Cathie Wood BACKTRACKS on Bitcoin?!🚨What Happened?

요약 보기

캐시 우드가 스테이블코인이 비트코인의 결제 역할을 일부 대체한다고 발언해 비트코인 maximalist 커뮤니티의 반발을 샀고, 이후 팟캐스트에서 입장을 일부 되돌림. 진행자는 라이트닝 네트워크 노드 감소, 용량 둔화, 온체인 투명성 부족을 근거로 비트코인의 결제 수단 역할에 회의적이며 비트코인은 투기적 자산이고 디지털 금 역할이 더 중요하다고 봄. 또한 스테이블코인(PayPal, Ripple, USDC 등) 확산이 결제 시장을 장악할 것이라고 주장. 캐시 우드의 감세법(OBBBA)의 GDP 급증 전망은 생산성 개선 정도로만 동의하며 올해 효과는 불확실하다고 평가.

다듬은 글

※ 자동 자막 원문(다듬기 전)

01. Kathy Wood is flip-flopping on Bitcoin today. I'm going to explain exactly why and how. Let's just jump into it. I do want to thank our sponsor and that is Uphold. This is where you guys can earn crypto better. There's a lot of ways to do this including staking rewards and guess what? You can get up to 20 different cryptocurrencies out there on the Uphold platform to stake on.

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04. So, check it all out. Use our link down below. Let's get going today. I want us This is going to be a kind of a clip parade of a podcast that Kathy Wood was involved in along with a a several Bitcoin experts that we'll call them and there's a very interesting evolution that occurs during this podcast.

05. Just so you guys are aware, the first clip I'm going to play is uh when she was being interviewed by Andrew Sorkin and the direct question and I and I want you to listen to this clip very closely because it will relate to some of the clips we're going to play after this that'll make sense. Take a look.

06. Uh stablecoins are usurping part of the role that we thought uh Bitcoin would play. Our bullish forecast out there is 1.5 million. Uh given what's happening to stablecoins, um I I I think we could take maybe $300,000 off of that bullish case. Digital gold could uh usurp half of that market would have expected.

07. this is news because this is a this is a different expectation. This was Sorkin just kind of responding cuz he just asked her what's going to you know, how's the market going in this case? She gave that answer and then of course and I think she got a lot of backlash I even on when I aired that clip the first time I even said during that podcast that we did, I said I think Kathy got the call and you know what that means.

08. You get the call because there's a lot of pushback from the community. Here is the uh podcast, the first clip out of that podcast of where they basically got her to address this interview with Sorkin. Take a look. And boy, Andrew Ross Sorkin ran with it when when I said on CNBC uh Squawk Box, he ran with that but uh uh I had to put that in context uh and so the digital gold role of Bitcoin, um we think is that much more valuable and probably is more than offset what I just said about stablecoins.

09. So, I think uh we're sorting through that. Uh I think the party has just begun. As we say, truth wins out and I know a lot of people are discouraged right now especially with the daps, especially with the daps. All right. So, that was uh Kathy kind of defending her position. I don't get what she was talking about there cuz Sorkin did not really pin her against the wall on that.

10. I think it was just like it was news that she was giving up that information that she thought digital gold and or I should say USDC or LUSD, all stablecoins were taking a little bit of wind out of the market of digital gold being Bitcoin. They go further in the in the podcast and in this particular one they try to convince Kathy further that this is the right path.

11. Take a look. I I think this is why Andrew Ross Sorkin was so focused on this idea of stablecoins. Wait a minute. You said Bitcoin uh you've told me in the past that would be Bitcoin's role. Um it is true though, isn't it that stablecoins are usurping one of the roles of Bitcoin but you're seeing evidence of Bitcoin being used as a means of exchange.

12. Uh are you at maybe you could talk about that a little bit. Absolutely. All over I go to these places and it's being used as a medium of exchange but most of the people don't know what you know what we know on this call. All right. So, just to make clear all of the people on this podcast, these are Bitcoin maxis, Bitcoiners if whatever you want to call, people that just truly believe in the evolution of where Bitcoin is going.

13. And this is something that we track pretty heavily and that is the narrative that is being spewed out there on social cuz crypto Twitter I would say is one of the most um influential places for investors and in general crypto curious and also crypto natives to get information. So, I just you know, kind of went through them.

