Bitcoin to Top $125k by Year-End, Only 5% Institutional Money Is In, 'Get Off the Dollar' – Belshe

unfortunately as the US economy moves more towards a rickety basis and you hear this from great experts I'll mention Larry Summers again Ray doio again people are calling for like there could be some extreme things happening in the United States all the way to potentially Civil War as you read off kind of all those stats I mean I'm almost wanting to curse uh here on camera um I I don't think any of those numbers are real you know Larry Summers put out a research report I think about 3 months ago talking about inflation and just how we keep doctoring the numbers um and it's moved into the political sphere so whatever you're hearing on a day-to-day basis on inflation did this or did that I don't know what it means your dollar is going down my dollar is going down get off the dollar getco News special coverage of consensus 2024 is brought to you by Diamond [Music] standard hello I'm Michelle Cory this is Kitco news here in Austin Texas continuing our coverage of consensus 2024 and I'm very pleased to welcome back Mike belshi CEO of bito Mike good to have you with us good to see you again Michelle how are you I'm great and Mike last time you and I met was in September of 2023 at the misari conference and I'm going to recap what you told me back then because you were spot on Mike we chatted prior to the spot Bitcoin ETF approval you said that it was a political delay that all the regulatory work was there but the political Powers were delaying it you said that it would be approved in 2024 you said that Bitcoin would then hit a new all-time high and to remind our viewers Bitcoin was around $26,000 when we started to chat back in September so between the 25 to 30 range and you correctly predicted that we will get a new all-time high after the spot Bitcoin TF approval sometime in 2024 which of course we did and that it would be approved so now that you have such a solid track record I'm going to be drilling you for specific forec costs today I'll try to do as well so let's take a step back um how has bitco as a custodian received the swap Bitcoin ETF approval give us some background in terms of what you seeing and and your role in all of this sure well look B is regulated qualified custodian we got two LIC here in the United States we got another five abroad in various countries as we build our Global custodial Network um so obviously we're handling some of the custody for existing ETFs uh so the Bitcoin ETF you know back when we last spoke obviously was a little bit unknown as to when it would come about and the battle at that time was really about how do you just get an application through the SEC to approve this thing it wasn't about who's cing it um and you know the ETF applications I think they go back to uh I guess it would be grayscale maybe it was Gemini that filed some of the first ones 201617 it was a long time ago so all of the folks that were trying to get an approval and remember there was a graveyard of about 20 failed approvals um all eyes were on just how do you get through the SEC so the first wave that we saw for Bitcoin ETF approvals U mostly used coinbase uh not 100% a couple went to bco um but the reason for that is simple I mean coinbase public company already approved by the SEC in some way and every large scale ETF wants to use multiple custodians they want this for their own business reasons as much as anything else they went up pricing leverage and power um but uh that was not the concern they were starting out of balances of zero and they needed a custodian so anyway a lot of that went to to clinix uh as of today you know there's more coming to boo we'll have some announcements uh very very soon on on that point as the ethereum ETFs come on board some of those going to launch straight on Boo and the reason for that is cuz we're now kind of proven we've kind of gotten through that initial how do you get through the through the process that's well know and understood we'll get to the eth ETF and the surprise announcement there but let's focus still on the spot Bitcoin ETF so you're currently the custodian for which ones Valkyrie hashtags so what are you seeing in terms of demand do you have Insight in terms of where we are with the level of you know institutional demand because the thinking was that this opens the flood gate to institutional money we know that the Black Rock ETF has hit over $20 billion the biggest yep where would you say we are in terms of volume coming in are we like the flood gates opening are they 5% open are they 10% open is it 20% like how open are the floodgates where we are currently and how much more flooding is there to come if we're going to use that met look I think I have most a good news for you um so the ETFs Came live in January and then there was a little bit of volatility as that kind of shook out but institutions move slowly and so yes we have a we keep a tight pulse on who's buying what sizes are they buying in and in late January February really what we saw was a lot of small purchases which typically indicates that it's retail purchases coming through their Brokers their Charles Schwabs their TD Mar trades Etc to buy that ETF so a lot of that early demand was retail based which I consider good news because that means the institutional is still coming um now the institutional is starting to come now so why is the institutional slower look coming through December like anybody's game I mean you mentioned the prediction from