Загрузка видео...

Не удалось загрузить видео

На главную

Multicoin co-founder Tushar Jain on why a nation state wouldn't hold Bitcoin as a reserve "Privacy also matters for nation state level actors who may want to use these assets like Zcash or Bitcoin as reserves, as forex reserves. As dollar hegemony decreases and we enter a multipolar world,...

scottmelker's profile picture

The Wolf Of All Streets

1,084,283 subscribers

34,616 просмотров • 6 дней назад •via X (Twitter)

Финансы
LIVE

Anya Rossi• Live Now

Private livecam show

Комментарии: 0

Нет доступных комментариев

Здесь появятся комментарии из оригинального поста

Похожие видео

TRUMP “I’m laying out my plan to ensure that the United States will be the crypto capital of the planet and the Bitcoin superpower of the World.. if Bitcoin is going to the Moon — as we say— I want America to be the nation that leads the way”
2:40

TRUMP “I’m laying out my plan to ensure that the United States will be the crypto capital of the planet and the Bitcoin superpower of the World.. if Bitcoin is going to the Moon — as we say— I want America to be the nation that leads the way”

ALX 🇺🇸

2,054,991 просмотров • 2 лет назад

.Andrew Ross Sorkin seems unsure how the US government could buy Bitcoin in a budget neutral way. There are a number of ways that more Bitcoin could be acquired: - Asset Forfeiture: The U.S. government already seizes Bitcoin through criminal and civil asset forfeiture. Expanding and streamlining these processes could increase the amount of Bitcoin acquired. This is budget-neutral as the assets are obtained through legal proceedings, not direct purchases. - Revaluation of Existing Assets: There have been discussions about revaluing existing government assets, such as gold reserves, to current market prices. The increased valuation could create a "surplus" that could then be used to acquire Bitcoin. - Strategic Sale of Non-Essential Assets: The government could identify and sell non-essential assets, such as certain stockpiled commodities (our "strategic cheese reserve" 😅) or underutilized properties (Yellowstone national park - I kid, I kid!), and use the proceeds to purchase Bitcoin. Pierre Rochard has quipped that if you own a chair, you don't own enough Bitcoin (you should be standing more and sitting less). Obviously this is being a little flippant, but the idea has truth to it: if something is non-productive or has little growth potential, why not sell it and acquire the best performing asset of the last decade? Joe Kernen
0:37

.Andrew Ross Sorkin seems unsure how the US government could buy Bitcoin in a budget neutral way. There are a number of ways that more Bitcoin could be acquired: - Asset Forfeiture: The U.S. government already seizes Bitcoin through criminal and civil asset forfeiture. Expanding and streamlining these processes could increase the amount of Bitcoin acquired. This is budget-neutral as the assets are obtained through legal proceedings, not direct purchases. - Revaluation of Existing Assets: There have been discussions about revaluing existing government assets, such as gold reserves, to current market prices. The increased valuation could create a "surplus" that could then be used to acquire Bitcoin. - Strategic Sale of Non-Essential Assets: The government could identify and sell non-essential assets, such as certain stockpiled commodities (our "strategic cheese reserve" 😅) or underutilized properties (Yellowstone national park - I kid, I kid!), and use the proceeds to purchase Bitcoin. Pierre Rochard has quipped that if you own a chair, you don't own enough Bitcoin (you should be standing more and sitting less). Obviously this is being a little flippant, but the idea has truth to it: if something is non-productive or has little growth potential, why not sell it and acquire the best performing asset of the last decade? Joe Kernen

Vijay Boyapati

10,163 просмотров • 1 год назад

Matthew Kratter of Bitcoin University gives one of the best talks on Bitcoin: "If self sovereign adoption took us from zero dollars a coin to sixty nine thousand dollars a coin, all of those flows from BlackRock and the Trumps and Saylor and everything has has only taken us a few ten thousand dollars higher than at this moment." "Instead of looking to the government or Saylor or BlackRock or someone else as our saviors, if you want the price of Bitcoin to go up, you just need to use it as money yourself. You need to because if Bitcoiners aren't going to use Bitcoin as money, I'm not sure who is." "Ask to pay in Bitcoin, ask to be paid to be paid in Bitcoin, because this is how real Bitcoin adoption works. You should be HODLing your sats, trying to get rid of US dollars, whatever your fiat currency is, because this is the money of pedophile rings and forever wars. Don't hold US dollars. And that's the that's the fastest way we get to higher Bitcoin prices is we need to destroy US dollar network effects. And we need to increase Bitcoin network effects. And the way you do that is every Bitcoiner runs a node, gets paid in Bitcoin and tries to buy as much as possible using using Bitcoin."
4:33

Matthew Kratter of Bitcoin University gives one of the best talks on Bitcoin: "If self sovereign adoption took us from zero dollars a coin to sixty nine thousand dollars a coin, all of those flows from BlackRock and the Trumps and Saylor and everything has has only taken us a few ten thousand dollars higher than at this moment." "Instead of looking to the government or Saylor or BlackRock or someone else as our saviors, if you want the price of Bitcoin to go up, you just need to use it as money yourself. You need to because if Bitcoiners aren't going to use Bitcoin as money, I'm not sure who is." "Ask to pay in Bitcoin, ask to be paid to be paid in Bitcoin, because this is how real Bitcoin adoption works. You should be HODLing your sats, trying to get rid of US dollars, whatever your fiat currency is, because this is the money of pedophile rings and forever wars. Don't hold US dollars. And that's the that's the fastest way we get to higher Bitcoin prices is we need to destroy US dollar network effects. And we need to increase Bitcoin network effects. And the way you do that is every Bitcoiner runs a node, gets paid in Bitcoin and tries to buy as much as possible using using Bitcoin."

