Bitcoin Won’t Be $1 Million Yet – BitTalk #11

In the latest episode of BitTalk, hosts Nick, James, and Akiba discussed recent market activity, central bank policy, and the potential for Bitcoin to reach $1 million in 90 days. The conversation was insightful and informative, with each host providing their unique perspective on the current state of the cryptocurrency industry.

James began by highlighting the recent Credit Suisse fiasco and UBS buying them out, explicitly referencing AT1 bonds valued at zero, which resulted in shareholders receiving over $3 billion while debt holders received nothing. This incident further highlighted the importance of holding an asset like Bitcoin that one has full control over, especially in extraordinary circumstances where central banks can come into play.

Nick expressed cautious optimism about Bitcoin’s growth and progress, citing increased on-chain transactions and activity on the Lightning network. However, he noted that non-custodial wallets still have a long way to go before widespread adoption.

The conversation then turned to the recent prediction by former Coinbase CTO Balaji Srinivasan that Bitcoin could reach $1 million within 90 days. While the hosts acknowledged it as a good PR stunt, they agreed that the likelihood of such a prediction coming true was low.

Akiba addressed whether recent actions by newly acquired banks to remove digital deposits could be considered an attack on cryptoramps. However, Nick dismissed this as a conspiracy theory, pointing instead to the crushing costs of compliance and outdated regulatory systems as the main reasons for traditional financial institutions’ slow adoption of cryptocurrencies.

The hosts also discussed the recent liquidity programs and stealth quantitative easing by central banks, with James sharing a fascinating overview of the issues at play. He pointed to a game of trust in the banking system, where once one thing breaks, it can lead to a house of cards situation. Nick echoed this sentiment, stating that the compliance and regulatory systems in the financial services industry are outdated and not fit for purpose.

Overall, BitTalk 11 provided an insightful and informative discussion on the current state of the cryptocurrency industry. The hosts offered their unique perspectives on recent market activity, central bank policy and the potential for Bitcoin’s growth. While cautious optimism was expressed, the hosts agreed that there is still a long way to go before widespread adoption is achieved.