September there are a lot of people saying yes a lot of people saying no about when the ETF would be approved institutions don't go through their processes on maybe right it's not like they're so desperate to get this investment that like like they're going to be there on day one as the ETF launches so it takes them time and the larger the institution as you get the Pension funds Etc the more committees the more process the more evaluation that happens so that take months and what happened was as the floodgates open I think it was January 11th uh initially that's when things started then Pension funds are like oh let's start our meeting let's pick up Bitcoin again take another look at it and it starts that process that takes months and we're starting to see some of that now there's also been a few corporate buys that we've seen announced just in the last week uh you know like micro strategy type of things where people are like H maybe I should be allocating any a small portion of any large treasury uh in into Bitcoin so I think there's a lot more to come on the institutional and corporate side which should spell a lot of good news for future of ETF okay so back to you know quantifying that we've just seen the trick coming in how much more in in a number percentage wise do you think we can expect I think we're at like 5% we're just at 5% we're at the beginning okay we're we're only in the beginning and you when we say institutions we mean you know the big Pension funds the big uh hedge funds like the big what who do you think is next to sort of jump in here so um Investments are all on a scale of risk right and so there's certainly some number of hedge funds that are superg aggressive on risk they got into Bitcoin without even having to have an ETF what the ETF unlocks is a a set that have a lower tolerance for risk where they don't know how to assemble all of the parts where are they going to Source liquidity how are they going to manage it who's going to do their custy Etc so the ETF provides all of that in a bundle in a package that doesn't really have any regulatory risk to them because it's been vetted by the SEC so it opens up the conservative half and ultimately that does get to large Pion funds retirement funds Etc that's where some of the largest pools of money in the world are right so um there's a lot to be unlocked so given you were so spot on with your price forecast last time what do you call for the end of 2024 for the price of Bitcoin I think we'll be somewhere around 125 to 135k 125 to 135k by the end of 2024 and driving what would be driving that narrative is it a partic is it just this demand coming in what will be the the the price driver well I think there's two things we still have the macroclimate backdrop which is constantly verifying the thesis of Bitcoin um and you know it's not really a debate anymore that the US debt is uncontrollable we are currently in a massive debate to figure out who is going to govern the next 10 billion of debt that we create I'm sorry1 trillion of debt that we create um it's it's like who wants to drive us deepest into uh into bankruptcy first I steal that from Eric VOR by the way um but well we've already $35 trillion in debt and Counting you know and the next president is going to give us 10 billion 10 trillion more right so the the election is about who's going to spend the next trillion 10 trillion um anyway that macro climate influences the idea that gold I'm sorry that that Bitcoin is kind of the next gold um look there's not an alternative Reserve currency that looks super strong obviously you've got bricks trying to eat away at the dollar demand side by doing more purchases outside of the dollar so far those have been relatively small scale but that's going to continue to grow unfortunately the US with sanctions controls I'm not not against the sanction controls I'm not for it I'm just pointing out every time the US says we are going to maintain power over your dollar and if you don't do what we want you to foreign policy-wise we're going to take it away which is what we did to Russia badly you can love it or hate it but that's what we did we put every single dollar holder on notice yeah that we may do it to them in the future as well and so if you don't think the Middle East is worried about that well you're not paying attention so all right the US debt crisis is one thing foreign policy and sanctions controls is another bricks providing alternate Payment Systems frankly digital technology providing Payment Systems a go across border seamlessly we're now like wait wait a minute we don't need these financial institution gateway powerhouses to necessarily move payments between parties so all of this is going to eat away at the dollar um that is The Narrative of why Bitcoin exists the dollar is going to get weaker the government of the US will continue to print more your dollar is going down my dollar is going down get off the dollar so a number of factors driving Bitcoin in the near term to that 125 to 135,000 yeah I guess I got distracted there yes on the macroclimate it's all there and then I think also in the US another good thing is happening for for for Bitcoin look we got 40 30 to 40 million people in the US that are holding Bitcoin already the voices are getting louder people are getting more knowledgeable about what's going to happen to the dollar we've got ETF vehicles that they can access it through so just call up your broker and you've got you've got Bitcoin um so yes I think dispells more demand for Bitcoin