Ryan Radloff – Coinshares: Bitcoin ETF, ETN, ETP, Financial distribution & bitcoin 2019 potential


Dear crypto community and blockchain
buddies across the globe welcome back to Cryptonites the no BS blockchain
channel built with the community and for the community and we’re here live at the
group to compare digital asset summit with another living legend Ryan Radloff
CEO of Coinshares. A pleasure to have you my friend. Great to be here yeah as
well. So, Ryan you’re just telling me a really cool story about your dad yeah
yeah and it fell yeah my dad was an American football player actually born
in the UK moved over when he was 13 and was a US football player played for the
University of Georgia won a national championship there and
then went and played for the Atlanta Falcons San Francisco 49ers and a couple
other teams in the NFL so he’s there he had 10-year career he’s massive I got I
got terrible genes because I’m I’m not nowhere near as big as he is but when
you got the awesome so the other day we were at another event and you’re on a
panel and I think it was perfect except you forgot one thing was that drop the
mic oh well we had that I think there’s some people on that panel that I didn’t
see eye to eye with me exactly that that weren’t very big Bitcoin fans and those
types of most of those people I I like to listen to them but I have some very
strong feelings about kind of the center of this community which is Bitcoin
whether they were the people like it or not
so yeah sometimes I get a little heated onstage. It was very entertaining and
really impressive. With regard to Bitcoin obviously you’re coming from a
traditional more institutional background moving into the crypto space…
yeah. What are your best arguments to make someone who doesn’t really
understand someone from the off chain world to want to be a part of the bitcoin
community or network. You know what’s interesting is like what got me into
Bitcoin was I was actually a student of money I was a student at specifically a
Japanese yen the currency RIA and you know I think what most people I talked
to really can’t explain to you how actual dollars in yen and
work and the whole concept of how you have about eight people over the world
that prints money out at basically whatever their discretion it the
discretionary amount they want the prints are and it’s fascinating to me
how few people really understand that political movements kind of handshakes
backdoor deals have a massive influence and how much money is created and you
know I think that is one of the biggest selling points for Bitcoin because
bitcoin is a systematic programmatic deployment of money supply and that was
really what got me into this thing and I think speaking of my dad you know in
2008 you know us families all across the United States got wiped out and what
happened is a bunch of bankers got in a room with the central bank and said you
know what we just over Lintz to retail we overland we sold securities outs to
the rest of the world and we have no more money left sorry we screwed up we
need you to bail us out and we need you to print more money to bail us out and
instead of giving money to the average person on Main Street what they did is
they printed money and gave it to the banks so you know when people are
looking at and thinking bitcoin is some crazy new world you need to go back and
look in the mirror and realize how ridiculous the other side of the
conversation is and I think that when I look at Bitcoin in context that’s the
most important thing I mean we’re all taking crazy pills here right one group
has their there the amount of money decided about from eight people around
the world that have handshakes and and deals like that with bankers the other
group is a grassroots movement that’s software and a systematic approach to
the amount of money and I think that’s the single most important thing it’s
volatile yes but so is every other currency outside of the top five like
like dollars and and yen’s and things like that
so to me it’s all about that and that’s what’s got me in it and that’s what will
that’s why I will remain in this space and tell that system is obsolete we’re
not going to stop and there’s a lot of guys and girl and gals like me that are
preaching the same thing and it’s very important for anyone that’s in the
Bitcoin community on the other side to be able to speak both languages you have
to be able to speak modern monetary theory and macroeconomics to meet some
of the opposition head on and win because without that you’re just
one sided argument so that’s to me sorry I get a little heated on this because
you know because it’s so important that’s that people don’t just get
educated on Bitcoin but action on how money and currency works itself today
because it’s absolutely ridiculous is that the best step to go like other
understanding like fiat currency and how money works as of today
and then studying cryptocurrency is that kind of illogical definitely I mean I I
don’t when I speak to institutions one of the first things I do is instead of
prodding about how much knowledge you have about Bitcoin or how much you know
about the blockchain what I like to do is I like to first understand how much
they know about the US dollar and figure out what you’ll be surprised at the
higher level you go because we speak to a suite of thousands of institutions all
around the world per year the higher up the food chain you go in institutions
there is no correlation to their understanding of the fiat currency
system and modern monetary theory most these investors spend their time
studying net free cash flow margin analysis of corporates you know finance
and economics they don’t understand monetary policy and monetary theory and
how these things are interrelated and of course as you’re making decisions on
whether bitcoin is something good or bad without being able to communicate the
other side how could you possibly say bitcoin is bad.
So what’s shocking to me, even whether it’s a retail person or whether it’s an
institutional investor I want to know how much that person understands about
