Peter Schiff ADMITS Bitcoin Has Value & Wants To Own 1 Whole Bitcoin [New Podcast Audio]

Speaker 1: (00:00)
All right. Welcome back everybody to all to coin daily. My name is Aaron Chorus. The reason you subscribe to our channel is for our daily videos, keeping you informed on everything going on with Bitcoin Crypto, the home market. Let’s jump right into it. So to start things off, I’m sure you remember this video, we put it out about a month ago. It was titled Proof. They are lying to you about bitcoin. Peter Schiff owns bitcoin, very popular video. It got well over a hundred thousand views and even prompted Peter Schiff himself to comment on it, which was something, but in this video we were the first to point out. And you know this has spawned a lot of news and a lot of videos since, but I think we were the first to point out. We brought this to light, although publicly Goldbug Peter Schiff will trash bitcoin if you, if you peel back the curtain, we see that Peter Schiff will, he not only accepts bitcoin through his business, but he himself actually holds Bitcoin, which is pretty interesting.

Speaker 1: (00:58)
So this is kind of old news by now, right? I mean, you’ve probably heard this before, but what you have to remember is this is not something that Peter Schiff used to admit. You know, this is not something that he used to talk publicly about. And at this point, you know, he has to admit it. He has to talk publicly about it. He has no choice. And this is not to condemn Peter by any means. You know, it’s the opposite. In fact, I commend him for it. I, I celebrate him. You know, we all go through this personal journey or it takes time, takes a little bit of an education, a little bit of understanding as to what makes bitcoin valuable. And to be clear, you know, Peter Schiff, he is, he is far from a bitcoin evangelist by any means. You know, he qualifies his truth about him in Bitcoin.

Speaker 1: (01:40)
He says, yes, my company accepts Bitcoin, but it’s through a third party service. So we never actually hold it. And he says, yes, I do hold some bitcoin. It was gifted to me. I haven’t sold it, but I don’t really care about it. That’s what he says. Now since I’ve made this video, another month has passed, which is another month where bitcoin isn’t dead and it’s another month where bitcoin has in fact thrived and it seems that Peter’s kind of gotten in the habit of talking about bitcoin more and more. Hey, he’s on the journey, right, and he’s on the journey where I hope eventually he’ll, he’ll have to admit that bitcoin is here to stay real. We’ll have to admit Potpourri that bitcoin is a great investment or the very least he can see why bitcoin has value. Well, anyways, I’m going to play you a clip.

Speaker 1: (02:26)
This is from a very recent episode of his podcast. It was just released a few days ago, so check this out. In this clip, Peter is going to clarify his exact thoughts on bitcoin and again, he has no evangelist. He is far from it, but what’s interesting is number one, he admits that bitcoin has value. Number two, he admits that he likes it when people send him bitcoin. Number three, he admits he’s probably going to Hodel his bitcoin just to see what happens. And then number four, he says he would like to own one whole bitcoin, which I thought was pretty cool. So I’m going to play you just parts of this. The link to the whole entire episode is in the description. Check it out. So he’s going to start off by addressing all the press that he has gotten within the last month. But remember, his relationship with Bitcoin is not something that he used to admit before we brought it to light.

Speaker 2: (03:19)
So check it out and want to finish up today’s podcast talking about Bitcoin, which I usually, you know, seem to end my podcast these days, uh, talking about bitcoin. But this time I don’t really want to talk about the price of bitcoin. I mean, it’s just a little over 11,000, uh, as I am recording. But I really want to talk about these articles that have been coming out about me and the fact that, you know, I own Bitcoin, like I secretly owned bitcoin. Oh, Peter ship is a hypocrite, right? He reveals that he owned some bitcoin. Therefore, even though he’s been publicly trashing Bitcoin, he’s been privately buying it up.

Speaker 1: (04:01)
Okay.

Speaker 2: (04:01)
Therefore, you shouldn’t pay attention to what I say, which is not to buy bitcoin. You should pay attention to what I’m doing, which is buying Bitcoin, right? Well, I’m not buying bitcoin.

