Bitcoin is not going to $1M, yet – BitTalk #11
In the latest episode of BitTalk, hosts Nick, James, and Akiba discussed the recent market activity, central bank policies, and the potential for Bitcoin to reach $1 million in 90 days. The conversation was insightful and informative, with each host offering their unique perspective on the current state of the cryptocurrency industry.
James began by highlighting the recent credit swiss fiasco and UBS buying them out, explicitly referencing AT1 bonds valued at zero, leading to shareholders receiving over $3 billion while debt holders received nothing. This event further highlighted the importance of holding an asset like Bitcoin that one has complete control of, especially in extraordinary circumstances where central banks may come into play.
Nick expressed cautious optimism about Bitcoin’s growth and progress, citing increased on-chain transactions and activity on the Lightning network. However, he noted that non-custodial wallets still have a long way to go before widespread adoption.
The conversation then turned to the recent prediction by former Coinbase CTO Balaji Srinivasan that Bitcoin could reach a million dollars within 90 days. While the hosts acknowledged it as a good PR stunt, they agreed that the likelihood of such a prediction coming true was low.
Akiba raised whether recent actions by newly acquired banks to remove digital deposits could be considered an attack on crypto on-ramps. However, Nick dismissed this as a conspiracy theory, instead pointing to the crushing cost of compliance and outdated regulation systems as the main reasons for traditional financial institutions’ slow adoption of cryptocurrencies.
The hosts also discussed the recent liquidity programs and stealth quantitative easing by central banks, with James sharing a fascinating breakdown of the issues at play. He pointed to a game of confidence in the banking system, where once one thing breaks, it could lead to a house of cards situation. Nick echoed this sentiment, stating that the compliance and regulation systems in the financial industry are outdated and not fit for purpose.
Overall, BitTalk 11 provided an insightful and informative discussion on the current state of the cryptocurrency industry. The hosts offered their unique perspectives on recent market activity, central bank policies, and the potential for Bitcoin’s growth. While cautious optimism was expressed, the hosts agreed that there is still a long way to go before widespread adoption is achieved.