Latest / The Paul Barron Crypto Show / Record-Breaking Bitcoin ETF Flows!🚀 Eric Balchunas | Bloomberg Intelligence📈

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Record-Breaking Bitcoin ETF Flows!🚀 Eric Balchunas | Bloomberg Intelligence📈 · The Paul Barron Crypto Show

• 0:07
  Speaker 1: All right, So the FED rate cut is in at
• 0:09
  Speaker 1: a quarter basis point, and of course we want to
• 0:11
  Speaker 1: take a look at how this might be affecting ETF's
• 0:13
  Speaker 1: long term.
• 0:14
  Speaker 2: We thought, let's bring in the big guns.
• 0:16
  Speaker 1: Let's get into it. My name is Paul Barrew, Welcome
• 0:18
  Speaker 1: back in the techpath. Joining me, of course, is Eric
• 0:20
  Speaker 1: Balshun is coming in from Bloomberg.
• 0:21
  Speaker 2: Great to see you, Eric. How are you.
• 0:24
  Speaker 3: Good?
• 0:25
  Speaker 2: Good to see excellent. So Eric, let's go into a
• 0:28
  Speaker 2: couple of things I want to go to.
• 0:30
  Speaker 1: Obviously, the S and P posted one of its biggest
• 0:33
  Speaker 1: days in history.
• 0:35
  Speaker 2: We've seen this post election day.
• 0:37
  Speaker 1: We continue to see some movement there, and again ETFs
• 0:41
  Speaker 1: are on the rise as well. When you look at
• 0:43
  Speaker 1: the trend that you're seeing right now with the ETFs,
• 0:45
  Speaker 1: especially around the bitcoin ETF I bit specifically, are there
• 0:49
  Speaker 1: any things you guys are watching trending into the end
• 0:53
  Speaker 1: of year in terms of investor activity?
• 0:57
  Speaker 3: Yeah? Sure, so. I mean I monitor the bigcoin ets
• 1:00
  Speaker 3: almost every day, and the most important number is net
• 1:04
  Speaker 3: flows year to date. And I say that because that's
• 1:08
  Speaker 3: a hard number to make positive, you know, to increase,
• 1:12
  Speaker 3: because let's say there's a huge drawdown and some people
• 1:14
  Speaker 3: pull the money out, that number could go down. Right now,
• 1:17
  Speaker 3: it's twenty four billion dollars, so it's almost like net
• 1:21
  Speaker 3: wins for a football team or something like. That's the
• 1:24
  Speaker 3: most important number. And it's two things. One, our estimate,
• 1:30
  Speaker 3: or James and I our prediction for this first year
• 1:33
  Speaker 3: of these was ten to fifteen billion, so they're already
• 1:36
  Speaker 3: about ten billion above our high end, so they think
• 1:38
  Speaker 3: surprised everybody to the upside. Although it's not over like
• 1:42
  Speaker 3: I said, they could come down, but it doesn't look
• 1:43
  Speaker 3: that way, which brings me to my second point, which
• 1:46
  Speaker 3: is there has been a couple selloffs where it's really
• 1:48
  Speaker 3: amazing how little people pulled out, Like even if it
• 1:52
  Speaker 3: went down like twenty percent one week, and I think
• 1:55
  Speaker 3: three percent of the assets went out, so ninety percent
• 1:59
  Speaker 3: of the assets up there. That's huge because if you
• 2:03
  Speaker 3: can keep the net number, like if you can tread
• 2:05
  Speaker 3: water during downtimes, it's so much easier to going on
• 2:09
  Speaker 3: it on the good times. So these these funds are
• 2:12
  Speaker 3: are really strong, well placed for the future. They've survived
• 2:16
  Speaker 3: a couple downturns, nothing like SBF downturn yet, but pretty
• 2:21
  Speaker 3: bad ones. So it's really you know, fascinating, and all
• 2:27
  Speaker 3: of them are doing well, even the least of the
• 2:29
  Speaker 3: of them is about three hundred million, which would be
• 2:31
  Speaker 3: a huge hit for any normal ETF.
