BTC Nearing Massive Monthly Close… Breakout Time? #CryptoTownHall

“I think the level that a lot of people are looking at from a technical perspective and especially some of the smartest technical investors I follow, they are looking for a weekly close over 75, which we have not yet had in, I believe since the February 6th down or drop. It does look like we're going to get that this weekend, at least as of right now. So I think that is the breakout signal that he was looking for in particular.”

“The Admiral, who went on the floor of Congress and said that Bitcoin is a national security tool, that the United States military is running a Bitcoin node, monitoring the situation, so to speak, and that it's not a matter of holding the asset or investing in the asset, but that they're looking at it for a way to secure networks and use proof of work. I thought that was just an astounding, astounding clip.”

“The interesting thing though is with AI, everything can be spoofed, everything can be faked. So everybody's looking at how do you prove that something is AI? And what's interesting is proof of work actually puts a value behind data. So there is a way of using SHA-256 and old miners to put value on content. And therefore, it's just not like one-off cheap. It's the equivalent of if it costs you a million dollars every time to send an email, then you're not going to get any spam.”

“Morgan Stanley is effectively creating something called the stablecoin reserves portfolio, where they're offering to custody, manage treasury, redemptions and issuance of stablecoins for companies. So think of it as if USDC or USDT gives up all of the back end of doing it, or more specifically, probably if someone wants to launch a new stablecoin, you now have Morgan Stanley behind you handling everything.”

“For the average person in Guatemala, Venezuela, Zimbabwe, they're not really thinking about who's going to freeze my tether, right? They're thinking about, I don't want my government to have access to my bank account, and I don't understand these other assets that are not dollars. They're way too volatile. And other people have gotten scammed. So this USDT thing seems pretty safe. Everybody uses it. And I think the excitement in the Western world is because they are seeing stable coins as a way of basically vampire attacking the Euro dollar market.”

“The challenge, and I think what investors realized during this exploit, is that DeFi has no bankruptcy rails. There's no court. There's no recovery. Everybody that got out of Aave first took the full money out. Everybody that's still at Aave is waiting to see how much of the losses are going to get pinned to them. And so if you're an institutional investor and you can estimate the potential of a loss, but you cannot estimate how those losses are going to be attributed, you cannot determine your exposure.”

“Our view at LeDin was always that if we wanted to get the cheapest cost of capital to disperse to clients in Bitcoin-backed loans, we had to go the regulated route. The regulated entities like pension funds, insurance companies, banks, etc., they are the ones that historically have the cheapest cost of capital, which makes the most sense for you to borrow from and lend to other people. So an example of that is our ABS bond, which is the first Bitcoin ABS bond rated by S&P.”

“Even to get to the point where the Kelp DAO was even used, that was used largely by recursive looping and yield strategies. These weren't necessarily people taking out loans to do real things in the world. They were just trying to juice their yield. And that is another problem in DeFi. There's so much on-chain rehypothecation, you don't really know what's real. And I expect as the Aave liquidations and losses get attributed and more capital is allowed to exit, you're going to continue to see knock-on effects.”