On the latest episode of BitTalk, hosts Nick, James, and Akiba discussed recent market activity, central bank policies, and the possibility of Bitcoin hitting $1 million in 90 days. The conversation was insightful and informative, with each host offering their unique perspective on the current state of the cryptocurrency industry.
James began by highlighting the recent fiasco of Credit Suisse and UBS buying them out, making explicit reference to zero-rated AT1 bonds, which resulted in shareholders receiving over $3 billion while debt holders received nothing. This event further underscored the importance of owning an asset like Bitcoin that one has complete control over, especially in extraordinary circumstances where central banks may come into play.
Nick expressed cautious optimism about Bitcoin’s growth and progress, citing the increase in on-chain transactions and activity on the Lightning Network. However, he noted that non-custodial wallets still have a long way to go before widespread adoption.
The conversation then turned to former Coinbase CTO Balaji Srinivasan’s recent prediction that Bitcoin could hit $1 million in 90 days. Although the hosts acknowledged it as a good publicity stunt, they agreed that the likelihood of such a prediction coming true was low.
Akiba asked if recent actions by newly acquired banks to remove digital deposits could be seen as an attack on crypto on-ramps. However, Nick dismissed this as a conspiracy theory, instead pointing to the overwhelming cost of compliance and outdated regulatory systems as the main reasons for the slow adoption of cryptocurrencies by traditional financial institutions.
The hosts also discussed recent liquidity programs and stealth central bank quantitative easing, with James sharing a fascinating breakdown of the issues at play. He pointed to a game of trust in the banking system, where once a thing breaks, it can lead to a house of cards situation. Nick echoed that sentiment, saying the financial industry’s compliance and regulatory systems are outdated and inadequate.
Overall, BitTalk 11 provided an insightful and informative discussion on the current state of the cryptocurrency industry. The hosts offered their unique insights into recent market activity, central bank policies, and Bitcoin’s growth potential. While cautious optimism was expressed, hosts agreed that there is still a long way to go before widespread adoption.