Mark Cuban, Five Hundred Million, Ninety Percent discussed on CoinDesk Podcast Network
Not that sailors type of conviction is an important. We discussed here a few weeks ago. How part of what. God paul tudor jones in the first place is that eighty six percent of didn't sell when the market crashed around covid nineteen shutdowns in fact. That's the argument that he used to stand druckenmiller to get him involved. But when it comes to seeing an investment approach the one can take on in their own portfolio or the portfolio of the funds are treasuries. They manage something like five percent. Allocation is a whole lot more doable by the way for those keeping track. Discussion of what. The right percentage hedges has gone up a lot over the last couple of years. Remember shamas one percent for schmuck insurance. P t j just five x that now. There was one section that many. Bitcoin cringed at when asked about bitcoin. Mining jones said that if he were king he would stop all bitcoin mining and make everyone figure it out at the supply level now at the same time he did point out. The gold mining consumes more energy. But to be honest it felt like a canned answer where he had to make nice with environmental concerns. I think that take would be bolstered by the fact that he quickly change topics back to the fed without allowing for a follow up question then again he might have just made his investment thesis and bitcoin stopped caring too much about the specifics of network security and moved on either way i pointed out just as a reminder to always take everyone for their full complexity lest we lionize valorize too much meanwhile as all of this was happening. Bitcoin was charging back up over. Forty thousand dollars was this driven by paul tudor jones. He might have provided a bit of momentum but there were other factors that people cited as well speaking of lionising and over valorising people yuan was back yesterday when coin telegraph published an article where someone accused him of pumping and dumping. He responded to the tweet saying this is inaccurate. Tesla only about ten percent of holdings to confirm seek be liquidated easily without moving the market when there's confirmation of reasonable about fifty percent clean energy usage by minors with positive future. Trend tesla will resume allowing bitcoin transactions. So at the risk of giving ilan more airtime. I actually think this is worth noting. In general people respond to and frankly need simple heuristic heuristic being shorthand for how to think about the world around them particularly domains that they don't know that much about. Musk aided by. Sailor have now set up an infrastructure for credible bitcoin energy reporting as well as a so far unofficial target. What i mean by credible in this case is the one thing. The bitcoin mining council participants were clear on was that the only thing fully agreed to was better reporting standards around energy consumption reporting standards that well starting in north america could be easily exported or voluntarily adopted by other miners around the world. Get a big enough percentage of hash power. All with voluntary disclosures of energy mix based on shared standards. And all of a sudden. We're no longer in a world where energy debates revolve around cherry picking one study versus another's estimates of the global energy mix. You have the gold standard pun. Intended of information on how much bitcoin is mind with. What type of energy slap on top of that a. Hey we did it. Number like fifty percent. And what you're setting up for is a credible clean energy narrative for bitcoin to be clear when i say credible what i actually should say is believable particularly to the market and other people who don't care much one way or another believability by the middle. Not the people who bitcoin no matter. What not the people who love bitcoin no matter what is the metric of success. At least in this estimation let's keep seeing how it plays out. But i think the approach is getting clear. Speaking of michael sailor micro strategy has just completed another debt sale with which it intends to buy bitcoin. originally it set out to sell four hundred million in debt. They ended up selling five hundred million of which they intend to buy. Bitcoin with about four hundred eighty eight million. If you're looking for other factors that could be pressuring the market up right now. That's one to watch still to me. Sailors most interesting tweet of the weekend was about lebanon after the latest crashed. Lebanese pound has seen a roughly ninety percent decrease in its purchasing power. Since breaking its peg against the dollar a couple of years ago i did a primer on this in april of last year and it seems like it's about time for an update in other parts of the market. Optimism is growing tap route. One of the most significant upgrades to bitcoin in years. That has implications for privacy scale ability security and more has above the ninety percent threshold minor signaling support for it to move into its activation phase in the wake of el salvador's moves last week. The president of tanzania has told her central bank to start preparing for the broader adoption of crypto currency in the world and to look out for opportunities around economic development. Mark cuban is using blog. Post that relay open letters to urge regulators to get behind decentralized finance which he called quote the next great growth engine that this country needs all in all kind of a heck of a way to start the week. I'm excited to see what happens next. And i appreciate you hanging out as that happens until tomorrow guys be safe and take care of each other piece..