The Decrypt Daily: Bitcoin & Cryptocurrency News Podcast - Mar 1: Citi Bank’s #BTC Report, $1 Beeple #NFT, Robinhood Fine

Follow The Decrypt Daily Twitter: @decryptmedia Website: Decrypt.co Follow me on : Twitter: @MatthewADiemer IG: @MatthewADiemer FB Page: https://www.facebook.com/thedecryptdaily FB Group: https://www.facebook.com/groups/thedecryptdaily Email: MatthewAaron@Decrypt.co Spatial Location - hucklecat poetry | OpenSeaopensea.io —————————————————————— Investment Bank Citi: Bitcoin Is ‘At the Tipping Point’ https://decrypt.co/59768/investment-bank-citi-bitcoin-is-at-the-tipping-point Beeple Crashes

  • Play Speed:
Content Keywords: Bodom Bitcoin
00:00:00
From the committee of this is the decrypt. Alien. My name is Matthew Aaron today on the show Green Green Oh beautiful green the markets. They are green people crashes the market because they're still dirty are $4 and we welcome to Chris Roderick Scott to Ballina bank statement that Bitcoin is at a Tipping Point that's coming up today on the decrypt daily.

00:00:25
What suburb of the show today is Monday March 1st, 2021. We had some good weather here over the weekend in Cleveland, Ohio like 50°. Can you imagine if I think I should like 55° if you're from Cleveland, you know that shorts weather and if you're not from Cleveland, then you should know that shorts weather. But what we really want to talk about it in that shorts weather in Cleveland. We want to talk about those crypto prices. Do we do with money talk at 11:15 Eastern Standard Time. Let's take a look at those top five coins Bitcoin is up 10% in 24 hours Singapore 40 almost $49,000 like three bucks away from 49,000 some Justin plug for a $9,000 number to ethereum is seen at 1543 up 14.2% in 24 hours number 3 at $1.34 up 8.2% Finance at number 4 on the heels of cardano at 2:50 to 93.

00:01:24
Up 22.9% in 24 hours. And if a number six spot behind Heather is polka dot at 3510 up 13.3% We got the total market cap at one point for a trillion dollars with a BTC dominance of 60.9% And in our main story today, we're talkin to Ryder from the Scott chipilin up and we're discussing Citibanks report on bitcoin. Thank you Matt for having me. How's it going? It's going well my friend. I don't know who this is a podcast and No Vacancy Scott. I know Scott with a beard and Scott is now Babyface and dude. You're looking good. Thank you. Ten years younger at least at least but we're not talking about your beer today, even though we should be over talk about Citibank and they're saying that Bitcoin is at the Tipping Point. What does that mean? Yes to Citibank If released about a hundred page of Bodom Bitcoin and the long and short of that report is that there are two potential Futures full Bitcoin wine, is it it finally achieves mainstream reduction the

00:02:24
Where is that it sort of just like, you know blows up and then then sort of like Brenda's cell phone to leave their pool actually has a lot of interesting insights, you know, what else feels like a head of Bitcoin order things. It's doing well and the key takeaway at least in my view. Is that the bank suggested there is a future with Bitcoin becomes the currency of choice for international trade and if that happens and see what if it's mainstream pros and cons of the speak about Bitcoins featuring the report described as being the north star of innovation with that Meme the north star of innovation. So what that means if it's a phrase the Citibank employee throughout their pool, which is the Bitcoin is the will the flagship cryptocurrency rephrase that I enjoy using but they should have said that there is obviously a wide variety of crypto assets on the market today for Bitcoin has remained the with the principal one and the phrase that they've adopted to sort of

00:03:24
Kate. Is that it's the new star of innovation within and a very Innovative market and Industry in and of itself International transfers in international Commerce, possibly because they said there is two choices in basically and summary up or down week. We get that where the crypto space we know you want to go out but there's two choices up or down or sideways going to be for international transfers. How would that work? You think with banks? What would that mean for the global? I say interoperability and the other one is what is the international form of transfers right now? Is it the US dollars in the majority of transactions take place of the US dollar. That's correct, but the the key to bitcoin, so to becoming this this currency of international trade at least according to the bank is deception. If if if you look at bitcoin's fell short history of 12 Years of this the focus of the answer was on technology, right and then shortly after that again, according to the bank the focus of shifted to Bitcoins ability to resist censorship.

00:04:24
And then we seen over the last year or so with institution investment. Come again that says that's been a large focus on bitcoin scarcity to pick me to take an additional jump and become the currency of choice for international trade the focus needs to shift and what the bank phrases as Bitcoins globality. I'm one of the things that that it says in support of this view is the if you look at the way that the traditional Fiat system as well throughout the majority of Bitcoin history it is what independent of Bitcoin or all they see is marketside a Bitcoin has worked was functionally independent of Fiat currencies, but we saw the music, Cross of the last year basically PayPal decision to Starline costumes transaction Bitcoin, but that line is beginning to blood and as a result some of the technological advances that will Bitcoin has in terms of the Spotless blockchain technology is still growing at speed even outside of the crypto space all of those advantages of it has couples with a shifting focus on its Global it take to boil.

00:05:24
Phrase, that is how they perceive that too. So to take place in Sons of the bank's. Well, a lot of central banks are already as you know, Matt, they're already considering what will be on considering she trying to put into practice their own Central Bank digital currency. So the appetite for small digitized approach to money and Finance in general is already there. And if Bitcoin proves to enough people on it gets adopted by enough people that it could be the answer to that in a rapidly digitizing market, then it could very well happen. But of course it's all speculation at this when I think of this I think of national security or United States or American Supremacy, does this jeopardize the National Security of the United States by switching off of the US dollar in do you think that the United States is going to let that stand and I think it's fairly straightforward to think that if if the the currency of choice for the world and international trade becomes not only not the US.

