In the latest episode of BitTalk, hosts Nick, James, and Akiba discuss recent market activity, central bank policy, and Bitcoin’s potential to reach $1 million in 90 days. The conversations were insightful and informative, with each host providing a unique perspective on the current state of the cryptocurrency industry.
Highlighting the recent Credit Suisse debacle and acquisition by UBS, James explicitly mentions that the AT1 bonds are worth zero, with shareholders receiving over $3 billion while creditors receive nothing. I emphasized that I did not. The event further emphasized the importance of holding an asset like Bitcoin in full control, especially in extraordinary circumstances where central banks may be involved.
Nick expressed cautious optimism about Bitcoin’s growth and progress, citing on-chain transactions and increased activity on the Lightning Network. He pointed out that there is still a long way to go.
The conversation then turned to a recent prediction by former Coinbase CTO Balaji Srinivasan that Bitcoin could reach $1 million within 90 days. The organizers acknowledged it as a good PR stunt, but agreed that such predictions were unlikely to come to fruition.
Akiva raised whether recent actions by newly acquired banks to remove digital deposits could be considered an attack on the entrance of cryptocurrencies. It dismissed it as a conspiracy theory, instead pointing to the crippling costs of compliance and an outdated regulatory system as the primary reasons traditional financial institutions are slowing crypto adoption.
The moderator also discussed recent liquidity programs and central bank stealth quantitative easing, with James sharing a fascinating breakdown of ongoing issues. He points to the game of confidence in the banking system, and if anything breaks it can lead to a card house situation. and echoed this sentiment.
Overall, BitTalk 11 provided an insightful and informative discussion on the current state of the cryptocurrency industry. The host provided a unique perspective on recent market activity, central bank policy, and Bitcoin’s growth potential. While cautious optimism was expressed, organizers agreed that there is still a long way to go before widespread adoption is achieved.