Why Swan CEO Cory Klippsten Is Still Convinced That Bitcoin Is Headed to $1 Million - Ep. 584

Unchained

Laura Shin

Business News, News, Tech News

4.6 • 1.3K Ratings

🗓️ 19 December 2023

⏱️ 83 minutes

🔗️ Recording | iTunes | RSS

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Summary

Take the Unchained 2023 survey! Swan founder and CEO Cory Klippsten is all-in on Bitcoin. Not only does he believe that Bitcoin is poised to reach $1 million by 2030, he also thinks most alt-coins add little to no value and will eventually all go to zero. Accordingly, his company is a massive bet on the future of Bitcoin, from educating people about the world’s first crypto and convincing them to eventually self-custody, to making private equity investments in the Bitcoin ecosystem, to eventually planning to launch the first US Bitcoin-only trust company to create a safer environment for investors. Here he talks to Unchained about his crypto journey, the likely impact of spot Bitcoin ETFs on crypto adoption and prices, his extreme skepticism about Bitcoin Ordinals, when he first knew Sam Bankman-Fried was a fraud and why he thinks that crypto VCs have done a “massive disservice” to the world. Show highlights: What Swan Bitcoin is, its origin story and the future trajectory envisioned by Cory Cory's journey into crypto, his journalism background and the shift to a Bitcoin-centric focus How Cory is navigating discussions with hedge funds, family offices, and insurance companies in anticipation of a Bitcoin spot ETF Swan’s Bitcoin-only investment strategies How lending and borrowing with Bitcoin is evolving Cory's private equity investments within the Bitcoin ecosystem The rationale behind Swan launching the first US Bitcoin-only trust company Swan's stance on financial privacy, especially after warning customers that banks might close their accounts if they used mixers Cory's reasoning for advising against "trading" the Bitcoin spot ETF launch Predictions on when BTC might reach new all-time highs Cory's perspective on Bitcoin Ordinals and their impact on the Bitcoin mempool The concerns about decreasing block rewards and the future security of Bitcoin Why Cory was convinced of FTX's fraudulent nature after reviewing the balance sheet that led to SBF's downfall Why he thinks that VCs have done a "massive disservice” to the world Thank you to our sponsors! Uniswap Popcorn Network Arbitrum Foundation Guest: Cory Klippsten, CEO of Swan Bitcoin Links: Swan Bitcoin: Fortune: Swan deployed more than $200 million in 2023 building out institutional offerings such as Bitcoin-backed lending Protos: Some Swan Bitcoin customers lose banking access CoinDesk: BitGo, Swan to Form Bitcoin-Only Trust Company WSJ: Crypto Custodian Prime Trust Files for Bankruptcy Protection Decrypt: Swan, Coinbits Disclose Prime Trust Ties as Fallout Continues Cointelegraph: Swan Bitcoin to terminate customer accounts that use crypto-mixing services Bitcoin ETFs: Previous coverage on spot Bitcoin ETFs: How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10 Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF The Chopping Block: Are We Back? The ‘Low IQ’ Response to the Potential Spot Bitcoin ETF Unchained: Why the SEC May Want Cash Creation of Spot Bitcoin ETFs Bitcoin ETFs Explained: What Are They & How Do They Work? BlackRock Updates Bitcoin ETF Filing to Make Access Easier for Wall Street Banks FTX CoinDesk: Divisions in Sam Bankman-Fried’s Crypto Empire Blur on His Trading Titan Alameda’s Balance Sheet Ordinals: Cory’s tweet on Ordinals Unchained: Bitcoin Ordinals-Related Token ORDI Passes $1 Billion in Market Value Bitcoin Mempool Reaches Record Levels of Congestion Bitcoin Ordinal NFTs Are Hot and Getting Hotter. What’s the Hype About? Bitcoin’s BRC-20 Mania: Is It Sustainable? Why All 10,000 OnChainMonkey NFTs Will Move From Ethereum to Bitcoin Learn more: What Are BRC-20 Tokens? What Are ORC-20 Tokens? How to Create a Bitcoin Ordinal Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	And all I can say here is like I will stick to my long-term target that I've been giving since 2020 in 20 $20.20 a million dollars a coin by 2030.
0:09.8	And everything else is just a guess, but like I'll stick to that. and I don't know what that's going to be in in nominal terms by then it'll be at least it'll have to be at least 1.3 or 1.4 accounting for inflation over the course of the decade but yes in 20-20
0:23.9	dollars my 20 30 prediction is a million dollars a coin or sat-cent parity.
0:37.0	Everyone welcome to Unchained, your no-hype resource for all things crypto. I'm your host Laura Shin, author of The Cryptopians.
0:41.0	I started covering crypto eight years ago and as the senior editor of Forbes
0:44.5	was the first mainstream meter reporter to get a cryptocurrency full-time. This is the December 19th
0:49.6	2023 episode of Unchained.
0:55.0	Hey all, Unchained is doing its annual survey. Let us know what we're doing well, how we can improve,
0:58.0	what you'd like to see more of,
1:00.0	and generally how we can serve you better.
1:02.0	The survey also helps us find sponsors whose products and services would appeal to you.
1:06.0	Plus, participating gives you an opportunity to win unchained merch.
1:11.0	Five randomly selected respondents will receive one free
1:14.2	unchained t-shirt or mug your choice. To participate go to SurveyMonkey.
1:18.8	com slash R slash unchained 2023 or check for the link in the show notes.
1:25.0	Again that's survey monkey.com slash R. unchained 2023.
1:30.0	Thanks again.
1:31.0	This episode is brought to you by Krakan.
1:34.0	Cripto is like the financial system, but different.
1:38.0	He doesn't care where you come from, what you look like, your credit score,
1:42.0	or your outrageous food delivery habits.
1:44.7	crypto is finance for everyone, everywhere, all the time.
	...

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