Crypto, stocks, and random thoughts
Earth
Joined January 2024
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$BTC hit ATHs for one reason: supply/demand dynamics. When you have an asset with declining supply growth, any structural increase in demand will cause booming price action.
ETF and corporate demand led Bitcoin to $100k. But what gets us to $200k+?
Policy action. And that process is in motion.
Policymakers, founders, and change agents alike convened in New York City this week to hear from Mayor Eric Adams, discuss a regulatory framework for crypto, and highlight the key policy pain points that have kept the industry strangled for far too long.
Let's discuss.
Entropy retweeted
I predict that Proto's Rig will outperform all of the competition in hot climates because of these design choices.
This is a huge deal if true. Bringing air cooled mining into larger operating envelopes is incredibly important for decentralization.
/5
Entropy retweeted
Breakdown of the NYC crypto summit:
Of all the crypto events Iv attended (too many), the feed back Iv received has been consistent with the NYC crypto summit being the best event to date and I agree.
Every single conversation was of substance, value, and innovation. From legislators, policy makers, major banks, family offices, web3 companies, influencers, and more - People didn’t care to talk about hitting a 100x or the beef/drama, they cared about meaningful connection, ideation, and how to assimilate and integrate our beloved industry with cities, states, countries, and the general population. The amount of money present was something Iv never seen under one roof, all in support of our industry.
Starting the day off was an exclusive round table with hand picked attendees tasked with taking questions and discussing at round tables in a group to create the best ideas, reform, policy, and more. Some giga brain ideas came about and were presented at the end of the session to lay a foundation for the city to run with. After this portion of the day the event transitioned into a reception.
All 800ish reception attendees made it a point to contribute to a conversation, network, educate one another and innovation. It was incredible and Iv never seen something this high level or effective at a single event.
(Side note: Iv never seen so many crypto folk in full suits and ladies dressed to the 9’s.)
The biggest things to come from this and the mission moving forward.
- Crypto council for NYC
- Remove BitLicense
- Stand up for New York Residents
- Incentive Entrepreneurs/Business to Build in NYC
- Become the true crypto capital
There’s a lot of work yet to be done and this was just the start, but I’m confident after spending countless hours working on this with Mayor Adams that we can make this all a reality.
Convinced that people don’t understand that when there’s a buyer there’s also a seller in markets
Entropy retweeted
Full clip of Miles Suter of Block $XYZ at the $BTC Bitcoin conference.
My favorite quotes from the talk…
“These aren’t just headlines, they’re a pattern. Again and again, block has made early, principled bets on Bitcoin.”
“It’s already a network, it’s already a protocol, and now Block is leading the effort to make it into the world’s best payments system.”
All of your banking data is also covered by RSA encryption and equally at risk - the issue with quantum isn’t specific to Bitcoin.
The issue with quantum is that it breaks the internet as we know it.
I love the structure that $MSTR has built. Financialized Bitcoin. Using modern financial tools to maximize $BTC accumulation.
Concurrently, seems that he’s set in motion a mindset where anyone thinks they can replicate the system.
Net leverage is getting higher & higher. We can go much higher - but I’m calling that these types of structures will cause the next bear market.
2) A Sensible Regulation Framework
The biggest obstacle facing crypto today is the lack of a coherent and transparent regulatory framework.
Policies like New York's BitLicense have strangled the oxygen out of the state's crypto ecosystem for several years now, while banks are pushing against stables. Those that benefit from centralization are pushing against decentralized protocols.
This is changing.
The GENIUS Act is setting the standard for the issuance of payment stablecoins.
For a broader crypto framework, the key question has become: do we treat cryptocurrency as 1) a currency, 2) a commodity, or 3) a security?
Each of these three is regulated by a different governmental body with a host of different implications. The decision here addresses questions like what to do in cases of insolvency, how bankruptcy payments are computed (should you receive your dollar value in $btc or the amount of btc you had at time of bankruptcy?), and can you use crypto assets as collateral for margin loans?
None of the regulation is decidedly "pro-crypto" - it is all simply pointed at bringing transparency to crypto.
Policy clarity, which now seems inevitable, is going to cause a boom in the crypto startup ecosystem in the US. Crypto founders will no longer need to go overseas for a chance to build.
The US will be the crypto leader of the world. And NYC will be the capital.
This will drive everything higher. Much higher.
This is exactly what the industry needs: 1) break down current regulatory barriers, 2) provide a more transparent and sensible regulatory framework, and 3) elect politicians that understand the transformation that is underway in finance.
Now what? Some policies and political posturing can be brokered behind closed doors and in the shadows. But lasting political change can come only from loud, public outcry. Call your lawmakers. Demand change.
NYC is becoming the crypto capital of the world. The Crypto summit is the first step toward that. Policy changes are coming. Are you positioned for it?
We keep saying it -- but big props go out to Mr. Bored @SinceImBored for driving this event and shaping public dialogue.
My only takeaway from the event? We're going higher.
