Bitcoin Bull Run 2024: What Makes This Time Different

This time could be different where we do Break alltime highs before the happen We've never had it happen this fast are You wondering what is fueling this Incredible crypto Bull Run and how far It could go yes everyone is talking About the Bitcoin ETF these new funds Attracted over $7 billion of net inflows In less than two months but there is one More factor that makes this bull market Different from previous ones that is Bitcoin defi some say decentralized Finance application built on the Bitcoin Blockchain could unlock bitcoin's true Potential and Spark the largest bull run In history according to hedge fund Pantera Capital this is a half trillion Doll opportunity people are going to Take their Bitcoin lock it up stake it To earn yield there are massive massive Tailwinds here but how can Bitcoin Compete with established defi platforms Such as ethereum or Solana and how could This emerging sector affect the price of Bitcoin in the long run I try to find Out out in my conversation with Dan held Bitcoin OG and Pioneer of Bitcoin DIY Before we dive in I'm thrilled to Announce the upcoming return of block Show the leading event in the crypto and Blockchain Industry this time it's Teaming up with block down a Pioneer in The web three conference scene get ready To join us in Hong Kong for this crypto

Celebration from May 8 to 99 don't miss Out click the link in the description to Learn more about this event and remember Early birth tickets are limited and now Let's get to the Interview we are seeing that this bull Market is gaining steam this year we Have a lot of bullish Catalyst we have The ETF approval we have the up upcoming Bitcoin halving and now we have this new Narrative of defi on bitcoin what is Your outlook for this bull market for Bitcoin this is going to be a massive Lever for growth and for Price Appreciation for Bitcoin people are Going to take their Bitcoin lock it up Stake it to earn yield they're going to Borrow against it this all reduces Sell-side pressure you're going to have Demand for Bitcoin as the underlying Asset to unlock defi on top of it for Example if you want to buy a Bitcoin Ordinal you can only buy it with Bitcoin So all of these new assets are going to Require the ownership and purchase of Bitcoin en able to access in order to Access them so this will increase demand For Bitcoin as well so it's a reduction In Supply sell side pressure it's an Increase in demand when coupled with the Having the ETF If the Fed Cuts rates Later this year there are massive Massive Tailwinds here that should Propel us to I mean what's nuts right

Now is we're at $57,000 of Bitcoin and We're not even to the having yet in Terms of previous Cycles we have never Had it happen this fast and every time I Say this I'm wrong but you know this Time could be different where we do Break alltime highs before the happen And that leads to an incredible Bull Run So we could see Bitcoin have a cycle Similar it's like 2017 maybe to where You know doesn't just like 5x it might You know go back to the 20xs or 30xs I Would like to touch upon an interview That we did a long time ago the summer Of 2020 you were presenting yourself as A Bitcoin minimalist blockchain Tech Sucks it's terrible why do you think It's time to stop developing altcoins I Very much prefer the most minimal amount Of architecture and the most minimal Number of chains right now you are one Of the most vocal supporters of Def on Bitcoin so you are at advocating for um Layer Two uh blockchains to be built on Top of Bitcoin so you kind of changed Your point of view radically what have Changed since then I wouldn't say Radically it's been four years I mean That's an entire crypto cycle so lots of Things change in a crypto cycle but yeah I mean we saw the obvious success of Defi over on ethereum and salana and so I think know the early version of Bitcoin maximalist back in the 2015 era

We always said whatever is going to Happen over there will allow the Experimentation to happen on these other Chains whatever works will bring it back To bitcoin well that's what's happening Is defi is coming back to bitcoin and in Fact it started on bitcoin a long time Ago back with counterparty and nfts on Top of Bitcoin rare Pepes were actually The first nfts before crypto kites but Now that the tech has been refined now That there's been a lot more Understanding of the game theoretic Surface area where these things can Break I think it's time that that comes Back to bitcoin so ethereum has been the Lead chain in the defi space most of the Decentralized applications in the last Few years were built on ethereum and During that interview in 2020 you were Accusing the ethereum community of Stealing The Narrative of Bitcoin and in Particular The Narrative of hard money Because back then um there was this Movement within the ethereum community Promoting ethereum as hard money but Right now don't you think that is Bitcoin stealing the narrative from Ethereum Yeah that's a great question when it Comes to sound money what the ethereum People completely misunderstand is that It's not about a rate of inflation or Deflation the US dollar is deflationary

Sometimes that doesn't make it sound Money it's about The credibility of the Monetary policy and there is no Credibility with ethereum's monetary Policy it has changed constantly we have No faith that it won't change into the Future whereas bitcoin's monetary policy Has never changed ever and that's where Credibility comes from credibility is Built through time and code and that's The mistake that they make so ethereum Will never be as much of a sound money As Bitcoin that just never going to Happen just due to the time and Trust Factor that's played in so with Bitcoin Bitcoin completely owns the sound money Narrative now when you look at the Smart Contract narrative there's a lot of of Different chains Vine for that defi Smart contract narrative in fact Ethereum has many many competitors Including like salana which would which Would be like the largest competitor and I think in this cycle what ethereum is Going to learn is that they traded off Some de decentralization to do defi on Their base layer and and other Parameters that they selected but There's other chains willing to Sacrifice more of that to allow more Cool things to happen AKA more Expressivity with their defi um that's Where I think salana is going to do Really well in the cycle where salana

