Saylor will keep buying Bitcoin, Do Kwon’s extradition, Tether’s Tron concerns

Michael sailor says he will forever buy Bitcoin because there's no reason to Sell the Winner good morning you're listening to The ryzen crypto podcast by coin Telegraph with me Robert bags steering You through the crypto Cosmos with daily Dispatches from the digital Frontier if You want to aams razer your way to the Front of the packing crypto make sure You click that follow button grab Yourself a coffee and let's get into It your daily debrief is again packed With big stories in crypto and we're Going to start with two reasons to be Bullish about Bitcoin we'll then move on To Brad garlinghouse the CEO of Ripple Who has said they welcome an xrp ETF Terraforms Doan is being extradited to The United States and tether won't Confirm or deny whether they plan to Drop usdt from Tron Bitcoin has been a little quieter This week with fewer interesting Narratives but if you fancy starting Your day all bullish for Bitcoin well I Can help Michael sailor the co-founder And executive chairman of micro strategy Spoke to Bloomberg recently and some of It reads like a locker room speech for Crypto folk I've covered micro strategy A lot but here is a brief summary they Are the biggest publicly traded holder Of Bitcoin with a hoorde of

190,000 BTC and have been aggressively Buying Bitcoin since 2020 including Taking on debt to do so sailor has also Been executing a similar tactic with his Personal wealth albeit without the debt Part well at least that we know although There was a period where micro strategy Was deep in the red with its Bitcoin Purchases they just kept on buying and Now they 190,000 Bitcoin is worth around 9.88 billion and 4 billion of which is Unrealized profit so naturally the Question is are you going to start Taking some profits needless to say that Could mean selling large quantities of Bitcoin sailor said Bitcoin is Technically Superior to those asset Classes and that being the case there's Just no reason to sell the winner to buy The losers the asset classes he is Referring to are gold the S&P 500 and Real estate but he believes that and I Quote capital is going to keep flowing From those asset classes into Bitcoin This takes us nicely back to the spot Bitcoin ETFs which sailor of course Discussed he highlighted how they have Opened up a Gateway for institutional Capital to flow into the Bitcoin Ecosystem adding that they're Facilitating the digital transformation Of capital and every day hundreds of Milons ions of dollars of capital is Flowing from the traditional analog

Ecosystem into the digital economy in This interview with Bloomberg there was One line that really stuck with me Michael sailor said I'm going to be Buying the top forever Bitcoin is the Exit strategy okay if you want something A little more actionable and detailed on Bitcoin's performance right now I'd Recommend William seberg's piece that's Linked In the description the tldr is That some analysts are pointing to the Fact that Bitcoin is copying previous Bull markets and that we're seeing a Preh hard harving pullback wed Capital Wrote in the past a macro downtrend Break always precedes upside going into The Haring then we have a preh Haring Retrace and then a post Haring Reaccumulation period and then parabolic Price action toward new all-time highs How's that for a pep talk on a Thursday Morning in a recent interview with Bloomberg the CEO of Ripple Brad Garlinghouse discussed ETFs and made it Clear that the firm would welcome an Exchange traded fund based on the xrp Token now this is something we've Discussed a fair amount so I won't go Too deep into the weeds here but since The spot Bitcoin ETFs eyes have started Scanning for which token is next the Applications for a spot ether ETF are Already in with varying degrees of Optimism around its approval and we

Discussed that in yesterday's episode This then creates the problem of how the SEC stops spot ETFs for every major Token without ending up in a legal Battle however it's probably fair to say That the Ripple token xrp B as it is Currently sixth by market cap or fifth If you exclude tether would be an early Consideration garlinghouse stated that It is inevitable that there will be Multiple ETFs and that with regards to An xrp ETF Ripple would certainly Welcome it he added we think it makes Sense for the xrp community overall During the interview one interesting Angle that garlinghouse took is how he Believes that investors want to Diversify when it comes to crypto just As they would with ordinary stocks in Fact he compares the spot Bitcoin ETFs To the early days of the stock markets As a consequence he predicted that we Might see ETFs around baskets to Diversify the risks for investors right Now it feels as if too much is Correlated to the performance of Bitcoin But it certainly could become the case Where all tokens move more independently This idea of crypto baskets really stuck In my head though is that something that Could realistically happen that could Bring about one hell of an Al Season it has been a while since we've Discussed the Terri form Labs co-founder