Speaker 2: (04:13)
Uh, some of the articles talked about the fact that, um, you know, I admitted that I own some bitcoin, which I do. And I guess Jeffrey Tucker, uh, who I know, I admitted to him that, yeah, I own some bitcoin and I owned a little, uh, uh, bitcoin cash and ether, that total amount of my holdings was like 100 bucks and I didn’t buy any of it. Right? I got it for free. I didn’t buy it. People gave me some. So I, I bay, I pointed out again, I said, I thought I have like a hundred bucks worth. That’s it. That’s all I got. That means nothing. And so then somebody tweeted back and said, oh, what’s your wallet? What’s your wallet address? I’ll send you a hundred bucks worth of bitcoin. Right? That’s what somebody said. And Oh, someone wants to send me $100 with a bitcoin. Alright. So I eventually found the wallet number and I pasted it into a tweet and I tweeted it back and now I’ve got over $2,000 worth of bitcoin in my wallet.

Speaker 2: (05:12)
But now there’s all these articles out there about how, you know, I’m accepting all this bitcoin and now this is some other proof, you know, that I’m a hypocrite because you know, I’ve, I’ve accepted all these bitcoin gifts. First of all, I don’t even know how to reject it, right? I mean, even if I wanted to be, the money just comes in or the bitcoin rather just comes in. I don’t even know how to stop it, but why would I want to stop it? I mean, if somebody wants to send me some free Bitcoin, I’ll take it. I mean, I can turn right around and sell it. I mean, I know that there’s a market for now, so the fact that people want to give me some free bitcoin and the fact that I haven’t turned it down doesn’t mean that I’m secretly like a pro bitcoin. I mean, no, it just means I’m not an idiot. I mean, I think it is kind of cool, right, that you can send it very quickly. And I, I’ve always admitted that that is one of the good features of Bitcoin, that if I’ve got it and I want to give it to somebody, I can very easily send it. The problem is what I’m sending has no value. It has market value now because people are willing to buy it, but it may have no market value in the future if nobody is willing to buy it.

Speaker 2: (06:14)
Look, I think this is a bunch of nonsense, but you know what, if people in the bitcoin community want to press this story, keep on sending me bitcoin. You guys have my wallet, you know, you know, keep on setting it. Let’s see. Let’s see if I can get up to the whole Bitcoin, right? I need about what, 10 eleven thousand eleven thousand dollars now to get one old bitcoin. I’m not there yet, right? I’m, I’m, I’m like not, I’m not quite at a fifth of a coin. Uh, so keep sending them to me. I got to decide what I’m going to do with them. Right. That’s the thing I got to figure out. Do I huddle them, you know, just for the hell of it. Because, you know, easy come, easy go. I didn’t pay anything for it. I mean, I guess that would be the right thing to do is just huddle them, uh, because you know, but of course people think of, I huddle them.

Speaker 2: (06:52)
I mean, eventually they’re going to go to a million and I could just buy a lambo. Right? I mean, that’s the idea, right? Just keep them till they’re a million and then by my lambo. But of course, I can actually cash them out right now and, and you know, and buy something real. I can buy something right now, uh, with all that, uh, all those free bitcoins, but I’m not really sure for now. I mean, at a respect to the people who sent them to me, uh, I may end up just holding onto them and then people can follow that wallet and they can see what it’s worth. Um, you know, clearly a fight. If I sell them, then, you know, people will know that too. Um, but anyway, that’s it.

Speaker 1: (07:27)
I think that this is not nothing. You know, I thought that was pretty interesting and this is the process. You know, he’s talking about bitcoin more and more these days. As he said he’s, he’s interacting with bitcoin now. It just going to take some time. You know, I think Peter is going to come around eventually. But guess what, even if Peter never comes around, bitcoin doesn’t give a shit. Bitcoin will prevail with or without Peter. Overall though I think this is a net positive for bitcoin. I think this is a really good thing. Let’s move on. Have some recent news for you. Lot of great news. We’re going to fly through this. Tony Hawk pro skater has revealed that he’s been into bitcoin for six years. This came after somebody tweeted him, Tony, how much fun would it be to ride this beauty? And they showed a price chart of bitcoin’s recent action and Tony tweeted back, been riding it for six years, haven’t bailed yet.

