the digital asset space I have built new platforms using the new paradigm of digital assets in asset classes such as syndicated loans and equity swaps, in collaboration with major Wall Street banking institutions. I am a thought leader in areas such as digital payments, wealth management, and Central Bank Digital Currencies. 

Having spent a career consulting for enterprises, I have unique vantage point on how large organizations think and approach blockchain technology.

As a gamer, I have never been one for racing games. Sure, Mario-Kart and Crash Team Racing are two of the greatest games of all time but that’s because weapons make racing games better. I have never really been attracted to the more realistic racing simulators. When the opportunity arose to review The Crew 2, an always online, open-world racing game, I wanted to review it specifically because I am reasonably fresh faced when it comes to the world of racing. I liked the idea of approaching it from the point of view of a gamer who was keen to be enticed into a genre of gaming that he didn’t usually seek out. I had no expectations whatsoever.The first game in the series simply titled The Crew from Ivory Tower and Ubisoft was released in 2014 to mixed reviews. It received the majority of it’s backlash from the fact it was an ‘always online’ game and a story riddled with cliches. Despite this it was still enjoyed by fans and critics on the whole due the size and scope of the game and the sheer enjoyment provided by the racing itself. Before I get into the critiquing of this game I want to say that’s it’s a shitload of fun, highly addictive and extremely enjoyable. Originally I didn’t have this paragraph in my review but I was concerned that people who only read the first few parts of a review would think I hated this game – it’s not true. I do however have some thoughts not only about what makes this game work but also what makes it less than it could be.The first thing that bothered me about The Crew 2 was the fact that I had to install about 25gb of game data just to play the thing. I am used to the updates that usually come with a new game but having to delete Batman: Return To Arkham off my console to redownload later certainly started my relationship with The Crew 2 on tenterhooks. I was thrown off immediately by the loading times. When you picture an always online, open world game, you picture a game where after the initial start up loading times, you should be free to speed around causing mayhem, racing uninterrupted. What struck me as odd was the fact that although the world was very much open, the loading times stop the flow of the gameplay at almost every turn. If this was something that was unavoidable due to the scope and size of the game and the variety of races then why make the game open world? This idea of open world racing bothered me more and more as I progressed through my first 10 hours of the game. Sure, you could drive around the map locating races, spending ten minutes driving from race to race, or (as I found far more efficient and direct) press the start button and just select from the range of races available in a menu type format. This was not only less confusing but seemed to make the downtime between races less laborious. You start by picking from a variety of  protagonists all with different names and a variety of ethnicities. Which character you pick has not impact on the gameplay itself other than which handsome gentleman or lovely lady will be driving your vehicles. Following selection, you are thrown into your first race (which annoyingly doesn’t tell you how to handbrake until well after you have needed to use it). The opening levels takes you through the three main styles of gameplay, car racing, boat racing and aero-racing (planes and stuff). In this introductory level the transitions between these three modes of racing transportation are done with a unique artistic flare similar to the rolling building scenes from Inception. This smooth and interesting transition was actually quite impressive but is unique only to this beginning part of the game, much to my disappointment. The basics of all the vehicles are the same. They each can be controlled as simply as accelerating, breaking and boosting (NOS which regenerates). At first I thought that the vehicles had little variety between them other than cosmetically but as I progressed it became clear that each vehicle type had a huge amount of differentiating features. Learning to control a boat, a motorbike, a rally car, a street car, a drift vehicle etc meant that I was always having to adapt slightly and meant that the racing concept didn’t become repetitive. The scope of the game is massive. Each vehicle category has an endless supply of licensed cars, boats, bikes and planes to choose from, each opening up different ways to race them, which, despite feeling slightly overwhelming at first, does mean that you can vary the way you play meaning the games longevity is more than that of a typical racing game. Graphically at a glance The Crew 2 looks stunning. Looking closer however, the game feels unfinished. So much attention to detail has gone into the vehicles themselves, from the way the sun reflects off the coat of paint, to the the detail in the rims. It is impressive current gen graphics. However when you delve a bit deeper there are some issues with the graphics. The scenery (especially trees and objects in the distances) look unfinished. The humans (both other real people and NPCs) are terrible around the edges with Playstation One looking hair and movements. It is as though the graphics department struggled to reach the release date deadline and ended up making the main aspects of the game look amazing but let the detail of the less important aspects of the game slip. Sadly, this results in the overall feel of the game feel rushed and unfinished which is disappointing, especially given how much potential the gaming engine clearly has.The Crew 2 has a fairly weak attempt at a storyline. To it’s credit however it doesn’t pretend that the story is important. Different crews and racing syndicates want you to prove yourself, become more famous, earn bitcoin and get street cred. It’s a 15 years olds motorised wet dream. Coloured graffiti artwork sprays up the transition screens, people use outdated lingo that would make the Fast & The Furious 2 writers cringe. It reminded me a lot of the “cool kid” approach to Need For Speed: Underground. It works with the games style of trying to make gaming less nerdy and more cool but this 31 year old geek felt it was trying just a little bit too hard.The learning curve in regards to improving is perfectly paced so I never felt like I failed too many times nor did I succeed too easily, so everytime I wanted to put the controller down I’d end up winning a race and being completely hooked again. As an example, in my first drag race (which I now know is when the road is slippery and you skid everywhere lol) I got under half the required points to pass the level. However on my second attempt I nearly double the benchmark (these were fairly introductory levels so I hadn’t mastered it or anything but the game gave you the chance to learn without feeling like a shit person).Eventually I unlocked a series of special events called “live events” where you seamlessly change from street performance car, to speed boat, to rally car all within the same race (like a Vin Diesel triathlon) and it was at this point that I realised I was actually having an amazing time playing this game and that, despite its flaws, I was surprisingly keen to see this game through. So I know, I know, I have ranted and raved about the downsides of this game but at the end of the day, the most important thing is – despite all this – this game is bloody fun. The more I played it, the more I enjoyed, the better I got at it, the more satisfaction I obtained when upgrading my cars (even if I didn’t know what a muffler did it didn’t matter – it was easy to upgrade the vehicles and made a satisfying noise when I did so) the more hooked I got. Add to this genuinely decent racing music (The Black Keys, Kasabian, Tame Impala to mention a few) and the result is The Crew 2 is a very, very fun game. It is fast paced, varied (enough), the learning curve isn’t so steep that the casual racing gamer can’t get into it and there are enough tracks, vehicles and madness to keep you busy for a very, very long time. So yeap, despite its shortcomings, The Crew 2 is an extremely fun (if at times an unpolished) game that is sure to give racing fans (and casual gamers like) something to do for a few hungover Sundays to come. We are a bunch of humans who like to watch movies, play games, and dress up as our favourite characters. Other humans like to call us geeks. Which is pretty much true.Please enter your username or email address. You will receive a link to create a new password via email.