less demand for dollars that means the price of Bitcoin relative to Dollars goes up right um and as you said that was the impetus for the creation of Bitcoin to count a dollar or fat debasement and devaluation which we've seen on steroids post 2020 exactly right um okay so you know we've had a lot of conversations about Bitcoin then becoming a bigger GL Global Reserve asset Global Reserve currency you mentioned that you're seeing corporations now also start to get exposure to bitcoin for their assets rather than treasuries or cash and that spot ETF makes it a lot easier to do that do you see that Trend continuing do you see public companies I mean obviously micro strategy Michael sailor led the way that are you seeing that Trend accelerating everywhere I mean look everyone knows that holding dollars is a problem so look wealthy people I think are perceived as holding lots of dollars they don't they hold lots of assets um they will hold stocks they will hold real estate they will hold whatever they can but they tend to try to not hold cash uh corporate treasuries that do hold a lot of cash remember corporations have that cash as a result of having run their business and they use that cash to operate their business pay salaries Etc sometimes they amass very large fortunes Apple for instance they have what trillion dollars I know it's either either High hundreds of billions or trillion dollars like they've got a massive treasury well now they've got a new problem which is just how do you manage that now they got a global business so they need a lot of currency to manage their Global business but they've got a lot of excess cash and of course they want to preserve the value what are they going to do do you think they're just going to sit idly by while the value of their dollar goes down relative to all kinds of other assets around the globe no they're going to increasingly say you know what just like retail just like IND individuals need to have today 3 to 5% of their portfolio allocated to bitcoin they're going to do it too by the way I don't know if you saw um Fidelity has a number of recommended you know Investment Portfolio packages the um the Fidelity um I forgotten the name of the fund we can look it up later but uh they're recommending basically three different allocations one is 1% to bitcoin one's two to% to bitcoin the other one's 3% to bitcoin um just straight up in the recommended portfolio allocation so we're seeing that from Financial experts everywhere do you have a bitcoin price target for consensus 2025 assuming that it's uh same time more or less what are we may may next year end of May next year uh look I don't know it'll continue to kind of March higher it'll sometimes setbacks um that might be around the time we have a little bit of a a pullback I don't know maybe it'll be maybe it'll still be around 125 I'm not sure this is what happens when you nailed it so correctly last time look we will see a rise in price there will be massive Spike then there will be a massive crash but you know for as much as it goes down it's going to continue its General path remember I think your your audience probably knows this super well but the top performing asset of the last 10 years The Last 5 Years last three years it's like always Bitcoin um and it's going to continue that Trend mainly thanks to the dollar frankly let's talk about some of the the macro data that we got today right because we got what um the fed's preferred inflation measure Rising zero 0.2% in April uh core PC up 2.8% year-over-year 0.1% higher than the estimate assing you go with these figures right and this is core PC stripping away energy and food which is great because that's what people you know really spend their money on uh what do you see in terms of the FED doing with regards to this now shows like I guess you could spin it as inflation is under control it's at 2.8% year of a year that's discounting the fact that it's up like about 16% since uh the aggressive uh monetary and fiscal policy began but what does this mean in terms of Fed rate Cuts what is your expectation there should are we getting one in in September what's your outlook and what we can expect from the fed well it's an election year so a lot of things can happen um as you read off kind of all those stats I mean I'm almost wanting to CSE uh here on camera um I I don't think any of those numbers are real you know Larry Summers put out a research report I think about 3 months ago talking about inflation and just how we keep doctoring the numbers um and it's moved into the political sphere so whatever you're hearing on a day-to-day basis on inflation did this or did that I don't know what it means uh here's two things that I do think matter uh you remember the misery index you've heard of this number so the misery index uh is is basically a combination of inflation plus the cost of borrowing money because the reality is that Americans borrow money we borrow for a mortgages we borrow for our cars and so to not count the fact that borrowing money is more expensive today by a lot than it was 5 years ago is to not reflect the view of the consumer so we're in an election year and you see this stuff coming out in campaigns from the incumbents saying oh the economy is doing great it's never been better right and they're trying to like literally Gaslight all of the American citizens into believing that what they're feeling is not true right look Americans are feeling pain mostly because of borrowing costs which is mostly related to the FED right