While bitcoin (BTC-USD) has seen a fall in trading recently, bitcoin ETFs have seen their first rise in inflows in weeks, according to Bloomberg data. Part of bitcoin’s decline is due to the fallout from the Mt. Gox bankruptcy claims and the German government’s recent dumping of bitcoins from its holdings.
BTC Inc. CEO David Bailey joins Asking For A Trend to give insight into his outlook on bitcoin and how the cryptocurrency is playing into the current political environment.
Bailey commented on a recent meeting with former President Donald Trump: “We talked to bitcoin mining. We talked how Bitcoin is aligned with the president’s agenda for energy independence, for energy abundance, for America first, to really dominate what is a strategic asset of the United States. So, the president is very aligned with the bitcoin industry and sees the opportunity that bitcoin offers the United States and also the risk a lack of action would bring about as well… [Trump], in his classic style, coined the term, ‘We want bitcoin made in America.'”
For more expert insight and the latest market action, click here to watch this full episode of Asking for a Trend.
This post was written by Nicholas Jacobino
Video Transcript
Bitcoin continues to sink today.
But crypto digital Asset products are seeing inflows for the first time, actually in the weeks for more on the Cryptocurrency landscape we’re now bringing in David Bailey.
He is CEO of BT C INC an organizer at the Bitcoin Conference.
David.
It is good to see you.
So, you know, you think about this year, David, you know, Bitcoin, of course, you got that strong first quarter, everybody uh very excited about those new spot.
Bitcoin ETS now lately, David, you know, not as much.
I I, you know, first and foremost, I is it, is it Mount Gox, is that the primary issue here, David that’s been ca causing some selling pressure.
Well, first off, Josh, thank you for having me on the show and I have to say investors are still very excited about uh the Bitcoin ETF uh thank God, we have the Bitcoin ETF S because it’s been a brutal week of selling from the German government and from and uh Mount Gox bankruptcy claims finally paying out after 10 years.
And so those ETF S are actually absorbing a lot of the liquidity blow that’s happening right now.
So um we’re about two thirds of the way through.
Uh, the German government just dumping their Bitcoin.
Uh And we’re eager to see it concluded, but I think that will wrap up probably next week.
What would you see?
You know, David, you look at the potential kind of near to intermediate term catalysts.
You know, what would you be looking for?
Is it, um, you know, a, a Dovish fed a rate cut or two, would that help?
You know, I think there’s probably two major catalysts that are driving the Bitcoin action right now.
First off, we just had a Bitcoin housing that occurred in April.
Um historically, every Bitcoin housing has caused a supply shock with Bitcoin.
And so the the these are kind of the precursors to what makes the price of Bitcoin dramatically rise over, you know, the next two years.
And so a lot of people in our industry are very eagerly watching that that play out, it takes time for the supply shock to really bake into the market dynamics.
Um And then the second kind of new catalyst I’d say is the political um environment for Bitcoin.
Uh Just today.
Uh Details were released about the RN C’s official platform uh as it relates to Bitcoin and crypto.
And for the first time ever, Bitcoin is one of the key components of a, a major political party um platform.
So uh I think that there’s a lot of positive developments to come on the, on the political and geopolitical side that are really kind of brand new catalysts for our industry.
And just let’s stick with politics.
David, because mine are saying is you actually met uh former president uh Trump.
I’m just curious how that came about David.
What do you guys talk about?
Yeah, we, we talked to Bitcoin mining, we talked uh how Bitcoin is aligned with the president’s agenda for uh energy independence, for energy abundance, for uh America first, um to really dominate what’s a, a strategic asset of the United States.
So, um uh the president is, is very aligned with the Bitcoin industry and seize the opportunity that Bitcoin offers the United States and, and also the risk, you know, uh a lack of action um would bring about as well.
So, uh it was a very uh fruitful conversation.
Uh It’s also where, you know, the president and his, his classic style coined the term uh we want Bitcoin made in America.
So um it was, it was a very successful.
It’s interesting, David because you, you had, as you’re pointing out rightfully, I mean, you’re seeing this, I mean, crypto has become an issue in this election and it’s interesting to see Trump uh position himself as an ally of the crypto community.
Do you think that works, David?
Do, do you think he’ll win over the crypto community?
Yeah, absolutely.
It’s already happening.
You know, there are 70 million people that own Bitcoin or crypto uh in the United States.
And there’s an old political adage that people vote their pocketbook.
Now, digital assets.
Bitcoin is people’s pocketbook.
And so when they’re making an analysis of who they’re going to vote for, there’s a lot of single issue voters that their number one priority is what’s gonna be good for the, the value of my portfolio.
And so when you look at the two candidates right now, uh Trump has done a really amazing job at, at um making himself stand out as really the only candidate to pick.
So, uh you know, we’ve, we are trying to raise $100 million for the president’s re-election effort.
Um And we’re trying to turn out 5 million votes, swing votes uh in this upcoming election.
And so I think, you know, Bitcoin is really having its political moment, David, I’m also curious, I wanna get you out on this when you talk to your friends and family and maybe they don’t own Bitcoin and they’re thinking about it.
Um What do you tell them?
What, what’s the reason you say buy Bitcoin?
Do you say David Store of value?
Do you say me in exchange?
What, what’s the story you tell them?
You know, it’s, it’s a little bit of all of it.
I think, you know, you, you kind of cater the message of Bitcoin to uh who the buyer is.
You know, there’s different things that intrigue people about the technology.
Um You know, personally, I think what’s, what’s most exciting is like we, we live in a, in a world that’s very fractured.
Our monetary system is very fractured globally.
Bitcoin represents a fresh start, the ability to rebuild um uh and rearchitect our monetary system for the world on a clean infrastructure.
And so uh when I, when I look at Bitcoin, I I make the case the of Bitcoin as, as kind of the primary asset of a of a future monetary system.
And you know, it at fundamentally it’s the number go up story.
It’s like what is one Bitcoin theoretically worth if Bitcoin fulfills its potential as, as you know, the the the new monetary system, David, it was great to have you on the show.
Thanks for making time for us.
Yeah, Josh, thank you for having me on.