Speaker 1: (08:19)
So that’s quite a revelation. And I actually think as Bitcoin’s price continues to rise, more and more people are going to come out and admit they hold bitcoin as soon as they get into a little bit of profit. Next piece of news square’s cash app. You know, square’s cash app is turning into one of the most popular places for everyday average people to buy and hold bitcoin. Well, the cash app now supports batch 32 withdrawals. Now this is something that we just saw with the ledger live, so let me remind you, batch 32 withdrawals means 40% cheaper fees compared to legacy addresses. Starting with one 10% cheaper than wrapped segwit addresses starting with three confirms faster on average uses less space in the blockchain so it helps scale bitcoin without putting extra pressure on the nodes, preserving decentralization, improved error correction and easier to spell or write down because it’s all lowercase.

Speaker 1: (09:15)
So Square’s cash app is, it’s really going for it when it comes to being maybe the new place rather than Coinbase for for everyday people to buy bitcoin. This is really good news for bitcoin and hope to see a lot of people follow hope to see a lot of people using the cash app. By the way, guys, have you ever been on the site when lambo.com Peter Schiff was talking about, he said he owned about, let’s type this in here. He said he owned about $2,000 worth of Bitcoin, which what would that be? Point bitcoin’s price right now is, let’s just say it’s for the sake of argument. Let’s just pretend Peter Schiff owned a quarter of a bitcoin click. When Lambo. Well, according to this nifty site at this nifty novelty site, he could buy a lambo worth just under half a million dollars a. He could buy one by 2030 given bitcoin’s growth in the past 10 years.

Speaker 1: (10:13)
Now, if you own one whole bitcoin, check this out. How long would it take you to buy a lambo while we could get a lambo by 2027 this is pretty cool. I’m going to leave all the links in the description. Let’s move on. This was pretty interesting. Tweet. Bitcoin liquidity is continuously growing. Since months, which is assigned that less liquid assets are increasingly collapsing into it and other sound assets like gold. Interesting. So you can see this as bitcoin’s price action. And then at the bottom here is bitcoin’s liquidity. There’s a lot of unanswered questions, um, but it’s an interesting metric nonetheless and bitcoin because bitcoin is the most liquid cryptocurrency and it will remain that way and continues to become more liquid. This is pretty interesting. Could the Yang gang take the crypto debate mainstream? So you probably know that the u s presidential candidate who’s famous for his flagship policy of giving every American over the age of 18 $1,000 a month, you made an appearance at consensus 2019 last week and talked about his support for a better u s regulatory framework for the digital assets and cryptocurrency industry.

Speaker 1: (11:30)
Speaking at the event, Yang said that he believes that blockchain needs to be a big part of our future, stating that if, if he makes it to the White House, oh boy, we are going to have some fun in terms of the cryptocurrency community. Um, he also, so Yang describes himself as the opposite of Donald Trump or as he says it, an Asian guy who likes math. His love for numbers is very much in line with the ideals of Crypto, cryptography and provable scarcity, which sits at the core of digital asset revolution according to Yang uncertainty about the regulatory framework has been implemented by agencies like the SEC and CFTC is causing us investment in the area to lag behind the investment of other countries. Yes, Yang has said it’s now time for the federal government to create clear guide guidelines as to how cryptocurrency and digital assets asset markets will be treated and regulated.

Speaker 1: (12:27)
Yes, I like that. If elected as the new US president, he has promised to promote legislation that provides clarity in the cryptocurrency digital asset market by implementing a number of specific initiatives like defining what a token is and what what is a security and providing clarity on which federal agencies have regulatory power over the crypto digital assets space. Other policies, other policy promises include better consumer protection in the space and to clarification of the tax implications of owning, selling and trading. Trading digital assets. So Andrew Yang is an ally when it comes to cryptocurrency and he’s definitely one to watch. Anything else we want to cover? I think that is it. My friends, hope you found value in this video. If you did, give it a like for new here, subscribe to the channel and I will see you tomorrow. It’s going to be a great year.

Donald Trump Tweets about Cryptocurrency (2019)

Speaker 1: (00:00)
Billions and billions and billions and billions and billions and billions and billions and billions.

