🤣

They're going to keep going up as long as Congress is at an impasse over the debt ceiling.

Weirdly enough, I’ve heard the FDIC and Federal Reserve felt completely blindsided by the NYDFS shutting down Signature Bank.

I'm not sure he's admitting anything. He was on the board of Signature Bank. He's speculating, and I don't think he agreed with the NYDFS doing this.

I mean, I obviously think bitcoin is safer than “crypto”! Haha.

I’m not sure what I think. I am not convinced there aren’t more shoes to drop and all of my assumptions will not just evaporate in the coming hours, days and weeks. I’m just trying to encourage people to avoid falling into narrative-driven thinking and to pay attention to hard data, instead.

I get why people *want* to believe this. It’s an exciting narrative to believe that people are rushing into bitcoin and exiting the banking system towards the safety of a sovereign financial life. But I’m not sure the data really supports that being the nature of these price moves.

Further, if the CPI comes in above expectations, you’re going to see a whiplash effect here, and the price will likely ratchet back down, as the market sloshes around trying to predict the Fed’s next move.

I get a lot of people desperately don’t want this to be the world we’re living in. But it just kinda is.

For what it's worth, I do not believe the reason why BTCUSD is up, is because we're seeing a flight-to-safety effect. I believe we are seeing the result of the market believing there's going to be lower rates now, and betting on the Fed pulling back from the tightening cycle. If you want to see this very clearly, just look at bitcoin's correlation to the NASDAQ today.

Which would be about $125 billion today in adjusted dollars.

Not sure I’d call this the second largest in history. 9,000 banks failed in the 1930s leading into Great Depression. You read that right: nine thousand.

One thing's for sure, the venture capital community just became as hated on Main Street, as Wall Street itself. And not for bad reasons.

Not sure yet. All the institutional traders are all working towards standing up alternatives, and there’s some challenger banks who are already trying to step up and fill the void.

Huge to Africa and other remittance corridors.

Not trading. The capacity to make payments around the world, including remittances, and then have that value be converted from and back into local currency to pay for things. Most people in the world do not live in bitcoin circular economies, if people haven’t noticed.

I am not saying bitcoin will die because of Signature Bank. But I think anybody who thinks onramps and off-ramps are not important today to bitcoin are not thinking about it very carefully. Look, I want bitcoin to be a self-sufficient currency. It’s why I’m working on it. But we have be realistic about the fact that, for the most part, much of bitcoin’s utility is based on the fact it is highly liquid against other currencies. That’s just true.

Self-custody!

Because most of the institutional liquidity for bitcoin cleared through Silvergate and Signature. So that's going to create some challenges. Which will be worked through, of course. But there might be hiccups along the way.

But they aren't holding on to their assets. They've been seized and put into receivership.

I'm going to say this once and then stop responding to you: I was the one who built bitcoin into Cash App, and made us the first publicly traded company to offer bitcoin on and off-ramps in the United States, helping to pave the way for others. That infrastructure, has allowed people to buy stack literally tens of billions of dollars of sats.

I flew all over the US, building banking and trading relationships to make bitcoin access easier for everyone.

Now, I'm trying to provide on and off-ramps for everyone in the world.

But please, continue with your sense of superior moral clarity. Maybe other people are enjoying it. Because I'm bored of it.

I'm talking BTCUSD liquidity.