Do Quan for the uninitiated terraform Labs created the ecosystem Terra a Stable coin and Global Payments platform Tera created Tera USD with the ticker us A stable coin algorithmically pegged to The US dollar as well as linked with its Sister token Luna it was Innovative and Garnered a lot of attention and Investment but in May 2022 a large Sell-off caused us to lose its Peg and Consequently the entire ecosystem Collapsed in on itself like a dying star This not only led to regulatory scrutiny And questions over algorithmic stable Coins but it led to the bankruptcy of Voyager digital blockfi Celsius FTX and Others the co-founder do Kuan was Immediately in the wind and his Whereabouts was unknown until March 2023 When montenegrin authorities arrested Him for using falsified travel documents He was sentenced to four months in Prison but that was the least of his Concerns immediately the US and South Korea began fighting for who would be Able to charge Quon first the US Attorney's office charged Quan with Eight criminal counts after his arrest In Montenegro and the SEC has a civil Case against Quan and teror alleging That both orchestrated a multi-billion Dollar crypto asset Securities fraud in Fact the sec's trial begins next month On the 25th of March well after months

Of back and forth and a false start a Report yesterday from the Montenegro News Outlet pop Jada has suggested the Outcome the high court of pod gica has Rejected a request to extradite Quan to South Korea before the United States Following an appeal by Quan's legal team We do not currently know when he will be Flown back to the United States but it Appears that his extradition back to the US is Imminent yesterday I covered a Surprising Story the stable coin issuer Circle announced that effective Immediately it had ceased minting usdc On the Tron Network and is discontinuing Its support Tron is a leading Network For stable coins and so this was a shock Circle didn't clearly lay out the reason Behind the move but there was a strong Whiff of regulatory concerns which isn't An enormous leap to believe the SEC has Sued the Tron foundation and its Co-founder Justin Sun for allegedly Offering unregistered Securities and Conducting manipulative trading which Sun denies as I mentioned in the circle Story yesterday the campaign for Accountability group also said that Tron Has been named in multiple international Law enforcement actions involving Billions of dollars in transactions by Alleged organized crime groups and Sanctioned entities so there appears to

Be a fair amount of heat around Tron at The moment I also mentioned yesterday That this move could be impactful Particularly for the citizens of Argentina who have been using the Tron Network and stable coins though mostly Usdt to survive the country's inflation But there was a question that I didn't Ask yesterday that relates to this Directly and it's about tether's usdt is There any chance that tether follows Circle's lead and leaves Tron that would Be a devastating blow to the network and Let's be honest it' hurt tether too According to tether's usdt transparency Reports Tron is home to over half of the 101 billion usdt tokens edging out Ethereum coin Telegraph reached out to Tether to ask whether they plan to cease Support for Tron as well they would not Confirm or deny it in a statement to Cointelegraph tether said tether tokens Are issued on several blockchains which Are simply transport layers for such Tokens adding that tether contains the Ability to freeze transactions on each Directly supported transport layer to Accomplish its compliance duties Nevertheless tether actively monitors The safety of each one of the supported Transport layers to ensure the highest Standards of our community I spoke to Our APAC news editor Felix about this Story yeah so we reached out to tether

Pretty soon after the news broke that Circle had ceased support for Tron and We also asked them um pretty directly Whether they were planning similar moves Uh and this is the statement that that They gave us um and yes while it doesn't Really uh confirm or deny whether They're planning or or considering doing The same thing um at the very least you Read between the lines we can say look They don't have a immediate kneejerk Reaction to this and and frankly that Makes a lot of sense so much of tether Is uh issued on the Tron blockchain so You know any kind of move or indication Of such a move uh would have major major Impacts on the crypto economy for Context on that impact there are Currently just under $52 billion worth Of usdt on Tron so if tether were to see Support for usdt on Tron it would be a Historic moment in crypto that would Have far-reaching Repercussions right that is your daily Debrief done a quick heads up I will not Be here tomorrow but I am leaving you in The trusty hands of Gareth jenkinson and He will be recording from nft Paris so It will be well worth a listen but that Is it for today so consider yourself Informed thank you for listening to the Risen crypto podcast by coin Telegraph If you're enjoying these daily updates Please make sure you let us know by

Following subscribing or leaving a Review have a great day let's do this Again [Music] Tomorrow

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