I all before we begin some quick announcements. First just a reminder that the links for the Weekly News recap at the end of the show can be found in my Facebook bulletin newsletter, which is at Laura Shin, dot bulletin.com. There are also a few extra news items in it. Plus additional articles on news that is not available on the Pod. Be sure to subscribe today. Again, it's Laura Shin dot bulletin.com. Second. My book, The crypto, pians idealism, greed lies in the making of the first bit cryptic.
Currency. Craze is available for pre-order on Amazon Barnes, & Noble book shop dot org, or any of your other favorite book stores. Go to bit ly / crypto pians. That's bi t. Dot l y, / C. Ry. PTO Pi ANS and pre-orders today. Now on to the show.
Hi everyone, welcome to unconfirmed the show. That reveals how the Marquee names and crypto are we acting to the week's top headlines and get the inside scoop on what they see on the horizon. I'm your host Laura Shin a journalist with over two decades of experience. I started coming crypto six years ago and is a senior editor at Forbes was the first mainstream media reporter to cover cryptocurrency full-time. This is the October 22nd episode of unconfirmed.
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Today's guest is Plan B, an Institutional Investor turned Bitcoin investor and the inventor of the stock to flow model. Welcome Plan B.
Hi Laura. Thanks for having
me, heads up. For those of you watching the video, Plan B uses a pseudonym. So as to hide his real identity, which is why we are showing an image rather than the video on his side. So, plan B, your bitcoin price models have done really well over the years. And this week, you got even more validation for your projections, in case people are unfamiliar with your profession.
Crown, just give us a brief history and tell us how you came to
bitcoin.
Yes, I'm in traditional Finance for the last 25 years. I started in dealing rooms and move my way up to bank balance. Sheets, Insurance balance sheets and managing pension balance sheets. Mainly in structured Finance, or risk management functions, or in the investment offices of those those firms. So, yeah, I've seen a lot in the last 25 years, but one of the most interesting things I came across was Bitcoin and for me, that was
2013 that I first read the white paper, I was hooked from the start
until is how you came to create this doctor flow model and and what that
is. Yeah. Well one of the things that I missed when I entered the space was evaluation model for every asset. We have a valuation model for equities, for all the derivatives.
Not for Gold by the way that has the same problem as Bitcoin. There's not really a valuation model. Although you can look at the mining costs of gold and that's what most of the models that that would therefore Bitcoin were as well. So what I tried to do was make some fundamental case for why Bitcoin has any valued at all. Because most people were seeing what others, there's nothing backing it. Bitcoin is a pyramid scheme or
Bubble, whatever. So I sort of Started from the assumption that scarce assets like gold and real States etcetera. Have more valued and then then less or non scares assets. And of course in the commodity markets, there is this this stock to flow measure where you can sort of quantify the scarcity of an asset. And I use that that known measure to correlate it with the price.
First only with the time series of Bitcoin so that the Bitcoin price over time and later with a stock to flow cross asset model. I combined the data with gold data, real estate data, silver diamonds, other scarce assets. And what you what I found was a perfect linear relation between the scarcity measured in stock to flow and the market values of all those assets and that was astonishing for me. And just gave me a rough. And I must say it's a very rough model.
It give me a rough indication that that Bitcoin should be well worth somewhere in between silver and gold and going towards gold. Since he now has the the same stock to flow and and the scarcity as called. So yeah, very interesting Discovery. I put it on paper and and since then on Twitter and
With the interviews like we're having now, it it really took off and caught me by surprise. So yeah, especially now with over a million followers. I'm really astonished by that.
Yeah, I only imagine especially because you do have an anonymous account. So I, you know, I've heard you say you also use other price models. I don't know if you've made too much about them public. But in general, I think your models have been Vindicated this week.
Why do you think we've hit this new all-time high of nearly 67 thousand dollars for Bitcoin this week.