Against ethereum is objectively a better Smart contract platform and for Bitcoin Bitcoin's A Better Sound money and both Ethereum both Solana and Bitcoin are Going to eat ethereum's narrative from Each end ethereum is neither the best Smart contract for platform nor the best Sound money it's okay at both whereas Salana has been completely architected To be the best uh smart contract Platform out there and Bitcoin has been Architected to be the best sound money Now when we look at defi is this Borrowing ethereum's narrative or not it Depends on how you wanted to find it I Mean I would say ethereum definitely Popularized defi that's without a doubt That's I think that's the objective Reality um but some things started on Bitcoin originally like nft started on Bitcoin with counterparty and rare Pepes Which really interesting too is that Defi and Bitcoin is is quite different Than ethereum in some ways it's the same In some ways it's different Bitcoin l2s For example allow you to do more things With your Bitcoin it's not just cheaper Or faster whereas on ethereum since it's An evm chain you can do all that cool Stuff on layer one just more expensive Uh whereas I think their l2s had a Little bit of struggle pulling liquidity Up to their l2s because their l2s don't Offer any additional functionality

Whereas if you teleport your Bitcoins to That next layer you can lend and borrow And do all sorts of cool things against It also for example Bitcoin has Something called meta protocols meta Protocols would be ordinals ordinals are Distinctly different flavor of dii than What has come before where it's not an L1 it's not an L2 it's this colored coin Sort of concept so it's a different Flavor of dii why do you think that Developers would move from Um already established defi platforms Like ethereum and Solana onto Bitcoin Well two reasons one is that Bitcoin has The most number of users the most Liquidity and will be around the longest So if you're going to build an app and You're going to build it for longevity This is the place you'd want to go you Know right now the the tooling is very Limited so you know building on top of Bitcoin for these users is much more Difficult than on ethereum and salana um Developers I think will have that fine Line of of being able to deal with that Friction versus tapping into those user And I certainly think that the users are Worth it it's a trillion dollars worth Of assets locked over on bitcoin if you Can deal with the user experience issues And and come through and and build new Def5 functionality then the value is Enormous again I can't stress enough how

Big Bitcoin is I think people forget This it's bigger than everything else Combined so if you're going to go build A Dap and you want to tap into liquidity Bitcoin is going to be where it's at in Terms of like is there a bunch of Legacy Stuff built in other chains where They're going to stay over there these Folks have zero loyalty to their to Their native chain uh they do not care What chain they're on these D5 Participants don't care that it's on Salana or ethereum or AAC or whatever They're chasing liquidity they're yield Farming they're uh eardrop farming They're going to jump to whatever chain Offers them those sort of features these Bitcoin l2s will do aird drops they're Going to do all sorts of different Classic defi incentive activities where They will have the fresh Capital they Will be able to in devise users to come Over that were formerly you know farming Over on these other chains a lot of People are concerned that if defi moves Onto Bitcoin we're going to see a Proliferation of pump and dump schemes Scams and all these aberration that we Saw in the defi space in the last few Years so these tokens that are being Created just for pump and dump schemes Basically tokens that have no Functionality or very little Functionality people are going to buy

Into them and then they're going to lose All their money so how are we going to Protect the Bitcoin ecosystem from this Sort of Aberration yeah that's a that's a great Question and um there's a couple Different aspects to touch on here one Do I want people to be scammed Absolutely not like I think when I've I've spent 12 years in this ecosystem And there's been all sorts of different Flavors of scams and it's it's very Disheartening I think what held me back When I was more of a Bitcoin Maxi was That I just looked at the failures I was Like okay there's a lot of failures here There's a lot of scams you know people Should be protected against these sort Of things and while I do agree that the There's a free open market for folks to Tell other people hey watch out for this I think there's a responsibility of Marketers to be upfront about the risks That people are taking with defi for Example at defi you don't have Counterparty risk but you you're your ex Your uh protocol risk could be quite High you know and so that's where I Think as a marketer like like there's a Certain level of Ethics so like Describing exactly how something works To your best of your ability um but yeah Look there's going to be bad things and Good things that happen but you have to

Take the Bad and the good because if we Don't allow the bad to happen there Won't be the experimentation of the good I think the Bitcoin Maxi's had it wrong Where they're like oh there's a lot of Scams that's all scammy that's not true Yes there are a lot of scams but there's A lot of good stuff that came out of it Yeah that's very good but I would like You to maybe draw some sort of lines a Guideline for our audience to understand Uh which projects they should look at in Terms of legitimacy which other projects People should be a little bit more Cautious about so correct me if I'm Wrong those tokens may be pump and dump Schemes while if a layer two on on Bitcoin doesn't have its own um Arbitrary token that's a sort of good Sign what do you think about that Distinction so with the Bitcoin l2s the Ones that have a token versus not a Token we've clearly seen that some of of The l2s without a token for example like Liquid has extremely low usage but I Think that we can certainly look at more Like ecosystems more like Stacks that Has had a token they've been able to Plow that into ecosystem development um And so like I don't think that's the Line to draw I think that there is more Or less like transparent marketing that People can do around it so no I don't Think that's a def definitive line I

Think tokens on top of Bitcoin are fine It just depends on what you're trying to Do and by no means I've been telling People to go out and buy these sort of Things you should decide that for Yourself I think that investing for the Long term where i' store my money very Long term is going to be Bitcoin right Like this is my tone hasn't changed very Much when it comes to I guess like lines In the sand that I would draw if there's A yield figure out where the hell that Yields coming from yield doesn't appear For free all yield is representative of A tail risk event that you are Monetizing what do I mean by that there Is some reason why you're receiving in The yield and you should figure that out So whenever you see yield figure out Where does this come from now this Exists both in traditional markets and In crypto this is a question you should Always ask yourself another one if it's Sounds to good to be true or the claims Are are pretty ridiculous it probably is If they're claiming that this will you Know this protocol is going to do this Or that and it sounds Incredible I would take a critical look At it take a cold shower and then look At it Again N

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OUR TAKE

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