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Bitcoin Pops Above $87K As Inflows Break 5-Week Losing Streak
Recorded: March 24, 2025 Duration: 0:31:01Space Recording
Short Summary
In a recent episode of Coinage, host Zach Guzman discussed Bitcoin's resurgence above $88,000, the implications of upcoming SEC chair confirmations, and the potential impact of new stablecoin regulations. The conversation also highlighted Michael Saylor's continued investment in Bitcoin and Coinage's innovative launch of a community-driven meme coin.
Full Transcription
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I'm your host Zach Guzman coming to you live from our Brooklyn studios here in New York
City.
Hope you had a great weekend.
Right now, crypto is having a great start to the week as we are watching Bitcoin pop
back above $88,000 a coin for the first time in about two weeks plus.
Not since early March have we seen these numbers
and on today's show we're gonna get into the big reasons
as to why we might be seeing that move
and why many people in crypto are starting to think
that the bottom is in for the next stage of this rally.
Could 150K be in play?
Who knows? We're gonna get into that
of course, we've talked a lot on this show including all the way back in January about 175 being one of the
price targets that we here at coinage give most of our
Sentiment to and our understanding to you, but not just price on today's show
Of course, if you watch this show, you know
We don't always just chat price a lot of policy things to get into
coming off of our exclusive.
Was it exclusive?
Who knows anymore.
Off our interview with SEC Commissioner Hester Purse,
a lot to dive into with that one per usual.
She gave some great answers and a lot to read through
on the tea leaves there.
So we're gonna walk through the context
of what we heard from Commissioner Purse in our interview.
If you haven't watched it yet, that's up on our YouTube and on our homepage at Coinage.media.
Go check that one out in full because we're not going to cover everything, mostly just what she said in pertaining to what we're going to have on Thursday.
Big news on Thursday. Trump's pick for SEC chair potentially going to get confirmed in the Senate.
But not unless Elizabeth Warren can revive her
anti-crypto army. She's got a few things to say in a new letter sent to incoming
pick for SEC Chair Paul Atkins that we will get to later on in the show. As I
said, a lot to discuss there. Plus, big news on the stablecoin front in terms of
that bill coming through Congress, what it's gonna mean and why potentially it
could also be the reason we're seeing Bitcoin pop.
And of course, I'd be remiss if I didn't say, Texas, do we have the full screen on the read the read watch on because I'm excited.
We've we've launched this series about meme coins.
You know, it's not really where I spend.
I do spend some time in the trenches. I want to be very clear.
People say, oh, this guy, he came from Yahoo,
he came from CNBC, what could he know about the trenches?
Sirs and madams, your boy lives in the trenches, okay?
From time to time, working harder.
Bet on Bitcoin's future now with stacks.
And of course, as I say, bet on Bitcoin
in terms of investor confidence, institutional confidence,
coming back in, trying to find a bottom.
And that generally means good things on the horizon.
Ethereum also, though, if I may point that out, facing heavy outflows, $86 million, that's
the heaviest across digital assets to be considered here, while Solana recorded $6.4 million in
inflows.
So interesting to kind of still see that dichotomy
between Solana and Ethereum and Bitcoin
as we break down all of those numbers.
And again, as I said, some people bottom shopping
as you look at the chart for Bitcoin,
this is just the day, but if we back up
and look at a seven day chart, take a look at the week,
take a look at the month take a look at the month
Really the question is like can we come back down and retest these lows
Here in the high 70s or potentially you had some people we had Matt Hogan on the show saying look you could go down to 72.5
Potentially in a retest, but you got Arthur Hayes a voice that a lot of people in the space respect
And he's saying that it's more likely that you have Bitcoin hitting 110,000
before it retests 76.5.
And that's interesting to think about from a risk we're hearing here.
Of course, you know, you always got to be careful of the downside,
but potentially the upside of 110K.
And then if that happens in a follow up tweet,
which I don't have on the screen right now,
in a follow-up tweet, Arthur Hayes was talking about,
if you get past 110, then you're on a rocket ship,
if you really think about kind of repricing these things.