and then on top of that you've got inflation and the inflation we know is doctored in terms of the numbers that you read so it's even worse whatever you read is what the government's willing to admit and you know it's only worse than that and you know they didn't include the cost of borrowing all right so this is why we see polls from Americans that like they've never been more squeezed and yet we have political regimes that are trying to tell us the economy is doing great um so anyway um what does this mean uh I guess you asked a question um well do you expect the FED to cut rates based on this data and you know yes it's it's a political issue as well right before the elections all right I'll predict for you because you say I'm a good predictor uh but I don't I don't know this is a little out of my element I I would expect that yes we could well see a rate cut sooner than later completely politically motivated I mean it seems like every day you're reading like oh we're going to like forgive student debt oh we're going to add $10,000 to firsttime mortgage buyers I mean there's just all these how do I buy vote campaigns out there and another way to do it right before the election is to cut the rates so um I would not be surprised if we see a cut but look the US government is in a tough place you cut those rates yes we're going to see more inflation I guess they'll doctor the numbers a little bit more um and if they don't cut the rates well then the the uh the interest on the debt is going to go through the roof and and and we got that problem there and rate cutting in terms of the Bitcoin picture I mean obviously bullish for Bitcoin yeah usually the markets react pretty positively so the stock market will go a little higher and and more people will buy Bitcoin that's correct so you said you know buying political sway buying political favors um with rate Cuts because we're in an election year and last time you said that political Powers were keeping the spot Bitcoin ETF at Bay seems that the consensus at consensus is that politics played a very big part with this uh surprise 180 with the SEC giving the green light for the spot eth ETFs I mean we we can't deny it right I mean we got two parties fighting against each other for power control um they've taken different stances and you know the Trump campaign came out and said hey we're going to be Pro crypto and they saw very much a lot of support and then there was a couple of things that the Republicans have been working on already with the Sab 121 repeal uh and Then followed by the fit 21 Market structure bill and we saw Democrats are starting to say like wait a minute I'm not really against this stuff um so all of a sudden yes we we seem to be seeing something very different on the political side and and look I mean I really hate talking about politics with regard to bitcoin Bitcoin is money for the people um frankly if there's any party that would kind of self-identify with for the people it's probably the Democrats if there's any party that would identify with freedom of money it's probably the Republicans both of these parties ought to be running to bitcoin recognizing that what's going on with the Fed is a disaster the problem that you just described it's not solvable humans are not going to get us out of this and everyone can lie to us about the state of the economy but we know what the state of the economy is so look I think the sooner that the parties both Embrace Bitcoin and digital assets the sooner we get better Innovation we bring more assets into the us as a safe haven a place that's going to drive digital assets for not just the us but the world and the sooner we get to figure out how how we're going to solve our way out of this mess this debt crisis that we're in well it is a bit disconcerting that uh the SEC was firmly against this spot EF certainly wasn't looking like it was going to give it an approval and then one can speculate that Gary gansler or someone at the SEC got a phone call saying ah we're losing the crypto voters turn this around now because the SEC is supposed to be neutral it's not supposed to be politically motivated and you know you're saying we're questioning inflation numbers this sort of feeds into the theme of government and and Regulatory buddies dist distrust right absolutely I think it's getting more public and more visible to everybody look I've been in the crypto space for 10 years paying attention to this stuff on a day in and day out basis um and we see it and sometimes you know I talk to friends and family outside of the industry and they don't necessarily see it but we saw years ago 2020 we had an OCC that's the office of the com control the currency this is the guy that manages and regulates all of the big banks in the United States say hey we would like the big Banks to be able to start managing digital assets Bitcoin Etc and that happened just at the end of the the Trump Administration I'm not trying to be favoritism towards one or the other that was under the regulations of the land which are set by the legislation of the land and those rules are supposed to be consistent regardless of who sits in the Oval Office the only thing that changed was we went from one Administration to another and they of course bring in their their set of head regulators and all of a sudden even though the laws did not change at all even though the regulations as written did not change at all the interpretation of those regulations flipped nday and it went from yes we support crypto to no we don't