Speaker 2: (00:08)
That’s right. It finally happened. Donald Trump tweeted about bitcoin. Not only did he tweet about Bitcoin, he also pretty much gave it to Facebook’s new, newly announced Libra coin. So we’re going to have a look at that. Sweet. I just wanted to do a quick video on it. Kasab this is actually something that people have speculated a lot about, not just Donald Trump’s position on bitcoin and other cryptocurrencies, and he actually addresses other cryptocurrencies. And big surprise, he’s not a huge fan, which can hardly come as a surprise to anyone, but I could not miss this opportunity to be among the first to report on this. So we’re going to have a look at this tweet and do a little analysis of it. So let’s dive right into it. But first though, please subscribe to this channel. Oh, here’s Nina. There she is. You know, don’t worry Nina. Okay. Yeah, this happens every once in awhile. Uh, so, uh, please subscribe to the Seattle doesn’t cost you anything, but it has value to me, Antonia as well. So let’s get to it. So here’s the just the

Speaker 3: (01:11)
treat and let’s study it in its full length. I’m not a fan of bitcoin and other cryptocurrencies, which are not money and whose value is highly valid at style and based on thin air. Okay, I’m gonna switch to my regular more served by that unregulated crypto assets can facilitate unlawful behavior including drug trade and other legal activity. Similarly, Facebook’s leap, Russ virtual currency will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new banking charter and become subject to all banking regulations. Just like other banks, both national and international. We have only one real currency in the USA and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the world. And it will always stay that way. It is called the United States dollar. So, okay, so let’s go over this.

Speaker 3: (02:17)
So yeah, from the top, he’s not a fan of bitcoin and other cryptocurrencies. He does not consider them to be money. And he states there the value is highly vaulted. That is true. That is why you and I probably are part of this game. Why many people are attracted to this game and there are based on thin air. Well that is certainly debatable, the latter, but he completely ignores blockchain technology doesn’t even address it in this tweet as if one might always almost think he doesn’t know anything about it. Unregulated crypto assets can facilitate unlawful behavior including drugs, trade and other. Oh yeah. So this is the smear. We’ve heard it a hundred times and there’s actually someone who gave a really a good reply addressing that. This is Hazmat. That’s a great name. Right? Especially if he’s name is Matt. So A, you’re wrong on so many levels.

Speaker 3: (03:09)
Dollars are easier to use for crime and less traceable than a public permanent ledger. Right. It’s a good point, man. The US dollar is backed by nothing. Gold is only valuable because people say so. So yeah, wrote, that’s kind of debatable as well. But it does not have some intrinsic industrial value, but that’s not why it’s one point 4,000 per ounce. So if you are to to conduct criminal activity, let’s just to, let’s say you’re looking to purchase drugs on the dark web or something like that. Right? And why on earth would you use fully transparent, open, publicly available permanent, let your for that agreed. Admitted it doesn’t have my name on it, but for those who really want to track the person doing this down, that is certainly a possibility, which is obviously not the case with dollar bills. It’s actually a demonstration that Donald Trump isn’t that knowledgeable about cryptocurrencies.

Speaker 3: (04:10)
So however I will say this, Facebook’s Libra virtual currency will have a little standing art dependability. So I do see his point here and again, I’m not a huge fan of the preexisting u s banks. They pretty much robbed the average person during the last financial recession. They were bailed out and uh, essentially the tax payers gave the banks money to not collapse because that would of course lead to a, an even more serious collapse of the US economy. And of course the legislators couldn’t have that. Federal government couldn’t have that. And obviously Donald Trump or no prep president will ever be interested in this happening during their watch. So again, fair criticism, they are, we’ve talked about this on this channel. Many pundits on the cryptocurrency scene has uh, talked about this pretty obvious thing that this Libra coin that Facebook is working on building is really more or less just a centralized bank.

Speaker 3: (05:13)
Another bank. It’s not called a bank, it’s called a cryptocurrency, but a, yeah. And of course the final part of his statement, we kind of already went into that a little bit. We only have one real currency in the USA and it’s stronger than ever, both dependable and reliable. It is by far the most dominant currency. So wealth those of recent for that for instance, all the oil producing countries, more or less, all of them, they are forced to sell their oil, not just to the u s but to other countries as well, using the US dollar. And if we compare this to, um, to cryptocurrencies, it’s actually very interesting because it is in essence, it creates, um, a permanent perpetual need for the u s that might otherwise not be as high. And again, it should be noted that you may be thinking, oh, this is just a tweet.