BitGo, a leader in digital asset financial services, announced today that it is now offering institutional trading services through its new entity BitGo Prime.

The ability to seamlessly trade from secure, insured cold storage is being offered exclusively to BitGo Prime clients, whose assets are held with qualified custodian BitGo Trust.

The launch follows a lengthy private beta during which BitGo Prime worked closely with leading institutions to hone and refine its trading and lending offering. 

Institutional Grade Service For Trading Cryptocurrency

It’s an important development that has the potential to be impactful to cryptocurrency markets as institutional investors comprising hedge funds, fiduciaries, asset managers, fund managers and Registered Investment Advisors, will now have the same institutional grade trading services in the cryptocurrency world that exist in the traditional world of securities today.

Institutional grade trading services makes it easier for institutions to participate in cryptocurrency investing and that’s important as while institutional money has been the backbone of global equity and bond markets, the cryptocurrency market hasn’t yet seen large inflows of institutional money and that’s held the market back.

Part of the reticence on the part of institutional investors is that there hasn't been the robust market infrastructure in place that more mature markets, such as equities, have today. Without this in place it is challenging for institutional investors to fully participate in the market.

Institutional participation is important for the success of the cryptocurrency market as their involvement will lead to increased liquidity, a narrowing of spreads, a reduction in volatility and an appreciation of asset price as demand for cryptocurrency increases.

As cryptocurrencies become more mainstream through institutional adoption, they will start showing up in the portfolios of corporate investment vehicles, corporate pensions, trusts and 401(k)’s.