the dollar before I even start with Bitcoin and if they don’t understand how
bad things are on the other side of the fence there’s really no point in even
trying to explain Bitcoin like you have to go through that education process it
was vital for me that is so interesting because you’re right if you want to
judge something you it always needs to be relative right something else right
or else absolutely otherwise you know Bitcoin and digital assets in general
look like this incredibly volatile kind of get-rich-quick scheme and what most
people face value that’s what they look at what they don’t do is they don’t go
the surface level down and realize the principles around why bitcoin is created
not only when it was in the wake of the 2009 financial crisis but why it was
created in terms of separating this system of money creation from just a few
hands around the world to a people’s currency that is distributed through a
systematic computer program and I think that core element is the
most important thing our entire ecosystem revolves around and trying to
argue that without somebody having knowledge about why the other system is
bad is is it’s an uphill challenge I think most bitcoiners don’t do a good
enough job learning the other side and vice-versa
most people trying to learn Bitcoin don’t do a good enough job understanding
that the current world they live in so it makes it so that that’s kind of
problem that Bitcoin faces and why in it’s inevitable move upwards it will
take a long time because most people don’t understand currency in general.
That’s a really good point in that long move like you’re saying it’s funny
because when you look at Google Trends and the amount of Bitcoin, what is
Bitcoin, how do I purchase bitcoin there’s so much activity in terms
of research but very few of them actually buy or use it yeah well why is
there such a discrepancy. Well let me challenge that a little bit. So
what’s interesting about it, you’re right I mean there’s certainly a lot more
people well research or Google bit what is Bitcoin you know we think about
there’s about 50 million people that own Bitcoin globally roughly right so if you
look at the amount of exchange users and you look at the amount of like
blockchain.com wallets whatever metric you want to use we think there’s about
50 million now what’s interesting about that is that if you look at the relative
market cap of Bitcoin it’s about a hundred and fifty billion dollar market
cap today about 50 million people on it that makes it one of the most
distributed owned assets in the world when you look at a market cap per user
ratio so look at something similar like IBM. IBM’s about a hundred and seventy
ish billion dollar stock and there are a very few people that even have access to
IBM. There’s very few people that own it right a couple million maybe own a VM
stock in the u.s. Bitcoin 50 million people own something that’s only 150
billion in market cap that ratio is critically important so yes you’re right
there’s still a big discrepancy between Google searches to number of people
owning it but if you look at in relative terms on a market weight adjusted or
per-capita basis it’s a massively distributed
acet and in the first 10 years of existence is probably the most
successfully distributed asset in the history of any asset so the important
thing to watch here is that over the next 10 years if we can maintain the
level of market cap per user. Bitcoin will be at far and away the most
distributed widely held asset in the world
the other ones that are closed are things like silver and silver is a
relatively low market cap company but it’s a massive distribution because of
silverware because of jewelry and that’s good
Bitcoin will have its own things like that its own jewelry its own micro
payment economy that helps it seep out into different users so we expect one of
the most important ratios is to carry that market cap per capita ratio and I
think you’ll see it continue to grow because of how accessible it is and how
how intuitive it is it finding its way in these little cracks all over the
internet is that distribution and accessibility the definition of
financial inclusion in some ways definitely no question and you know the
problem is people you know that financial what we’re at seeking to it’s
almost like it’s almost like capital controls and regulation is like the
antigravity for Bitcoin it’s like the harder you push against it the faster
Bitcoin flows into it and I think that is a sign of its
intuitiveness and its resiliency and its ability to find its way into cracks and
creaks all over the world on the internet and and in different places and
I think you’ll can you’ll continue to see it expanding and it’ll feel very
similar to the way it did with the internet and it already is right I mean
50 million people own this thing and you know the internet all the sudden, you
talk to your mom and dad in 1994 about doing banking online that was ridiculous
right whose it was about email and kind of I am and maybe surfing the web I was
scared to use my credit card yeah we always like it’s like yeah we all we all
work and you know I mean even today like I’m not gonna lie I guys sometimes I
sometimes like whenever a big Bitcoin transaction goes sometimes like ehhhh but
but I just comes it’s again it’s only fully been doing it for seven eight
years so you know I’ve been I’ve been swiping cards for a lot longer right and
I think that’s just a part of the story it’s part of the narrative and more
people that come into the system get more years under their belt and it
starts to gain that that trust just like the internet didn’t and any
other technology we’ve used but you know again going back to that those numbers
the one of the most under talked about things is the market cap of Bitcoin to
the to the number of people holding it I challenge you to find five other
assets in the world silver is one of them but five others that have as high
of a distribution ratio of its market cap to number people holding it. That’s a