Yeah, I
could give several answers to that. But yeah, maybe maybe one step back when I made the model that was in March 2019. If we were below, $4,000 Bitcoin after the 2017 all-time high of 20 thousand, so we crashed all the way to four thousand, even going to 3,000. I think it, I think it was three point two at the bottom, and everybody's calling for $4,000 Bitcoin at the at that time and
Through the stock to flow and through the scarce t.
Yeah, that that guided me to Ward's. Well, there will be a hard thing Bitcoin will be more scarce. Approximately a scarce is gold. So we we have to go up from here and not down and and we have to go up to the one trillion dollar market cap and we reach that cap at the moment. And so the last two years or three years. We're really spectacular and roughly let us towards that one trillion dollar market cap.
And I think based on that stock to flow model and and and the scarcity of Bitcoin at the moment that we should go a lot higher than we are today towards the five or ten trillion dollar cap. At first the same dollar market value as gold has. But yeah, we're more recently, there's there's of course, all sorts of things happening in the micro and geopolitical sphere that caused the
That were the immediate trigger. So I should say for what arises and of course the Bitcoin ETF is one of the things that was that we have been waiting for for a long time to happen and that came to yeah that that was a reality since this week and that cost a major operation movement. I think in in Bitcoin, that helps us a lot.
And so since that was Bitcoin, Futures ETF, which
I think the community maybe didn't necessarily expect, you know, at least until recently and I was also criticized for saying, you know, it's not maybe as efficient or as good a product as a spot ETF would be. So why do you think that it affected the price that way and how do you think it'll affect the Bitcoin price going forward?
Yeah, that's very true. Bitcoins. Futures ETF is it's better than nothing, but it's not as good as a spot ETA.
F. And so, I'm already happy with the future. CTF. And I understand it because Futures are instruments that the SEC understands. And, for example, in the companies, I used to work for the latest company was a parent's pension balance sheet, a hundred billion US dollars. They did not understand Bitcoin or well, let's say my colleagues did understand Bitcoin and had Bitcoin in a personal portfolios, but we did not have a man.
A to go into Bitcoin of virtual currency like assets because our board did not understand it. And, and, and likewise that the SEC does not understand, I guess, Bitcoin, and the, or has to get used to this digital currency world, and Futures. And I saw that in my company as well. Futures on bitcoin, that was interesting because they knew the instrument, so a future ztf. Well,
Yeah, it's a first step and but it's not as good at a spot ETF. For example, I have been talking about the cash and carry trade before that. There is a huge premium and contain contango premium between Futures and spot prices. The future bitcoin price is approximately annualized, 10% higher than the spot price at the moment. So a Bitcoin, Futures ETF would lose that. That 10% contango premium.
Compared to us fault ETF and why I have Bitcoin goes to X or 10x than that 10% is is worth it. But on the other hand, it is 10%. And and as I used to say that there is a very interesting counter trade to that, to those future ETFs. And that is the cash and carry trade, where you short the, you by the spot and in short, the future Bitcoin, and cash that
That 10% annually for for really low risk. So yeah, I think it's a nice step. A nice First Step, but spot for sure is better than than
Futures. Yeah. It's interesting that you said you felt maybe the SEC couldn't understand because you know, the chair. Gary Gensler used to teach courses on watching technology at MIT. I think he understands but I think he just doesn't trust that. They can't regulate the spot markets and so yes.
Yeah, yeah understands his for sure Gary's a good
one. Yeah. Alright, so we're going to talk a little bit more about the price action and your models but first a quick word from the sponsors who make this show possible. There's a new cryptocurrency made for mobile that you can earn by downloading the nodal cash app. It's free easy to use and there's no Hardware to buy the nodal cash app allows you to earn crypto. Whether you're on the go stuck in traffic or even while you're sleeping knodel cash.
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Back to my conversation with Plan B. So in the past there have been articles that have come out saying that. The author's felt that, when they tried to retrofit the stock to flow model with gold, it didn't work. And so then they felt that stock to flow for Bitcoin won't work. What do you say to such critics?