And again, it's not a technical show,
I'm not a technical analyst,
but if you think about some of the fundamental pieces,
which we often do and more often talk about on coinage,
which we're gonna get into,
there are a lot of fundamental reasons
why you would be bullish at this point in time no one really knew when the bottom was going to shake
out if you're looking at the inflows that we just showed and pairing the pieces with where some of
the traders sentiment is i would say things are looking good so why are they looking good well
let's dig into the next piece which we often talk about on Mondays, which is Michael Saylor back at it again with his buy.
And I'm not saying, you can't really say that a Saylor buy is indicative of whether or not
the markets are swaying, because Saylor has always said he's going to be buying the dip.
He's going to be buying regardless, actually.
And when you look over there, this is the news this time around.
And keep in mind, Sayor had this raise before,
because he's got not just Monster now,
but also the other ticker in this tweet, STRK.
And so he's basically working on equity raises all the time.
Plus he's still got the convertible notes
that he's doing on the debt side.
So again, Sailor is raising a lot of money
to buy a lot of Bitcoin and now that number has passed.
506,000 Bitcoin acquired at an average price of $66,000. Saylor is raising a lot of money to buy a lot of Bitcoin and now that number has passed.
506,000 Bitcoin acquired at an average price of 66,000.
The latest buy was almost 7,000 Bitcoin for more than half a million dollars at 84.529
a pop.
So at 84.529 a pop, he's now in the green as Bitcoin trades north of 88.
So that's not a bad turnaround for Michael Saylor, too.
And of course, I would be remiss, too, if I if I didn't point out that more and more people are kind of waking up
to the game that Saylor is playing. And it's not this is one that we've covered before.
It's not necessarily the case that he's just yeeting into this with massive leverage and he could get liquidated.
It's not that he's playing a more complicated this with massive leverage and he could get liquidated. It's not that. He's playing a more complicated game with debt raises and equity raises that, yes, do impact the price of both of those things.
But if he can pull it off, and that's a big if, if he can pull it off, the rewards will be massive,
and it's not as easy to say, yes, directionally if it's going down, obviously not good,
but it's not as risky as I think some people have made it out to be in terms of the same way that you
might get liquidity to go in 50x leverage on various retail platforms. It's a little
bit different. But very, I think, back in the bull times when you see Sailor eating
in that much on a Monday, which we've often covered, and it's kind of dried up. It had
dried up a little bit. And people were also wondering because the early efforts with the
raise didn't look so hot.
And the question was, was that because of market conditions?
Was that because of, you know, need a little bit more time or was that
because people were kind of over this idea of micro strategy or strategy?
I should say now raising money to bet on Bitcoin and had they gotten too far,
too fast, had the bet grown too big?
And this is encouraging considering that, okay, obviously their buys are ahead of what we know.
And if he's back to buying, that's probably based on the fact that he feels more comfy
with their ability to raise and their stated goals of continuing to acquire Bitcoin.
And so a lot of people crossing half a million Bitcoin, a lot of people saying it won't be
too long until Sailor has more than a million Bitcoin in strategies coffers.
So something to pay attention to there.
And again, not just strategy, there are other companies out there now throwing Bitcoin on
their balance sheet too, which we will keep an eye on as well.
But it's not just Bitcoin.
This is this is kind of where we get into why we think
there is a lot to come.
On reasons to be optimistic around Bitcoin and the price now,
and I will shift to stable coins because
this is the big thing this month, this month and next month.
I think it's fair to say, well, maybe just April because March is the big thing this month. This month and next month, I think it's fair to say.
Well, maybe just April, because March is almost done.
April, big month in DC, in Congress,
when it comes to stablecoins.
Of course, as we're gonna talk about to wrap up the show,
very big month to get the Trump pick for SEC chair
to replace Gary Gensler.
It's gonna have a confirmation hearing on Thursday,
we're gonna talk about in a sec.
Elsewhere in DC, the big thing is DC finally potentially to replace Gary Gensler, he's gonna have a confirmation hearing on Thursday, we're gonna talk about in a sec.
Elsewhere in DC, the big thing is DC finally potentially getting a stablecoin bill across
the line.
The reason why that's big and the reason why I think a lot of people are front running
that news is because we've seen a few different stories come out over the last few days that
have made it more clear that the pro crypto policy changes are finally about to happen in DC in a big way.