really cool metric, actually it’s the first time I hear that many so thank you so
much that it’s cool that is really really cool. Earlier you told me
something really contrarian really interesting like we’re talking about
whether bitcoin is an actual currency is a crypto an actual currency is it a unit
of count is it a means of exchange is that payment method but you were
actually saying that it doesn’t need to be that we’re we’re just digging a hole
your approach is everyone is hoping that okay we ticked all the four boxes
to be a currency but you do not necessarily see it the same way do you
mind sharing that point of view Yeah I think it is a fallacy it is an improper classification to call it a currency you
know it that is a subcategory of what bitcoin is bitcoin is much larger
than that in fact it is it’s we’re unable to define what bitcoin is bitcoin
is an ideology it’s it’s literally an ideology it isn’t just a currency and
when you have different platforms that are trying to compete with Bitcoin on
one of its sub categories I think ultimately it’s a losing game you’ll
have like newer crypto currencies that are trying to be just a medium of
exchange or Forks a Bitcoin that are trying to just a medium of exchange but not
the store value are missing the bigger picture
you know Bitcoin is an extension it’s a little technical but it’s like an
Austrian economics ideology that is 5000 years old. It’s the idea that money
itself not currency what money should be hard to create it should be difficult to
produce it should be very difficult to replicate and that goes against what the
mainstream money is today now whether it’s easy to exchange or not it is
incredibly easy to exchange the reason it’s not being exchanged
because it’s too volatile now all the other exchange tokens that are backed by
belief are also going to be just as volatile as Bitcoin so that’s why I
think it’s a fallacy that Bitcoin or any digital asset that is backed by belief
which is what they all should be backed by to truly be different than the legacy
system has to be a medium exchange first rather what it has to be is asked to win
the rights of being a store of value and a monetary unit that is separate from
the legacy system first once it wins that war and that battle then the easy
part is the exchange ability I mean this thing is divisible by 100 million we can
send it anywhere now with lightning network instantly and they’ll be 50 other
versions of lightning Network that you probably can’t even think of in the next
20 years the easy fight is speed the hard fight is winning the global belief
structure that this is a monetary unit that exists wholly outside the legacy
system and is incorruptible by the powers that exist on either side of the
fence. So that’s the real fight and if you try to build an exchange token that
isn’t backed by something completely outside of that then it’s you’re gonna
fall into the same trap that all the other ones are and it you know I think
the exchange I think the stable coin market and the
like the concept of like global coin or tether it has serves a purpose and it’s
a it will have a shelf life in our progression of an ecosystem for sure and
it already is it’s a massive benefit for companies like ours or others that want
to go and move money around fast in the dollar camp however none of them are
going to be a successful as Bitcoin long term because what bitcoin is doing is
it’s capturing this assets the bigger picture that I’m referring to that it’s
completely disintermediated from the legacy system there’s nothing that
anyone else can do to shut that down so the easy part long term is the meat of
exchange the hard part is getting the belief structure to rally behind
something because unless you back a monetary unit by belief it’s going to be
backed by something that is trusted by some Authority and sorry that we’ve all
we’d seen how that story plays out and it plays out very bad very bad
so could Bitcoin become like a Gold 2.0 eventually if it reaches that it already
knows solutely I mean we I think I think
Bitcoin is going to be in the next student within the next 50 years Bitcoin
will be the world reserve currency it will be the economic hegemon as they say
and typically world reserve currencies have about 120 year shelf life the
United States is approaching its its 100 year a hundred hundred and nineteen
twenty became the world reserve currency so we’re approaching that hundred year
shelf life and I think if you’re telling me right now that a blockchain based
monetary units that is cos borderless will not be the next reserve currency
tell me what is if it’s not Bitcoin maybe be a bit some iteration of Bitcoin
but I highly doubt we’ll see another iteration of Bitcoin be able to overtake
the claim because the concepts of proof of work is so pure and beautiful I mean
you can’t recreate proof of work from the start because that chain will has a
very high capability being attacked so that’s why Bitcoin has this not only it
has this secure starting point from its beginning and I think it’s just going to
continue to snowball that is so so cool so Ryan the other day we had a really
interesting discussion together about stable coins backed by fiat currency
does that defeat the purpose or what are your angles on having that approach
today yeah I mean I don’t think look I don’t think it’s certainly not going to
compete with again that ideology I’m referring to and that hegemon of what
Bitcoin it is as a unit I think stable coins have a very important play in our
development as an industry right now and I think they have already served we’re
now at like four billion dollars in stable coins globally in terms of market
cap the problem with them though is that they’re basically with all respects to
the people that are running these things most of them are smaller banks with like
a crypto lipstick on you know and and I mean to be honest there one phone call
away from the SEC to we’re sorry the music stops and so what I think is
interesting are the following things I think in the area where we’re investing