support crypto so look one of the great things about America is that it's always been a place for freedom and Innovation and business to grow in order for business to grow we need to know what the rules are yeah and we need those rules to be consistent now that's if the legislators if Congress comes in and changes the rules all of us here in America we are absolutely here and ready to abide by those new rules but that's not what happened the rules did not change the regulations did not change the president of the United States only changed and this is not supposed to be a dictatorship a monarchy or anything like that and yet it was so those of us in the crypto industry have seen the politicization of ulation for quite some time and we've been screaming about it and people haven't quite felt it but now all of a sudden this reversal of opinion on ETFs has been very public it's been in the news for all of mainstream America and everybody looks at it and says wait a minute that seems like it was kind of political so you know combine that with the other political things that are happening and I think unfortunately as the US economy moves more towards a rickety basis and you hear this from great experts I'll mention Larry Summers again R diio again people are calling for like there could be some extreme things happening in the United States all the way to potentially Civil War I'm not sure I agree with that statement being I think it's a little too colored but as the US gets a little bit more rickety due to its debt position inability to control inflation things are going to get worse the politicians unfortunately are each trying to get elected and maintain their power they will tell us the story that best gets them elected and waning trust in instit waning trust in declining trust in government institutions as we've just seen you know with the SEC which we're now have confirmation in a way that politics is playing a part it's perhaps in and it's right in mainstream America and perhaps it's in the favor of the crypto sector right now with this decision but you know you have to wonder how much of it was against the crypto sector other sectors before like with operation choke point 2.0 where we were speculating that the onramps into the crypto industry were being blocked by you know other bodies so it's it's disconcerting where we're seeing clear evidence of political manipulation or what appears to be clear evidence of political manipulation well what I was trying to say is that as the US economy struggles more gets more rickety it's going to get increasingly obvious that there's political tampering operation chokepoint 2.0 absolutely was real crypto companies saw it we felt it we lived it we complained about it but because it was a little bit more behind the scenes you know the rest of the world's kind of like is it real I'm not sure but with this one everybody sees it it's right in plain sight well it is a reality now whatever the motivations we have the green light for the spot eth ETFs uh expecting these to launch around July I believe what what is your expectations there what are you hearing in terms of bito having a custodian role in the spot eth ETFs I'll go ahead and predict that I think the ETFs are going to take a little longer for ethereum to get fully approved but I do think they will get approved I think the what what what kind of timeline maybe the second half of this year instead of you know July um but uh I think they will come through and I I think you can't really put that Genie back back in the bottom um and then absolutely bco has got a role on day one you'll see us listed with a number of the of the ETFs are you have you finalized anything with with any of the assures that you can share with us I'm not going to share but yes we have finalized many things with some of the issu well I have to ask Mike so nothing that you can disclose yet but you're anticipating by this end of 2024 yeah I would say probably like Q4 we'll see some I think at that point we might we might see it okay well like I said you've been right before so I have to then ask what what only get worse what what do you think this means then in terms of eth price I think it'll help the ethereum price look um ethereum is so different from Bitcoin and I'm very excited about ethereum uh I'm excited about ethereum because it's a smart smart contract programming platform which allows us to start taking financial institution activity and putting it into computer code that everyone can verify that is so powerful but that's very different than the store value or payment system and I don't really see ethereum as being a very great store value or um or payment system relative to other types of products could buy so putting it into an ETF I think it does allow some hedge funds and others to bet on the building of that smart contract ecosystem Community whatever you want to call it um but I think it's going to be quite different than Bitcoin and I would not be surprised if we see different patterns of growth on the ethereum ETF to the Bitcoin ETF well let's unpack that I mean one of the things that was driving the Bitcoin spot ETF is that we had a pretty clear narrative at least in terms of mainstream that the message is that Bitcoin is gold 2.0 store value Asset right what is the messaging with eth it's the place where that you build applications on top of a blockchain but if you were to simplify that for a retail investor like retail investor understands you know store of value digital goals so we all work with