Yeah, that was one of the critics, there's a lot of them. I like the discussion and and we have had a lot of a lot of discussion. This is one of the arguments that I don't really.
And guess what? I know that one study that was published with his argument used like hundred years of gold data. And then concluded. Well, yeah, there is no relation between the stock to flow over that hundred period year period and Anna market value, but they forgot that since 1971 or be everything before 1971. The gold price was the dollar price. So that was no movement in the gold price denominator.
$10 at all, if you look at the charts, for example, there is one little jump in Around the World War II period where Roosevelt always was little before that with 33, I guess why? Roosevelt stole the gold from from the American people and it was illegal to have gold and in that period. They jumped the price $2 price of gold, a little. But from there, it has been flat. And before that 1933 Roosevelt action. It was flat as well.
Coins or gold dollar was gold. It was defined literally as a measure, a certain amount of ounces of gold. So you can't take a data set with a lot of data before 1971 and then conclude that the gold price did not move with with a stock to flow because it did not move at all. And and in fact in my own charts, I take 10 years of data.
Dr. Flow data of gold and and market value data. And what you see it? It's one little dot on that on that chart. So you see Bitcoin move but the stock to flow of gold and destructive, and the market value of gold, did not move that much at all. So, I'll, I'll repost that that chart in one of the tweets later this week and you can see for yourself. It's really, it's really not moved.
At all. And in that study, you are referring to. There was a chart with hundred years of data. And yeah, they just didn't acknowledge the fact that data that that golden dollars were the same before 1971.
So speaking of dollars. Obviously. We're in a very unusual time, historically right now. What the pandemic. How would you say the pandemic has influenced the Bitcoin price over the last, almost two
years.
Yeah, and the beginning it went down. So in March 2020, we had this. Yeah, everybody was scared. Everybody was panicking and salt. Everything from from from stocks to bonds to real estate, to even gold and Bitcoin. But in the long run, I think it has been very good for the Bitcoin price because of debasement because of the FED printing, all that money. And of course, that was the reason why so touchy
Kimoto invented Bitcoin for the first place. The problem with our current money is that the basement that the central banks are doing and they have been doing that for ages literally since the Roman Empire's, they diminish, the the silver content of the Denarius as a way to enrich themselves and still literally steal from from the people. So that's what central banks are doing right now. They do it for the greater. Good. Of course, that's the narrative.
So, to save the banks in the 2008 financial crisis, and to save all the companies. And for example, airliners now in the covid period. But but somebody has to pay that and it's paid through the basement, our dollars the dollar that you and I have in our pockets become less valuable and we see that inflation, first asset inflation, house prices Equity prices, everything of value arises, including Bitcoin, and that's
So it has been very, very good for the Bitcoin price. But now it trickles down to Energy prices energy inflation, gas electricity, Etc, and even core inflation. So of course, central banks have been saying it has been transitory, but we all know it's not transitory. It's here to stay and it's getting, it will become worse. So yeah, that those trillions and trillions of dollars. I think it's eight trillion to be exactly.
That the fat and also the European Central Bank, by the way, is also a trillion dollars that they print it. That problem has to be solved and I don't know how its it will be very interesting to see in the car, in the next couple of months or years how that that's getting resolved, but it will be nasty. I think. And there will be winners and losers and I think Bitcoin is one of yours. You're safe bet in this.
This.
Scenario,
well, speaking of kind of some of the geopolitical issues. We have seen this big change in the Bitcoin Network due to China. Banning mining there and also the government just cracking down, even more stringently on trading. How would you say that all that has affected the price and will continue to affect Bitcoin going forward.
Yeah. China has been a big factor in the Bitcoin and especially in mining because all the free electricity in the provinces.
Or the the dams were on the hydro energy was available. That was very cheap energy. And of course, yeah, it has to be used and Bitcoin is a perfect use for that. So I guess at one point china had 50% of the mining power, the hash rate of the entire Bitcoin Network and then they banned it. They made it illegal and it had an enormous effect on price.