Quinn chairs is investing heavily with a couple of companies on investing our
stable coins that are completely disconnected from the legacy financials
so gold backed coins physically backed coins where you can deliver these coins
to a custodian and redeem them where you don’t need a bank to settle and clear
these things you don’t have to worry about the sec or someone else calling up
and shutting that of that Bank off providing access to the market I think
that’s gonna be the trend and also includes it’s an interesting one but
very controversial there’s a few groups that are working on what’s called a
physical dollar coin where you literally put dollars in a vault and euros and
where that gets really interesting is that as euros start to charge a negative
interest rate for holding them at a bank you can take your physical euros out of
the bank and put it in a vault and you can hold the coin so therefore it’s kind
of super it supersedes the ability for the central bank to and banks to charge
negative interest rates on currencies so that’s an interesting thing to watch
there’s a few groups that are looking to do that and call for the physical
physical dollar and physical euro coins yeah it’s very interesting do you see
potential in that space as well again I think the shelf-life is right I think I
look at all of these as like Trojan horses right like global coin coming out
it’s what we’ve heard no one’s I haven’t seen the official white paper or
whatever we’re gonna call it but you know I’m hearing it’s gonna be a basket
of a few different currencies like the IMF’s
or the ad ARS and and kind of these complex things I view it as a Trojan
horse it gets us behind the enemy wall and then once we’re behind that wall the
bitcoin guys are gonna go crazy right so I think you know I think what
it does is it teaches people how to use double key cryptography it teaches
people how to use you know send private keys wallets become more widely used
that they integrate Bitcoin rails directly into that because it’s super
easy and ultimately it just adds more liquidity more attention to our space
and bitcoins position as a leader will just become a larger position as more
and more excitement happens and that’s why I view the Facebook coin and all
these other coins is a net positive to Bitcoin in our space I don’t view them
as a negative even though I’m a huge Bitcoin believer in fnatic that’s a
really good point because you know when Facebook faced a few ski
handles if there was another platform decentralized Facebook that had this
same friends and they would they would have moved right by the other space so
you’re right if people don’t like the global corn or the Facebook stable coin
they might get interested in Bitcoin you might drop some traffic in that sense
yeah I think there’s one fallacy though that there’s a lot of confusion in the
market I mean people always talk about I’m gonna build a decentralized Facebook
or I’m going to build a decentralized XYZ you know the fact the matter is
block chains actually are pretty inefficient yeah if you look at block
chains and from a computer science standpoint distributing data and have
consensus every 2 or 10 minutes whatever it is is actually a computer science
issue yeah so the core concept I believe blockchain should have as little
information on them as possible and should be used as validation utilities
right you to validate things of data structures that are held behind the held
yourself so the core blockchain shouldn’t have all of our data on it
right our data should be stored with us where the service is validating whether
stuff is real or not and I think what’s interesting you’ll see with Facebook
these others is you’re gonna see this trend in tech start thinking about how
little data can we store it right how how few of data points and lines of
codes can we have about our users and I think the blockchain industry has really
been a massive awakening into that it’s helping that movement that’s really good
points actually the co-founder of our company was hoping that you know when
Facebook was kind of hinting at about cryptocurrency that they would develop a
digital ID system yeah you know how you can log into websites with you know
check in with Facebook or logging with Facebook to make the experience better
for you do you see digital idea being
incorporated in smart contracts eventually so that it’s even more
transparent and can build trust with regulators or people who have issues
with you know the darks darker side of cryptocurrency definitely yeah it’s you
know I think the ideas I think idea is probably one of the most massive parts
that you can use to validate you know blockchains can be used to validates
idea very quickly and I think I’m a little upset that Facebook didn’t start
with that first yeah there’s a lot more you know I mean that there’s a lot more
you know there’s a lot more humanitarian benefits that they could have that they
could have attacks with that first as opposed to a monetary unit but you know
let’s see I think what I like seeing is I like seeing Facebook coming out with
their own coin I like seeing them talk about tweeting about deploying a hundred
nodes all over the world I mean that’s cool stuff right so I don’t think we’re
a mile a hundred miles away from Facebook rolling outs their own identity
products and when that happens watch out I mean it’s gonna be very exciting I’m
super super pumped up definitely myself as well really looking forward to the
developments in the space one last topic that I want to address with you Ryan is
you guys have played a critical role in getting interest from the institutions
young and driving people into this space you have obviously the first index that
everyone can track and I think that’s when people use trading view they see
you guys they know that you’re online and and they get curious so what I would
love you to say is could you explain to the kind of the beginners out there the
Millennials what is an index what are the ETF and ET peas these are difficult
terms that we hear a lot about recently in the news yeah that’d be awesome
