Beef and Bitcoin

Join CH as he discusses the recent news that PayPal and Venmo will enable their users to buy and sell bitcoin directly inside of the app.  There are pros and cons to "legacy FinTech" companies starting to interact with bitcoin. Over 300 million customers are now about to have access to bitcoin, but that also comes along with more custodian risk and more KYCed bitcoin.  Not all is lost though, as this will also help to increase the distribution of bitcoins to new users, so long as they can eventually take self-custody.

https://www.coindesk.com/paypal-venmo-to-roll-out-crypto-buying-and-selling

https://blockworksgroup.io/blog/bitcoin-will-turn-paypal-into-blockbuster

Join CH as he discusses a recent Forbes article "Why Bitcoin Is Valuable - Debunking The ‘Greater Fool’ Theory".  The article compares bitcoin to oil in the early 1800s and how it became very useful as fuel. Oil wasn't useful when it was first discovered because people were unsure of what to use it for. Just as engineers tinkered with oil, engineers are tinkering around with bitcoin and learning about what it can do. They're also figuring out new ways to use bitcoin and interact with it. Bitcoin is frequently compared to gold, and bitcoin "as a savings technology" is a narrative that is gaining popularity. Both bitcoin and gold have a different set of trade-offs that make them useful as a store of value, and many are trying to determine just how valuable that use case is. All of this and more.  

https://www.forbes.com/sites/matthougan/2020/06/17/why-bitcoin-is-valuabledebunking-the-greater-fool-theory/#656fdbbe3c12

Join Brett and CH as they discuss JP Morgan recently opening its doors to offer banking services to the bitcoin industry like Gemini and Coinbase, Goldman recently planned a call on inflation, Gold, and Bitcoin, and CashApp & Grayscale inflows have bought a significant amount of bitcoin in the last two quarters. All of this and more.

https://twitter.com/mdudas/status/1263841595985727489

https://twitter.com/MacroScope17/status/1264026767255355393

https://www.theblockcrypto.com/post/64906/jpmorgan-now-serves-crypto-exchanges-coinbase-and-gemini-first-clients-report

https://www.theblockcrypto.com/post/62032/grayscale-quarter-report-record-inflows-crypto

https://www.theblockcrypto.com/post/64207/square-cash-app-2020-q1

https://cointelegraph.com/news/institutional-investors-buying-up-btc-like-crazy-after-halving

https://twitter.com/kerooke/status/1264209500304805890

Join Brett and CH as they discuss and celebrate Bitcoin Pizza Day and how those 2 Papa Johns pizzas that were ordered for $40 10 years ago would for 10,000 bitcoins would now be worth over $90 million dollars. An old coinbase transaction from 2009 recently moved for the first time, sending rumors that Satoshi may have moved some of his coins. This *may* have caused bitcoins price to pull back on the news, but many articles came out shortly thereafter to explain how those coins were most likely NOT Satoshi's. The Satoshi FUD spurred the conversation on what the future of FUD may look like during the next bull market.

https://bitcointalk.org/index.php?topic=137.0

https://medium.com/@jimmysong/why-satoshi-probably-didnt-move-some-coins-from-2009-ad967d40582a

Join Brett and CH as they discuss the recent topic surrounding explaining bitcoin to celebrities. JK Rowling, author of the Harry Potter series, recently tweeted to her followers asking them to explain bitcoin to them. Many bitcoiners made an attempt, and Elon Musk even gave it a shot!  They discuss if celebrities are a good thing when it comes to the adoption of bitcoin, and if it even matters in the long term. Hash Rate futures contacts have also launched, which will have tremendous implications for miners as they can use this new tool to offload some risk (at a cost) to speculators in order to dampen their revenues. As the monetary printing press continues to run at full blast, what will happen with asset prices? Will there be a japanification of the world and it's central bank inflated assets? All of this and more. 

https://twitter.com/inversebrah/status/1261758068544565248?s=20

https://twitter.com/SBF_Alameda/status/1261182781050114049?s=20

https://twitter.com/cullenroche/status/1261005291031638016?s=20

Join Brett and CH as they discuss the third bitcoin halving that took place at block 630,000 on May 11th, 2020 which has now brought the block subsidy down to 6.25 per block from 12.5. Legendary Macro investor Paul Tudor Jones recently disclosed his bitcoin position and has allocated close to 2% of his net worth to BTC ($100,000,000 estimated position size). They also discuss how The Fed's true enemy is consumer price inflation and the @BitcoinStimulus twitter handle. All of this and more.

https://www.scribd.com/document/460382154/May-2020-BVI-Letter-Macro-Outlook

https://www.bloomberg.com/news/articles/2020-05-07/paul-tudor-jones-buys-bitcoin-says-he-s-reminded-of-gold-in-70s

https://twitter.com/TuurDemeester/status/1258516156018601984/photo/1

https://twitter.com/squawkcnbc/status/1260201981718691841?s=21

https://twitter.com/BitcoinStimulus

https://twitter.com/michaelgraub/status/1256895387442479104?s=21

Join Brett and CH as they discuss bitcoin's recent move to $9,000,, the ongoing currency crisis in Lebanon (and why capital controls are a great leading indicator!), and why deflation may come before adoption of a new reserve currency. All of this and more. 

https://www.bloomberg.com/news/articles/2020-04-28/deadly-currency-protests-ratchet-up-pressure-on-lebanon-premier

https://www.reuters.com/article/us-china-gold-currency/shanghai-gold-boss-wants-super-sovereign-currency-for-post-crisis-times-idUSKCN22A1FY

Join Brett and CH as they discuss Plan B's recent update to his Stock To Flow Model ( S2F ) where he removes the time series and uses only stock/flow and their respective prices, and the supply of Tether has increased significantly and what that might mean in the market. 

https://medium.com/@100trillionUSD/bitcoin-stock-to-flow-cross-asset-model-50d260feed12 

https://twitter.com/alistairmilne/status/1250109805391380480?s=21 https://decrypt.co/26845/tether-prints-1-billion-in-a-month-bitcoin-price-up-20

Join Brett and CH as they discuss the topic of KYC inevitability and how it creates a friction point that not only slows adoption, but prevents an explosion of productivity, the recent update from China's central bank digital currency, and a few point around the recent article titled "Anatomy of a Fiat Currency Collapse" by  Alasdair Macleod

https://twitter.com/joshnomics/status/1253125913732173828?s=20

https://www.forbes.com/sites/kenrapoza/2020/04/23/chinas-digital-currency-to-be-given-a-test-drive-by-us-companies/?utm_source=TWITTER&utm_medium=social&utm_content=3295682616&utm_campaign=sprinklrForbesCrypto#14ababd17992

https://www.ledgerinsights.com/china-digital-currency-wallet-dcep-cbdc/

https://www.goldmoney.com/research/goldmoney-insights/anatomy-of-a-fiat-currency-collapse

Join Brett and CH as they discuss the topic of institutional money (again) making its way to BTC and how the recent change in macro landscape makes it an interesting opportunity, Ray Dalio's thoughts on how Reserve Currencies can change, and oil's recent turn to a negative price! All of this and more!

https://www.theblockcrypto.com/post/62322/75-billion-hedge-fund-renaissance-technologies-is-eyeing-the-bitcoin-futures-market

https://twitter.com/novogratz/status/1251494519897559040

https://twitter.com/GoldTelegraph_/status/1252678396972355584?s=20