Regulated Investors Need Regulated Partners

I recently sat down with Mike Belshe CEO of BitGo and BitGo Prime CEO Nick Carmi to understand more about the company and why BitGo believes prime services are essential for the adoption of cryptocurrency by institutions.

Established in 2013, the company started with a simple mission — to secure the world’s bitcoin.

In those early days the company was focused on providing wallet technology as opposed to financial services with the assumption that the well known traditional financial services incumbents would adopt BitGo’s technology and start to offer services, such as custody, powered by BitGo’s secure multi-signature wallet technology.

However, as the market was slow to bring these services to market, and with fiduciaries knocking on BitGo’s door looking to get into the cryptocurrency market, the company felt it had no choice but to start offering custody services itself, rather than purely limiting itself to being a technology provider.

Belshe, points to the fact that there are five distinct and separate financial services roles that exist in traditional financial services which service institutional money but weren’t around in the nascent cryptocurrency market of 2013 and arguably are only starting to emerge in a meaningful way today.

In Belshe’s view many of the early institutional custody and trading platforms had significant limitations which made them unappealing for institutional investors because of their lack of regulatory oversight and operational controls.

“Regulated entities need regulated partners, it’s as simple as that. So if you are a fiduciary, RIA, asset manager or hedge fund manager, you need someone who is going to meet your levels of standards of certification” explains Belshe, painting the picture of how institutional custody is somewhat of a different beast to retail cryptocurrency custody.

Carmi was quick to expand the company’s institutional footprint as BitGo which went on a string of acquisitions as it grew into providing integrated financial service to institutions in the digital asset space.

That leads us to today’s announcement that the company’s long-piloted prime services trading business is now live, with Carmi now taking the helm as the CEO of their newly formed BitGo Prime group.

The Need For Prime Services

While BitGo has been building out a number of services for its institutional clients, it remains committed to a vision of providing institutions with the means to plug into into a fabric of services provided by other financial service providers.

That’s a markedly different from the approach taken by some of the large cryptocurrency exchanges in the space which have instead sought to bring all the various services associated with supporting institutions into a one-stop-shop.

Belshe fundamentally believes that this consolidated model won’t work for institutional investors.

“One of the things that differentiates Bitgo, and you will see this with all the things we have put together, is that it is very much in mind with helping that market structure come together.”

In the traditional world, Belshe explains, institutional investors, have come to expect financial services providers to have specialism and tend shy away from organizations that provide multiple services under one roof — such as a combined exchange and trading capability, as well as retail and institutional offerings — as these entities risk becoming spread too thin.

“Specifically I don't think in the end you’ll see a single exchange that is the buyers broker and sellers broker and clearing house all in one,” explains Belshe as he walks us through BitGo Prime’s key philiosphy, “and that’s holding actual back the industry and institutional clients. Why? If you are trying to take a $50m position, you’re not going to write a check to Coinbase. That’s not how markets work. It would be a dereliction of duty.”

By way of an example to explain the dangers of not specializing, Belshe points to how most of the major hacks in the cryptocurrency space have occurred not in companies that specialized in custody solutions, but those that provided multiple services such as exchange and custody services. “Institutions value specialization”, explains Belshe.

Belshe omits to mention that BitGo itself has been associated with a hack — in 2016, Bitfinex, a digital currency exchange using BitGo software, announced it had suffered a security breach. That said, BitGo was not itself hacked, but processed withdrawal requests from the hacker, who had obtained access to Bitfinex's key, so Belshe’s point does still stand.

Sourcing Liquidity And Avoiding Front-Running

Not only do institutions value specialization but they also prefer to distribute their trading activities across multiple venues, which is something that isn’t necessarily possible as a customer of one of the walled gardens that provide both exchange and custody services.

There’s a number of reasons why institutions favor this model of spreading their business around multiple venues. For one, given the large notional sums that institutional investors are trading and safeguarding on behalf of their clients, they need to mitigate the risk that a given counter-party is compromised or becomes insolvent.

Insolvency of a custodian or an exchange isn’t something that is top of mind for retail investors given how relatively small their investments in cryptocurrency tends to be in comparison to institutions that may be managing tens, if not hundreds of millions of dollars in capital.

Another reason that institutions favor diversification of their trading partners is be able to trade without overwhelming the liquidity of a single venue. In the traditional world of equities in the U.S., “best execution order routing” ensures that liquidity can be pooled from across multiple exchange venues to provide the buyer or seller with the best price based on an aggregate inventory of liquidity.

