TRACK SENTIMENT

“It means literally every American and every American institution will have exposure to the largest crypto exchange. That's a meaningful thing. I'm at a TradFi conference today, and I trialed this as a talking point. It mattered to people. It seemed to suggest to people that this industry has grown up.”

“Coinbase in the S&P means everybody's going to be exposed to Bitcoin, whether they like it or not. That's a big, big, big deal. And so passive investors associated with ETFs and the like, the vanguards of the world and others are going to have some small connection to Bitcoin based on the fact that Coinbase is going to be in the S&P 500.”

“I've always thought the risk. People have tried to pin risk on micro strategy. They're very sophisticated about their sort of debt to their Bitcoin holdings. The risk has always been somebody trying to outdo micro strategy. And I do worry that we're moving up that escalator of people who want to stick their neck out above Michael Saylor.”

“If Bitcoin, which it will, goes down 30, 40%, whatever, and some of these guys start to panic and do want to make people whole or want to have a company that exists, they're going to sell the Bitcoin and that's how you get the liquidation cascading, you know, sell, panic, sell, panic, sell, panic, sell.”

“But for now, it's absolutely true that companies are buying more than 100% of the supply of Bitcoin, right? And that is a good thing for price. That's one of the reasons we're up so much. And I suspect that that's going to continue, right? We think companies will buy 300 to 500,000 Bitcoin this year.”