so coin shares what we do is we’re kind of in this position where we bridge the
digital asset space with the legacy investors and how we do that is we’ve
figured out from a regulatory framework how to put Bitcoin as if it’s trading
like a stock that’s particularly helpful for people in the Europe that have
retirement accounts so you can click just like it’s it’s any other stock and
buy Bitcoin now we’re storing it for you so it’s not your keys which is the
downside but that enables you to buy it quickly it’s a stock enable enables
institutions to be able to buy because trading on a register regulated market
so that is filling a need to help people get into Bitcoin easier so that’s what
we do and that’s when the exchange-traded product is it helps
people buy an underlying asset whether it’s gold whether it’s Bitcoin or a
collective group of these commodities very easily like it’s a stock and you
benefit from the liquidity the ease of access and being able to access it from
things like retirement accounts or institutions that have to train on a
regulated market so that’s what we do and that’s where we’ve been successful I
mean today we’ve got about a hundred million in assets now
Bitcoin aetherium and XRP and litecoin and we’re only seeing that grow and
we’re very excited litecoin ride was pretty bonkers yeah that was unless he’s
been great like what he’s been doing really all
this year that’s really really cool so talked about et bees you talked about
your index ETF just one last thing relates to institutions this is such a
huge topic we had the guise of an egg here today as well why is it what is an
ETF and why is this such a massive topic and in most almost all the headlines on
the news these days yeah I mean the ETF like so in Europe we don’t have et a
single asset ETFs in the US you do so they’re exchange-traded funds in Europe
we call them ET ends or ETCs and it gets the nomenclature gets a little confusing
an exchange-traded fund is it is a u.s. structured product that enables Bitcoin
to be traded like a stock just like our products are exchange-traded notes that
enable Bitcoin to be traded like a stock as well different regulators have
different laws that enable these things to trade differently so they’re very
similar in structure some slight differences in terms of the risks and
others that need to be looked at in the prospectus but it’s very similar and the
reason why it’s such a big deal is because again there’s in the u.s. right now
there’s 55 million accounts retirement accounts that equates to 28 trillion
dollars of assets none of that can buy Bitcoin right now so when you think
about the addressable market of what an ETF could serve that’s how big of a
market it could open up so everyone’s saying that once in a US ETF hits then
it’s going to open up Bitcoin and if you look at what happened to gold when gold
listed an ETF on in New York it also massively ramped up the price as well so
I think that’s what everyone’s looking at and they look at what we’ve done in
Europe and they see the success here which is a much smaller market and if
someone can crack the nut over there it’s there’s a lot of people trying the
van eck guys are great and the winklevosses a nice fan yep they’re all
trying but they haven’t been able to crack the nut with the SEC yet and I
think I think it’s coming though I think it’ll be soon
meantime in Europe were cracking along and we’ve had great success we continue
to more see what do you feel like I mean I just moved
to the UK in January but it feels like things are boiling here yeah obviously
in terms of adoption in terms of investing in Bitcoin as a speculative
asset I was in Japan you know for the past eleven years and the Japanese yen
was driving the entire market at the peak it was 52% was coming from Japanese
yen you know Chinese yuan obviously they were they were limited but they were
converting to Japanese yen as well to buy crypto and it comes it tends to come
later in Western Europe a little bit slower but do you feel something’s
boiling something’s cooking these days you know I look I I would like to agree
so I do it in two ways so first of all I look at GBP and Euro volumes compared to
dollar and Korean and volumes and we’re not there yet you know I I think part of
the reason why is because there’s more speculation you have a higher
speculative culture than we do in Europe right now and still if you look at the
percentage of Bitcoin trading it’s still high person speculative yeah whether you
whether you believe in all the things that I said earlier or not the data
tells us that so Europe traditionally speaking is a much slower speculative
environment part of the reason that bonds are a lot more popular than like
equities are because equities are more risky than bonds are so I think the UK
specifically is a massive explosion of energy around development around
appetite but the volume still are the dollar and Korea are still massively
ahead so I want to see the volumes pick up in terms of the energy like what what
between the UK and Switzerland they’re the companies that are that are
building products here is definitely an explosion the volumes though need to
catch up needs catch definitely yep that is amazing you have such a wealth of
information Ryan I think you’re gonna have to come back I’m sorry I would love
to oblige you to come back what I say well why don’t we come back after the
next Bitcoin monetary having in May and before that well we can do that I think
we’re gonna see I think I think the the six months following next May are the
most important six months that exists and here’s why
if Bitcoin can diverge from other global risk assets like equity US equities in
Nasdaq if its pricing can diverge from the issues going on where Chinese US
trade war kind of depresses risk assets then we could see Bitcoin move to the
likes of forty to fifty thousand very quickly and I think the combination of
the structural fundamentals of Bitcoin that are improving with the hope that we
see Bitcoin diverge from other equities and risk assets I think it’s gonna be a
