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Kathy Wood is talking about Bitcoin right now saying that the US is not super friendly even in the wake of FCX and responses to it she's saying that Bitcoin performed well uh against the backdrop of the uh banking crisis but Bitcoin itself is not being uh warmly recepted by a lot of regulators also have a little Elon Musk tagline in here a little Wombo Combo this morning for uh Your Meme coin investors Elon say don't put all your money don't put the farm on Dogecoin you know just be responsible investor why are people talking about all of crypto again well I think it really just comes down to like the banking crisis we saw in the first few weeks of this year and now Bitcoin is back on the rise people are interested again so we're getting some nice taglines from Kathy Wood and Elon Musk this morning Jay gonna throw the story over to get your thoughts on it Wombo Combo well you know I've been saying for the past two weeks that Bitcoin is having its day in the sunshine and now we are Kathy Woods saying that the U.S is not that friendly and Bitcoin is suffering because of it I I wonder and maybe we'll even give me some clarity are we confusing Bitcoin with centralized exchanges when I read this headline I immediately thought you know about all of the crypto leaders who are saying we want to take our operations offshore we're going to set up offshore coinbase recently got a license to set up in in Bermuda we saw Ripple recently acquire a Swiss crypto custody firm and and so I think yes the industry is looking away from the U.S but I think that American citizens are are still interested in Bitcoin despite that chart that we see there I know that bitcoin's been doing nothing but but there was some data that came out this morning that said um people are still holding on to their Bitcoin and some of the numbers are are really staggering despite what we see here that sad sad Bitcoin chart so I think that Bitcoin is doing okay I think centralized exchanges are not doing so well and the last thing I will add to this um ramble that I am in the middle of right now is this morning on first mover we interviewed a co-ceo at Prometheus Capital which has an SEC approved custody firm and this co-ceo was saying you know there are ways to work with uh U.S Regulators despite what we're seeing in the news and they are an example of one that did so so I wonder if very quietly there are some firms that are working well with the SEC despite what we're seeing Zach yeah I mean this is no this is no news right this is not breaking news that the U.S is sort of losing its lead as it relates to the crypto industry right you're seeing people very much head offshore to do stuff and you're seeing firms that were in the U.S build products elsewhere perhaps most notably again that coinbase move to Bermuda with the derivatives exchange uh I like the sentiment in the Kathy Wood piece right I like that she mentions the 0809 financial crisis and Bitcoin being rooted in that right Bitcoin is decentralized transparent monetary system and a lot of people seek that out in times of financial crisis and we saw that absolutely during the banking crisis so sort of the reason for being of Bitcoin is rooted in that crisis and I think we we often lose sight it we often forget some newer entrance to the space Maybe aren't as conversant in that financial crisis and what that meant to the world at that time and why Bitcoin is a direct response to that crisis so I think from a big picture I like that Kathy Wood is framing it in those terms um as opposed to some of the other narratives that we're seeing play out uh especially in the Bitcoin ecosystem right now but again that big picture not losing sight of that big picture I think is really key especially for a figurehead like Kathy would to get out there and say such such things uh will I saw your hand yeah I mean sticking with the whole narrative here and Talking Heads and big picture investors Elon Musk talking about Dogecoin talking about cryptocurrency saying like again don't bet the farm in this Wall Street Journal event recently and the reason for it obviously is because Dogecoin goes up and down and he he does pump it quite a bit I think it's more of a joke to him or who knows what he actually thinks about Dogecoin but I think the larger point that we can pull out of this is like people in mainstream investing big figureheads like Elon Musk Kathy Wood they think this is really important movement and they want people who are in their following to invest in cryptocurrency but they also see like the issues with it right the volatility in the prices they see the issues with regulatory side so there's always going to be that conversation and I think the backdrop of what Kathy is saying here with like the regulatory pushback it's made it makes sense we've seen this time and time again just like you said Zach this is not breaking news but it is just sort of like a pain point right now with what's happening with coinbase what's happening with some other Regulators out there like squashing down on separate teams Joe I'll give it to you for last word yeah Elon also he said don't bet the farm on Doge and other cryptos I think you're right this is indicative of what's happening in the U.S but Elon never really said you know go out there put all of your money into crypto I think sometimes his playfulness with Doge and sheba Shiva uh sometimes gets convoluted with you know him telling people to go out there and put all their money in crypto and so it was nice to see that he clarified this for people who may watch Elon and and may want to do what all those Doge people were doing about a year ago you know putting all their their money into these meme coins Zach it is like it is funny to talk about you know Bitcoin the gold standard of the crypto world and Dogecoin which is perhaps like the gold standard of the meme coin world to be fair but they are very opposite ends of the Spectrum in terms of self-seriousness with which we talk about these things you know Dogecoin to its credit has been resilient and you know is probably more decentralized than a lot of the newer crypto projects out there so it is funny to kind of have these two figureheads talking about these dueling the dueling ends of the crypto Spectrum uh especially in a moment of regulatory uncertainty and angst in the U.S
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