Alt Thinking February 29, 2024
DeFi Decoded Podcast

Revenge of Old School DeFi and Bitcoin’s Reflexivity Explained

Revenge of Old School DeFi and Bitcoin’s Reflexivity Explained
Investment Team
  • Alex Tapscott, CFA
    Managing Director, Digital Asset Group, Portfolio Manager
    Alex Tapscott, CFA
    Managing Director, Digital Asset Group, Portfolio Manager
    Mr Tapscott is an entrepreneur, business author, and seasoned capital markets professional focused on the impact of emerging technologies, such as blockchain and cryptocurrencies, on business, government, and society. His latest book, Web3: Charting the Internet’s Next Economic and Cultural Frontier (Harper Collins), was published September 19th, 2023. Alex is also the Managing Director of the Digital Assets Group at Ninepoint Partners, one of Canada’s leading investment firms, with more than...
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Listen in as Alex Tapscott and Andrew Young break down the unprecedented surge in Bitcoin ETFs, explore the implications of the Ethereum ETF's potential approval, and unravel the complexities of market dynamics.

Join Alex Tapscott and Andrew Young as they decode the world of DeFi and Web3. Listen in as they discuss this past week’s Bitcoin-led market rally, their current takes on the crypto market and what’s next, gaining digital asset exposure through MicroStrategy vs. Bitcoin ETFs, the potential for SEC approval on Ethereum ETFs, the emergence of Bitcoin layer 2s and some exciting projects, Uniswap Foundation’s proposal to distribute protocol revenue to token holders, Coinbase’s app store ranking and significance, Andrew’s Bitcoin story, Bitcoin reflexivity, and more!

As Grayscale’s GBTC outflows dwindled and strong buying pressure from all other Bitcoin ETFs remained steady, Bitcoin underwent an explosive rally this past week, bringing other cryptoassets and blockchain-related public equities right with it. With a total net inflow of $6.7 billion, these Bitcoin ETFs collectively hold nearly $43 billion in assets. MicroStrategy’s recent $155 million Bitcoin purchase brought its total holdings to 193,000 BTC, which is 0.98% of its total circulating supply. UNI surged more than 50% following a proposal from a member of the Uniswap Foundation that would distribute a percentage of the protocol’s generated revenue to token holders who actively participate in its governance. While Coinbase’s ranking of 300 on the app store is the highest level since early January, it’s still a ways away from when it broke the top three in both the 2018 and 2021 bull markets. 

Tune in to the 135th DeFi Decoded episode to hear Alex and Andrew discuss all things DeFi and Web3. How do Alex and Andrew view the current state of the crypto market, and what do they think is next? Why is Uniswap Foundation’s fee-sharing proposal for token holders significant? What is Bitcoin reflexivity in simple terms? 

TIMESTAMPS
[0:00] Introduction
[0:29] Past Week’s Rally
[1:48] Andrew’s Take
[7:57] Alex’s Take
[14:39] MicroStrategy vs Bitcoin ETFs
[19:41] ETH ETF Potential
[20:56] Bitcoin Layer 2s
[25:58] Uniswap Fee-Sharing Proposal
[38:16] Coinbase App Store Ranking
[40:45] Andrew’s Bitcoin Story
[42:17] Bitcoin Reflexivity
[44:53] Conclusion

 

 

Part of Ninepoint’s DeFi Decoded Podcast Series. Available at Google, Apple, and Spotify Podcasts.

The opinions, estimates and projections contained within this recording are solely those of Ninepoint Partners and are subject to change without notice. Ninepoint makes every effort to ensure that the information has been derived from sources believed to be reliable and accurate. However, Ninepoint assumes no responsibility for any losses or damages,  whether direct or indirect, which arise out of the use of this information. These views are not to be considered investment advice nor should they be considered a recommendation to buy or sell. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated. Important information about the Ninepoint Partners Funds, including investment objectives and strategies, purchase options, and applicable management fees, and other charges and expenses, is contained in their respective prospectus, or offering memorandum. Please read these documents carefully before investing. We strongly recommend that you consult your investment advisor for a comprehensive review of your personal financial situation before undertaking any investment strategy. For more information visit ninepoint.com/legal. This report may not be reproduced, distributed, or published without the written consent of Ninepoint Partners LP.