Will bitcoin bulls 'languish' as crypto rut deepens?
00:00 Scott Melker What is up everybody? Welcome to the Daily Wolf on Yahoo Finance. I am your host Scott Melker, also known as the Wolf of All Streets. We've got 15 minutes, let's dive into it with my friend Gary here. You're the first person in the studio for a live interview on uh Yahoo Finance with me here on the day. 00:19 Gary Well, that means I'm your first lab rat. 00:21 Scott Melker That's right. So you're my experiment. But man, what an exper, what a day to have an experiment. We've got, you know, Bitcoin trading in the low 60,000s. We've been on a historic outflow streak here with ETFs. A lot of fear about Michael Saylor. Maybe let's start with Saylor. Right? He sold 32 Bitcoin and people seemingly lost their minds. 00:46 Gary Yeah, it is fascinating. You know, a guy can buy thousands of Bitcoin. What's he bought? 700,000 Bitcoin? 800 and 40, 50, yeah. And uh he sells 32 Bitcoin for $5 million worth of Bitcoin and you would think the entire demand has been sucked up forever. I don't understand it. He then bought back 37 and the price fell again. 01:21 Scott Melker I didn't even see that. 01:22 Gary Yeah. Yeah. Uh so I look, I I think, you know, all the narratives on Bitcoin right now are cra just outlandish and I think it's very simple. There are more sellers than buyers. Period. And I don't, you know, when supply exceeds demand, prices fall. And until we get real demand, it it's either the OG whales are going to have to step up, get some fiat and buy Bitcoin at 65,000, increase their average cost considerably or we're going to languish here. Until TradFI invest in everything else. 02:20 Scott Melker I I tend to agree with what what you're saying there. One of the big narratives has been this hot ball of money moving over to tech, AI, but specifically now, the future SpaceX and OpenAI and Anthropic coming. Hunter Horsley from Bitwise had a great tweet today and he said, listen, SpaceX is going to be bigger or comparable to the entire market cap of crypto. Not just Bitcoin because you know, the market cap dropped 48%. So, I do think there's a very strong argument to be made that a lot of money is leaving crypto for the future, as you said, but if that is the case, we're going to see a lot of things selling off in advance of those IPOs. Not just this.
Comments (0)