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The Breakdown

Crypto Daily 3@3 - 7.18 | Libra Aftermath - G7, China, and Dalio's dystopia

The Breakdown

Blockworks

Investing, Business

4.8786 Ratings

🗓️ 18 July 2019

⏱️ 12 minutes

🧾️ Download transcript

Summary

Libra was a hotbutton issue at the G7 meetings - maybe the one thing they agreed on. Meanwhile, the project made news in China as Facebook's David Marcus revealed explicitly that it saw Alipay and Wechat as competitors. Meanwhile, the crypto community spilled ink discussing hedge fund titan Ray Dalio's latest missive on the coming financial paradigm shift.  Watch the live version at: https://www.youtube.com/nathanielwhittemorecrypto

Transcript

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0:00.0

All right, check check. What is going on, everyone? Welcome back to another Crypto Daily 3 at 3.

0:09.0

So I swear I was really intending today to not just focus on Libra again. We've had obviously nonstop Libra for the last couple days with the Senate hearings and the House hearings, but the reality is

0:21.7

is that still we're in that cycle, right? And today is all about what happened after in the aftermath.

0:27.8

So it's going to be a little bit about Libra again. I'm sure that we'll start to move into other areas.

0:32.9

But, you know, this has elevated Bitcoin and crypto in a totally new way.

0:37.5

And so we're just going to have to deal with it for a little bit.

0:40.0

So let's dive in.

0:41.3

So just to recap yesterday, kind of the sentiment coming out of this.

0:45.2

I thought Ariana Simpson's tweet here really captured it.

0:49.7

I was positive on Libra as an on-ramp for crypto.

0:52.1

I hadn't fully considered that it would push Bitcoin

0:54.3

into the arms of regulators as the better option. Never thought I'd see the day. Now, not everyone

0:59.4

in the comments agreed with her. Some really smart folks like Jake Trevinsky and Hasew didn't

1:03.6

quite have the same interpretation. But I do think that a lot of us who are watching these hearings

1:08.0

were stunned, frankly, with how many people were drawing

1:10.9

comparisons between Libra and Bitcoin and with Bitcoin on the kind of the favorable side.

1:17.0

That is obviously not the case for everyone.

1:19.9

And there's a difference between the central bankers themselves and congressional representatives.

1:25.3

So, you know, one of the things that's,

1:28.0

that was kind of interesting about the timing of this

1:30.3

is that it was right before the G7 meeting.

1:32.5

And so you had Secretary Mnuchin,

...

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