Simply Bitcoin

58,954 просмотров • 3 месяцев назад

SIMON DIXON: "We need people running nodes, owning their Bitcoin in self custody, people that aren't borrowing against their Bitcoin through a centralized structure, people that are going to support different types of innovation that allow for privacy." "It's still the most decentralized thing we have... I know it will succeed because... It's an escape for elites that still want it as well." "Do you want to fund death, destruction, war, violence and fund the proof of weapons network, which is Bitcoin in custody?... Or do you want to actually boycott, make the system weaker and at least have a corner of the world that's working on allowing people to be sovereign? Because the only countries that are going to survive in this multipolar world order and not be vassalized into the Financial Industrial Complex are the countries that have sovereign wealth." "Most of you will be useful idiots that will give more power to the financial industrial complex on the wrong side of a margin call mining fiat currency while they take your Bitcoin and use it as leverage to destroy your pension, bomb more countries and you work for transnational capital."
4:51

SIMON DIXON: "We need people running nodes, owning their Bitcoin in self custody, people that aren't borrowing against their Bitcoin through a centralized structure, people that are going to support different types of innovation that allow for privacy." "It's still the most decentralized thing we have... I know it will succeed because... It's an escape for elites that still want it as well." "Do you want to fund death, destruction, war, violence and fund the proof of weapons network, which is Bitcoin in custody?... Or do you want to actually boycott, make the system weaker and at least have a corner of the world that's working on allowing people to be sovereign? Because the only countries that are going to survive in this multipolar world order and not be vassalized into the Financial Industrial Complex are the countries that have sovereign wealth." "Most of you will be useful idiots that will give more power to the financial industrial complex on the wrong side of a margin call mining fiat currency while they take your Bitcoin and use it as leverage to destroy your pension, bomb more countries and you work for transnational capital."

Simply Bitcoin

35,186 просмотров • 3 месяцев назад

The World Economic Forum doesn't talk about Bitcoin - so I made sure that we did in 2025. I took the chance to ask if the US will adopt a Bitcoin strategic reserve during the 'Crypto at a Crossroads' session inside this year's WEF conference. Coinbase's Brian Armstrong remains confident we will see a Bitcoin reserve in America. Interestingly, South Africa's Reserve Bank Governor Lesetja Kganyago made it evident that many still don't understand the underlying value proposition of Bitcoin. Armstrong provided an important response: "Many things have been used as money over the years. I think it's clear at this point that, you know, Bitcoin is a better form of money than gold. It is provably scarce, just like gold, but it's more portable and divisible. So you can actually use it. It was the best performing asset of the last ten years. And so for a store of value, I think it's going to be important for governments to hold this over time. It may not it might start with being 1% of their reserves, but I think over time it'll come to be equal to or greater than gold reserves." Cointelegraph
4:31

The World Economic Forum doesn't talk about Bitcoin - so I made sure that we did in 2025. I took the chance to ask if the US will adopt a Bitcoin strategic reserve during the 'Crypto at a Crossroads' session inside this year's WEF conference. Coinbase's Brian Armstrong remains confident we will see a Bitcoin reserve in America. Interestingly, South Africa's Reserve Bank Governor Lesetja Kganyago made it evident that many still don't understand the underlying value proposition of Bitcoin. Armstrong provided an important response: "Many things have been used as money over the years. I think it's clear at this point that, you know, Bitcoin is a better form of money than gold. It is provably scarce, just like gold, but it's more portable and divisible. So you can actually use it. It was the best performing asset of the last ten years. And so for a store of value, I think it's going to be important for governments to hold this over time. It may not it might start with being 1% of their reserves, but I think over time it'll come to be equal to or greater than gold reserves." Cointelegraph

Gareth Jenkinson

452,090 просмотров • 1 год назад

🚨💵Peter Schiff: Sanctions on Russia🇷🇺 marked the beginning of the end of the dollar as the world’s reserve currency “I was very critical at the time of the Biden sanctions against Russia, and I said that would come back to bite the US because I knew how critical the dollar’s reserve currency status was to propping up the US economy. I said that Biden just sent a very loud message, a warning to the world that they need to get rid of their dollars, that they could be the next Russia. If they do something that the United States doesn’t like, they’ve got that weapon. And so why would you want to enable the United States with a weapon to use against you? So I said this is going to result in a lot of selling of US dollars and US Treasuries. And that’s exactly what happened. The reason that gold is over $3300 an ounce is because central banks are getting rid of their dollars. And one of the reasons that the yield on US Treasuries just hit a new multi-year high and continues to rise is because we don’t have all the foreign buyers that Biden scared away. I think we’ve already established the precedent that the dollar is not sacrosanct. And if you’re a nation and you have US dollars, you have US Treasuries and you own them in good faith in that you would trust that they would be a reserve asset, a neutral reserve asset. We’ve already established a precedent that that’s not the case, that we can yank the rug out from under you whenever we want. So I think regardless of what Trump does now, if I was in China or any of these countries, especially China, because, you know, we vilify China, we say China’s our enemy. Okay, well, if China’s our enemy, why the hell do they want to leave themselves vulnerable by owning all of our bonds? And it’s not just Treasuries that they own. They own mortgage-backed securities. They have a tremendous amount of dollar-denominated assets, so I would be completely divesting as quickly as I could.” -Peter Schiff on Going Underground
2:35

