Asks why Bitcoin is down ~20% in 12 months, whether ETF story is crumbling, and if story turns around in 2025.
Speaker2
Dara Merin
Bitcoin's varied narratives (inflation hedge, risk asset, anti-dollar) are not working. Price action reflects a struggle as standard financial market relationships break down.
Asks if Bitcoin-gold relationship explains Bitcoin weakness, given gold's huge rally.
Speaker3
Dara Merin
Gold's amplified rise and recent volatility due to positioning shake-out. Not sure people make a reliable parallel between gold and Bitcoin.
Asks if Chinese investors buying gold instead of crypto is crypto's biggest problem.
Speaker1
Dara Merin
For institutions, the excitement is about blockchain plumbing (fast, cheap settlement, T+0), not Bitcoin speculation. The next big catalyst is tokenized deposits from commercial banks (~$100T market vs. $300B for stablecoins).
Asks if rise of stablecoins/tokenized deposits comes at the cost of Bitcoin.
Speaker2
Dara Merin
Different audiences. Bitcoin is for hedging/speculation. Stablecoins/tokenized deposits are for moving money quickly/cheaply, aligned with tokenized assets for composable settlement.