WEBVTT 00:00:00.000 --> 00:00:03.770 Bitcoin not declining again in the last 24 hours under 00:00:03.770 --> 00:00:07.610 pressure but it's not actually the underperformer right? Yeah 00:00:07.620 --> 00:00:09.810 , very interesting here we have all the coins that 00:00:09.810 --> 00:00:12.320 have really dropped a lot more now looking at a 00:00:12.320 --> 00:00:17.469 seven day decline of more than 20% for stable coins 00:00:17.469 --> 00:00:19.320 and all coins such as card. Oh no terra 00:00:19.320 --> 00:00:22.379 luna as we know that these companies are already kind 00:00:22.379 --> 00:00:24.239 of buying each other's reserves. When you look at 00:00:24.239 --> 00:00:27.170 terra luna for example buying not just Bitcoin but also 00:00:27.170 --> 00:00:29.879 avalanches just down more than 20% on the seven day 00:00:29.879 --> 00:00:33.659 period here Caroline. So you're looking at correlations while 00:00:33.659 --> 00:00:35.990 some are dropping more than others. It's important to 00:00:35.990 --> 00:00:40.210 recognize now how much this entire community is related to 00:00:40.210 --> 00:00:42.200 each other. So if you're buying Bitcoin, what 00:00:42.200 --> 00:00:44.210 happens to the terror price? If you're buying avalanche 00:00:44.210 --> 00:00:47.109 , what happens to the terror price? What else 00:00:47.119 --> 00:00:49.619 is Bitcoin related to? I think it's very interesting 00:00:49.619 --> 00:00:53.560 you're seeing this intensifying correlation with the NASDAQ 100. 00:00:53.560 --> 00:00:55.200 If you take a look at this chart it's greater 00:00:55.200 --> 00:00:58.740 than really it's ever been. So NASDAQ sells off 00:00:58.740 --> 00:01:02.679 . So does Bitcoin. However important is that market 00:01:02.929 --> 00:01:07.290 participants because many every now and then send out hopeful 00:01:07.290 --> 00:01:08.439 tweets saying that the correlation is pulling back a little 00:01:08.439 --> 00:01:11.290 bit but do they want to see it dislocates somewhat 00:01:11.290 --> 00:01:15.980 from the NASDAQ I guess it means that it's I 00:01:15.980 --> 00:01:18.040 had a conversation with the hedge fund manager who was 00:01:18.040 --> 00:01:19.819 typically invested in a lot of other hedge funds and 00:01:19.829 --> 00:01:23.140 asked if this is now a diversify their and he 00:01:23.140 --> 00:01:26.890 said he was able to hold stable because are generally 00:01:26.890 --> 00:01:29.000 stable because he had Bitcoin rather than a lot of 00:01:29.000 --> 00:01:30.489 other risk assets. So to your point there's some 00:01:30.489 --> 00:01:33.650 traditional money managers that do take a look at this 00:01:33.650 --> 00:01:36.140 and say, ok, we still want to diversifying 00:01:36.140 --> 00:01:38.099 asset here. But most people who are still Bitcoin 00:01:38.099 --> 00:01:42.109 believers in buying Bitcoin don't look at the volatility here 00:01:42.120 --> 00:01:45.609 . And again, we are down below$40,000 again 00:01:45.609 --> 00:01:48.019 on Bitcoin. Right? So we're back to asking 00:01:48.019 --> 00:01:49.680 what is that floor? They're still looking to what 00:01:49.680 --> 00:01:56.000 that 300,000 or 500,000 per Bitcoin price target looks like 00:01:56.010 --> 00:01:57.810 over the next five years. The question is if 00:01:57.819 --> 00:02:00.340 this year is a dud Than how quickly do we 00:02:00.340 --> 00:02:04.640 get to 500,000 and indeed what it means for the 00:02:04.640 --> 00:02:08.310 nascent interest coming from institutional climbs exactly. Because what 00:02:08.319 --> 00:02:10.069 is it correlated to? They are still going to 00:02:10.069 --> 00:02:13.280 have that question and we are getting more answers and 00:02:13.280 --> 00:02:15.629 they're definitely quants out there that are doing the math 00:02:15.629 --> 00:02:17.659 on this because even beyond NASDAQ, you and I 00:02:17.659 --> 00:02:20.930 have spoken to somebody a little earlier making that correlation 00:02:20.930 --> 00:02:23.689 with the dollar, if the dollar weakens, that 00:02:23.689 --> 00:02:25.389 gives you a case for Bitcoin as an alternative currency 00:02:25.389 --> 00:02:29.490 , doesn't it? Or if inflation rises, that's 00:02:29.490 --> 00:02:31.259 another correlation that used to be there. Now that 00:02:31.270 --> 00:02:35.560 is breaking down more dramatically. So again, early 00:02:35.560 --> 00:02:38.250 days of an asset class fun Wall Street strategist thing 00:02:38.250 --> 00:02:40.460 to do to figure out what it is really related 00:02:40.460 --> 00:02:44.680 to and geographical demand. Do we have any breakdown 00:02:44.680 --> 00:02:46.080 on that of late? That's an interesting question, 00:02:46.080 --> 00:02:49.509 especially because Terra has been such a big buyer. 00:02:49.509 --> 00:02:51.310 There's a lot of questions about what it means to 00:02:51.310 --> 00:02:54.169 have one buyer being such a big base here to 00:02:54.169 --> 00:02:58.479 the asset, but beyond that, unclear as to 00:02:58.479 --> 00:03:02.419 how much more after Bitcoin 2022 and salts Bahamas coming 00:03:02.419 --> 00:03:05.639 up around the corner, how much interest is being 00:03:05.639 --> 00:03:07.629 drummed up among new investors around the world.