🚨💵Peter Schiff: Sanctions on Russia🇷🇺 marked the beginning of the end of the dollar as the world’s reserve currency “I was very critical at the time of the Biden sanctions against Russia, and I said that would come back to bite the US because I knew how critical the dollar’s reserve currency status was to propping up the US economy. I said that Biden just sent a very loud message, a warning to the world that they need to get rid of their dollars, that they could be the next Russia. If they do something that the United States doesn’t like, they’ve got that weapon. And so why would you want to enable the United States with a weapon to use against you? So I said this is going to result in a lot of selling of US dollars and US Treasuries. And that’s exactly what happened. The reason that gold is over $3300 an ounce is because central banks are getting rid of their dollars. And one of the reasons that the yield on US Treasuries just hit a new multi-year high and continues to rise is because we don’t have all the foreign buyers that Biden scared away. I think we’ve already established the precedent that the dollar is not sacrosanct. And if you’re a nation and you have US dollars, you have US Treasuries and you own them in good faith in that you would trust that they would be a reserve asset, a neutral reserve asset. We’ve already established a precedent that that’s not the case, that we can yank the rug out from under you whenever we want. So I think regardless of what Trump does now, if I was in China or any of these countries, especially China, because, you know, we vilify China, we say China’s our enemy. Okay, well, if China’s our enemy, why the hell do they want to leave themselves vulnerable by owning all of our bonds? And it’s not just Treasuries that they own. They own mortgage-backed securities. They have a tremendous amount of dollar-denominated assets, so I would be completely divesting as quickly as I could.” -Peter Schiff on Going Underground

Going Underground

16,526 просмотров • 4 месяцев назад

So, does it matter that Bitcoin seems to be moving away from its cypherpunk roots? Bitcoin ETFs and Bitcoin Treasuries have taken BTC mainstream. So I asked Saifedean Ammous this very question. His answer might surprise you... 👀👇 "If you have very strong feelings about how people should and shouldn't use Bitcoin, you're in for a rough time." "To be honest, a lot of people project too much onto Bitcoin. Ultimately, it's just a bunch of software and anybody can use it in any way they want. Initially, it's a small subset of people that use it and then they start projecting their values onto it. And then over time, they expect it to continue to abide by that," Ammous said. "If it's a successful technology, it's going to be used by everybody. It's going to be used by small businesses, large businesses, governments, individuals. It's money. Everybody uses money. There are 8.5 billion people on Earth, they all use money and they're all going to continue to use money. And Bitcoin is just the best money." Ultimately, the protocol itself is immune to the financial instruments that TradFi has concocted. If people want to lend against their BTC or create complex financial products, that does not actually impact the underlying network. "The way that the protocol works is that it's completely blind to what you're doing with your coins on the Bitcoin blockchain there is no paper Bitcoin there's no such thing as paper Bitcoin there's only 21 million Bitcoin and every node makes sure of that every 10 minutes and then if somebody who has some of these Bitcoin on their private key decides to sell obligations or financial liabilities referring to that Bitcoin under any condition, that's their choice. It's outside of Bitcoin and it's outside of the realm of other Bitcoin users being able to say this is right or wrong and this should happen or shouldn't happen. People are going to do whatever they want with the Bitcoin, including selling access to it or exposure to it in all kinds of different ways. And if you don't like it, you don't buy it, you can stack your own Bitcoin." You can find the full interview for Cointelegraph in the 🧵. If you enjoyed this content, please like 🧡, retweet 🔁 and follow me 👋!
1:57

So, does it matter that Bitcoin seems to be moving away from its cypherpunk roots? Bitcoin ETFs and Bitcoin Treasuries have taken BTC mainstream. So I asked Saifedean Ammous this very question. His answer might surprise you... 👀👇 "If you have very strong feelings about how people should and shouldn't use Bitcoin, you're in for a rough time." "To be honest, a lot of people project too much onto Bitcoin. Ultimately, it's just a bunch of software and anybody can use it in any way they want. Initially, it's a small subset of people that use it and then they start projecting their values onto it. And then over time, they expect it to continue to abide by that," Ammous said. "If it's a successful technology, it's going to be used by everybody. It's going to be used by small businesses, large businesses, governments, individuals. It's money. Everybody uses money. There are 8.5 billion people on Earth, they all use money and they're all going to continue to use money. And Bitcoin is just the best money." Ultimately, the protocol itself is immune to the financial instruments that TradFi has concocted. If people want to lend against their BTC or create complex financial products, that does not actually impact the underlying network. "The way that the protocol works is that it's completely blind to what you're doing with your coins on the Bitcoin blockchain there is no paper Bitcoin there's no such thing as paper Bitcoin there's only 21 million Bitcoin and every node makes sure of that every 10 minutes and then if somebody who has some of these Bitcoin on their private key decides to sell obligations or financial liabilities referring to that Bitcoin under any condition, that's their choice. It's outside of Bitcoin and it's outside of the realm of other Bitcoin users being able to say this is right or wrong and this should happen or shouldn't happen. People are going to do whatever they want with the Bitcoin, including selling access to it or exposure to it in all kinds of different ways. And if you don't like it, you don't buy it, you can stack your own Bitcoin." You can find the full interview for Cointelegraph in the 🧵. If you enjoyed this content, please like 🧡, retweet 🔁 and follow me 👋!