• 2:35
  Speaker 1: Well, I think the key that we're watching is just
• 2:38
  Speaker 1: the appetite of investors, not only from the hedge funds,
• 2:41
  Speaker 1: but also starting to take a look. Even some of
• 2:43
  Speaker 1: the retail side of this coinbased premium flips positive, indicating
• 2:47
  Speaker 1: a rise in bitcoin demand from US investors. So that's
• 2:50
  Speaker 1: another factor that's playing into this. Obviously, the election also
• 2:53
  Speaker 1: could play a huge role in this when you look
• 2:57
  Speaker 1: at the appetite for large money going into especially the
• 3:02
  Speaker 1: bitcoin ETFs, and then you look at kind of the
• 3:06
  Speaker 1: demand that we're seeing here from retail in general.
• 3:09
  Speaker 2: Is there a time frame that you're.
• 3:11
  Speaker 1: Looking at of seeing this truly become I guess it's
• 3:16
  Speaker 1: already a legendary ETF, but could it really even outperform
• 3:19
  Speaker 1: what it's already done based on these new tailwinds coming in?
• 3:25
  Speaker 3: Yeah? I mean, look, I think Trump winning is really
• 3:28
  Speaker 3: bullsh We don't give price prediction, but it cleans out
• 3:33
  Speaker 3: any regulatory governmental drama, and what it could do is
• 3:40
  Speaker 3: make it easier for a couple of things to happen.
• 3:42
  Speaker 3: For example, like if banks can custody bitcoin with any
• 3:45
  Speaker 3: with no fear of breaking the law or shame, that's good.
• 3:50
  Speaker 3: You know, all this stuff is going to put Bitcoin
• 3:52
  Speaker 3: more into the plumbing of the traditional finance markets. I
• 3:55
  Speaker 3: mean ETF started that, I think, and then the more
• 3:58
  Speaker 3: liquid they get, liquidity begets liquidity, and so when like
• 4:03
  Speaker 3: ibit is trading a billion a day, it's going to
• 4:07
  Speaker 3: start attracting bigger investors. They love liquidity, it's what they
• 4:10
  Speaker 3: can't get anywhere else, and the price is going to
• 4:12
  Speaker 3: help you keep hit hitting all time highs. At some point,
• 4:15
  Speaker 3: the fomo becomes irresistible, even for someone who is skeptical.
• 4:20
  Speaker 3: I guarantee you there's some people right now, some advisors
• 4:22
  Speaker 3: out there who are kicking themselves for not listening to
• 4:26
  Speaker 3: like a Matt Hogan or the Blackrock salesperson when they
• 4:29
  Speaker 3: were out a couple months ago when it was trading
• 4:31
  Speaker 3: at fifty five thousand. Now it's seventy five thousand, and
• 4:35
  Speaker 3: at some point it's just going to get too hard
• 4:38
  Speaker 3: to not go in. So I do think that that
• 4:40
  Speaker 3: fomo will kick in, and then you might even see
• 4:43
  Speaker 3: some things like the addition for in kind creation redemptions,
• 4:47
  Speaker 3: which is wonky, but that's something the current SYC wouldn't do.
• 4:50
  Speaker 3: But if you did that, you actually we have the
• 4:52
  Speaker 3: price be a little tighter to the NAV which just
• 4:55
  Speaker 3: is just a nice little enhancement on the ETF design.
• 4:58
  Speaker 3: So I just it's it seems like everything's you know,
• 5:01
  Speaker 3: looking good. The two other big catalysts that aren't have
• 5:03
  Speaker 3: nothing to do with Trump are the options are coming.
• 5:06
  Speaker 3: You're gonna have options to be able to trade it.
• 5:08
  Speaker 3: You could do a lot more sculpting of what you
• 5:11
  Speaker 3: want bitcoin to be in your portfolio, or you can
• 5:13
  Speaker 3: hedge it, you know, if you want quickly want to
• 5:15
  Speaker 3: hedge it. Options really increase your options in how you
• 5:20
  Speaker 3: position something, and they're probably gonna come sooner rather than later.
• 5:24
  Speaker 3: We think by the end of the end of the year,
• 5:25
  Speaker 3: but if not, definitely Q one. And then the other
• 5:28
  Speaker 3: thing is these wirehouses, like Morgan Stanley just brought on
• 5:32
  Speaker 3: the two of them onto its platform. These are like
• 5:35
  Speaker 3: wirehouses are like gigantic networks. Advisors equivalent like a gigantic
• 5:40
  Speaker 3: retail store like say Macy's or you know, Whole Foods
• 5:45
  Speaker 3: or something. If you made a product and they put
• 5:48
  Speaker 3: it on their shelves, You're just going to be where
• 5:50
  Speaker 3: a lot more people are. That's just essentially what it is. Yeah,
• 5:53
  Speaker 3: So well those are other catalysts.
