A highlight from For Bitcoin and Crypto, a Week of Mainstreaming Moments
The long easter weekend coin desk was technically friday and we had to put in a replay show and i thought so many of you have joined the community since january since the end of december since even february that i thought it would be really cool to go back and replay one of these interviews with one of the most interesting profound and successful investors of the moment. So hopefully you enjoy that. We're actually going to have more folks from arc on the show in the coming months. But let's move back to the weekly recap when i was thinking about this week. It was extraordinarily clear to me. What the main theme was. I don't know that i've ever seen a week. In my entire history of bitcoin crypto that had such an insane density of mainstream moments. Let's start last weekend. How many people popped on saturday night. Live expecting to see pete davidson. Ask a treasury secretary. Janet yellen played by kate. Mckinnon what the hell's and nf t. We discussed it a little bit on the show earlier this week specifically around the question of whether this was in fact not just a mainstream moment but instead a top signal i would encourage anyone in the context of any discussion about top signals to separate price from culture. There are certainly some interesting evidence that there is at least a cooling off. Nfc prices bloomberg reported earlier this week. That the average daily. Nf t volume had gone from about nineteen million a day around people's christie's auction to about three million a day this week. I'm not sure if that reflects a top or just unnecessary chill out of what had been an insane sprint. But in either of those cases. I would argue that. Nf made it to snl so fast. Not just because they had a crazy price. That's clearly a part of it. The song is after all at least in part about how everyone is getting rich from them but it was also on. Snl because nfl teas are hitting a cultural nerve. A ton of cultural figures are looking to the opportunity. They represent that doesn't mean that price and price bubbles couldn't tear the whole thing down but it feels to me. There's something else going on beyond just pure speculation it's worth keeping at least one little side i on. This is far from the only mainstream moment however stable coins in theory in both had a mainstream moment at the beginning of the week when visa announced that it was incorporating usd. See on a theory as a native settlement currency to be sure this is a very limited scenario at first a small partnership with crypto dot com powered by anger. J. p. is but it seems like visas. Intent is for this to be just the beginning now. I think there's an interesting question around whether this was big news for usd see the asset or theory. The protocol both obviously have a stake in it. But i think you could argue either with some conviction what's more. I think that this question of whether the protocol or the asset matters more is going to become increasingly important. I asked twitter which they thought it was bigger news for and it was actually closer than you might think of more than one thousand votes fifty five point six percents at theorem with forty four point four percent saying usd c. Either way it was a big deal looking for the best way to unlock your cryptos. Liquidity nextdoor dot. Io is exactly what you need borrow. Against your digital assets at just five point nine percents apr earn passive income with yields of up to twelve percent and swat between more than seventy five market pairs with the instant next so exchange. Try the next wallet app to get the whole three hundred. Sixty degrees of crypto banking get started at dot. Io next in this parade of mainstream moments is the one that is probably biggest in terms of our long-term sense of how crypto goes mainstream. This of course is the announcement that pay pal would be rolling crypto checkout i e paying crypto to its network of twenty nine million merchants starting imminently in a statement the ceo dan schulman basically said that although trading and speculation and long-term holding had been the primary drivers of crypto action. So far hey pal was convinced that it was time for this industry to get into commerce now. This effectively obliterates a long standing flood that you can't use your bitcoin to buy anything actually important especially when you combine it with other things. We're seeing like tesla accepting bitcoin for vehicles or the oakland athletics and other sports franchises dabbling with bitcoin. And of course there will still be a ton of people who don't want to part with their hard one coin me for one but the fact that they can is still huge and the mechanism for enabling that matters as well as i said on my show about this on wednesday or tuesday or whenever day it was. I can't even keep track anymore. This isn't just about merchants having the option. It's pay pal building it natively into the checkout experience so that merchants don't actually have to do anything. Different to accept crypto. All the fiat conversion happens automatically. It's not impossible that when all is said and done this year this is one of the biggest actual changes in terms of how people engage with this industry as a whole now with all of this. It's almost like the institutional bitcoin folks farley. They weren't having enough of a newsweek themselves. Goldman sachs fix this. When they completely and i mean completely reverse their position from about ten months ago when they said that crypto currencies including bitcoin were not an asset class going back entirely on that they announced a full spectrum of bitcoin crypto investments. They went to pains to say that they're going to be doing even more than some of their other. Competitors offering products that trade twenty four seven at the speed that the crypto industry moves. Frankly the lack of detail the weirdness of it it felt like our hurried or rushed announcement and it felt to me like there was pressure from competitors namely morgan stanley. Morgan stanley announced three funds at the beginning of the month where their wealthy clients could get exposure to bitcoin. Those it'd be run by galaxy digital ni- dig and others and represented the first time that a major investment bank was allowing their wealthy clients direct exposure to bitcoin. Not just some approximation through the gray scale. Bitcoin trust but actual direct exposure. When i saw the way that goldman made this announcement such a big deal. It fell to me like they really felt. They had to get it done now. Even though they couldn't say much about what they were going to actually offer or frankly weren't totally sure what the final offerings were actually going to look like not to be outdone. Morgan stanley themselves revealed even more bitcoin engagement this week. Five morgan stanley mutual funds. Now have the ability to invest indirectly into bitcoin via gray scale or through cash settled futures the institutional fund the institutional fund trust europe opportunity fund the insight fund and the variable insurance fund can all invest up to twenty five percent of their assets into btc now regulatory filings did not indicate whether any of them had already made investments. Just that they could and by the way. If you're interested in this morgan. Stanley is currently hiring for a crypto and blockchain lead analyst. So just a recap we've got an f. ts on snl. We've got two major announcements about payments technology. We've got institutional bitcoin creating an arms race between two of the biggest financial firms in the world. These are all mainstream moments and then of course there's aaa aaa is giving away one hundred thousand dollars in burritos and one hundred thousand dollars in bitcoin in a game. They're calling cleverly burritos or bitcoin. It's inspired by the former ripple. Cto stefan thomas who lost password to a hard drive that had three hundred and eighty seven million dollars worth of bitcoin on it. The game involves a rescue mission to crack the code of a digital wallet. Ten thousand players will win a free burrito. Fifty will win five hundred. Bitcoin and three will win. Twenty five thousand and bitcoin. Suffice it to say these are strange times but they're cool times as well and they certainly feel like the beginning or maybe the middle but certainly not the end of this big upward cycle. So for now i guess. Enjoy your burritos. Enjoy your bitcoin. And until tomorrow be safe to take care of each other piece.