Gareth Jenkinson

34,417 просмотров • 9 месяцев назад

.Erik Voorhees: It’s actually good, from the Trojan horse perspective, that Bitcoin was traceable enough for traditional institutions to tolerate it. “When Bitcoin came out, everyone called it private, thought of it as private. It was referred to as anonymous in every news story. And in some ways, it is very private and very anonymous. But the truth is that it’s also extremely trackable and traceable. It is not private in reality. And the question is, should it have been from the start? And at first I thought, yes, it should have been more private. And that was a mistake in its design. However, I think if Bitcoin had been anonymous truly from the start, like a Zcash or a Monero, it would have had such antagonism from the state. I don’t know that the state could have snuffed it out, but they would have tried much harder. And I think it’s actually good, from the Trojan horse metaphor perspective, that it was traceable enough that the traditional institutions could tolerate it. They’ve never liked it, but they could at least tolerate it because there is some traceability. And that has allowed Bitcoin to grow. And I think in its shadow, that other crypto assets are actually anonymous is very healthy. The strength of cryptocurrency as a concept in society, I think, is served best when Bitcoin itself is not perfectly private, but other assets are. That is a very difficult thing, I think, for the state to combat. And that decentralization of attributes is really, really crucial. So, yeah, I’m very glad that there are other coins that are private. I want there to be more of them, and I want them to be more popular. And I think it’s okay that Bitcoin itself is not.”
2:11

.Erik Voorhees: It’s actually good, from the Trojan horse perspective, that Bitcoin was traceable enough for traditional institutions to tolerate it. “When Bitcoin came out, everyone called it private, thought of it as private. It was referred to as anonymous in every news story. And in some ways, it is very private and very anonymous. But the truth is that it’s also extremely trackable and traceable. It is not private in reality. And the question is, should it have been from the start? And at first I thought, yes, it should have been more private. And that was a mistake in its design. However, I think if Bitcoin had been anonymous truly from the start, like a Zcash or a Monero, it would have had such antagonism from the state. I don’t know that the state could have snuffed it out, but they would have tried much harder. And I think it’s actually good, from the Trojan horse metaphor perspective, that it was traceable enough that the traditional institutions could tolerate it. They’ve never liked it, but they could at least tolerate it because there is some traceability. And that has allowed Bitcoin to grow. And I think in its shadow, that other crypto assets are actually anonymous is very healthy. The strength of cryptocurrency as a concept in society, I think, is served best when Bitcoin itself is not perfectly private, but other assets are. That is a very difficult thing, I think, for the state to combat. And that decentralization of attributes is really, really crucial. So, yeah, I’m very glad that there are other coins that are private. I want there to be more of them, and I want them to be more popular. And I think it’s okay that Bitcoin itself is not.”

Arjun Khemani

23,056 просмотров • 2 месяцев назад

🚨Peter Schiff: China🇨🇳 is silently dumping the dollar, a US🇺🇸 dollar crisis is coming soon! ‘China is gradually weaning themselves off of the dollar. That’s why, if you look at their holdings of US Treasuries, they’ve actually gone down a bit over the years. If you look at all the new Treasuries we’ve issued over the years, the fact that the Chinese haven’t bought any of them is a big deal because they used to be a main buyer of these assets. Instead of buying more Treasuries, they’ve bought more gold. So if you look at US dollar debt as a percentage of all the reserves the Chinese own, Treasuries are a much smaller percentage of their total reserves than they once were, especially if you consider the appreciation of gold. I would guess the reason they’re not moving more dramatically is because they probably don’t want to cause a crash, the dollar to implode, the Treasury market to implode, because they are trying to sell and want to get a decent price. So I think they’re happy to slowly bleed it off to try to get that good price. They just have to worry about the impact on the dollar, because if they try to dump too many dollars at once, the dollar could go down, and especially if a lot of other countries see that and want to get out. There could be a run on the dollar. If all the holders decide they want to get out, they don’t want to be the last one holding the dollar, and so it becomes a rush, and we could be in a US dollar crisis relatively soon anyway… I think we’re heading for a real crisis in the US, and I think countries that are smart would be trying to get ahead of that by selling whatever they can, as quietly as they can, out of US dollars and any US dollar-denominated debt.’ -Peter Schiff on Going Underground
3:31

🚨Peter Schiff: China🇨🇳 is silently dumping the dollar, a US🇺🇸 dollar crisis is coming soon! ‘China is gradually weaning themselves off of the dollar. That’s why, if you look at their holdings of US Treasuries, they’ve actually gone down a bit over the years. If you look at all the new Treasuries we’ve issued over the years, the fact that the Chinese haven’t bought any of them is a big deal because they used to be a main buyer of these assets. Instead of buying more Treasuries, they’ve bought more gold. So if you look at US dollar debt as a percentage of all the reserves the Chinese own, Treasuries are a much smaller percentage of their total reserves than they once were, especially if you consider the appreciation of gold. I would guess the reason they’re not moving more dramatically is because they probably don’t want to cause a crash, the dollar to implode, the Treasury market to implode, because they are trying to sell and want to get a decent price. So I think they’re happy to slowly bleed it off to try to get that good price. They just have to worry about the impact on the dollar, because if they try to dump too many dollars at once, the dollar could go down, and especially if a lot of other countries see that and want to get out. There could be a run on the dollar. If all the holders decide they want to get out, they don’t want to be the last one holding the dollar, and so it becomes a rush, and we could be in a US dollar crisis relatively soon anyway… I think we’re heading for a real crisis in the US, and I think countries that are smart would be trying to get ahead of that by selling whatever they can, as quietly as they can, out of US dollars and any US dollar-denominated debt.’ -Peter Schiff on Going Underground

Afshin Rattansi

107,856 просмотров • 7 месяцев назад

I can’t say exactly how effective Bitcoin is as a money, but it’s being perceived by many as an alternative money and so is worth paying attention to. Money needs to be both a medium of exchange and a storehold of wealth — and the latter is more important. I doubt that any central bank will take it on as a reserve currency. That’s because all of the transactions are public, so there’s no privacy to it, and there’s a risk that in the future the code could be broken to make it less effective through government controls. My personal approach is that I do have some Bitcoin in my portfolio, but not much.
1:35

I can’t say exactly how effective Bitcoin is as a money, but it’s being perceived by many as an alternative money and so is worth paying attention to. Money needs to be both a medium of exchange and a storehold of wealth — and the latter is more important. I doubt that any central bank will take it on as a reserve currency. That’s because all of the transactions are public, so there’s no privacy to it, and there’s a risk that in the future the code could be broken to make it less effective through government controls. My personal approach is that I do have some Bitcoin in my portfolio, but not much.

