Haun: Extraordinary to Hear Bitcoin Called a Safe Haven

Watch Haun: Extraordinary to Hear Bitcoin Called a Safe Haven - Bloomberg on Dailymotion

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00:00I want to start just with the price action. I mentioned a new record for Bitcoin, $125,000

00:05on Sunday. How are you watching this? Too far, too fast? Is it warranted? Just weigh in there.

00:11Well, I want to take a step back here and realize something. I don't think this is talked about

00:16enough. And that is that Bitcoin right now is the seventh largest asset by market cap in the

00:22entire world. And for those of us who have been in this space for over a decade, like myself,

00:26that's really extraordinary. And I still think we're so early and just at the tip of the iceberg.

00:31You know, you just had Jamie Dimon interviewed. He's talking about the tip of the iceberg with AI.

00:36I feel the same way with crypto as an asset class. And of course, Bitcoin included chief among that.

00:42Absolutely. October has historically been a big month for Bitcoin, its best performing month

00:48overall. To what extent does the current macro environment, we're talking about stubborn

00:52inflation, long-term fiscal concerns, as well as the current political environment,

00:57the government shutdown being the most obvious example of the political dysfunction,

01:01create a perfect storm for those who are bullish on crypto, bullish on Bitcoin.

01:07Yeah, sure. Well, we're hearing a lot these days about in the short term right now,

01:12the debasement trade. And it's kind of extraordinary to hear Bitcoin called a safe haven,

01:17because, of course, it's still a risk asset. And it's still, again, very early. But I think what

01:24I'm going to back up and not just talk about the government shutdown, because obviously the macro

01:28picture always has historically influenced crypto. But I think that what you're seeing with Bitcoin

01:35right now, it's still the institutional adoption story. And I think we're very early in that

01:39institutional adoption. You saw a little bit of that in the last cycle, kind of in the 2017,

01:442018, and then also in 2021 and 2022. But I think that institutional adoption story

01:50just continues. And it's just getting stronger. I mean, you mentioned ETF record inflows. You know,

01:57Ibit, BlackRock's crypto ETF, Bitcoin ETF, is the most profitable ever ETF. And it's only been around

02:05for not that long compared to other ETFs that have been around for 20 years. So I think you're seeing

02:11more and more signals of institutional adoption. You're seeing really a whole crypto economy and

02:16even a Bitcoin economy emerge.