particularly interesting time the next 12 months
am I in the next six months after that monetary having as the target because a
lot of the legacy economists I’m talking to are viewing that timeframe is a
critically important point around the summer of next year of what’s going on
in the US Chinese trade war so you combine this macroeconomic story around
around the trade wars with bitcoins monetary having it’s super interesting
so let’s see what happens there there’s so much actually just to add a little
point on that like our CEO was actually looking at you know right after TG being
announced that they want to devaluate the Chinese yuan yeah and then suddenly
there was there was a bull run literally a few hours after the news so making
people think that is there Chinese yuan starting to park their money and Bitcoin
because they’re afraid of devaluation of their own local currency yeah I mean a
trade wars are pretty crazy around that’s exactly the right thing I mean I
think what’s interesting the narrative that’s going on right now that I’m most
excited about is that we’ve gone from the discussion of why does Bitcoin exist
so talking about Bitcoin in terms of a macro context right in terms of like
what is Bitcoin doing relative to equities relative to commodities right
it’s now kind of it has a seat at the table and as it develops that seat at
the table you’ll start to see more and more serious players start to look at it
as an alternative investment and the most important thing to watch as
mentioned is how does it behave versus other risk assets because if it diverges
like we’re expecting it to them well the gatewatch out because this you
know that there is no top of how high can go and there’s no bottom
well tetiny rose but it will remain volatile but you know
watch out because if we catch a if we catch a divergence from other equities
and things like that this there’s no telling of how big the next one could be
and just to illustrate that point on the halving so could you explain to us or
for the people out there what is going to change in terms of mining and the
rewards they’ll be getting after the halving period yeah yeah
so one of the things when we talk about the beginning why I love what has me so
excited about Bitcoin versus the legacy system in the legacy system a group of
bankers look at some data talk to their buddies over at the big banks and say
how much money should we print and then they decide that Bitcoin has a
mathematical equation that says here’s how much money is going to be printed in
every four years that’s going to be cut in half right and that cuts in half
every single four years until the year 2140 roughly and that is the first time
we’ve seen a money issuance that is completely calculated and and
programmatic so what happens that is in the last three times we’ve seen this
we’ve seen the price really move around the times where the money supply the new
issuance of Bitcoin is cut in half so what will happen in May of next year is
the amount of new Bitcoin that are created every ten minutes and a new
block will be cut in half it’ll be go go down half amorta today and any if you
study economics you don’t have to really study that much no when you when you
start messing with supply demand when you you know when you cut supply but
keep demand increasing what happens to the value goes up and we’ve seen that
happen the last couple of times that the supply of Bitcoin has cut been cut in
half so that’s why I’m particularly interested to see what happens the six
months following this may when you look at it in terms of the supply being cut
demand going up and the macroeconomic conditions deteriorating that is where
you have a recipe for a massive massive move we’ll be hopefully popping a bottle
champagne at that time right I hope thank you so much Ryan for everything
that’s absolutely obviously awesome having you so should we follow you on
Twitter Twitter’s a good source? Yeah @ Ryan Radloff is twitter
follow at Coinshares Co as well and I you know we’re we’re gonna continue kind
of moving the narrative on really tough things that face the Bitcoin ecosystem
an example of that is one of the hardest things to look at and debate is whether
Bitcoin is good or bad for the environment right and most recently coin
shares just came out the report that proved that 75% of Bitcoin is being
run on clean renewable energy and so these are the things that I’m gonna I
tweet about that coinshares is really trying to solve and communicate to the
market so love loves you to join and everyone else is doing the conversation Crypto community! Thank you so much from the bottom of my heart for everyone from the very early adopters when we only had
3-4 subscribers all the way to now over 2000 subscribers and only twelve
interviews we are over the moon and this is thanks to you! The no BS blockchain
channel built with the community and for the community. And unfortunately… we have
a bit of a sad message and that is this is the end of our journey… Until season 2
we will be back on October 2nd every Wednesday at 8 o’clock GST premiering on
a PC near you and we’re coming out with a new format, a fresh look and the
ability not only to learn but earn cryptocurrency by simply viewing. Just
like the SwissBorg Community app and for those who do not have the SwissBorg community app yet… remember there are 3 core advantages number one you get access to cyber prediction algos that will help you predict the price of Bitcoin better than 88.4%
percent of all our users. Number two, you will have access to the daily
Bitcoin analysis made by financial professionals and… Number three you’ll get
the chance to learn about Bitcoin but also so earn Bitcoin and the SwissBorg token
the CHSB token, just for having fun! so go ahead download community app and
in the meantime don’t forget to connect with us on all platforms that we can get
your feedback, your questions, which speakers you want to really make this a
no BS blockchain channel built with the community and for the community. Look
forward to having you guys soon. See you on season two!