Ray Dalio

353,235 просмотров • 11 месяцев назад

Making Sense Of Bitcoin Treasury Companies If you've been following me on X you’ll know that I have recently been floating a lot of my updated thoughts on the Bitcoin Treasury space. Here I have synthesised all of my ideas and distilled them into a single video. If you prefer YouTube, you can find the link in the comments. If you prefer written format, continue reading. The first thing we need to do is acknowledge an important fact which is that Strategy, as a Bitcoin Treasury Company, is an anomaly. What do I mean by that? Strategy’s success has been defined by a number of unique factors and circumstances, most of which cannot be replicated again by other Bitcoin Treasury Companies. Specifically, there are 6 things that stand out to me. 1. Before adopting Bitcoin, Strategy was a billion dollar company with an operating business that was generating roughly $50M in cash a year. 2. Until the introduction of the ETF's in January 2024, Strategy was the only way for the average investor to gain passive exposure to Bitcoin. 3. Until this year, Strategy was the only way for the average investor to gain leveraged exposure to Bitcoin. 4. Strategy was issuing multiple, billion dollar, zero coupon, unsecured convertible notes at +50% conversion premiums. 5. Strategy has Michael Saylor, who, you don’t need me to tell you, is in a league of his own. 6. For many reasons, including those I’ve just mentioned, Strategy has benefitted disproportionately from the broader sentiment around Bitcoin. In other words, for the best part of 4 years, Strategy had zero competition for either capital or attention. As a result, it became a magnet for capital from anyone who wanted exposure to Bitcoin and it attracted inflows that were beyond what fundamentals alone would maybe justify. Therefore, using Strategy as a blueprint for the performance that you can expect from other Bitcoin Treasury Companies is a bad idea. Using Strategy as a blueprint for how to operate a Bitcoin Treasury Company is a good idea. Now let’s break down what’s unfolded over the last 6 months or so. Between May and June of this year, when we witnessed a flood of new Bitcoin Treasury Companies, we entered what I refer to as the frenzy phase. The frenzy phase was driven almost entirely by sentiment. By sentiment I simply mean emotion. Since then, as sentiment has slowly faded, the market has increasingly priced Bitcoin Treasury Companies based more on fundamentals. By fundamentals I simply mean facts. So where as sentiment is driven by emotion and hype, fundamentals are driven by facts and reason. The problem is that when you price Bitcoin Treasury Companies on fundamentals, you realise that many of them are almost entirely dependent on sentiment in order to expand mNAV so they can raise capital via the common stock ATM to buy Bitcoin and generate Bitcoin Yield. However, for me, raising capital via the common stock ATM and recycling it into Bitcoin is not genuine value creation — it’s value transfer. That’s not to say you shouldn’t leverage the ATM as and when necessary — you should. However, if your business model as a Bitcoin Treasury Company no longer works when “sentiment is low” then you have neither a business model nor a business. You’re the equivalent of a meme stock except with Bitcoin on your balance sheet. On that basis, companies shouldn’t expect to trade at a premium if the common stock ATM is the only way they raise capital. I’m not saying they won’t trade at a premium — I’m saying that companies shouldn’t expect to. Now, between July and now, we’ve obviously seen mNAVs compress substantially and so the frenzy phase is over which means that the days of automatically being granted generous mNAV multiples is also over. So now we are in the maturity phase. The maturity phase is going to be defined by being able to offer a differentiated value proposition and having a sustainable business model that can generate Bitcoin Yield in any environment independent of sentiment. In other words, they can generate Bitcoin Yield when trading at or below 1 mNAV. So essentially now, Bitcoin Treasury Companies have to work for their mNAV multiples — as it should be. Following the maturity phase will be the consolidation phase where capital, Bitcoin and ultimately market share will converge towards a small number of Bitcoin Treasury Companies that will dominate the entire industry. I should clarify that I am referring predominantly to pure-play Bitcoin Treasury Companies — companies who are valued based solely on their Bitcoin strategy. Now, with everything that I’ve said, how should you evaluate Bitcoin Treasury Companies? Hopefully over the next few weeks I’m going to string together a video with my valuation framework. In the meantime, a basic test is that I use is this: How much Bitcoin Yield can the company generate over X period of time — you decide what that period of time is — if it traded at 1x mNAV over that entire period? If the answer is 0, then they are probably entirely dependent on raising capital via the common stock ATM which means they likely don’t deserve a premium. If the answer is >0, then they are probably innovating through the use of other instruments — like converts and preferred products — which means they likely do deserve a premium and so whatever number you come up with should be used as the base for your valuation. Now, don’t be fooled. The Bitcoin Treasury Company space is, not entirely, but to a large degree, a zero-sum game. Every Dollar raised by one Bitcoin Treasury Company is at the expense of every other Bitcoin Treasury Company. Every Bitcoin purchased by one Bitcoin Treasury Company is at the expense of every other Bitcoin Treasury Company. It’s only because we are early that everyone is incentivised to essentially hold hands and cheer each other on. However, make no mistake, everyone involved is tacitly well aware that they are all competing for the same finite amount of capital and the same fixed amount of Bitcoin. Thus, the reality is that, by definition, not every Bitcoin Treasury Company is going to succeed. So choose your horses and jockeys wisely. As a side note, with the amount of Bitcoin Treasury Companies now desperately chasing and competing for the same capital from institutions, who do you think has the leverage; the Bitcoin Treasury Companies or the institutions? I’ll let you decide. Before I close, I want to leave you guys with this. There is a small subset of people invested in Bitcoin Treasury Companies who are desperately clinging on to their bags because they believe “sentiment will return.” These people are completely missing the point. My friends, if your investing philosophy is based on sentiment, you are simply not going to last. You want to base your decisions, as far as possible, on fundamentals. As investors, you either adapt and update your mental models based on how things are and not how you want them to be — or you get left behind. With that in mind: Never get caught up in tribalism. Never get attached to your beliefs. Always think critically. Always think independently. Always seek Truth.
10:20