Speaker 3: (06:04)
But for Donald Trump, this is actually his number one means of communication with the people with the masses is really interesting. And I cannot wait to see what the effect will be. This is tweeted two hours ago. So let’s look at the market. Shall We? Okay, so I’m not blaming this, uh, these movements on the market, on Donald Trump. Uh, we were on a minor downtrend as it were before he made this tweet, but of course, it actually kind of racist the question, did someone know that, uh, you had this negative stance on, um, on bitcoin? Did someone sell some of their bitcoin because of this? I doubt it’s going to have any real effect on Bitcoin’s price, uh, in the short, medium, or long term. But I love the fact that our president in this country actually talks about bitcoin. I would have probably preferred that he mentioned the underlying technology and I would’ve also preferred that he had a more positive stance on it, but at least let’s let this be the takeaway. At least he didn’t declare open war on anything other than Facebook. Personally, I think I can live with that.

Speaker 2: (07:20)
There you have it more or less and official federal stance on Bitcoin and cryptocurrencies. Of course the federal government isn’t just made up of Donald Trump. Arthur are, thank God, more components than just one person running this country and the free world too. Super interesting of like from the top of my mind, not very good news, but who knows what this will lead to. At least it is a testimony to the fact that he is aware of bitcoin and of cryptocurrencies, but apparently not a huge fan. But of course Donald Trump obviously has a lot of friends on Wall Street and the heaven really quite warmed up to this whole cryptocurrency thing yet. So Nina is still complaining a in the parents are flying by here. This is actually pretty fascinating. They’re like clockwork. They fly by here every day. Almost at the same time. And apparently though the used to not be a wild parrots in California, but somewhat, some Soo lost like four parents 25 years ago and now we have like, yeah, everyday we have like 40 green parents flying by here. This is kind of off topic. I realized that. So on that note, I’m going to wrap this video right now and please do remember the are no guarantees in crypto or in life, but there is plenty of opportunity. Thanks for watching in it for the money.

Speaker 4: (08:39)
[inaudible].

Another Cryptocurrency Exchange Was HACKED

Speaker 1: (00:00)
I hate having to report news like this because it kind of brings down morale, but I do have to do it is my job to report the news when it comes to cryptocurrency and we have yet another exchange. Heck, I’ve made the point in several videos, do not keep a ton of money on the exchange. I would not even keep more than a couple hundred dollars on the exchange. The exchanges are subjected to constant threats of hackings and regulation and things that could affect your crypto in ways that you don’t know about. Okay. And the main thing is hacking. The main thing is exchanges. There’s always hackers trying to get into the exchanges. The good exchanges will have the best people on there to keep them out. But if you’re using an exchange that is a little bit on the lower budget type of side, then they’re going to have issues.

Speaker 1: (00:57)
So let’s get in the article and then I can get my thoughts. A Japanese cryptocurrency Schames has reported a HEC causing the loss of 3.5 billion yen, which transfers over to 32 million US dollars, Tokyo based remix point, which runs the bit point exchange as well as travel used cars in energy businesses. Apologize Friday saying the losses were confirmed starting Thursday. The reason for the losses, which included Bitcoin as well as a theory from XRP and other kinds of crypto currencies is under investigation about two thirds of losses affected customers while the rest of the missing assets belonged to remix point, the company said in a statement, all transactions have been halted. Japan has been relatively open to cryptocurrencies, which use a technology called blockchain. Despite some high profile highs, it has set up a licensing system to oversee their use. Bitcoin has been a legal form of payment in Japan since April of 2017 remix points of the lost money was in what was called the hot wallet money in the Cold Wallet, which has tighter security, was safe luck.