• 5:55
  Speaker 1: Yeah, And I think we've seen the wirehouse trend going on,
• 5:59
  Speaker 1: warehouses trend going on for the last few months that
• 6:01
  Speaker 1: I think does get into the point of what you're
• 6:03
  Speaker 1: talking about in the essence of fomo. Is there a
• 6:06
  Speaker 1: number on bitcoin? Not asking a price prediction, but if
• 6:09
  Speaker 1: you think of it from just a psychological standpoint, do
• 6:13
  Speaker 1: you think it would take a bitcoin eighty k or
• 6:15
  Speaker 1: a bitcoin one hundred k to really see most of
• 6:19
  Speaker 1: the investment advisors really kind of just go unchecked into
• 6:23
  Speaker 1: the market.
• 6:25
  Speaker 3: I mean, I mean one hundred k would do it.
• 6:27
  Speaker 3: Definitely do it. I think that's something about that number.
• 6:30
  Speaker 3: But I just think every time it hits an all
• 6:32
  Speaker 3: time high. You know, it had the resistance level around
• 6:36
  Speaker 3: sixty nine for a while. It seemed like, at least
• 6:38
  Speaker 3: to me, as the election night was happening, it broke
• 6:44
  Speaker 3: through that all time high. The same thing happens to stocks.
• 6:47
  Speaker 3: You get to a point where the air is real clean,
• 6:49
  Speaker 3: there's no waiting sellers, there's no overhead. That's why people
• 6:54
  Speaker 3: like to trend follow when traders like to do momentum trades,
• 6:57
  Speaker 3: because even if it seems like, oh, the price is high,
• 7:00
  Speaker 3: a lot of times you clear out all the short
• 7:04
  Speaker 3: cellars and a lot of the people who are waiting
• 7:07
  Speaker 3: for an exit point, and you're kind of you're left
• 7:10
  Speaker 3: with not that much resistance going up. So it could
• 7:13
  Speaker 3: go to one of your cane hurry. For that reason,
• 7:17
  Speaker 3: it could also go down. I mean, like I said,
• 7:19
  Speaker 3: this is as I call it, it's gold is a teenager.
• 7:21
  Speaker 3: You know, this is a teenager asset class, So it's
• 7:25
  Speaker 3: it's literally sixteen years old, so expected to behave like
• 7:29
  Speaker 3: a teenager, I think when you're going in, so gold
• 7:32
  Speaker 3: meanwhile is four thousand years old, it's just going to
• 7:34
  Speaker 3: move a little slower and be a little more predictable.
• 7:37
  Speaker 1: So I think a lot of people have been asking that,
• 7:40
  Speaker 1: at least on our channel, and that is best case
• 7:42
  Speaker 1: scenario for ETFs, whether it's a Bitcoin.
• 7:44
  Speaker 2: ETF, a gold ETF.
• 7:46
  Speaker 1: If I was looking on a five year plan, and
• 7:49
  Speaker 1: to your point, Bitcoin sitting over here as a teenager
• 7:52
  Speaker 1: from an ETF standpoint, is that the one you're going
• 7:55
  Speaker 1: to put your money in, because it seems like this
• 7:57
  Speaker 1: is the pace in which we have in terms of
• 8:00
  Speaker 1: opportunity here.
• 8:02
  Speaker 3: Yeah, and this is a great question. Like gold or
• 8:05
  Speaker 3: I think two a degree, they are fighting for the
• 8:07
  Speaker 3: same dollars two degree bitcoint has an extra thing though.
• 8:12
  Speaker 3: To me, Bitcoin is like a two for one deal.
• 8:15
  Speaker 3: You get the store of value, you can hedge the
• 8:18
  Speaker 3: dollar decline, and I think that's a message that's going
• 8:21
  Speaker 3: to continue resonating. To be honest, if we're being honest,
• 8:23
  Speaker 3: Trump's probably good for that too, because I don't know,
• 8:25
  Speaker 3: I don't see him reigning in the debt, and I
• 8:28
  Speaker 3: don't see him raising rates, you know, I see him
• 8:31
  Speaker 3: doing the opposite. I know he likes stocks up, so
• 8:34
  Speaker 3: I see more spending. So it's a it's a hedge
• 8:37
  Speaker 3: for that, and it's also hot sauce. And in this
• 8:42
  Speaker 3: you know world of sixty forty investors, they all have
• 8:44
  Speaker 3: real cheap vanguard funds or Vanguard like funds. They pay
• 8:48
  Speaker 3: hardly anything, and they're married to that. That's their core.