Making Sense Of Bitcoin Treasury Companies If you've been following me on X you’ll know that I have recently been floating a lot of my updated thoughts on the Bitcoin Treasury space. Here I have synthesised all of my ideas and distilled them into a single video. If you prefer YouTube, you can find the link in the comments. If you prefer written format, continue reading. The first thing we need to do is acknowledge an important fact which is that Strategy, as a Bitcoin Treasury Company, is an anomaly. What do I mean by that? Strategy’s success has been defined by a number of unique factors and circumstances, most of which cannot be replicated again by other Bitcoin Treasury Companies. Specifically, there are 6 things that stand out to me. 1. Before adopting Bitcoin, Strategy was a billion dollar company with an operating business that was generating roughly $50M in cash a year. 2. Until the introduction of the ETF's in January 2024, Strategy was the only way for the average investor to gain passive exposure to Bitcoin. 3. Until this year, Strategy was the only way for the average investor to gain leveraged exposure to Bitcoin. 4. Strategy was issuing multiple, billion dollar, zero coupon, unsecured convertible notes at +50% conversion premiums. 5. Strategy has Michael Saylor, who, you don’t need me to tell you, is in a league of his own. 6. For many reasons, including those I’ve just mentioned, Strategy has benefitted disproportionately from the broader sentiment around Bitcoin. In other words, for the best part of 4 years, Strategy had zero competition for either capital or attention. As a result, it became a magnet for capital from anyone who wanted exposure to Bitcoin and it attracted inflows that were beyond what fundamentals alone would maybe justify. Therefore, using Strategy as a blueprint for the performance that you can expect from other Bitcoin Treasury Companies is a bad idea. Using Strategy as a blueprint for how to operate a Bitcoin Treasury Company is a good idea. Now let’s break down what’s unfolded over the last 6 months or so. Between May and June of this year, when we witnessed a flood of new Bitcoin Treasury Companies, we entered what I refer to as the frenzy phase. The frenzy phase was driven almost entirely by sentiment. By sentiment I simply mean emotion. Since then, as sentiment has slowly faded, the market has increasingly priced Bitcoin Treasury Companies based more on fundamentals. By fundamentals I simply mean facts. So where as sentiment is driven by emotion and hype, fundamentals are driven by facts and reason. The problem is that when you price Bitcoin Treasury Companies on fundamentals, you realise that many of them are almost entirely dependent on sentiment in order to expand mNAV so they can raise capital via the common stock ATM to buy Bitcoin and generate Bitcoin Yield. However, for me, raising capital via the common stock ATM and recycling it into Bitcoin is not genuine value creation — it’s value transfer. That’s not to say you shouldn’t leverage the ATM as and when necessary — you should. However, if your business model as a Bitcoin Treasury Company no longer works when “sentiment is low” then you have neither a business model nor a business. You’re the equivalent of a meme stock except with Bitcoin on your balance sheet. On that basis, companies shouldn’t expect to trade at a premium if the common stock ATM is the only way they raise capital. I’m not saying they won’t trade at a premium — I’m saying that companies shouldn’t expect to. Now, between July and now, we’ve obviously seen mNAVs compress substantially and so the frenzy phase is over which means that the days of automatically being granted generous mNAV multiples is also over. So now we are in the maturity phase. The maturity phase is going to be defined by being able to offer a differentiated value proposition and having a sustainable business model that can generate Bitcoin Yield in any environment independent of sentiment. In other words, they can generate Bitcoin Yield when trading at or below 1 mNAV. So essentially now, Bitcoin Treasury Companies have to work for their mNAV multiples — as it should be. Following the maturity phase will be the consolidation phase where capital, Bitcoin and ultimately market share will converge towards a small number of Bitcoin Treasury Companies that will dominate the entire industry. I should clarify that I am referring predominantly to pure-play Bitcoin Treasury Companies — companies who are valued based solely on their Bitcoin strategy. Now, with everything that I’ve said, how should you evaluate Bitcoin Treasury Companies? Hopefully over the next few weeks I’m going to string together a video with my valuation framework. In the meantime, a basic test is that I use is this: How much Bitcoin Yield can the company generate over X period of time — you decide what that period of time is — if it traded at 1x mNAV over that entire period? If the answer is 0, then they are probably entirely dependent on raising capital via the common stock ATM which means they likely don’t deserve a premium. If the answer is >0, then they are probably innovating through the use of other instruments — like converts and preferred products — which means they likely do deserve a premium and so whatever number you come up with should be used as the base for your valuation. Now, don’t be fooled. The Bitcoin Treasury Company space is, not entirely, but to a large degree, a zero-sum game. Every Dollar raised by one Bitcoin Treasury Company is at the expense of every other Bitcoin Treasury Company. Every Bitcoin purchased by one Bitcoin Treasury Company is at the expense of every other Bitcoin Treasury Company. It’s only because we are early that everyone is incentivised to essentially hold hands and cheer each other on. However, make no mistake, everyone involved is tacitly well aware that they are all competing for the same finite amount of capital and the same fixed amount of Bitcoin. Thus, the reality is that, by definition, not every Bitcoin Treasury Company is going to succeed. So choose your horses and jockeys wisely. As a side note, with the amount of Bitcoin Treasury Companies now desperately chasing and competing for the same capital from institutions, who do you think has the leverage; the Bitcoin Treasury Companies or the institutions? I’ll let you decide. Before I close, I want to leave you guys with this. There is a small subset of people invested in Bitcoin Treasury Companies who are desperately clinging on to their bags because they believe “sentiment will return.” These people are completely missing the point. My friends, if your investing philosophy is based on sentiment, you are simply not going to last. You want to base your decisions, as far as possible, on fundamentals. As investors, you either adapt and update your mental models based on how things are and not how you want them to be — or you get left behind. With that in mind: Never get caught up in tribalism. Never get attached to your beliefs. Always think critically. Always think independently. Always seek Truth.

