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look I I I'm very bullish um on the long-term viability of Bitcoin was saying did that surprise you that's surprised me how much that's gone up we're creating now a market that has more liquidity more transparency and I'm I'm pleasantly surprised and I would never have predicted it before we filed it that we were going to see this type of retail so you thought you'd do good but not this good IID is the fastest growing ETF in the history of ETFs when I talk about this statistic I get frightened Larry fin says that this statistic frightens him and this is why he believes in Bitcoin in the year 2000 the US deficit was $8 trillion today it's $34 trillion so 23 years later we increased our deficit by $26 trillion so for the first 230 odd 40 years we increased our deficit to 8 trillion and then in the last 23 years we went we we increased it by 26 trillion I think that speaks volumes of what's happening in our in our in our countries today Black Rock has now put themselves on records saying Bitcoin overwhelmingly is our number one priority for our investors interesting quote Black Rock says what we're seeing is that investors are investors investors in general are resoundingly choosing Black Rock Bitcoin ETF I bet for their Bitcoin access that's a combination of investors who are totally new to bitcoin plus those who have held exposure to Bitcoin in different forms historically for our clients Bitcoin is overwhelmingly the number one priority and then a little bit of ethereum now last time you were on the show you also mentioned that there is going to be one blockchain ecosystem that rules them all and you believe that is ethereum why do you think that is it's really interesting when you kind of peel back the curtain and see what's happening to bitcoin and ethereum on exchanges the downtrend in ethereum and Bitcoin reserves on exchanges persists with a minor uptick for ethereum meanwhile bitcoin's Supply decline steepens likely driven by increased ETF acquisition but what's interesting is that there's less ethereum than Bitcoin on exchanges guys smash the like button let's get this information out there to as many people as possible most people don't realize black rock is going to own more Bitcoin than Michael sailor soon give me an example of something you can own a hundred million doll of where you can take personal custody of it and where you can actually move it anywhere on Earth and where even if I hold a gun to your head I can't take it from you and the only thing we've ever figured out that you can do that with is Bitcoin and so Bitcoin is like um it keeps everybody honest the optionality to do this means that all You' got to do is find One Bank in Singapore that'll treat you better than the bank in New York or London or Tokyo and then you can move it in a half an hour for five bucks and what happens next the bank in New York thinks well I guess we can't screw these guys over because and they'll just move to Singapore and the guys in California say well I can't I can't just tax all the Bitcoin in California it'll move to Wyoming it'll move to Singapore it'll move to Malta and at the end of the day you could tell everybody go themselves so yeah Bitcoin looking incredibly bullish just give it time the conversation around Bitcoin nowadays is 100% ETF devoted seems like just because there's so much demand coming from that ETF rapper because it's so easy for these big players and institutions to buy V the ETS and so many have yet to get on boarded are in the process of still being able to get on boarded and buying and getting their first 1% then 2% and 3% Wisdom Tree gains approval to purchase spot Bitcoin ETFs for its 206 million $17 million funds certainly the biggest unknown right now is ethereum like we see what's going on behind the scenes Black Rock launching a tokenized asset fund on ethereum already seated with 100 million and usdc we have different expert analysts and institutions putting out detailed reports with ethereum price predictions Standard Charter bank is predicting ethereum could hit $88,000 by the end of 2024 and 14,000 possibly by the end of 2025 what do you think like Larry Fink has already laid out his vision for ethereum and it seems his vision is quickly becoming a reality I see value in having an ethereum ETF as I said these are just start stepping stones towards tokenization and I I really do believe this is where we're going to be going we have the technology to tokenize today if you want to talk about think about this if you had a tokenized security and you have a tokenized identity you Andrew the moment you buy or sell an instrument is known it's on a general ledger that is all created together um they want to talk about issues around money laundry and all that this eliminates all corruption by having a tokenized system and understand Black Rock as well as every single other issuer of the Bitcoin ETF already had big names listed as authorized participants probably most surprisingly at the time CHP Morgan it looks like more of the biggest firms want in or more the biggest firms now want to be associated with its success so this is a tweet from Eric Bel Tunis who is the senior ETF analyst for Bloomberg here's a current list of the EGS and their APS up until now City Goldman Sachs UBS and Citadel were not named in in any of these ETF filings so they're either new or they were ashamed before and did not want to be ideal but are now cool either way this is likely a result of the edf's mega inflows and success if you're unfamiliar authorized participants APS play a crucial very significant role in the Bitcoin ETF operational mechanism as they can create and redeem shares of the ETF which involve exchanging ETF shares for a corresponding basket of security that reflected the ETF Holdings or exchanging them for cash it's amazing that this is happening and why not right look at this these ETFs have been a huge success the most successful ETFs on Wall Street ever all of these ETFs have just been taking in a huge amount of Bitcoin like they've been seeing net positive inflows of Bitcoin it's just the only elephant in the room is this gbtc and you can see the gbtc outflows here although again net flows are positive here's what I'm thinking happens in the not too distant future because although there has been constant sell pressure from gbtc the overall ETFs are holding up significantly well as I showed you so honestly I feel like we haven't even seen up only mode yet because once gbtc sell off Burns Out and gbtc starts going up alongside the others like black rocks that's when things are going to go crazy
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