Ice. It was April. I guess this year May April, or May this year. And yeah, they just switched off, half the network, which technically is not a problem, of course, but for the minors that are impacted to was a very big problem and their entire business model and investment, of course, were rendered worthless, or at least they had to, they had to go to a plan B scenario, which they did they move, their their mining equipment.
Hardware to the neighboring countries of China and also to America, of course, and I guess now, a couple of months later, the situation is is two completely opposite. That the you at United States has 50% of the hash power of the Bitcoin Network and China has zero. So China has decided not to play the Bitcoin game and yeah in my opinion they gave a waiter, a very strategic and important.
Advantage. That's all I see. It doesn't investor. Of
course. Yeah. Well, yeah, I think it's also good for the Bitcoin Network because there was always the talk that there could be a threat if the Chinese government decided to take over the miners or something like that. Absolutely. But yeah, so now it's stronger and I think the last step that I heard was that in July the u.s. Heads 35% of the Bitcoin hash rate. So let's talk about your models for the price of Bitcoin for the next cut.
Six months or so. I did. See, you say that the floor for November will be 98k for December of 135k. How are you getting there? And what drivers do you think will bring us to those prices?
Yeah, so I basically have three kind of models. The first model is the fundamental one, the stock to flow model that we talked about. The second one is a floor model. That is more a technical analysis, price based model makes use of a mathematical error, but most people, especially the technical analyst make when looking at markets, like Bitcoin because Bitcoin is not normally distributed, the returns, its following power laws and you need
Different moth before that and all the technical analysis tools. Are they are for normal markets, for example, the errors are as I the relative strength index, it normally bounces between 30 and 70. When it's 70s in Market is an acid, is overbought, if it's below 30. It's over salt. While Bitcoins are as I'd never goes below or, or at least, well sometimes, but almost never goes below 45 and, and can go as high.
High as 95. So that tells you there's some really different Dynamics and also mathematical processes behind the Bitcoin price. And you have to look at things like fractal, Dimensions, hers component, that kind of stuff. So that's the floor model and the third thing I'm looking at and actually I'm spending most of my time there at the moment is on chain models. So the big advantage of Bitcoin is that we have all the transactions on chain transactions, available in the blockchain.
Everybody can download the blockchain if they run a note, it's about 400 gigabytes of data. So it's a big data crunch, but you can you can get that data and analyze it. And you see all sorts of patterns in the transactions where they came from. From all the investors on new investors, big investors, small investors all sorts of patterns, and those models are very
Useful for timing tops and bottoms. So Phone World transactions. For example, are very noticeable and the at the very bottom there, the emotions, there are very interested and interesting and seeable in the
Transaction. So I use those three models and the model that got the most attention, the last couple of months was the floor model because I predicted in June 20th. That was the same time. By the way, that the Guggenheim Chief investment officer predicted Bitcoin to go below 20 k at about that same day. I made the discovery prediction. No, no, no. No, it's going to 47 and a bit.
Owen was mind, you was below 34 at that time. I said well in August it will close above 47 in September. It goes down a little but it will close above 43 and in October it will close above 63. Well, it's a bit of luck. Of course, involved in there. It has to be one, cannot be that precise. But but at least all those all those targets were met. So 47.
43 and we're waiting for a close of the month, of course, now of October, but 63 is, is in the book. So, yeah, and and if that if that continues and frankly, I would be very surprised. If it doesn't, that would be a Black Swan event that we haven't seen in the last 10 years. But if that continues, we'll go to 98,000 in November already, 135,000 Bitcoin in December, so that will be an
Very nice Christmas this year that comes through.
I agree. So in the past Bitcoin has breathed as one of my sources call it in cycles of hitting a new high kind of basically in a bubble like fashion and then drawing down again, but to a floor that was higher than in the previous cycle. Do you believe that we are in a cycle like that again, or do you believe that with these new levels of institutional validation that we're seeing? And also I think kind of like a more diverse set of drivers.