Chris Millas

34,483 просмотров • 10 месяцев назад

NEW EPISODE ‼️ - #Bitcoin Daily As of last week, 563 professional firms hold $3.5 Billion worth of Bitcoin ETFs, signalling the more you do your homework the more you move towards the world’s best asset. 🚀 Also, Bitcoin is being defended from the halls of power at both the Federal and State level as landmark legislation was passed that defends peoples right to own and custody Bitcoin. So why are states, institutions, and the US Senate all defending Bitcoin? 🏛️⁉️ Could it be because they all recognize the recession is here? 📉 Perhaps it just looks different than ones we’ve seen in the past?
12:23

NEW EPISODE ‼️ - #Bitcoin Daily As of last week, 563 professional firms hold $3.5 Billion worth of Bitcoin ETFs, signalling the more you do your homework the more you move towards the world’s best asset. 🚀 Also, Bitcoin is being defended from the halls of power at both the Federal and State level as landmark legislation was passed that defends peoples right to own and custody Bitcoin. So why are states, institutions, and the US Senate all defending Bitcoin? 🏛️⁉️ Could it be because they all recognize the recession is here? 📉 Perhaps it just looks different than ones we’ve seen in the past?

Swan

21,163 просмотров • 2 лет назад

afraid I’m gonna get roasted for this, but I did buy some Zcash Curious about the potential of privacy coins and think it’s a solution to a very powerful problem, spending can be too transparent on blockchains I view Zcash as complimentary to Bitcoin and Ethereum. The crypto ecosystem is evolving and growing up my thesis is Zcash /privacy coins could easy be 10-20% of Bitcoin’s market cap, maybe the shadow crypto network will be just as big as Bitcoin … so getting a piece of Zcash at 0.5% of Bitcoin network value made sense Why Zcash over other privacy coins? All gossip, but I’ve heard they have an insanely good technical team. Pioneers of this tech. Also there’s a self fulfilling prophecy network effect ✨ as Zcash takes off its privacy pool gets bigger and bigger making it more useful and more anonymized, as it’s easier to move big sums of value and be hidden. Therefore increasing its intrinsic value Buying something running so fast has got me feeling like an idiot forsure. But can’t get over the idea that privacy coins are going to be a big part of crypto going forward Don’t get me wrong, this is almost bullish for Bitcoin. Zcash needed Bitcoin to establish crypto. Now as the ecosystem matures new coins will pop up, not disrupting the incumbents but complimenting them What do you think ? #ZEC What are your thoughts on privacy coins??
0:44

afraid I’m gonna get roasted for this, but I did buy some Zcash Curious about the potential of privacy coins and think it’s a solution to a very powerful problem, spending can be too transparent on blockchains I view Zcash as complimentary to Bitcoin and Ethereum. The crypto ecosystem is evolving and growing up my thesis is Zcash /privacy coins could easy be 10-20% of Bitcoin’s market cap, maybe the shadow crypto network will be just as big as Bitcoin … so getting a piece of Zcash at 0.5% of Bitcoin network value made sense Why Zcash over other privacy coins? All gossip, but I’ve heard they have an insanely good technical team. Pioneers of this tech. Also there’s a self fulfilling prophecy network effect ✨ as Zcash takes off its privacy pool gets bigger and bigger making it more useful and more anonymized, as it’s easier to move big sums of value and be hidden. Therefore increasing its intrinsic value Buying something running so fast has got me feeling like an idiot forsure. But can’t get over the idea that privacy coins are going to be a big part of crypto going forward Don’t get me wrong, this is almost bullish for Bitcoin. Zcash needed Bitcoin to establish crypto. Now as the ecosystem matures new coins will pop up, not disrupting the incumbents but complimenting them What do you think ? #ZEC What are your thoughts on privacy coins??

Gali

18,644 просмотров • 9 месяцев назад

I like to own the infrastructure as well as the assets. If you're gonna own Bitcoin, back then, why wouldn't you own the entity that mines Bitcoin? But really, Bitzero, has changed so much since my original investment. It's a power company. It's agnostic to who uses its power. You can mine Bitcoin, you can mine Ethereum, or you can build a data center, or build an AI compute. It doesn't matter. They're a power real estate company, and you don't have to guess the winners and losers in AI anymore. You're not going anywhere without power. All roads lead to Bitzero.
1:44

I like to own the infrastructure as well as the assets. If you're gonna own Bitcoin, back then, why wouldn't you own the entity that mines Bitcoin? But really, Bitzero, has changed so much since my original investment. It's a power company. It's agnostic to who uses its power. You can mine Bitcoin, you can mine Ethereum, or you can build a data center, or build an AI compute. It doesn't matter. They're a power real estate company, and you don't have to guess the winners and losers in AI anymore. You're not going anywhere without power. All roads lead to Bitzero.

