Bits + Bips: Who Wins If the GENIUS Act Passes, and Is Bitcoin’s Rally Over? - Ep. 869
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The Bitcoin rally is being driven by what? Probably some reserve allocation, but I do think it is largely speculative. You gotta think not so much what Bitcoin's gonna do but what does everyone else think Bitcoin is gonna do and Bitcoin is one of the very few assets that fulfills two key criteria here. One, it is both a risk asset and a safe haven. There are very few assets. I can say that. And two, it is one of the very few liquid assets traded today that is global.
Hi, everyone. Welcome to Bits and Bips, exploring how crypto and macro collide one basis point at a time. I'm your host, Steve Ehrlich, high scribe of the ancient kingdom, and I'm here with Ram Alawalia, Maester of Wealth, leader of Lumida, Noel Atchison. And today, we are joined by Austin Campbell, high scholar of zero knowledge consulting. Austin, good to have you here. Why don't you just introduce yourself for a second? Oh,
boy. Do you really want me to do that? So I I was gonna say, I think the best description that's been given of me was by my friend Alex over at Galaxy who called me a, quote, grouchy fixed income person at one point on his podcast, and this is factually true. So I've been dealing with stable coins and crypto for longer than I want to admit, and this crazy hair is, in fact, because I'm a college professor. I
love the hair. I love I love the glasses. So we have lots to talk about today. I mean, Bitcoin, over 120,000. Ether, over 3,000. Apparently, there's something happening in DC related to crypto. One of the biggest ICOs we've had in years. Just plenty of grayscales going public, plenty of things to discuss. Before we do that, though, just a quick disclaimer. Nothing that we say is, is meant as financial advice. Please see unchained.combackslash bits and bips for more information. And before we dive in, let's just take a brief moment to hear from sponsors who make this show possible.
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So I I think there's a lot going on, but I think it makes sense to really kick off with the the price action. At some point, I think it'll be boring to talk about Bitcoin hitting a new all time high from a 120 to a 121, a 122. But right now, it's still exciting. Bob, you're you're usually my go to person for this type of thing. So when you talk a little bit about what you're saying, and, really, like, what's driving this momentum after, we waited months to to see some movements, and, how high do you think it can go? Yeah.
Briefly. Look. I think there's a short squeeze. We need we need to pray for Jim Chanos. It'll still take a moment now. Hold hands. Just pray for Jim Chanos, this guy. He's been shorting Bitcoin shorting MicroStrategy and long Bitcoin, and there's a short squeeze underway. And the backdrop of all of this is you have CryptoWeek. So what is CryptoWeek? The US congress is looking at three bills. One's the the genius act around stable coins. The second is the clarity act, digital asset mar
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