Will BlackRock Trigger Hyperbitcoinisation? With Alex Thorn - WBD686
The Peter McCormack Show
Peter McCormack
4.7 • 2.8K Ratings
🗓️ 24 July 2023
⏱️ 89 minutes
🧾️ Download transcript
Summary
Alex Thorn is Head of Firmwide Research at Galaxy. In this interview, we discuss Bitcoin Park and others' efforts to promote Bitcoin, the impact of BlackRock's involvement in Bitcoin, and the legal battle between Coinbase and the SEC. We also talk about the need for education and inclusivity for Bitcoin, the importance of maintaining decentralization, and the impact of Bitcoin on the future.
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BlackRock is the world's largest asset manager, with AUM in excess of $9 trillion. So, the news that they were throwing their hat into the spot Bitcoin ETF ring has unsurprisingly caused excitement and concern within the Bitcoin community. If BlackRock is successful it will materially widen access to Bitcoin, and significantly increase the buying pressure.
In terms of signal, this is perhaps the most important event in the validation of Bitcoin as an asset. Larry Fink, BlackRock's CEO, has changed tack and is now endorsing Bitcoin as digital gold. Such comments penetrate more than those of other commentators and provide unparalleled credence to Bitcoin amongst the professional investing class.
The pressure on the SEC will only now increase as they review the latest batch of Bitcoin spot ETF applications. This is at a time when they are involved in a number of critical legal disputes, including their battle against Coinbase. The SEC's approach - failing to provide formal rulemaking for the crypto markets whilst operating a divide-and-rule approach to individual companies - is "extremely stifling" to say the least.
That said, whilst increased engagement from traditional asset managers is welcomed, it also comes with material risks. There are rightfully severe concerns about their involvement's impact on efforts to promote self-custody and strengthen decentralisation. It is vital that those managing or advising new investments are educated on Bitcoin's unique characteristics in ways that appeal, and that they are welcomed into the Bitcoin community.
Bitcoin needs to be understood and embraced by mainstream culture in order to achieve widespread adoption. The community, therefore, needs to make Bitcoin accessible to a diverse group of people, regardless of their backgrounds, experiences, geographies, and ideologies. At the same time, Bitcoin's core values need to be protected. Strong, principled voices like Marty Bent, Stephan Livera, and Matt Odell, need to continue educating and guiding the community.
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Transcript
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| 0:00.0 | This is the beginning of what hyper-bit coinization looks like. People want |
| 0:06.2 | Bitcoin everywhere, like that means it's going to be everywhere. If Bitcoin's going to |
| 0:10.3 | be global money, it needs to be everywhere. It needs to be in every single system that uses money. |
| 0:14.8 | Hello there, good morning from Argentina. We are about finished up here. Just got a small |
| 0:19.9 | amount of recording to do this morning, then we're done. The film is done. We're going to get out to your city. a been so hospitable to us. The food has been incredible. The hospitality has been |
| 0:34.7 | unbelievable. I absolutely love this country. I cannot wait to come back and the |
| 0:38.3 | people are so called, so resilient. Anyway, welcome to the What Bitcoin did |
| 0:42.4 | podcast which is brought to you by the legends |
| 0:44.4 | Iris Energy, the largest NASDAQ listed Bitcoin miner using 100% renewable energy. |
| 0:49.6 | I'm your host Peter McCormack, and today I've got Alex Thorne from Galaxy Digital on the show and we get into the Black Rock |
| 0:54.9 | ETF, what it means for Bitcoin and we also get a good old rap from Alex. Now we've |
| 1:00.0 | covered some of the potential downsides of the ETFT.F. with O'Dell, but like it or not, the E.T. |
| 1:05.3 | may get approved in the new future, and there are positives that come from it. |
| 1:09.2 | You have to look at the signal what it means for institutional investment, maybe this will drive hyperbiconization. |
| 1:16.3 | So let me know what you think on this one. |
| 1:18.2 | I do want your feedback. |
| 1:19.5 | The good, the bad, the ugly, what you think about the Black Rock EDF personally I'm here for it pump my |
| 1:24.2 | bags Larry let's go drop me in email it's hello what Bitcoin did dot com |
| 1:28.9 | well you still smoke real cigarettes like a proper man. |
| 1:36.0 | Well, I quit. |
| 1:38.0 | Not very well. |
| 1:40.0 | I'm working on it. |
... |
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