Talk Your Book: How We Got a Bitcoin ETF

Animal Spirits Podcast

The Compound

News, Business News, Business, Investing

4.8 • 2K Ratings

🗓️ 21 July 2025

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

On this episode of Animal Spirits: Talk Your Book, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ben Carlson⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ are joined by Dave LaValle, Senior Managing Director, Global Head of ETFs at Grayscale Investments to discuss: how a bitcoin ETF was approved, what’s coming next in crypto, how to think about the volatility of investing in these assets, and more! Find complete show notes on our blogs... Ben Carlson’s ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠A Wealth of Common Sense⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Michael Batnick’s ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Irrelevant Investor⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Feel free to shoot us an email at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ with any feedback, questions, recommendations, or ideas for future topics of conversation. Check out the latest in financial blogger fashion at The Compound shop: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://idontshop.com⁠⁠⁠ Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. See our disclosures here: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/podcast-youtube-disclosures/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ The Compound Media, Incorporated, an affiliate of ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ritholtz Wealth Management⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/advertising-disclaimers⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Grayscale Disclosures: This podcast was prepared as part of Grayscale's general paid sponsorship of The Compound News. This specific content within and any opinions expressed therein belong solely to The Compound News and do not reflect the opinion or analysis of Grayscale, its employees, or its affiliates. Content published on The Compound News is provided for educational purposes only and should not be considered investment or tax advice. For investment or tax advice, please consult a financial professional. Grayscale is an independent company, unaffiliated with The Compound News. Grayscale has not been involved with the preparation of the content supplied by The Compound News. It does not guarantee, or assume any responsibility for its content. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Today's Animal Spirits Talk Your Book is brought to you by Grayscale. Go to greyscale.com to learn more about all of their various crypto offerings and research.
0:08.2	Again, check out Grayscale.com to learn more.
0:12.8	Welcome to Animal Spirits, a show about markets, life, and investing.
0:16.9	Join Michael Batnik and Ben Carlson as they talk about what they're reading, writing, and watching.
0:22.1	All opinions expressed by Michael and Ben are solely their own opinion and do not reflect the opinion of Riddholz wealth management.
0:28.4	This podcast is for informational purposes only and should not be relied upon for any investment decisions.
0:34.2	Clients of Ritholt's wealth management may maintain positions in the securities
0:37.5	discussed in this podcast. Welcome to Animal Spirits with Michael and Ben. It is Wednesday, July
0:46.9	9th, 345 Eastern, and Bitcoin is Bitcoining. It is very close to hitting an all-time high.
0:53.8	It's been an unbelievable journey with this with this thing.
0:58.0	As I said to David, unfortunately for many years, I laughed.
1:02.0	And that's okay.
1:03.1	Can't go backwards.
1:03.9	And at the time, probably was worthy of being laughed at.
1:06.0	But people kept pushing, strong voices, strong opinions.
1:10.6	And listen, they won. Credit where credit is
1:14.2	due. You may not like it, but if you were one of these people who thought it was rat poison,
1:19.6	a scam, going to zero malware, whatever, stop, it's over. They won. So do you remember in March
1:24.8	2020 intraday, at one point it has fallen 50% I think in 24 hours
1:30.0	and it was at like $5,000 in like the height of the pandemic?
1:35.7	It's pretty wild that how much it's up since then.
1:38.9	And you're right.
	...

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