broker dealers to buy our stocks right and and broker dealing is a a highly regular ulated activity and it's involving humans and if you go and look at a broker dealer in addition to their license they have to have Personnel that have all been licensed to series 63s and series 7s etc for what they do within that broker dealer and every single message those broker dealers ever send to one of their clients is monitored every year all of that stuff is looked at why right surely there's an honest broker out there where you don't have to constantly watch him well it turns out people change at 25 you might have been a very honest and well respected and good early young stock broker and at 45 you might have a bunch of debt and you might make a terrible choice to rip somebody off so you have to monitor them their entire life now if you take that stock broker and you put him into a smart contract that smart contract is going to give you a fair price or if it's not a fair price it'll give you a consistent price under a set of rules that don't change that operate the same today and 10 years from now so we can take the entire functionality of large swaths of the financial system and put it into smart contracts that run transparently that run fairly and don't need to be monitored for every message they send because they just operate the same every day so anyway ethereum salana Aptos SOI all of these guys are building platforms where you can run those types of products back to the specifics of this uh eth ETF approval it is not staked eth and that's where the yield comes from where we use use um the validation process in order to create yield for this in in in the process right so how do you see that working out when when we have some eth that is going to be staked and providing a yield and some locked up in these spot e ETFs that isn't well the first thing you got to remember is that staking rewards are actually not yield it's inflation um and it's actually different um if everybody that holds ethereum Stakes together then what happens is everybody gets inflated together devalued together and your relative ownership of ethereum remains unchanged the advantage of staking when someone else is not is that you're getting the validation rewards to you while somebody else is not and so their value is going down relative to yours so when you think about the ethereum ETF and the fact that it's not allowed to stake by definition uh it is not going to be keeping up it is going to be getting devalued by all of those that hold eth and do stake it um so that's an interesting conundrum and today already you see in defi markets the value of staked ether that is used as collateral is given a different reward than unstaked ether um used for the same purpose and that's because one can get a yield and the other one can so does that mean we could have two classes of eth with two different price points that like probably going to very by just about the staking award yes so eth in a spot eth ETF would be less by dollar price terms than non-spot eth ETF eth which is keeping up with inflation which is staking and creating yield so you we could see two classes of ethereum for sure well that would be very interesting in in in terms of pric play I mean this is great like you don't get very many opportunities to see markets at work where these types of things really shake out and they'll be visible um so I think when the ETF launches you'll go through some amount of instability but as it gets to some relative size and and steady state yes I think you're going to see D prices what would uh the difference be do you think I think it's going to be probably somewhere around uh 3 and a half to 4% so the yield y sorry the staking reward is 4.7 is% with me um and then um uh you'll get not quite all of that as a price difference so two classes of each potentially um let's talk about the new price forecast specifically uh for eth when do you anticipate a new all-time high for ether yeah um look I think all of the digital assets are still tracking each other uh so I think you just track Bitcoin and you more or less see similars for the good assets good is a subjective term term um there's a number of younger let's call them less mature coins that haven't achieved critical mass kind of as building an ecosystem or an um uh set of applications around them they will continue to fade in general there's a lot of experiments happening um 95% of them are going to die over time the only thing worse than going broke by the way is going broke slowly um it's very deceiving um but you do see it in digal assets you see some assets are out there just over time and it can take a long time it can take yours um but anyway uh I think ether will more or less track the so we're saying a any oldtime high for Bitcoin you said by the end of 2024 yeah yeah so same for ether all right we we'll we'll see how you do with that one um one thing that we have seen in terms of you say coins coming and going is we have seen this like celebrity meme coin explosion happening oh oh because you tweeted about a what did you say a fool and his money are soon parted about meme coins but we've got Caitlyn Jenna with a meme coin uh is aalia a whole a whole bunch of you know celebrities coming out with with meme coins on salana Davido with some Nigerian singer uh is this a negative in that it could indicate like too much exuberance too much frothiness in the market how do you view this the celebrity meme coin explosion right now well look selfishly the part that bothers