And I say in a big way because essentially the green light has been given to a lot of these institutions to now touch this stuff.
On Friday, you had the US Treasury lifting sanctions against tornado cash. That's the money mixer that a lot of people, you know,
have paid a lot of attention to because last year we
saw the developers attached to that get into some legal trouble.
And a lot of people are like, hey, if you're not doing anything illegal, why didn't you
use a money mixer?
And people in crypto will tell you it's because I just don't want the government looking at
what I'm doing.
And I have that right.
And if I want to move my money and people on change shouldn't see what I'm doing,
then like, hey, that's my right.
Get that. At the same time, a lot of criminals do use tornado cash, supposedly.
And we've seen kind of as a lot of sleuths try to track some of these hacks,
money mixers are in play.
So, yes, protect privacy.
Another question. What do you do on the other side?
We've seen that play out with the Bybit hack.
Very interesting questions.
But that's just one thing.
The other thing that happened was the OCC
smoothing a path for banks to finally touch crypto.
This also comes after the SEC got rid of Saab 121,
which also blocked banks from touching crypto.
And so piece by piece,
we're seeing pieces of regulatory agencies in DC
start to let banks touch crypto.
And when I say touch crypto, I really mean touch stablecoins, because that's what banks really want to touch,
which is just a digital dollar that moves quicker than the system they currently have to use.
Even though the feds try to push and make that settlement speed much quicker through the feds' existing traditional banking system.
But stablecoins are cheaper and faster.
So what are you going to do if you're a bank?
You're probably going to say, hey, we need to be able to touch these things.
And so banks are playing catch up now.
And the government agencies that have previously said, no, no, no touchy touchy crypto stable
coins.
You can now touchy touchy crypto stable coins.
That's a legal term.
And we're seeing a lot more money come in.
How much money?
I think we've got this little historical chart to show you exactly
How much money has come in to stable coins over the years?
And of course I set this up because I think it's really interesting in terms of the battle between Tether and USTC
A lot of people don't care about this and I understand that because you can't really make money on Tether and USTC
USTC in terms of the way that you could have until it collapsed on Terra, UST and Luna
In terms of the way that you could have until it collapsed on Terra
until it collapsed.
But very interesting to think about the size of Tether as it's now grown.
As you see on this chart, it's extended its lead against USTC.
Part of that reason now is because Howard Lutnick, Kenner Fitzgerald, custody of all
the treasury assets that Tether holds, is now Trump's commerce secretary.
And will be writing a lot of the rules when it comes to this, or at least shepherding a lot of the rules when it comes to these things.
The other person shepherding the rules is Trump's treasury secretary.
And if you watched at the White House crypto summit, you would have heard him say that they were committed to stable coins and growing the space. And it's very interesting to think about considering that that statement happened on the same day
that the OCC put out their new letter saying that banks will be able to touch stable coins.
So if you connect those dots, the writing is on the wall.
I think this week the market is waking up to how big and how impactful banks touching stable coins will be
as it moves money on chain and then opens
a world of possibilities in terms of some of that potentially shifting over into Bitcoin
as is often the case.
Take a listen to what Treasury Secretary Besant said just when he was sitting next to Trump
at the White House crypto summit.
Much of Treasury's responsibility in this order relates to the tax code and determinations
around risk weightings.
And I'm here to assure you that we are going to work with the controller of the currency,
the IRS, and we're going to rescind and amend all applicable, well, previous guidance.
And we are going to put a lot of thought into the stablecoin regime.
And as President Trump has directed, we are going to keep the U.S., the dominant reserve currency in the world,
and we will use stable coins to do that. Thank you.
So the dominant reserve currency in the world, and they're going to use stable coins to do that.
Now, I think the question then becomes, okay, which stable coins are they going to use to do that?