• 8:51
  Speaker 3: They're not going to sell it. They just want to
• 8:53
  Speaker 3: got to wait thirty years, and so they're looking for
• 8:55
  Speaker 3: a little excitement to decorate that with. And so gold
• 8:58
  Speaker 3: isn't quite going to give you that that kind of
• 9:00
  Speaker 3: excitement as a volatile asset like bitcoin, And so in
• 9:04
  Speaker 3: a way, bitcoin kind of serves both the store of
• 9:06
  Speaker 3: value and the hot sauce. So those are two needs
• 9:09
  Speaker 3: that people have, and I think that's going to help
• 9:12
  Speaker 3: it surpass gold assets gold ETF assets pretty easily, pretty
• 9:16
  Speaker 3: quickly and buy a lot.
• 9:19
  Speaker 2: All right.
• 9:19
  Speaker 1: So with that being the case, then you have to
• 9:21
  Speaker 1: flow into all right, there's other sources out here that
• 9:24
  Speaker 1: could flow into this. This is a state pension fund
• 9:27
  Speaker 1: now buying the ETF.
• 9:29
  Speaker 2: Could we see a.
• 9:30
  Speaker 1: Lot of new pension funds starting to move into the
• 9:33
  Speaker 1: bitcoin ETFs much more aggressively. We're in the state of Florida.
• 9:36
  Speaker 1: They're already talking about putting much more into digital assets.
• 9:40
  Speaker 2: Now.
• 9:41
  Speaker 1: You know, this changes the dynamic very quickly if we
• 9:43
  Speaker 1: start to see those kind of things happening, especially nationwide.
• 9:48
  Speaker 2: What are your thoughts on that?
• 9:51
  Speaker 3: Yeah, my first book will call the Institutional ETF Toolbox,
• 9:55
  Speaker 3: and I interviewed a number of institutions and one thing
• 9:59
  Speaker 3: I found is they definitely move like herds. That said,
• 10:03
  Speaker 3: they're like a herb aircraft carriers. It takes them a
• 10:06
  Speaker 3: while to turn the ship. But once they all go
• 10:09
  Speaker 3: one direction, they tend to move in a pack. And
• 10:12
  Speaker 3: so I think when you have a first adopter like this,
• 10:14
  Speaker 3: maybe let's say you get another one and then the
• 10:17
  Speaker 3: third one. Then it becomes like, well, I don't want
• 10:19
  Speaker 3: to be the one guy at the right you know,
• 10:21
  Speaker 3: pension and cocktail party who doesn't own this stuff. So
• 10:25
  Speaker 3: there is a tipping point that I think eventually will happen.
• 10:28
  Speaker 3: This is what they did with the y l model.
• 10:29
  Speaker 3: You know, these people were not into the Yale model
• 10:31
  Speaker 3: until that book came out from David Swinson. Then it
• 10:33
  Speaker 3: was like, oh, we don't need We got to go
• 10:35
  Speaker 3: into privates and real estate and stuff, and to the
• 10:39
  Speaker 3: point where the Yale model probably got two used and
• 10:42
  Speaker 3: by smaller pensions that probably shouldn't have messed with this anyway,
• 10:47
  Speaker 3: I do think that it helps to have some early
• 10:50
  Speaker 3: adopters come in and then the other ones feel a
• 10:53
  Speaker 3: little safer and even pressure. So look for more of
• 10:57
  Speaker 3: that over the next year. So it is crucial. And
• 11:01
  Speaker 3: we looked if you take all of the bitcoin ETFs,
• 11:03
  Speaker 3: there's you know, ten to ten main ones, it's eleven.
• 11:06
  Speaker 3: And if you look at Bloomberg, we calculate there's like
• 11:10
  Speaker 3: eleven or twelve different types of institutions. Everyone is now
• 11:15
  Speaker 3: represented in the holdings. You know, that's insane. Normally it
• 11:18
  Speaker 3: would take an ETF five or ten years to complete
• 11:21
  Speaker 3: the cycle of full institutional adoption or even to have
• 11:24
  Speaker 3: a representation from each.
