$33b in reserves, $6b in reserve banks.
Again, Im not totally discounting USDC, if they have it they have it, just do an audit and I’m good, but I’m fairly confident there is little shadiness but since they won’t do an audit, i figure something is slightly off.
$600m not $600b. Their market cap is presently $133b. $600m is nothing compared to what they are allegedly holding with 20 employees.
CEO of Cantor- “I manage many, many of their assets. […] From what we’ve seen, and we did a lot of work, they have the money they say they have.”
Lol if he’s managing $600m that’s 4.5% of his book of business, so I would imagine he thinks that’s “a lot”. Hes not lying, he just doesn’t know where the other 132b dollars are, it’s not his job to know.
I hear you - the “Give Me Anal” project/token that was trending yesterday was ridiculous and disgusting. I suspect that all of this craziness is allowed to go on because regulators either don’t understand it or the people getting crushed with rug pulls are low income and not likely to light a fire under their local congress person.
It’s amusing to watch WVU grasping at straws. He seems very bitter for some reason. Everyone is part of the scam!
Like I said mate, you win, it’s a crypto government now. Well see what happens, as I said BTC is certainly a buy right now.
T2K you seem like a reasonably intelligent guy - I think you are a pharma exec? Have you ever actually researched BTC the tech, use cases, whales/owners, etc. or just in it for the FOMO pump? The latter is fine as I agree with WVU that crypto is the winner until proven otherwise. I buy BTC as a spec play just like I bought stocks like JOBY and OKLO - from an investing perspective it’s a small portion of my portfolio. But right now BTC has no utility, no technology, the largest holder is a mystery (LOL decentralized), and if it disappears tomorrow nobody would care other than people that lost money or get caught in the financial wreckage. What is BTC at this point other than people buying code because they think it’s going to be worth something in the future?
Once again, you need to stop ignoring reality. 50+ million Americans and most of the largest financial institutions in the world own BTC because they trust it as a good store of value (i.e., utility just like gold). Until you accept this simple fact, it's hard to discuss the subject with you. You just keep yelling at the passing clouds.
Would like to see the research/articles on this (no CoinDesk articles thx). I’ve seen estimates as low as 18M and even if you are right about 50M take a look at the overall percentage of ownership. Once you take out Satoshi, WinklevossX2, companies like Tesla, financial institutions, etc. saying 50M Americans own BTC doesn’t mean much. Even FAs that are onboard with recommending it to clients won’t do more than 1%. So what simple facts are you telling me? You act like people are putting BTC in their portfolios at a rate of the Mag7.
I understand your skepticism comparing BTC to penny stocks, dot com era, tulips, etc. Those are/were shortlived fads that some thought were legit and others were just in it for the momentum. None of those gained world wide attention/acceptance from individuals, institutions, and governments. None of those lasted 15+ years. I know I'm not getting into the weeds explaining the real use value of bitcoin or some of the other major cryptocurrencies and protocols but you can't deny the enormity of this development. New ideas always draw skepticism and derision. Those with a vision see through this and can see the possibilities that come with that vision. IBM laughed at the idea of personal computers, analysts laughed that an online book warehouse (Amazon) would have any value among other examples. Yes, those are real companies and your argument that bitcoin is only "code" being bought and sold. The visionaries see use and value over time. Why are big name venture capitalists spending a sh!tload of money on some of these protocols? They see things that you and I don't see or don't understand. Stating your thoughts on crypto is fine, rather than constantly deriding the sector and those that show interest and value in crypto, just agree to disagree and move on.
I’ve never encountered anyone in a leadership position in any sector act like they are playing 4D chess with their BTC play. They are in because it’s an appreciating asset with a group of holders conditioned over many years now to buy dips. I agree with T2K and think the final use case is it’s the new gold. There is no more buzz about us all using BTC to buy groceries or blockchain being integrated into our every day life and that somehow being linked to BTC price. Its just buy it because the math is if everyone keeps doing it the number will go up forever like gold.
BTC is not complicated. Supply and demand. Are more and more people going to want the asset versus the inflation rate, which is about 2% per year and gradually decreasing to zero. That's the simple question.