Because we already know it's not gonna be a government issued CBDC
You don't got it. You don't got to be encrypted another Republicans don't want that and so the question is okay
Well be tether will be USDC which ones they have support will there be other ones of course a lot of competition RL USD
Let's not forget that one if you haven't watched our interview with Palo by the way tether CEO
Highly recommend that one just to kind of get his take on competition
and the understanding that he's got Howard Lipnick, big supporter as Commerce Secretary
now what that battle looks like as Tether down in El Salvador tries to stay on the right
side of this bill because USDC has come out and lobbied and tried to say no stablecoin
issuer who's not based in the US should be included.
And so the battle's out there in the open
and it's gonna be very interesting to see
where the stablecoin bill finally ends up
because we've got a lot of markups again, as I said,
scheduled for April.
And so Senate Banking Committee
and the House Financial Service Committee,
as we saw before this big push,
they were all up there with the crypto and AIs,
our David Sachs, talking about how important this is to get done in the first hundred days
and we're coming up on that so April gonna be a huge stablecoin month to
watch but again when you connect those dots it's not as boring as it sounds I
know everyone hates stablecoins but it's important regular I swear it's important
but anyways let's get into the spicier stuff for now because it's not just stable coins
we're watching in DC this week. Forget about April. What's happening this week, Zach? This week
we've got big news when it comes to Trump's pick for SEC chair Paul Atkins.
Potentially, I guess I don't need to say potentially anymore. We had talked about, hey, when is he gonna have this confirmation hearing?
It's scheduled for Thursday now, so we know that. It's going to be on Thursday. We will take it live on Coinage per usual.
I think this one's actually going to be pretty interesting because, again,
it's kind of pacing to be in line with when we saw Gary Gensler and when we saw the other SEC chair before him.
Yes, these are the details. This is it. This is on the Senate banking site. It's in line with when we saw the
other SEC chairs get confirmed. This could potentially be even earlier, but
not unless Senator Elizabeth Warren comes through with what she has to
say, which is interesting because she just sent this letter to Paul Atkins saying,
hey, I want written responses by your hearing on Thursday to some of my questions.
And we have her letter that she sent and we'll bring it up mostly because it's interesting in
terms of her raising some issues and pointing out some conflicts of interest because Paul Atkins
serves, or at least did serve, I'm sure he's
done now if he wants to take this job, as board advisor to the lobbying group, the digital
chamber.
Now we've had Perryann Boring on the show before, so you're familiar with the digital
chamber, one of the largest lobbying groups in crypto to talk about a lot of policies
and bills that need to get done to protect the interests of crypto in DC.
And Paul Atkins being on that board, Elizabeth Warren saying,
hey, you might have some conflict of interests.
And further, in regards to that, you might want to answer these questions
that I have for you, which are more to, would you commit,
as some of the Biden appointees had, to not being part of the revolving door
that is being a regulator that comes in here and represents a lot of these companies only
to then serve for those interests rather than the public's interest in your role as SEC
chair.
And so will you recuse yourself and then after once you leave will you commit to not taking
jobs at some of those companies within the next four years?
And this is kind of one of those weird things where I actually do somewhat agree
And i'm sure some of you somewhat agree with someone who we never agree with uh being an anti crypto army leader
Because if you think about it
The swamp knows no bounds right the revolving door doesn't care what political party you're with.
If you're serving the public and you're building up all this goodwill and then all of a sudden
you go over to the other side, I mean there is a little bit of what are we doing?
And you're seeing the same thing with Elon Musk calling out a lot of these politicians
for how much money they make.
It's like, are you trying to protect yourself?
Are you representing yourself in these interests or are you representing the people and what's
best for them?
And I do respect and understand kind of the idea of trying to prevent that and so
We'll see if that becomes a potential point of
Conflict in this hearing because again the stakes are pretty high in that most of Trump's picks
Pretty sure most if not all of them got through like without much issue
Certainly was the case with Howard Lutnick. Maybe a few questions thrown at him
about Tether, which we just talked about, but not too much there in terms of anyone
kind of getting blocked because of things that came up in these confirmation hearings.
But we'll cover that on Thursday. I think it'll be pretty interesting. And of course,
we just asked SEC Commissioner about a lot of these issues, and potentially
if she was stalling on certain things, one of those things that we reported on a couple
months ago after we chatted with her in December was this idea of them revisiting a lot of
things.
And now look, I think if you watch our full interview with Hester Perce, you'll see I
am very impressed with what they've been able to do in such a short amount of time.