• 11:27
  Speaker 1: So this is I mean, so it's hitting all the markers,
• 11:29
  Speaker 1: is what you're getting at. It's getting all the markers
• 11:31
  Speaker 1: in terms of the investment strategies rolling out into more
• 11:34
  Speaker 1: and more of that. Would that not also line up
• 11:37
  Speaker 1: for other similar digital assets like an ethereum. Why have
• 11:41
  Speaker 1: we not seen the ETHTF move.
• 11:43
  Speaker 2: In this in this phase?
• 11:45
  Speaker 3: Yeah, First of all, Ether launched into a really wicked
• 11:49
  Speaker 3: sell off. Bitcoin launched and it actually started to have
• 11:52
  Speaker 3: a nice rally. That helps. I've seen it happen. If
• 11:55
  Speaker 3: your timing is bad, it can be tough for an
• 11:57
  Speaker 3: ETF number two. Ether is harder to explained. You know, Bitcoin,
• 12:01
  Speaker 3: like I said, is digital gold or young gold easy?
• 12:04
  Speaker 3: Got it? Okay, dollars declining? Got it? So you know
• 12:08
  Speaker 3: that's helpful. And then I think for the normal world,
• 12:13
  Speaker 3: you know who aren't into this, They're like, bitcoin is
• 12:17
  Speaker 3: all I need. That's I'm good. Like, this is my
• 12:19
  Speaker 3: crypto allocation. It's the main one. There is no second best.
• 12:23
  Speaker 3: You know, that whole thing. In the precious metal space,
• 12:26
  Speaker 3: gold is similar. Silver only has about nine ten percent
• 12:30
  Speaker 3: of the asset sious metal, and then palladi has like
• 12:34
  Speaker 3: one percent and platinum has one percent. To me, this
• 12:36
  Speaker 3: is how I see this playing out, is ninety percent
• 12:40
  Speaker 3: e theory maybe eight nine percent, and then some all
• 12:43
  Speaker 3: coins make the rest up, and then some people come
• 12:46
  Speaker 3: along and try to package them all together like in
• 12:48
  Speaker 3: an index fund, and those will get some bits. But
• 12:52
  Speaker 3: I just think that the big spot coin etif is
• 12:55
  Speaker 3: the by far the big enchilada here. I mean that
• 12:59
  Speaker 3: this is going to dominate this category, which is good
• 13:02
  Speaker 3: because if all this new filings and all this stuff,
• 13:04
  Speaker 3: this you got the main thing. The main thing is
• 13:07
  Speaker 3: out of the market now. So while we're going to
• 13:09
  Speaker 3: track it's it's a it's a very it's much more
• 13:17
  Speaker 3: minor much less impactful than what we just saw.
• 13:20
  Speaker 1: Well, I think the thing also when you look at
• 13:23
  Speaker 1: just the adoption curve that is happening around the big
• 13:25
  Speaker 1: quinn ETFs, it starts to push into other digital assets
• 13:27
  Speaker 1: and people just start asking questions, you know, the ones
• 13:30
  Speaker 1: that are a little bit more adventurous, they'll get into
• 13:32
  Speaker 1: everything from you know, steaked eth. You know Trump's possibly
• 13:36
  Speaker 1: going to fast track that. We could see that occur.
• 13:38
  Speaker 1: But you also look at Solana. Solana is now surging
• 13:42
  Speaker 1: potentially as people talk about an ETF, I mean there's
• 13:45
  Speaker 1: a lot that could say, Okay, well this could change
• 13:47
  Speaker 1: things if we get maybe a fast mover think of
• 13:50
  Speaker 1: Solana or an avalanche like an Nvidia, because people will
• 13:54
  Speaker 1: understand that now ethereum I would say kind of more
• 13:56
  Speaker 1: like an Apple or a Microsoft. But when you look
• 13:59
  Speaker 1: at those those comparisons and people kind of okay, I'll
• 14:02
  Speaker 1: want the next best thing. Could maybe one of those
• 14:05
  Speaker 1: ETFs take off.
• 14:07
  Speaker 3: Maybe if they have a shiny object moment, anything's possible.
• 14:12
  Speaker 3: I mean I've seen people buy all kinds of stuff
• 14:14
  Speaker 3: when it's up like eighty percent in a couple months.