me is that I don't consider these to be serious and yet they confuse people so digital assets are a fundamental shift in how we can think about all kinds of financial products and money and that's complicated and we haven't figured out the right Market structure we're not done figuring out how to make this available to everybody and when you have these meme coins and other things people associate them together even though they really have no relation and I understand that Meme coins can run on top of ethereum which I think is a serious platform but meme coins are a joke uh do Dogecoin is a joke um Elon Musk May disagree with you hey look humor has value right so Dogecoin will forever have value people will come into digital assets and they'll look at that Shibu Inu or whatever the dog is and they say that's funny and they don't know if it's doggy coin or Dogecoin and so for that reason it will have value but it's not in the same camp as a Bitcoin value store it's not in the same camp as an application platform form for decentralized finance um so unfortunately the meme coins confuse people uh there's going to be there's going to be get people get that cons there's a lot of people that love it it's like a sport it's like going to the casino hey if you like going to the casino and seeing if you can spin a a doggy or a Caitlyn Jenner coin or whatever like great okay so you went and gambled but that doesn't have anything to do with what we're trying to do with digital of Finance so uh no uh Mike belelli meme coin anywhere on the right you know anybody can launch anything uh I will not launch it I promise you that um but yeah I I don't have a lot of interest in all right Mike as we need to start to wrap up here final thoughts what is your strongest point of conviction in terms of where you see the crypto industry by consensus 2025 okay uh look I think we're going to see a much better regulatory climate in the US um I know that people think that and I do think that it's aligned with unfortunately who's in the Oval Office uh so I guess you can predict who I think is going to be in the Proto Oval Office but um wait wait so better regulatory environment does that mean you predict a republican in the Oval Office and does that mean you predict a trump presidential victory I'm going to avoid saying the parties names um but no I think we are going to continue to see better climate for digital assets in America you know who's supped that already I'm indirectly answering your question I guess being s or something um but uh that's good right actually that's going to help and I think making the US a good place for digital assets is going to be tremendous value to America so I think we'll see that by next year I think we're going to start to see another Trend which is the early days of digital assets are all about decentralization which is really about power to people um individual freedoms and things like that part of growing to the state we're in is about growing towards some of the centralized things bito is largely known for being a centralized custodian and yet that's not our rots we started 100% non-custodial we still offer all of our non-custodial products and still it remains about half of our business it turns out that when it comes to managing other people's money like happens at hedge funds and businesses Etc well you need to use Banks because you don't want some it guy that's operating at at the company to be holding the keys and so you use banks for that that allows you get a ability safety uh robustness in in case the management team changes and things like that so we need some of that centralization but I think we're also going to see by the by next year more movement back to decentralization in terms of better offerings both for individuals but also for institutions BOS built seven custodians around the world trust me it was never my dream to be regulated by seven different jurisdictions around the world but what can we do with we can start to put Keys all over the planet we can start to Overlay custody not as a regional service but as a global Service okay and this provides protection to people all around the world regardless of what nationality they may be it also allows us to connect people that want to trade from Europe to the US without having exposure to the US or your Americans that want to trade in South America without having exposure to South America that's what's going to get built end of 2025 we will see that fully watched all right a shift back to decentralization in a way Mike I can't wait to catch up with you again see if your forast were as correct this time as they were last time this is what happens when you set a record uh have to keep that up but thank you so much for sharing your thoughts with us today appreciate it always a pleasure Michelle all right thank you getco News special coverage of consensus 2024 is brought to you by Diamond standard [Music]

Channel: Kitco NEWS

Views: 37,192

Keywords: gold, silver, finance, news, investing, investing news, finance news, financial news, economy, precious metals, gold price, silver price, gold price today, silver price forecast, gold price forecast, kitco news, Bitcoin, Ethereum, crypto, spot Bitcoin ETFs, spot Ether ETFs, spot crypto ETFs, ETH, BTC, dollar, currency, USD, politics, crypto elections, crypto regulation, crypto institutions, SEC, meme coins, Fed, economic outlook, Bitcoin price, staking, Michelle Makori, Mike Belshe

Id: 8kma0QYOE1Y

Length: 39min 46sec (2386 seconds)

Published: Thu Jun 06 2024