4 thoughts on “Ryan Radloff – Coinshares: Bitcoin ETF, ETN, ETP, Financial distribution & bitcoin 2019 potential”

  1. Get the SwissBorg not-for-proft bitcoin app to LEAN and EARN bitcoin for free!
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    00:24 A superhero dad
    01:06 Debates
    01:50 BEST arguments for Bitcoin
    02:47 A bank story that created the need for a trustless system
    04:14 The 2 languages to win institutions over = 1) monetary theory/ macroeconomics AND 2) Bitcoin/ Cryptocurrency
    06:05 Bridge the familiar with the unfamiliar (always relative)
    07:18 Bitcoin is one of the most distributed, owned assets per capita in the world
    09:47 Financial Distribution & Financial Inclusion go hand in hand?
    12:09 Bitcoin is more than a currency, it’s an IDEOLOGY
    13:40 Win as a store of value FIRST, THEN become a medium of exchange
    14:35 Exchange tokens, Stable coins serve a purpose but will never surpass BTC
    16:38 Should stable coins really be backed by fiat currencies?
    19:00 Global/ Libra coin is our trojan horse
    19:56 Blockchains are actually pretty inefficient
    21:20 Why didn’t Facebook focus on Digital ID on the blockchain?
    22:45 The bridge to institutional investors with the 1st Index/ ETF
    26:11 ETFs ETNs & ETPs
    28:17 U.K/ Europe vs Japan/ East ASIA
    30:15 Bitcoin needs to DIVERGE from other asset classes in the next 6 months
    31:30 The recipe for a massive bull run
    33:00 A heartfelt GOODBYE…