What percent of your investment portfolio is BTC? 10%? 20%? More? I assume based on your positive view of BTC that it must rival your other funds/stocks when it comes to allocations? If you tell me you are less than 10% and talk about diversification nonsense than you don’t believe in BTC. Put a healthy portion of your daughter’s college fund in BTC after all it’s going to be $500K in a few years. Right?
I put >50% of my ira into the bitcoin etf earlier this year. I would have put all of the 529 in there if I had that option, literally a no brainer. I’ll rebalance once this cycle is winding down
Happy Thanksgiving to Gensler and Warren.....time to go to jail! :)
do current buyers not believe it will drop more then 50% again? The people holding aren’t really going to lose anything but new buyers at this price are playing with fire. Seems ready for a dump fest.
It will be interesting to see what happens with the next major correction. Folks in ETFs can only trade during market hours and a lot of crashes seem to happen on weekends. How quickly does buying the dip overwhelm the sellers?
We’re about to have our first pro crypto congress, White House, SCOTUS, SEC… the usual dump cycles probably won’t happen
If you believe in cycles we are probably 6-12 months or more away from another sustained downtrend. How high it goes before then is the question. And as others have noted, how the new dynamics, especially the ETF, impact volatility still remain to be seen.
Very much hope we see more about this debanking scandal come out.
Seems there are a lot of views outside of the US that will matter in determining bitcoins future.
If you haven't sold yet, no taxes to worry about (just like equities). When you do sell its just normal cap gains.
As the old saying goes, where the US goes is where the world goes. Russia uses crypto to bypass sanctions, China already kicked the miners out, so what meaningful influence is out there to undermine US endorsement?
Agree - the question becomes if the U.S. does create a strategic reserve and concentration continues in the hands of U.S. companies and billionaires does that give other countries incentive to devalue BTC?
| Company | Total Bitcoin | Estimated Value (USD) |
|---|---|---|
| MicroStrategy | 386,700 | $31.6 billion |
| Marathon Digital | 25,945 | $2.5 billion |
| Riot Platforms | 10,019 | $957 million |
| Tesla | 9,720 | $929 million |
| Hut 8 Mining | 9,109 | $870 million |
| Coinbase Global | 9,000 | $860 million |
| CleanSpark | 8,701 | $831 million |
| Block | 8,211 | $784 million |
| Galaxy Digital | 8,100 | $774 million |
| Bitcoin Group SE | 3,830 | $366 million |
Disgusting. Hope this project and many others get to be reborn in the new political/regulatory environment. Also, we all know some criminal stuff happened in the spring of 2023 with crypto-friendly banks!
I never understood why Libra/Diem was killed off at the same time BTC was gaining momentum. However, FWIW, there are alternate theories out there which point the finger at BTC whales and politically connected hodlers that felt Libra/Diem would be a serious threat to BTC so they tightened the screws on insiders to protect their financial interests. There was a Reddit thread a while back which set up a timeline of politicians turning negative on Libra/Diem at the same time they started buying (or receiving) BTC. Given how influential the BTC crypto world was on this recent election I’m starting to believe Libra/Diem didn’t die of natural causes it was murdered…LOL
Also keep in mind that David Marcus left Meta to become founder of LightSpark which (shocker) provides services and tools that support the Lightening Network…he’s huge BTC guy
Okay - why was it political suicide assuming the alleged conversation even happened? Very one sided story.
Don’t know. Dozens of stories like this coming out now. Hopefully we get some answers
Having worked with dozens of entrepreneurs either for them in a hands on way, or they were my client, I just am naturally skeptical of them. They are simultaneously brilliant and cutthroat, necessary for a thriving society but often detrimental. They never stop looking for angles to better their own self interests. Sometimes these people can leave the attitude at work, others carry it with them everywhere and are basically sociopaths. They all seem to believe they are getting screwed and cannot stand not being able to indulge any whim they like. This is basically the same whether the entrepreneur in question owns a pizza place or a publicly traded company. So I take stories like this with a grain of salt. I would like to hear the other side of the story as to why it’s political suicide, could it be that the fed are opening themselves up to a massive liability if this idea they green stamp screws something up and loses a lot of people’s money so they can have their faces plastered all over every news outlet as the regulator who green lit a scam? Maybe. Could also admittedly be that there is a big quid pro quo with big finance.