Do you think that Bitcoin will not see that same kind of cycle again, in which the price sees it massive drop after this, you know, next time is reached until the next
having.
Yeah, I seem to be one of the few that things were in a normal cycle. That will go down again after the all-time high, cuz everybody, I guess, hopes for the supercycle or the hyper Bitcoin ization to start right now. And that we do not have a big crash after next all-time high, so that we don't see a minus 50%, or even a - 80% drop. Like we have seen last three times, right? And as much as I
I would hope that were true that we don't see that crash any more. I think we will. We're still in a phase where Bitcoin is very very small compared to the traditional assets is social investors either flat-out denied. The asset that don't want to have it, think it's for criminals or bad for the environment and all the stuff you read in the mainstream media, they're still there. So I don't think the world is ready yet for hyper Bitcoin ization, or the soup Osaka.
I don't think we will be managed by greed right now and fear later on and see another - 80% after we top out at a couple hundred thousand dollars, but there will be a point in time. And in that way it's a timing question. That will be a point in time later on maybe after next. Half inning in 2024, when the market is ready and and ready for Bitcoin, but also ready to to see that.
Growing is the better money because it's care sir than anything else. It's more divisible. It's more. Fungible is more portable. It's really mathematical and thermodynamically the best money there is. And as soon as people realize that see that, yeah, then then maybe the dollar is in trouble and will have a global Reserve currency that's called Bitcoin, but I guess
my timing for that hyper Bitcoin ization of super cycle event is is after 2020 for maybe maybe somewhere between two thousand twenty-four and thirty-two.
Okay. Okay. Well, we'll have to check back and see if because I agree I have other sources who also believe that this cycle will be different. So I guess we'll maybe we'll do a show with you and somebody who believes that and then you can discuss and we'll try to do it like before December January or something.
Right? As right as we're hitting that high. Okay. Well, this has been so much fun. Thank you so much for coming on on confirmed.
Thank you very much.
Don't forget, next up is the Weekly News recap stick around for this week in crypto after this short break. Did you know that exchanges? Take up to a 25% cut on your staking rewards, but you don't need an exchange to stake. You can run a validator at home, join thousands of solo, stickers, get Novato device, plug it in.
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Thanks for tuning in to this week's news recap. Proshares Bitcoin, Futures ETF Goes Wild on Tuesday the proshares. Bitcoin strategy ETF went live becoming the first Bitcoin future ztf. To launch in the u.s. Trading under the ticker bi t. O on the New York Stock Exchange, the listing of vit. Oh marked a significant milestone for the crypto industry, which has been attempting to get a Bitcoin link to ETF approved by the US Securities and Exchange Commission since 2013 the fund tracks.
Chicago Mercantile Exchange or CME Bitcoin, Futures allowing investors to gain, exposure to be TC by speculating on the future price rather than purchasing the underlying crypto acid itself for now, a spot Bitcoin ETF, which would give direct exposure to bitcoin. The asset has yet to be approved by the SEC.
Based on BI Toews performance. Over the first few days were trading investor seemed fine with purchasing the Bitcoin and Jason investment fund. Bi t o saw nearly 1 billion dollars of trading volume on Tuesday enough to make it the second largest first day of trading for a usatf according to Bloomberg. Zarek balloon, has even more impressively after closing on Wednesday afternoon bi t. OS has totaled one point. 1 billion dollars making it the fastest TT. F ever to reach a billion dollars in what ball chain has.
To ask quote, a politically apropos movement, bi T, O broke. Gtlds 18 year old record of hitting 1 billion dollars in assets and three days.
The itu is treating so well, however that Bloomberg reports, it is likely to breach. The limit on the number of Futures contracts. CME will permit it, to hold quote, after two days, trading, bi t, o, owns, nearly 1,900 contracts for October and CME rules cap. The number of front month. Contracts one entity can own it, to 2000, what could help the situation is the next news item?