• 14:17
  Speaker 3: You know, we'll see so it needs that, and then
• 14:20
  Speaker 3: I think it has to have a story. What we
• 14:22
  Speaker 3: tend to find is when they introduce new products, especially
• 14:25
  Speaker 3: in the thematic side, which is this reminds me of
• 14:27
  Speaker 3: that because this isn't like your core, it's more like
• 14:29
  Speaker 3: a satellite hot sauce. And what you need is you
• 14:33
  Speaker 3: need a shiny object moment, and then you need it
• 14:36
  Speaker 3: to make sense narratively to the person. Okay, see, like
• 14:40
  Speaker 3: robotics is a good example. Everybody like the robotics ETFs
• 14:43
  Speaker 3: just went This is like eight years ago and the
• 14:46
  Speaker 3: time the videos of the robots like doing somersaults were
• 14:49
  Speaker 3: coming out, and I just think people saw the movies
• 14:52
  Speaker 3: that have robots and it was like, yeah, you know,
• 14:53
  Speaker 3: this makes sense. And that's where I wonder if Solana
• 14:56
  Speaker 3: and Ether needs to get ahead of that and explain
• 14:59
  Speaker 3: what what they do quickly, why it matters, so that
• 15:03
  Speaker 3: when the shiny object moment comes, people aren't then being like,
• 15:06
  Speaker 3: well I get that it's up a lot, but I
• 15:07
  Speaker 3: still understand it.
• 15:08
  Speaker 2: I understand Yeah, so sure I would.
• 15:11
  Speaker 3: This is just some of the law the laws of
• 15:13
  Speaker 3: physics in the ETF world, because we have a couple
• 15:15
  Speaker 3: of cases where something spiked up but nobody bought it,
• 15:19
  Speaker 3: and we studied it and we realized that some of
• 15:22
  Speaker 3: the themes were just two they weren't they didn't hit home.
• 15:26
  Speaker 3: And so I think that's the challenge for those two
• 15:30
  Speaker 3: or any a coin is to explain what it does
• 15:35
  Speaker 3: and why it's important.
• 15:37
  Speaker 1: Well, and these are cycles just like any Bell curve
• 15:40
  Speaker 1: in early technology where we see these big advancements. So yeah, absolutely,
• 15:44
  Speaker 1: I do understand that. One last question to you, and
• 15:47
  Speaker 1: that is talking about Ripple Ripple news update. People are
• 15:50
  Speaker 1: looking at an XRP potential ETF that could flow out
• 15:54
  Speaker 1: into the market. What do you guys take away from
• 15:57
  Speaker 1: a potential XRP ETF and what that might look like
• 16:00
  Speaker 1: going forward.
• 16:02
  Speaker 3: Yeah, I know, it's interesting. You know, it's just the
• 16:05
  Speaker 3: Ripple conference, uh, and it felt pretty tratify, you know,
• 16:09
  Speaker 3: compared to some of the other conferences I went to,
• 16:11
  Speaker 3: and I can see it growing again, you know it.
• 16:17
  Speaker 3: I dabbled in this world and it took me a
• 16:19
  Speaker 3: couple of years to kind of get my head around
• 16:21
  Speaker 3: some of this stuff. So I would just sort of
• 16:23
  Speaker 3: push out, you know, this the runway for these for
• 16:26
  Speaker 3: a couple of years, and then look at you know,
• 16:29
  Speaker 3: how how long it will take to sort of explain
• 16:33
  Speaker 3: these you know. On the flip side, the bitcoiners are
• 16:38
  Speaker 3: pretty brutal to some of these other coins, and that's
• 16:41
  Speaker 3: an interesting element. I don't know if that will matter,
• 16:43
  Speaker 3: but to see the bitcoin people be like you don't
• 16:46
  Speaker 3: need that piece of s coin. It's interesting. Gold doesn't
• 16:51
  Speaker 3: really there's nobody from like silver or palladium trashing world.
• 16:56
  Speaker 3: Yeah yeah, and gold people aren't like total they they're
• 16:58
  Speaker 3: pretty fond of silver and pladium. So that's an interesting
• 17:02
  Speaker 3: element and I'm not sure how that'll play out. But
• 17:05
  Speaker 3: I think again personally, when one of these coins gets
• 17:09
  Speaker 3: closer to someone's personal life, I think that's when it'll work,
• 17:13
  Speaker 3: you know, But it's really often the distance, and it's
• 17:15
  Speaker 3: just an academic thought. I think sometimes it's harder for
• 17:19
  Speaker 3: the person to lock into why they should own it.