However, this doesn’t exist in cryptocurrency exchanges today as they are not linked together and have no regulatory requirement provide the best bid and offer.

With the average trade made by an institutional investor being thousands of times larger than a typical retail customer — who currently dominate cryptocurrency trading today — it doesn’t take much volume from an institutional player to materially affect the price of bitcoin on an exchange even if there is liquidity in other venues.

For markets to be efficient, there needs to be a prime broker that is able to source liquidity from not just exchanges but also over-the-counter venues, and be able to also manage the clearing and settlement of these assets across these multiple exchanges. That’s a role that institutions would struggle to take on themselves today, and where BitGo is placing a firm bet that the buy side will increasingly be looking to the organization for assistance.

Confidentiality is a another challenge that the buy-side faces, especially in thinly traded markets. With institutional investors being able to move markets given their outsized volume in relation to retail investors, it’s possible for astute investors to make money by front-running large orders — either with exchanges themselves trading ahead of their clients, or by traders using sophisticated algorithms that can detect signals of large buy side orders.

While Belshe is quick to clarify that he’s not suggesting that any of the major crypto exchanges are front-running, it is a fact that crypto exchanges don’t have to play by the same rules as regulated traditional exchanges and therefore, in Belshe’s view, “you can’t prove [to an institutional investor] that they’re not front-running”.

To work round this, prime services both look to drip orders into the market into a number of venues, timing transactions in a way that minimize detection by front-runners. They also offer a mechanism to obfuscate the trading parties which can go some way to provide confidentiality. This fully non-disclosed model places the prime broker in the middle of the counter-parties so that its harder for market participants to detect if there is a buy-side institution placing a large order in the market.

Speaking The Same Language

While the infrastructure that enables access to multiple venues and custody solution is key to adoption, there is a softer, more subtle side to prime brokerage services that is equally important. And that’s the high-touch human element that is provided to institutional investors by prime brokerages.

Unlike the retail model whereby hundreds of thousands of investors are handled at scale through automated call triage, customer service robots, and large impersonal call centers, the institutional investor pool is smaller, and the notional value of their trades far higher.

Institutional customers expect to be able to contact their account manager whenever they need them, and be able to receive a “white-glove” service from someone with a Wall Street background that speaks in their vernacular. Institutional clients want guidance, insight into the market and advice as opposed to purely transactional based execution services.

That’s an area where the BitGo team also believe they have a leg-up having recruited a team from traditional Wall Street banks.

Field Of Dreams?

While Kevin Costner’s character in the iconic movie “field of dreams” was guided by a disembodied spectral voice that assured him that “if you build it they will come”, it’s unclear whether institutional investors, now provided with the infrastructure to be able to invest in cryptocurrency, will actually enter the market.

After all, cryptocurrencies still represent a small asset class with relatively little historical information with which to be able to understand correlation with other assets. It’s also an asset class with an exceptional level of volatility which would violate the mandates of many asset managers and fiduciaries who are focused on stable and predictable returns.

Although Belshe accepts that uptake of cryptocurrency among institutional investors “has been elusive”, he’s sanguine about the prospects for cryptocurrency adoption, pointing to a common pattern in new asset classes where the aggressive early adopters, such as hedge funds are increasingly replaced in a second wave by the larger conservative institutions. These organizations are far more driven by the demands of their clients which takes longer to materialize.

That timing may not be co-incidental as it may be that inflation fears surrounding global fiscal stimulus efforts in response to the Covid-19 pandemic may actually be spurring demand at both the retail and institutional level. An accelerated adoption of bitcoin as a form of digital gold to hedge against inflation concerns may be the industry’s silver lining on an otherwise very gloomy cloud.

Belshe doesn’t believe that the full effects of the current round of global quantitive easing has been felt in the market yet which means inflation could be coming soon. Topping $7 trillion, the Fed’s balance sheet doubled in the first quarter of 2020 after the central bank printed over $3 trillion through rescue packages and quantitative easing.

That bitcoin may be an effective hedge against the looming threat of global inflation is a viewpoint shared by a number of hedge funds and investment banks.