More Bitcoin features on the way with the SE C's approval of proshares, Bitcoin features. ETF institutions are flocking to get similar products to Market. Notably the SEC approved, two additional Bitcoin, Futures ETFs to be issued by Valkyrie and Vanek respectively, according to filings vanek's, Bitcoin strategy. ETF is such a go live after October 23rd. Meaning it will most likely go live via the New York Stock Exchange on Monday, October 25th.
Valkyrie also, gained approval and we'll list on NASDAQ. As soon as the 23rd, which is, when this podcast goes live amusingly Valkyrie, initially filed under the ticker be T of D. Which for those of you who spent hours on crypto Twitter. Well, no means by the dip. However, the company ended up changing, the ticker to be TF, ETFs are not the only way to get into the Bitcoin Futures game on. Wednesday sibo were over 75 billion dollars in US. Equities are trained a daily.
Announced the acquisition of era sex, a digital asset exchange that offers spot. And Futures products under the New Deal. Era, sex will be rebranded to see Bo digital and Tilly chairman president and CEO of sibo. Global markets said quote. We believe our acquisition of era sex coupled with broad industry participation and support will help us bring the regulatory framework, transparency infrastructure and Data Solutions of traditional markets to the digital asset space.
This is cbo's second foray into Bitcoin, Futures as the exchange previously offered Bitcoin futures from 2017 to 2019.
More fines for tether last Friday, the commodity Futures Trading commission or cftc announced the simultaneous filing and settlement of charges against Heather and biffen. X for forty two point, five million dollars. Total, the regulator penalize, the stable coin issuer 41 million dollars for quote making untrue or misleading statements. And omissions in connection to the backing of usct, the largest table coined by market cap - x was find one point five million dollars for the misdeeds of phonetics.
Such as operating, a Futures commission Merchants without the cftc's permission and engaging in quote illegal off-exchange, retail commodity transactions.
Acting chairman rostand Venom said, quote this case highlights the expectation of honesty and transparency in the rapidly growing and developing digital assets Marketplace in a conversation with the block. Bitfenix is general counsel Stewart. Hoepner explain that what sparked the enforcement actions occurred during quote markedly different time in our ecosystem. Hoepner went on to add that. There is no finding that tether tokens were not fully backed at all times. Simply that the reserves were not.
All in cash and all in a bank account, titled and tethers name at all times.
In related news Celsius, CEO, Alex Mission ski told the financial times this week that tether has begun loaning you sdt against crypto currencies like Bitcoin and etherium as collateral. Well, if you give them enough collateral like what collateral Bitcoin ethereum and so on they will mint together against it said Mission ski decrypt points out that this conflicts with tethers, legal terms, which state quote tether will not issue, tether tokens for consideration, consisting of the digital tokens.
For example, Bitcoin only money will be accepted upon issuance. Additionally on Tuesday, Hindenburg research, announced a 1 million dollar bounty to be presented to anyone who comes forward with, what they are calling undisclosed details, about how the reserves. The research firm says, it is establishing the Bounty due to doubts regarding the legitimacy of USD tease backing.
Senators call for Novi, to shut down on Tuesday. Five Democratic senators, including Elizabeth Warren, sent a letter to Facebook CEO, Mark Zuckerberg urging in Machete on the social media Giants. Cryptocurrency, projects. Novi, additional wallet, and DM a silver coin.
Disclosure, I write a Facebook bulletin newsletter in their bed to dissuade Novae Indian from launching. The signatories, cited Federal Reserve chair Jerome, Powell, acting control of the currency, Michael Su and the financial action task force as Regulators, who are looking into quote, the risks that stable coins posed to financial stability.
The letter came just hours after Novi, Facebook's crypto wallet launched a pilot in the US and Guatemala and announced a partnership with paxos that would allow users to send and receive faxes table coin. Usdp through Novi. Notably know we chose not to use, DM Facebook's digital currency project, which is hit major regulatory obstacles, since being announced as Libra. More than two years ago, Warren and Co explicitly address the pilot program in their letter. Facebook is once again pursuing digital.
