Welcome back everybody to altcoin daily Happy
Thanksgiving can't stop won't stop we come at You on a daily basis bringing you the latest
in everything going on in cryptocurrency my Question to the altcoin Daily audience why is Sam
bankman freed not yet in jail why is he still a Confirmed speaker at the New York Times speaking
event November 30th why is he still being invited On shows like CNBC to do interviews why is he
allowed to just lounge around all day at his Multi-billion dollar home in the Bahamas with very
few politicians seemingly speaking out about this Injustice and asking the doj to take action with
it seeming like people are more concerned about The movie rights than actually taking bankman
freed to Justice and getting Justice for the users Of FTX we need answers my friends and for that
we go to Kathy Woods Kathy Wood the founder of 60 Billion Arc invest a star stock picker a Bitcoin
ethereum D5 crypto believer Kathy is going to help Us answer some questions today because if anyone
can provide solid perspective it's her so first Question the FTX disaster created a deficit of
trust in the whole industry why should investors Continue to trust crypto why should investors
trust crypto why do you trust crypto at this point Yes if you look at the blockchains let's
use Bitcoin blockchain and ethereum what You'll find is they have the infrastructure the
technology has not skipped a beat throughout this Entire crisis in fact the hash rate bitcoin's
hash rate is at an all-time high and that is a Real indication of the security of the network
ethereum we're seeing the total value staked at 24 billion that is an all-time high so we think
the infrastructure is working beautifully this is The three revolutions we talk about all the time
one new monetary system in in terms of the first Global private meaning not government controlled
digital right rules-based monetary system that's Bitcoin a very big idea Defy is a very big idea
and while that has been thrown into question in Terms of shifting from one Exchange to another
we've had a lot of Shifting around but I think Defy in terms of taking the middlemen out of
financial services and and making the ecosystem Much more transparent with much less counterparty
risk is going to take off it will continue to move Forward we believe how is the FTX disaster going
to affect the recovery of the cryptocurrency Industry and the recovery of prices I've heard
some people claim that the FTX collapse will set The industry back by years I've heard other people
theorize that because all of these disasters Happen in this time period it's actually going
to make the bear Market faster what does Kathy Woods think how long does the crypto industry
feel the ramifications of the FTX disaster and How soon do you think the recovery will happen
Kathy I think one of the things we're trying to Figure out is how long that we think the industry
will be feeling the ramifications of FTX I mean One thing we've learned right with SPF and FTX
is what we didn't know so how long do you think This goes on because you obviously have faith
in it you've been buying into it and you think This is a good entry point how long do you think
we continue to feel the effect and do you think
There's more contagion to be felt well we always
look for the whale in a situation like this and if If there was a whale out there it was FTX and Sam
bankman freed you know King of the Hill so I think We found the whale and I'm sure there are there's
going to be more Fallout but we see how big the Whale is and yes a lot of people have lost a lot
of money around the crypto asset ecosystem losing Value here but if we're right on the underlying
technology and the underlying roles that Bitcoin And ether ethereum are going to play in this new
world then I think we're going to recover pretty Quickly before we go any further I have a question
for you I have a question for Kathy Wood is Sam Bankman Freed's fraud more like Bernie madoff's
fraud or is it more like Lehman Brothers fraud Bernie Madoff fraud was a multi-billion dollar
fraud Lehman Brothers fraud was a trillion dollar Fraud so is Sam bankman fried closer to Bernie
Madoff or closer to Lehman Brothers many people Are saying well okay is this another Lehman could
we see the domino effect here I've just given you One reason why the banking system back in 0809
trillions and trillions of dollars and it was the Global banking system right now we have it seems
from FDX 5 to 10 billion dollars in creditors As FTX has filed bankruptcy they will be making
claims if you look at Lehman that was 1.2 trillion Dollars in claims so again just trying to put
perspective this is fraud this is Madoff Madoff Was 64 billion dollars in claims again FTX 5 to
10 billion now the 50 billion dollar pink elephant In the room is what's going on with grayscale
what's going on with Genesis what's going on with The digital currencies group Kathy Wood very in
tune with what's going on with grayscale digital Currency group Genesis she doesn't have inside
information but she comes from that world so she Can share with us some perspective is she worried
about grayscale or digital currency groups do you Worry at all about as you buy into grayscale Cafe
the whole world of the digital currency group and Barry silbert's Company I mean the various
connections that kind of go back to FTX are You at all worried about a liquidation or anything
well we know that the grayscale investment trusts Are the most valuable part of that company right
now they're cash cows they're Revenue generating We think they're going to try and hold on to that
so we're looking at a 41 discount relative to Bitcoin today and so we actually think there's a
lot of upside now one of the things that we know That grayscale and Michael sonnenchyme at grade
scale wanted was to convert this trust into an ETF right I think what's happened with a Fallout
here might increase the probability that a Bitcoin ETF will be approved I'm not saying immediately
but we know that even the newest SEC commissioner Jaime lizaraga I think is his name has come
out and said we need as Regulators to focus On decentralization and transparency what is
the most decentralized and transparent crypto Asset in the world it is Bitcoin and yet retail
investors do not have easy access through a Liquid asset like an ETF which honestly I don't
understand given that they approved a Bitcoin Futures right and fund so you know I think it
might increase the odds we shall see make sure
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for us in every category where we are nominated Now the million dollar question Kathy Wood you
once said you think Bitcoin will hit one million Dollars by 2030. do you still think that so then
I'm assuming Kathy that you're going to hold to Your Bitcoin forecast for what is it a million
per coin by 2030 that still feels good to you Yes and you can um you know sometimes you need to
battle test you need to go through crises to see Who the real to see the survivors first of all but
really to test battle test the infrastructure and The thesis and again we think Bitcoin is coming
out of this smelling like a rose because of what I have mentioned previously and I do think
though the one thing that will be delayed is Perhaps institutions stepping back and just saying
okay do we really understand this and once they Actually do the homework and see what's happened
here I think they might be more comfortable Moving into into Bitcoin and perhaps ether as
a first stop because they'll understand it more