Digital Assets - 24 Months Down The Road

What’s next for the company? With its recent digital asset and brokerage focused acquisitions, it seems that the next frontier for the company could be asset backed securities, as opposed to pure cryptocurrency.

But that appears to be a longer play for BitGo which today still derives 85% of its business from bitcoin transactions and remains one of the largest liquidity providers of the booming wrapped BTC / wBTC asset class that represents bitcoin on the Ethereum network.

The company clearly sees an opportunity in the digital asset space, but it’s not something that is going to materialize any time soon. Belshe acknowledges that getting digital assets going has been “hard job”, stating that while there are irons in the fire “by that’s more of a 24 month horizon.”

Institutions vs. The Cypherpunks

Wall Street adoption of cryptocurrency has been somewhat of an oxymoron for the bitcoin community given that part of bitcoin’s initial appeal was that it was able to circumvent the perceived greed and abuse of power of investment banks.

Yet institutional adoption is key for cryptocurrency to achieve mainstream adoption and for that you need middle men such as prime brokers with ties to the investment banks.

That’s a bitter pill to swallow for the crypto cypherpunks, but maybe a neccessary one.

I’m an executive with 20 years of experience in the financial services technology space where I work at the intersection of business strategy and emerging technology to

I’m an executive with 20 years of experience in the financial services technology space where I work at the intersection of business strategy and emerging technology to help corporate clients conceptualize and bring new digital propositions to life.

In the last four years, I have focused on the next wave of digitization that is coming to financial markets; the unbundling of banks by fintech challengers, the emergence of digital assets, and the move towards the exchange based trading of assets that previously lacked standardization and formal exchange venues

I have brought industry initiatives to market across a range of sectors including banking, fund management, insurance, supply chain and healthcare organizations.

In the digital asset space I have built new platforms using the new paradigm of digital assets in asset classes such as syndicated loans and equity swaps, in collaboration with major Wall Street banking institutions. I am a thought leader in areas such as digital payments, wealth management, and Central Bank Digital Currencies. 

Having spent a career consulting for enterprises, I have unique vantage point on how large organizations think and approach blockchain technology.