Plans on an aggressive timeline and is already launched a pilot for a payments infrastructure Network, even though these plans are incompatible with the actual Financial regulatory landscape not only for deem specifically, but also for stable coins, in general, in addition to citing concerns regarding his financial stability. The Senators also went after Facebook's history of moving fast and bringing things quote, Facebook cannot be trusted to manage a payment system or digital currency when its existing ability to manage risks and keep consumers safe.
Has proven holy insufficient. We urge you to immediately discontinue your new pilot and to commit that you will not bring DM to Market concluded the Senators.
In response, an OB spokesperson told the block quote. We look forward to responding to the committee's letter.
Next headline, New York State Attorney General calls for cease and desist New York. Attorney general. Letitia James directed to crypto lenders, to immediately cease operations, within the state, and three other platforms to provide information about their activities. The AG did not name the company. She is going after the documents in the release reference both neck. So, and Celsius disclosure. Next show is a previous sponsor of my shows. However, itself has published a blog post this week. Claiming. It has not received a cease-and-desist.
Order in New York.
According to the New York, Yankees, press release. Crypto lenders are facilitating, quote, unregistered and unlawful activities by offering interest-bearing accounts, which the regulator believes are securities. The press release states, that digital asset lending platforms. Must register with the State's Attorney. General's office. Before offering any such product to New Yorkers. Cryptocurrency platforms, must follow the law. Just like everyone else, which is why we are now directing to crypto companies to shut down and forcing three more to answer questions immediately.
Said Attorney General James.
Time for fun bits, Jack, Dorsey almost called Bitcoins all-time high, on Tuesday, Twitter and square CEO, Jack, Dorsey tweeted 705 742. No context? No punctuation. Just the string of six digits. The Tweet sparked, a variety of speculation with many, a non crypto accounts, lurking in the comments. Trying to ascertain the meaning of this seemingly random digits.
Luckily, a follow-up tweet by Dorsey, cleared up the confusion off by 117. He wrote most likely in reference to how many blocks he was away. From predicting Bitcoins, all-time high by 2 cups math. This put Dorsey nearly 20 hours off on his prediction as Bitcoin did not hit. Its new all-time high above sixty seven thousand dollars according to coin gecko until Wednesday morning.
You
can't make this stuff up. The Sam Venkman. Friedland crypto, currency exchange fex, announced a massive funding round on Thursday, that value of the company at 25 billion dollars. So what's the fun part FTX raised? Exactly 420 million six hundred ninety thousand dollars in its Series. Be sourced from 69 investors, including BlackRock and tiger Global in a billionaire related meme.
Elon Musk tweeted a couple lying in bed, looking at a chart of the Bitcoin and ethereum prices at sixty, nine thousand dollars and forty two hundred dollars, respectively.
Please Ardell invests in a physical and of tea, please or dial a collective of n of T owners, known for making Splash additional purchases. But once upon a time and Shaolin a rare physical album by Wu-Tang Clan for four million dollars, according to the New York Times. The times says, please are down purchase the album from none. Other than the US Government after its previous owner was convicted of Fraud and had his assets seized. The album is undoubtedly a forerunner to n of T's Wu-Tang Clan only created one.
And copy of the album and placed stringent legal restrictions on it. For instance. The initial contract, prevented the buyer from using the music commercially for 88 years.
In a blog post pleaser, Dow concluded. Quote. We believe that next chapter in The Incredible story of this album, should be web 3.0 native. Although we are bound by the legal agreement, under putting this work of art. It may not be able to duplicate and share the music. Digitally. We firmly believe, there are ways to share this musical, Masterpiece with the world. A lot of things in life, are temporary, fleeting and permanent. But remember this just like our blockchain Wu-Tang is forever.
All right. Thanks for tuning in, to learn more about Plan, B. Be sure to check out the links in the show notes on confirmed is produced by me, Laura Shin, without from Anthony, you know, Mark Murdock and Daniel Ness. Thanks for listening.