Kevin O'Leary aka Mr. Wonderful

25,230 просмотров • 9 месяцев назад

“We have Bitcoin. It's successful. The nation state can't stop us. If you motherfuckers could actually think for yourselves instead of listening to these fucking pieces of shit on MSNBC who fucking hate you and want to make sure that you stay in the box, you could actually free yourself from this.” - Erik Cason + AMERICAN HODL 🇺🇸 on THE Bitcoin Podcast
0:59

“We have Bitcoin. It's successful. The nation state can't stop us. If you motherfuckers could actually think for yourselves instead of listening to these fucking pieces of shit on MSNBC who fucking hate you and want to make sure that you stay in the box, you could actually free yourself from this.” - Erik Cason + AMERICAN HODL 🇺🇸 on THE Bitcoin Podcast

Walker⚡️

31,121 просмотров • 1 год назад

.Barry Silbert: “Generally speaking, I think the world is better off with privacy and financial privacy. And in the same way that a bad person may use a credit card or an iPhone device or cash to do bad things. I don’t think that that’s a reason to curtail the use of cryptocurrencies or privacy focused cryptocurrencies like Zcash. And it’s funny, in the early days of Bitcoin when we had conversations with people in the intelligence community, they actually said to us, ‘Please help Bitcoin grow in usage and adoption because we get to trace the movement of the money around the blockchain. We would much rather see bad people use Bitcoin than use cash.’”
0:43

.Barry Silbert: “Generally speaking, I think the world is better off with privacy and financial privacy. And in the same way that a bad person may use a credit card or an iPhone device or cash to do bad things. I don’t think that that’s a reason to curtail the use of cryptocurrencies or privacy focused cryptocurrencies like Zcash. And it’s funny, in the early days of Bitcoin when we had conversations with people in the intelligence community, they actually said to us, ‘Please help Bitcoin grow in usage and adoption because we get to trace the movement of the money around the blockchain. We would much rather see bad people use Bitcoin than use cash.’”

Arjun Khemani

25,138 просмотров • 11 месяцев назад

Michael Saylor: Keep Your Kidney, but Hold On to Your Bitcoin Strategy founder Michael Saylor Michael Saylor said in a May 21 interview with When Shift Happens that Bitcoin is a stronger form of capital preservation than traditional assets. When liquidity is needed, he said people should first sell assets with shorter "half-lives," rather than Bitcoin that could benefit future generations. Saylor compared selling Bitcoin to buy a Ferrari to an ancestor giving up generational wealth for a fancy carriage. Responding to a viral meme, he added: "You should keep your kidney, but more importantly, hold on to your Bitcoin."
2:26

Michael Saylor: Keep Your Kidney, but Hold On to Your Bitcoin Strategy founder Michael Saylor Michael Saylor said in a May 21 interview with When Shift Happens that Bitcoin is a stronger form of capital preservation than traditional assets. When liquidity is needed, he said people should first sell assets with shorter "half-lives," rather than Bitcoin that could benefit future generations. Saylor compared selling Bitcoin to buy a Ferrari to an ancestor giving up generational wealth for a fancy carriage. Responding to a viral meme, he added: "You should keep your kidney, but more importantly, hold on to your Bitcoin."

Wu Blockchain

10,452 просмотров • 3 месяцев назад

.David Sacks: Bitcoin Strategic Reserve Will Maximize Long-Term Value of U.S. Holdings "The reason why we need a Bitcoin reserve is that the federal government already owns some. In fact, it obtained around 400,000 Bitcoin over the past decade through criminal and civil forfeitures and seizures. And so the government has to have a strategy for how it deals with this. In the past, the strategy has been simply to sell it in an ad hoc way, almost willy-nilly, and that cost American taxpayers something like $17 billion in lost value. So we want to have a long-term strategy to maximize the value of these holdings. We’ve decided that Bitcoin is scarce, it’s valuable, and it is strategic for the United States to hold on to this as a long-term reserve asset. So that’s the plan with the 200,000 Bitcoin that we believe are in the possession of the federal government. I say 'we believe' because no one really knows for sure since we’ve never had a proper audit. That’s one of the first things this executive order provides: we’re going to do a full government-wide audit to find out what digital assets we actually have so they can be safeguarded and moved into a strategy that maximizes their long-term value."
1:09

.David Sacks: Bitcoin Strategic Reserve Will Maximize Long-Term Value of U.S. Holdings "The reason why we need a Bitcoin reserve is that the federal government already owns some. In fact, it obtained around 400,000 Bitcoin over the past decade through criminal and civil forfeitures and seizures. And so the government has to have a strategy for how it deals with this. In the past, the strategy has been simply to sell it in an ad hoc way, almost willy-nilly, and that cost American taxpayers something like $17 billion in lost value. So we want to have a long-term strategy to maximize the value of these holdings. We’ve decided that Bitcoin is scarce, it’s valuable, and it is strategic for the United States to hold on to this as a long-term reserve asset. So that’s the plan with the 200,000 Bitcoin that we believe are in the possession of the federal government. I say 'we believe' because no one really knows for sure since we’ve never had a proper audit. That’s one of the first things this executive order provides: we’re going to do a full government-wide audit to find out what digital assets we actually have so they can be safeguarded and moved into a strategy that maximizes their long-term value."

Josh Caplan

90,888 просмотров • 1 год назад

Never mind the reality that the “fight back” you’re referring to is a physical impossibility that would require more than nuclear annihilation of the planet or nation-state level collusion to force the lobotomies of ~100 million people - the real delusion is mistaking Bitcoin as a threat. Bitcoin is great for everyone. Every living person. That includes TradFi, governments and central banks. And the deranged institutions who mistake bitcoin as a threat, and not an ally, will be quickly outcompeted.
3:06

Never mind the reality that the “fight back” you’re referring to is a physical impossibility that would require more than nuclear annihilation of the planet or nation-state level collusion to force the lobotomies of ~100 million people - the real delusion is mistaking Bitcoin as a threat. Bitcoin is great for everyone. Every living person. That includes TradFi, governments and central banks. And the deranged institutions who mistake bitcoin as a threat, and not an ally, will be quickly outcompeted.

₿erryhorse

18,016 просмотров • 2 лет назад