But one of those things that they haven't gotten done is ETH staking.
The idea of people being able to stake ETH through the ETFs, I'm kind of surprised that
hasn't happened yet.
And I asked her if some of those bigger decisions are being stalled or waited on until Paul
Atkins can be confirmed to come in as SEC chair and whether or not that could be because
you never want to snatch a victory from the hands of your incoming boss,
or any boss for that matter.
And here's what she told us.
We'll just play Hester Perce's response to that question
and chat on the other side.
Take a listen.
Well, I mean, as to the question of whether we hold off
on things so that Chairman Atkins,
assuming he gets confirmed, will be able to take credit.
He's not that kind of person.
He's not someone who's looking for credit for himself.
He really is someone who cares a lot about the issues.
He cares about our capital markets.
He cares about getting the regulation right.
And that's one of the things I really like about him.
And so that, I can't speak for him,
but I don't think that he would be someone who would say,
if you can get something done, wait until I get here.
No, he'd say, if you can get it done, get it done.
If you can get it done, get it done is the idea there.
And so, you know, Commissioner Pearse and Paul Likens
have worked together in a capacity before at the SEC.
And so it's not even just that like, hey, you don't want to steal a victory from your incoming boss. It's that you don't want to steal a victory from your
incoming boss and your former boss in the same person in Paul Atkins. And so I'm not saying that that's not clearly if Commissioner Pearse is saying that that's not what they're doing. Take a better word.
that's clearly if Commissioner Peirce is saying that that's not what they're doing,
I'm gonna take her at her word. But in the rest of the interview she did kind of highlight where
some of the remaining changes are coming next, which again we've talked about,
ETH staking and in kind of redemptions and the Bitcoin ETF, some of those tweaks and what they
could do. We also got her to commit to maybe staying on past her term in the summer because
the big question is her term set to expire then
but she can stay on a little bit longer if she wants to and as everyone knows perhaps no one's
a bigger Hester Perce fan than myself and so I was basically asking because I'm hoping that she will
stay on and it sounds like she will go watch our full interview if you haven't yet. There was one
also point though that I can't just move on and forget Texas before we wrap
this show, because one of the other points was a rare, dare I say, disagreement.
Not necessarily a disagreement, but just a thought exercise around meme coins, because
that was one of the other big things that the SEC and the creation of the crypto task
force has gotten done, is a memo on meme coins and the idea of the SEC saying look
these are not within our jurisdiction meme coins are not securities they're
just collectibles that are launched and so long as you're following the rules
meme coins are kosher and that's kind of something that we've also seen Gary
Gensler basically say not as clearly but by not going after many of the meme
coins it became the spot that blew up.
And so we asked Hester Perce about meme coins and whether or not there were any unintended
consequences there and what her big take on meme coins are all about considering we just
saw Trump's meme coin and President Javier Malé's meme coin in Argentina maybe not go
so well.
Here's what she told us about those.
And even now with Trump's meme coin in Malayise, it was very interesting to see people in crypto basically calling and saying, all right, hold on.
Maybe Chair Gensler might have had a point around consumer protections and the integrity of markets as well, which I think is a very interesting thing to consider now.
Because similarly, post February and the idea of saying meme coins are kosher, or at least that they don't fall under the SEC.
post February and the idea of saying meme coins are kosher or at least that they don't fall under the SEC
It was interesting to kind of see capital formation dry up around meme coins as if everyone's saying I don't want to be involved anymore
Because that's the case. Well, I mean, I think we shouldn't deny the fact that that just as you slap the word crypto on
Something doesn't mean that that problems that we've seen in other areas are not going to
crop up here.
They could very well.
And I think it's also a time for us to remind investors and consumers that you've got to
exercise skepticism when you make decisions about what you're putting your money into.
You have to think about whether you can afford to lose that money.
And so that's basically it is that again, you take the position of we're not going to be a nanny state regulator, but really lean into the idea of people are free to do what they want to do.