• 17:21
  Speaker 3: Whereas bitcoin is just so popular and it's got this history,
• 17:26
  Speaker 3: and I just think most people at this point understand it,
• 17:29
  Speaker 3: know about it, and it's it does again, it doesn't
• 17:33
  Speaker 3: really take much. And if you study this stuff like
• 17:36
  Speaker 3: I don't know. In my opinion, bitcoin really is is
• 17:38
  Speaker 3: like gold. It's very similar. The other ones aren't quite
• 17:41
  Speaker 3: like that. They're it's almost like bitcoin's like secure, like
• 17:46
  Speaker 3: value security over speed. The other ones are trying to
• 17:49
  Speaker 3: be faster and do these networks in the blockchainin but
• 17:52
  Speaker 3: they're not so they're not like a gold and that's
• 17:56
  Speaker 3: where it gets confusing. So the guy from van x said,
• 17:58
  Speaker 3: we'll think of bitcoin as gold, but think the other
• 18:00
  Speaker 3: ones is tech stocs. I think that's a good way
• 18:03
  Speaker 3: to go, or to say, do you like that Amazon
• 18:06
  Speaker 3: and Microsoft have like so much control over the Internet.
• 18:09
  Speaker 3: Do you want stuff that runs on this like decentralized Internet?
• 18:13
  Speaker 3: This is the gasoline that powers that. That's pretty compelling,
• 18:16
  Speaker 3: but I don't really. There's no one I've seen that
• 18:19
  Speaker 3: really does a good job consistently of positioning it like this,
• 18:22
  Speaker 3: and they should, they should get ahead of the ets
• 18:24
  Speaker 3: like that.
• 18:25
  Speaker 1: Yeah, I think that's just a matter of time before
• 18:27
  Speaker 1: we really start to see that. Part of that is
• 18:28
  Speaker 1: because of the pressure that we've seen out of the SEC.
• 18:31
  Speaker 1: Speaking of that, I was looking at your tweet. What
• 18:33
  Speaker 1: odds would you give the appointments of Pierce as the chair?
• 18:37
  Speaker 1: I'm kind of curious, what are you seeing now that
• 18:39
  Speaker 1: you got a little bit of feedback. Do you think
• 18:42
  Speaker 1: Pierce would be it? Or maybe you Ada or someone else.
• 18:45
  Speaker 3: Well, when Gezer leaves, she's going to be the acting chair.
• 18:48
  Speaker 3: I think that's what our regulatory guy said, be two
• 18:50
  Speaker 3: and two, So I think she'd be a great chair.
• 18:54
  Speaker 3: I really like her. We've interviewed her for the podcast.
• 18:57
  Speaker 3: She's a nice person. She's a libertarian. Things just you know,
• 19:01
  Speaker 3: disclose all that you've got to let the people have
• 19:03
  Speaker 3: some choice, and she's more of a free market person
• 19:07
  Speaker 3: and I just think that's a better way to approach it.
• 19:10
  Speaker 3: That's just my opinion. So I think she'd be great
• 19:13
  Speaker 3: and with her, I think you would see some of
• 19:15
  Speaker 3: these coins approved.
• 19:17
  Speaker 2: Yeah for sure.
• 19:18
  Speaker 1: Hey, Eric, has been great having you on today again.
• 19:20
  Speaker 1: Thanks so much for the update. We'll get you back
• 19:22
  Speaker 1: soon as we continue to see maybe all time highs
• 19:25
  Speaker 1: around these ETFs coming in from bitcoins, So thanks again
• 19:27
  Speaker 1: for stopping in.
• 19:29
  Speaker 3: Yeah, thank you, you've back all.
• 19:31
  Speaker 1: Right, you guys, make sure and tune in to the show.
• 19:34
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• 19:36
  Speaker 1: podcast side of things, you can catch us over on
• 19:38
  Speaker 1: Apple podcast as well as Spotify, So.
• 19:42
  Speaker 2: Make sure and do that. Join the Diamond Circle. It's
• 19:43
  Speaker 2: very easy.
• 19:44
  Speaker 1: Well, always leave a link down below and catch me
• 19:46
  Speaker 1: out there on x app. Paul Baron, We'll catch you
• 19:48
  Speaker 1: next time right here on tech Path