00:06:24
Anon Sovereign currency, I mean that it's very difficult to imagine a world like that and there is no precedent in modern history for anything about so happening. You know, I would Hazard a guess to say that they wouldn't really tell her it's obviously we're talking about a pretty lofty goal here. I think the Bitcoin has least my perspective many more obstacles to overcome before it even gets close to something of this sort the first one being price volatility. I think that you know, we will we will speak about saw the technical challenges the Bitcoin, you know faces or what the impact of a growing retail / institution investment markets in Maine for the car and seeing all the rest of it. But I think frankly that the the biggest challenge has been and continues to be it's exceptionally volatile price and if it continues to be. Volatile, then I think in terms of just practical language it's hard to speak about between being the currency of international trade at least in the short-term. One of the editors of the crib said that Scott knows things. That's what he described you as scarpino's think I need to know who that was.

00:07:24
I tell you but you know things in this mask this last question price volatility for Bitcoin. How do you stop that? I mean one thing is is about to bring people in the space. And even if we had all the money coming into the into Bitcoin anniversary use it how do you actually control the price volatility? Do you just start matching things to the price of satoshi's or the Bitcoin price if it's always have with the dollar price would always be volatile or is there some kind of way to stabilize that I am not too sure. I see how that would work. I wouldn't put myself out there to say that I I know this for a fact but I think that one of the leading theories out there the very least is that with the Advent of you know, institutional investment coming through of the last 12 months the mall that sophisticated investors over large investors flock to bitcoin. There is an expectation that price volatility will decrease second idea, which I guess is very closely related to the first is that the mole people that hold Bitcoin in the more people that I guess you could say it like come on some sort of transactional power over the car.

00:08:24
There is also an expectation that that would cause a less volatile price of Bitcoin. But again, I think is at least somewhat speculative. Another thing that we can do is maybe just let him to be fairly comfortable with price volatility when it comes to bitcoin one of the things that we've seen at least over the 20/20 Bull Run generally speaking was that there was some president when we went well with what we were witnessing and Sons of during the 2017 Bull Run, that was I think a handful for 5 price directions up to about 30% on bitcoin and we were witnessing those kinds of price Corrections trout 2020 despite the fact that if you zoom out bitcoin's price was considering the Grove is sort of growing in a Wendy's price Corrections built-in almost there is still sort of in short supply. We forget big ones only been here for about 12. Yeah, so maybe in 10 or 15 years time. There's a lot more present to go by in and it'll be easier to handle Bitcoins. What seems to be in Herrin volatility, but who knows maybe the fact that

00:09:24
People come again means that that volatility will soda soda face itself out in some way. But again. We don't know for sure. I knew I asked the right person this question secret brighter Babyface catchable in a thank you very much for coming on the show and tell us about Citibanks report. Thanks.

00:09:43
And another news people is crashing Baker's place by Sun n f e r for a dollar how why is this news Well, I'm going to tell you if you guys remember last week people is the one that is selling and killing it in the NFC space return about the Tennessee RV auction at Christie's in the first 10 minutes getting bids of about a million dollars and then just a lil bit later those bids going up to 2.4 million dollars. We're talking about people the first I just sold the Trump art Ford 6.6 million dollars. And so if you say peoples going to be going to Makers place to sell their art for a buck you're going to cause a commotion and you're going to take down the service website couldn't even handle the traffic and that's because people are trying to scoop of this art for a buck and make billions. What an Roi that would be added to my listener hug who DM me on Twitter because he is making entities of his poetry and I just thought that was cool. You know, I always thought about pictures and different kind of visual art, but not pull it.

00:10:43
I guess why not put your words on the blockchain one of one sell it anyway, his link is down in the description. Check it out and maybe start.

00:10:57
Microstrategy and Michael Saylor can't keep their self out of the news. They purchased an additional 328 Bitcoin for 15 million dollars in cash at the average price of 47710 per Bitcoin as of March 1st. They have 90859 Bitcoins with a cord for 2.186 billion dollars at average price of $24,063 per Bitcoin. Michael sailor knows how to btfd.

00:11:27
Robin Hood Robin Hood Robin Hood, the place for retail investors adding 6 million crypto users already in 2021 is valued at 20 billion dollars and is preparing to go public is also going to be preparing to pay a fine of a minimum of 26.6 million dollars, but not because of GameStop you would think that that probably be a whole other issue but overtraining outages that happened in March of 2020.

00:11:56
And finally together give the middle finger to a 24 million dollar Bitcoin Ransom demand. So what happened was on February 28th, a ransom demand was sent to tether and in this letter it said it had information that would harm the Bitcoin ecosystem mean quotes if the ransom wasn't paid and it said that you better give us 500 Bitcoin or 24 million dollars or else I'll tell her properly put up the middle finger Let The Ransom expire and said we're not paying teller tweeted forged documents are being circulated online reporting between tether personnel and Reps of the deltic Bank & Trust. The documents are bogus. So don't worry about this. It seems as though tether has it under control. However, I will be paying attention to see if anything comes out that will hurt in quote the Bitcoin ecosystem.

00:12:48
Thank you for listening to this episode of the decrypt daily. My name is Matthew Lawrence. Don't forget to go to Apple podcasts like subscribe share and leave us a comment and you can also get a hold of me at Matthew. Aaron had to Crypt. Co tomorrow we have a special show for you. Our new editor-in-chief. Daniel Roberts is interviewing Mark Cuban. I'm look for that conversation and that's coming tomorrow. We'll see you then until then. Happy houghtaling.
Translate the current page