14. This is a good example of the kind of um statements that are being made. Now, I want to show you something. Lightning Network enables fast and low con cost transactions on the Bitcoin network by creating a second layer. Cut and paste. Here's another one. Cut and paste. Here's another one. And cut and paste.

15. Here's another one. So, the point being is is that it is fighting against a big big narrative going forward. Cut and paste. There's another one. Cut and paste. There's another one. You get the point. All right? The other one I want to hit on is this tweet right here. This of course Steak and Shake uh saying that And remember Steak and Shake big big made a big announcement saying we're accepting Bitcoin.

16. I still have not figured out how to pay in Bitcoin on Steak and Shake. Uh I don't think they're accepting uh any real amount of Bitcoin. This is something I'll call the Steak and Shake. You're welcome to come on if you're the CEO of Steak and Shake. I challenge you to come on this show. Show me the numbers.

17. Show me the real numbers. If you and then show me the real numbers of people who say that they would accept Bitcoin uh as pay. And I'm not you know, ranking on Bitcoin. The point is is it's not designed as a medium of exchange. It is an asset that is speculative that you invest in just like any other thing.

18. You know, I wouldn't take Tesla shares even though I love Tesla. I wouldn't take Solana shares even though I love Solana. Those are different kinds of scenarios that play out here. Now, if you look at some of the visuals, this is the Lightning Network which they reference so often uh and Jeff has talked about that many times.

19. That was the guy that was on the last clip. And you can kind of see what's happening. It is declining, guys. The number of nodes are starting to decline and the stability does not look good overall. Further into this Lightning Network capacity also starting to dip. Further into just some general, you know, variable information around uh the Lightning Network.

20. Lightning Network transaction volume is elusive. Most activity happens off-chain and privately without broadcasting to the Bitcoin blockchain. So, that's another problem that I think exists. Key metrics like total counts, values only visible to the node operators, not publicly aggregated. Why? Why isn't that information out there?

21. I mean, this is the core asset of crypto and this is one of the core pillars of what this crypto is designed to do. So, again, it goes back to pointing at simple economics around all of this. Last thing I want to hit on was this tweet right here and I want to focus on this right here. There's more monthly economic activity on Litecoin which is a carbon copy of Bitcoin that's well accepted for payments.

22. Then look at this right here because this is Ripple and the stablecoin R LUSD which continues to go up and remember this is a small small stablecoin in comparison and very young uh also and in comparison to what we've seen out there within Bitcoin in terms of transactions starting to dwarf that as well.

23. Give that another 12 years, 13 years. Oh, well, things are going to go from there. All right. So, let's get over to our next clip cuz this is proof that Kathy is a better marketer than even the Bitcoin maxis. Here's why. Take a look. If you're at zero still on Bitcoin, I can't take you seriously anymore.

24. And I think what you're saying, Jeff, is we hit escape velocity. Yeah, that's escape velocity and I'm going to start using that instead of just maybe some some insults. 96% of the planet have not invested in crypto. So, you're basically calling 96 people out of 100 buffoons and that's the problem that maxis I always get in arguments with.

25. Stop insulting me because I don't invest enough in your asset that you love. All right? I get it completely. I understand. You're talking your book. I would do the same thing. The point being is there's no reason to call people bad names. So, let's go over to another clip here and this is one that breaks down a little bit more around Bitcoiners trying to explain how it's used from peer for peer-to-peer.

26. Take a look. So, Kibera is the largest informal settlement um another word for that is a slum in all of Africa. About 600,000 people uh living in a slum within the within the confines of Nairobi. It's also there's an amazing app in Kenya called Tondo. For Berlin there, too. Berlin Berlin Bitcoin Berlin, yep.

27. And people that take my breath away with what they're building um can't even see. They can't even see how fast this is moving because they're not accessing that same type of talent. Not known assets, not known projects um that are they should be. An asset class that has this much brevity in traditional finance now should have tier one projects.

28. Easily tier one projects. Kathy went on uh because you kind of saw a little bit of I think a little bit of a doubt in her eyes when she was hearing that kind of that rundown from the litany of people around her that were you know, I feel like it was like the 1 v 20. It should be What was that? 1 v 5 in this particular case?

29. Uh but here is a clip where she is not convinced and she walks back the statement again. Take a look. On the light Lightning Network, I remember we had a Bitcoin brainstorm with Roast Beef and we were talking about the lightning network in Africa I'm going to say about four years ago and it really did not take off the way we expected.