  2. In-One-Word:

    "CONGRATULATIONS!!"

    This season with 14 interviews have been AMAZING!!!

    This is only the beginning… in a future this would be lessons for crypto begginers that join us in this travel…

    WHY CRYPTONITES WILL BE A SUCCES IN A FUTURE? HERE THE TIPS➡️➡️➡️

    1-I love the way Cryptonites evolve… making litle changes in each video to improve the quality…

    2-I love the effort behind the scenes, I don't see you guys, but I feel it…

    3-Cryptonites bring us every week known people in crypto space, this is not easy…

    4-The content and recaps are very very very interesting…
    (In my case, I've started this year those episodes give me a lot of information to understand and evolve my knowledge in crypto)

    5-Highlight one of the most important persons that makes this happens… Alex!!
    Alex, thanks for make that brilliants interview, I love your way to make this… Formal and informal, in the same way funny and serious at the same time… For me is more easy to watch this video due to you are here, may thanks my friend!!

    CRYPTONITES, THIS IS ONLY A BREAK I ENJOY TO BE PART OF YOU EVERY WEDNESDAY, THANKS FROM MY HEART♥️♥️♥️♥️

  3. Another great video Cryptonites. Really interesting to hear Ryan's thoughts on the ideology of Bitcoin. Well done on an amazing series and I look forward to more guests in October!

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