Speaker 1: (02:06)
Exchanges are all valuable. They’re all gonna make mistakes. Even the best exchanges, I would not trust completely. Look, I like finance, right? But I would not keep my entire fortune on buying Ian’s. Okay. So even if you love an exchange, even if you, you, you’re the biggest fan of that exchange in the world, right? You have a finance tee shirt, right? Uh, it’s not, it doesn’t make sense to keep all your money even in the good exchanges. So I know this exchange, um, obviously was not the biggest in the world. I understand that, but a lot of people think, oh, well if I keep on the good exchanges, I’m good. No, just keep it on a ledger. Keep it on a paper wallet, keep it on any type of cold storage, something that is a way from the internet away from your main device. Okay.

Speaker 1: (02:48)
Um, that’s the point I wanted to make here. I know it sucks having to report these losses that people lost money. Hopefully everything comes together, but who really knows and I’m okay. You guys, next time, have a great day. If you’ve been wanting to learn how to trade in the stock market or crypto markets, look, no further. Trend mysteries will show you the ins and outs of trading with a state of the art trading system. If you want to purchase this product, the link will be available in the description and in the comment section. This is not financial advice and invest at your own risk.

Why Bitcoin’s Revival Is Different This Time Around

Speaker 1: (00:00)
What is the story this time? Is it institutions actually getting in? Because that was a big hype story like a year ago and then it seemed to fizzle. Why do you think, uh, the, there’s been a re new on price or is it just

Speaker 2: (00:12)
another up and down in crypto? It’s probably more the latter, but it looks sentiment. Uh, texts th th the technicals look great. I mean 80% draw down in price happens what, three, four times before every time that’s happened. Record highs. So as soon as you get the price going back up, uh, animal instincts come back. But the difference between this, uh, increase in price versus the bubble in the 17 is the infrastructure is much different. You have custodians now, you have trading software, you have compliance software. Uh, people were educated about the asset class. So this time is different. That’s interesting because it seems like part of the sell off that we had had to do with maybe perceptions of trust or mistrust, uh, with regards to just the entire space in the ICO is in particular. Right, exactly. So you think that has sort of been, if not resolved, at least sort of a address to some degree? I think 2018 had, it was the unwind of the ICO market. So you had all of the demands for ICO is one away and then the projects that raised all the Bitcoin, we’re trying to stay in business and we’re selling the bitcoin. So, um, yeah, I mean like the sentiment has been fantastic. We just launched a, a a big advertising campaign, right? Actually just before the price started going up. So our campaign when I’ve actually had an yes,

Speaker 3: (01:23)
I think we can show it and got some pictures of the campaign. The campaign’s all really based upon berry trying to get people to start seeing digital gold as gold and getting gold bugs into digital fold. What do you think is the number one thing you need to break in terms of viewpoints?

Speaker 2: (01:40)
So the ad is really designed to be provocative,

Speaker 1: (01:44)
um, and then start a conversation entertaining. Yes. Yes. I love controlling and I’m a connoisseur of it on anything that provokes goldbugs this way. Like, how many angry tweets did you get from like gold people? So this is a funny guy,

Speaker 2: (01:58)
uh, over a million views and it’s actually just starting today appearing on TV. So the commercials just started being broadcast today. Look, I think that what’s important is to start the conversation. Um, and to look, highlight number one, there’s a generational shift that’s happening in the way that investors think about gold. So you’re the younger generation. I grew up, I was born after the gold standard, didn’t grow up during a period of war where you had to be able to store your money via something like gold. The younger generation money is digital. Anybody who has a phone can now access the snacks, assets, uh, um, as a class. And so you have what is approximate $68 trillion of wealth being handed down from boomers to xs and ys and millennials over the next 25 years. That’s not going to stay in gold. It’s not going to go, I’ll go into bitcoin, but whatever is in gold is certainly going to diversify into something else. So, you know, as someone who actually does collect golden has done since he was a kid, you know, I can open up my safe and I can see my gold.

