BREAKDOWN: A De Facto Bitcoin ETF? MicroStrategy Is Raising Another $400M to Buy BTC
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 8 December 2020
⏱️ 18 minutes
🧾️ Download transcript
Summary
Michael Saylor announced plans to offer convertible bonds with the express intent to buy BTC. The community reacts.
This episode is sponsored by Crypto.com, Nexo.io and this week’s special product launch LVL.co.
Today on the Brief:
- BBVA set to offer crypto trading and custody
- Wells Fargo discusses bitcoin in recent investor memo
- Square launches Bitcoin Clean Energy Initiative with $10 million
Our main discussion: Michael Saylor is back at it.
The CEO of MicroStrategy and Giga Chad himself announced MicroStrategy would be offering $400 million in convertible bonds with the intent to purchase more bitcoin.
On this episode, NLW looks at the community’s reaction, including the comparison of MSTR stock to a BTC exchange-traded fund. He also discusses Saylor’s recent comments about censorship resistance as a reminder of the (potentially) divergent values of bitcoin retail HODLers and institutional investors.
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Transcript
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| 0:00.0 | Saylor has said over and over that the fierceness of the so-called cyber hornets protecting the Bitcoin ethos is what drew him in. |
| 0:07.0 | If censorship resistance can be so easily compromised, why not 21 million? |
| 0:12.0 | I think it's a reasonable question to ask, and I have no doubt that the Bitcoin community is not going to roll over |
| 0:17.0 | and let something as integral as censorship resistance go to the wayside just for |
| 0:21.8 | the sake of some more institutional money and banks falling in. |
| 0:26.5 | Welcome back to The Breakdown with me, NLW. |
| 0:30.6 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:36.4 | The breakdown is sponsored by Crypto.com, nexo.io, and leveled. |
| 0:40.5 | And produced and distributed by CoinDesk. |
| 0:44.2 | What's going on, guys? |
| 0:45.3 | It is Tuesday, December 8th, and today we are talking about micro strategy back on it. |
| 0:51.4 | Again, raising another 400 million to buy Bitcoin, is this a de facto Bitcoin |
| 0:57.2 | ETF? First up, however, let's do the brief. First on the brief today, BBVA is launching |
| 1:04.4 | crypto trading. So BBVA is Spain's second largest bank. They're an extremely well-known global brand. Two people familiar |
| 1:12.5 | with the bank's plans say they intend to begin offering crypto trading and custody within the month. |
| 1:18.1 | Now, this is a bank that has $840 billion in assets, so this is not a small deal. Their |
| 1:24.4 | crypto offerings will be regulated out of Switzerland, but the initiative should be |
| 1:28.0 | available to Europeans across the continent. Importantly, when asked, it's not just about |
| 1:34.0 | digital assets or tokenized securities. This is about cryptocurrency specifically. Next up on the |
| 1:40.7 | roof today, Bitcoin makes an appearance on Wells Fargo's most recent investor memo. |
| 1:46.5 | The Wells Fargo Investment Institute released their most recent memo yesterday and includes |
| 1:51.7 | one full page on Bitcoin. It's a short page, so let's actually just read what they had to say. |
... |
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