30. So very interesting and interested in seeing how that evolves but I'm going to go back to you know, I'm just thinking about these merchants very practically. I think if if block enables stable coins if there's demand pull he will and block will satisfy it and I think there is going to be demand pull from stable coins.

31. So I I do think this is going to be a little bit of a tug-of-war from a merchant point of view. I think they are asking for stable coins. Just say it Cathy. Just say the word. It's okay. It's okay to say the words. Stablecoins will win the battle on payments. It is that simple. I think you also have another issue which is this de minimis tax that of course is going to play into this cuz that will also potentially kill this kind of scenario.

32. Like take a look at this one. Do you think the de minimis tax exemption comes into play? Why hasn't that the de minimis ruling? Why hasn't that move forward? Why what and how will it? How will it? That see this is the biggest question and why I did say that about stablecoins. Jack needs to get in there and and block to a lobby and say hey this this is really important for our customer base which is you know tends to be very small business or low to mid income people.

33. I have seen that they've posted something on Block's website. I don't have the exact link but I think that they are getting ready to do that. I don't think this is going to be something that gets included in market structure but given that President Trump was thinking about including it in the one big beautiful bill we might see it put into some other Omnibus bill.

34. I doubt it. I don't think we will and you look at Block launching their Bitcoin as everyday money campaign. This is one that I don't remember happening and I have not well you know and normally I would say Block is a fairly good marketer but they just did not necessarily make it to the maybe they're doing it in DC to try to get awareness around it.

35. But it just did not really resonate from a national standpoint and let's just remember that Block is one of about 50 different perveyors out there in the category of POS if you're getting into retail and also online payments that matter most and I think we haven't seen a crack in stripe. We haven't seen a crack in toast many of the companies that are out there driving retail point of sale that I think is the the key thing.

36. On the other hand stablecoins that's a different story. PayPal's already launched with one. Ripple is starting to make moves on one. USDC is getting partnerships. It is clear this is got no other way to go. I think the Bitcoiners are going to have to give up on the idea of using it as payment. Cathy Wood also threw some hopium prediction at these same Bitcoiners.

37. Take a look. President Trump does not want to be a lame duck. So I have a feeling one make sure we get that de minimis ruling through but also it seems as though there's been reticence about actually buying Bitcoin for the strategic reserves. I I actually think they will start buying because I think this will help Trump in a couple of ways the midterm elections yes and another reason of course is his family is all in on Bitcoin and and other crypto assets but the most important one is he does not want to be a lame duck.

38. I think a good way to start would be buying MicroStrategy right now at 600k Bitcoin. So if you want to get to a million that's an easy place to start. Yeah. Could there be some activity? I don't think out of DC that would be going after MicroStrategy in general. Um I don't get that one and I don't think a midterm play here is going to be in as well.

39. So I'm kind of curious where where Cathy was going maybe in a future interview she'll expand on that a little bit more. She's probably thinking through some other aspects of this. I don't know for sure. This lap last clip goes into her claiming that the big beautiful bill and corporate tax cuts are going to spur the economy going forward.

40. Take a look. Well the second thing that I think we'll see next year is a big surprise in GDP growth because of the OB3 and the corporate tax deductions like the effective tax rate has dropped to 10% which is the lowest in the world for any developed country. So you get huge tax refunds. So I think we're going to see massive growth and the deficit they're going to have more degrees of freedom to in which to work now.

41. Well okay so I'm going to agree with her in one component of that and I'm what I mean by that is I don't know that we're going to see an economy spur out of these kind of scenarios from the tax cuts. What I do think we'll see some productivity lift. Does it happen this year in 26 is the real question mark.

42. It's going to have to happen pretty quickly and I think especially that would be one of the things that could help the administration push through the situation at least in terms of a midterm win for the Republicans. But there are so many things playing into this guys that I think we continue to watch this very closely and the strategic narrative that starts to go around all of that in summary is important because if wood starts to get more shaky on the grounds of Bitcoin as a asset that is more utilitarian instead it is truly digital gold that starts to change the narratives for a lot of companies and also a lot of investors going in.

43. So make sure you stick around for more like that. If you like this video hit like and subscribe. Drop a comment down below and also join our free private member group. The link is in the description.