Speaker 1: (02:54)
The concern, I know it doesn’t surprise me, but there’s a lot you’re going to learn about me. I don’t tell her your you

Speaker 2: (03:00)
dressed. So they come in knowing back. But you know, I mean there was sort of the physical nature of it, at least for people of a certain generation, right. It does provide a little bit of comfort, whether it’s a great store of value or not. That’s, that’s definitely debate. Yeah. And look, I think we’re a gold has history and cultural significance. Yeah. It lacks in utility and lax and usefulness. Bitcoin as a financial rail as a way to move money around the world as in the financial system, um, has the potential to be incredibly value from an intrinsic perspective. Gold is, look, it’s, it’s used in jewelry. It’s used in electronics is down like 30% over the past nine years. So while smartphone sales are going up and computers are going, sales are going up, it’s used. And it’s real, only real utility is actually going down. In fact, the more expensive gold gets, the less useful it is because they substituted that for something else. So it’s central banks buying. So basically if you’re buying gold, you’re betting on the central banks, which is weird because goldbugs think that central bankers are idiots and don’t know monetary fiscal policy. So there’s a real disconnect between, okay, I’m going to bet on the bankers doing the right thing yet. They’re the ones who were buying gold right. Now

Speaker 1: (04:03)
let’s go back to the change in infrastructure from 2017 there now are more software, more custodial, a platforms so that institutional investors can actually get into this space. What do you see on the ground? Can you give any sort of numbers are sort of hard data to back this up or it beyond just the stories of their finally into it.

Speaker 2: (04:24)
So a gray scale investments, um, which is the manager of the bitcoin trust, which sprays publicly, um, um, symbol GBTC in the first quarter of this year, um, 70 over 70% of the money that came in was from institutional investors. And what’s interesting is over 90% of it went into just our bitcoin fund. We have 10 funds, so where the demand is coming from it’s institutions now and it’s right now just bitcoin kind of been retail. Um, well we saw a a broadening from individuals and family offices ins to the, into the hedge funds. In Q one

Speaker 3: (04:58)
I want to get your take because when we introduced you we said you’ve got more than 145 clip toes in whatever way that might be. Companies, yes. Companies, coattails, which some of them are based on new protocols and potentially not bitcoin being the be all and end all. When it comes to cryptocurrencies, where do you see the ecosystem when bitcoin seems to be the out and out winners, will it become one? Can there be a sea of many?

Speaker 2: (05:22)
I think that there’s going to be winners in particular use cases. I think for for gold, digital gold, we bitcoin, I think privacy will be a very big use case and so there’s digital currencies we like, like z cash and horizon for privacy. There’ll be smart contracts. We’d like something called a theorem classic for smart contracts, but I don’t think that there’s going to be hundreds of winners. There’s going to be a handful of winners.

Speaker 1: (05:42)
You, I want to go back to it. You said you, most of them want a lot of them. One is going into the bitcoin fund. You said you have 10 I just look them up. I’ve never heard of, well I mean I’ve heard like the stellar lumens Triste the XRP trusts. What’s the Horizon Trust? Is that a coin? That’s right. That’s a coin. Okay. So do you think that the proliferation of all these coin products and you’re talking about ICO is in 2017 helped contribute to the collapse of the bubble. It’s like here’s just so much supply coming onto the market of course, and it just got swamped. And do you think that all your products contributed today?

Speaker 2: (06:14)
Well, look, I think there’s thousands of cryptocurrencies out there and our products, uh, in nine of them are basically in the top 15 and then our 10th product is a large cap fund that allows you to invest across basically the top five cryptocurrencies. So look, I think the ICO boom, um, brought a lot of capital to the space by a lot of attention. I think that there was probably some negative consequences of it. But look, this is an incredibly exciting, uh, industry that’s innovating and experimenting and trying different things. And ultimately what I think kind of came out of the ICO market, I think it’s more discipline and certainly more infrastructure.

Speaker 3: (06:46)
And what so many people were also hanging their head hat on and hoping for was an ETF with exposure or some sort of index they could get in on. But regulators are pushed this back. How much do you think that yes, institutions are getting in, whether we’re not regulators give this the thumbs up eventually or not.

Speaker 2: (07:02)
Gray scale is actually the beneficiary with the only publicly quoted bitcoin a fond out there. Uh, it’s been trading over a hundred million dollars a day for the past week and it’s a assets under management have grown to over one and a half billion dollars. So I do think the, you know, the regulators of public has said eventually we do think that there will be a approved ETFs, and we certainly expect that the gray scale bitcoin trust will be the first one or one of the first ones that gets approved.