TLDR. The first IPO by a Blockchain venture will signal that the next cryptocurrency bull market is in good shape. One question is which Blockchain venture will be the the first to IPO. Candidates include Binance, Coinbase, Silvergate & TZero. Looking at the macro conditions and the IPO process offers some clues about when this will happen. Another question is what the first IPO by a Blockchain venture will tell us about the wider transition to The Blockchain Economy. For investors, our aim with this post is to give some context before the frenzy of IPO pricing and roadshow. Bitmain had a failed IPO process. Investment Bankers will be trying hard to overcome the Bitmain bad news story and write the story of the first successful Blockchain IPO .This post includes:Why this will signal a sustainable cryptocurrency bull marketWho are the candidates for the first Blockchain IPOThe Bitmain bad news storyWhen Part 1: understanding the IPO ProcessWhen Part 2: Macro market analysisLegacy IPO vs Blockchain STOBeing No 2 maybe better but the macro window is smallWhy this will signal a sustainable cryptocurrency bull marketThe investment bankers advising the companies will time it for when they are confident that we are in a cryptocurrency bull market and they have all the data to guide this decision. So when we see a successful Blockchain IPO, we can be confident that we are in a cryptocurrency bull market.The marketing of the IPO will push that bull market to new heights by bringing new investors to the table who see the IPO in mainstream media.The first IPO by a Blockchain venture will tell us a lot more about the price direction of cryptocurrencies than all the Technical Analysis (TA) put together. The investment bankers will look at TA among many other signals before making their big timing & pricing bet.When Part 1: understanding the 7 step IPO ProcessTo get a handle on when will the first Blockchain IPO will happen, we need to understand the 7 step IPO Process:Prepare. Make sure the company is ready to IPO. This takes place behind closed doors with strict confidentiality enforced; with so many people involved it is a bit of an open secret. Typically this is 6 months pre IPO and the IPO may never happen so this open secret is not worth much.Tell. A PR charm offensive. This is the tease, when we get familiar with the name in public. The IPO word will be used but the official position will be Deny (see Stage 4). A PR charm offensive can also be used to raise  a big private round, so there is not a confirmation of IPO process till we get to at least Stage 3.Hire Announcement. Typical CXO hire pre IPO is a CFO who has “been there and done that” ie gone through IPO and reporting as a public company.Deny IPO. It is customary at this stage for CEO and other spokespeople to deny that there is any IPO. This is because an IPO process can be stopped at any stage prior to 6, so this prevents brand damage from a “failed IPO”.File with regulator. The filing with regulator  is called an S-1 if filing is with SEC in USA .This has information about the company but no price for the shares or date for the IPO.Price & Date.This starts the the roadshow ending in the IPO about 2 weeks later.Post LockUp Exit. This is when VCs and other Insiders can sell. It is is the real IPO as far as they are concerned. Step 6 is more of a marketing event than a financial event.Any of these 4 things can change this planned process:– Acquisition. Before or after all of these 7 stages, an acquirer can come in. For example, Facebook could acquire Coinbase before or after they IPO.– Mega private round. This is like an Acquisition, because early investors and founders can at least partially exit.– Market tanks. The investment bankers can “pull an IPO” if a crashing market means they cannot get the target price.– Execution snafu. The company can do something that significantly reduces the value of the business or simply not meet targets or suffer some kind of attack. For example, a major loss from a scam will derail any of these Blockchain IPOs.The Bitmain bad news storyInvestment Bankers will be trying hard to overcome the Bitmain  bad news story in 3 ways:Timing. Bitmain filed deep in the Crypto Bear market in September 2018 and “pulled it” after the 6 month expiry (during which they had to IPO or cancel) at end March 2019.Business model. As a Miner, Bitmain gets paid in cryptocurrencies. When the trailing financials are from a bear market, they look bad.Less controversial. Bitmain got too publicly embroiled in the Bitcoin Civil War, meaning that many influential crypto investors have a “over my dead body” attitude to buying Bitmain shares.Investment Bankers don’t want investors looking at Bitmain as a comparable.Who are the candidates for the first Blockchain IPOAll of these have the scale to do an IPO and have made some noises in that direction. To avoid any implied ranking, these are in alphabetical order:BinanceHere is the IPO noise about BinanceCoinbase Here is the IPO noise about Coinbase Daily Fintech earlier coverage about Coinbase IPOSilvergate BankHere is the IPO noise about Silvergate Daily Fintech earlier coverage about Silvergate IPOTZERO Could be by a) Medici Ventures which owns TZero and some other Blockchain assets b) via Overstock (which owns TZero) selling their legacy e-commerce business leaving just Medici and TZero or c) via a spinoff of Medici or  TZero from OverstockHere is the IPO noise about Tzero. Daily Fintech earlier coverage on TZero.When Part 2: Macro market analysisA Blockchain IPO needs a bull market in both Legacy Finance and in Cryptocurrencies. During 2018 we had a bull market in Legacy Finance and  a bear market in Cryptocurrencies. During 2019 we might have a bull market in both but the window may be tight and a lot of ventures crowding to get through that window (pity those poor Investment Bankers).If we don’t get this window when both markets are healthy, the big Blockchain ventures lining up to IPO are likely to accept either an acquisition offer or a big private round (aka “private IPO”).Legacy IPO vs Blockchain STOWhen one big use case for Blockchain is Security Tokens that will disrupt Wall Street, it seems odd  to use classic Wall Street firms to manage a classic Legacy Finance process.TZERO will be the most conflicted about this as they are most vocal about disrupting Wall Street, but all the ventures have this issue. We may see one of two variants:A Security Token Offering (STO) using top tier IPO Investment Bankers and best practices from Legacy IPO.Being No 2 maybe better but riskyThe race to be first is driven by a) a short window when both markets are in bull market b) the consumer marketing impact of an IPO. An IPO is less about raising capital than getting mindshare of millions of potential customers. In some markets it pays to be second to IPO not first. The short window may mean such caution is thrown to the wind.Bernard Lunn is a Fintech deal-maker, investor, entrepreneur and advisor. He is CEO of Daily Fintech and author of The Blockchain Economy.I have no positions or commercial relationships with the companies or people mentioned. I am not receiving compensation for this post.Subscribe by email to join the 25,000 other Fintech leaders who read our research daily to stay ahead of the curve. Check out our advisory services (how we pay for this free original research).Share this:Like this:Like Loading…RelatedShare this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Like this:Like Loading...

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