It's a very interesting kind of pivot and one that I think a lot of our audience agrees with, but just, you
know, again, interesting to think about some of the follow on effects of what you need to think about
when that becomes your policy and whether or not
I don't know. I think what it does and this is what I've been talking about for a while now is
That you need to have
projects players in the space
Start to talk about things in the way that we ourselves crypto ourselves want to see regulated because testapurse does have a point
You can't really have the case when things collapse.
You've got a lot of people being like,
hey, where was the SEC to protect us?
Or some people saying, hey, Gary Gensler
might have been right.
That meme coins are bad for the space
gives crypto a bad look.
If all people think crypto is is rug pulls and scams,
then maybe potentially we shouldn't have those.
But if you have the SEC saying, look,
we're not gonna get involved and shut those down, then who else is it on?
And it's really on, I think, the space.
And so that's interesting to think about when you think
about what we're doing at Coinage.
I teased ahead to read watch own.
And the reason being there is if you haven't been following,
if you haven't watched our two episodes on launching a meme
coin yet, well, let me tell you my friends coinage has indeed launched a meme coin based off of the
play button that we got for crossing a hundred thousand subscribers on YouTube.
First off thank you. Second off we are celebrating with our community by
launching the play button meme coin and we've got a lot of things planned at
coinage which I should be clear is Coinage the DAO,
which we're a community-owned show.
And so this has been a very exciting experiment for us
because we have our ownership passes on Ethereum.
So if you're watching this and you haven't yet,
you can co-own Coinage and everything we do here
as a legal co-op in the US, which I think is very cool,
because this is one of those few experiments
where we've already been pioneering ReadWatch Own, and an emphasis on Own, by the way, as a real
co-op that you can co-own with us, and the co-founder of Netflix, by minting in NFT
and becoming a member.
That is where ReadWatch Own came from and why we've been building over three years.
And if you think about this meme coin and where Coinage came from, we're now sitting here at this weird little experiment
where we have Play Button,
which I'm looking at every day as I have now.
Turns out when you launch a meme coin,
it's kind of like having another baby.
And so now we've got the baby
of the Ethereum ownership NFTs, right?
And those are out there.
And now we've got this meme coin Play Button,
which is, according to Dexview right now, number one trending meme coin trading out there and now we've got this meme coin play button Which is according to Dex view right now number one trending meme coin
Trading out there, baby, and so I think again. We're not going to talk to anything on this show specifically
About what's coming up and what's planned, but I do just want to reiterate a
Couple things we talked about in episode 2 which is this is a transparent experiment
To show what can happen when a Dow launches a meme coin versus I think a lot of what's happened in the past when we
talk about rugs and scams when individuals are launching meme coins.
And this is all about realigning incentives between now we have an Ethereum community
ironically launching and steering a Solana meme coin.
So there's a lot of things tied into this experiment.
I'm not gonna pump it more than I already have
in terms of saying, hey, check this thing out,
do your own research, legal disclaimer
from our lawyers being that, hey,
even though Coinage's Dow is voting on things
to do with Play Button, very clear legal disclaimer
that Play Button is just a meme coin
that we launched to celebrate.
God, I always get that wrong.
This is always gonna get wrong.
Play the music.
Hey, play me out, Texas.
It's where?
Okay, it's over here.
It's just a meme coin that we launched to celebrate our YouTube play button with y'all
as a community on Dow.
It made no sense for me to be the only one to be able to interact and touch this award.
And so we are sharing it that way with our community
and doing so in a way that I hope is more transparent
than everyone else's experience in meme coin land.
And I wanna thank our friends at Solana
who have talked about this and have helped us
shepherd this to this point,
as well as Anatoly who has maybe retweeted a couple things
including our latest interview with Hester Purse.
So we're out there, this is week two. We already went down to the New York Stock Exchange with that thing.
The interview about Play Button is coming out on Yahoo Finance in early April.
So that is also something for us to look forward to and more details will be coming out in terms of what we plan to do with that thing
and what our community as they vote on want to do with Play Button as well.
For all those details, you can head to coinage.media
to keep up on the biggest headlines in Web3
and co-own this experiment with us,
whether you want to do that on Solana or Ethereum now.
For everybody here at Coinage, I'm Zach Guzman signing off.
Thank you for tuning in to this edition of Coinage.
We'll see you again soon.
