00:00 Speaker A

Bitcoin’s longest ever streak above $100,000 now extending to 31 days. The streak comes as the Senate voted Wednesday to advance stable coin legislation and Treasury Secretary Scott Beson saying he sees a potential two trillion dollar market for stable coins. Joining us now in studio, we’ve got Andy Bear, who is the managing director at Coindesk Indices. Okay, so a lot to dive in on here. But first, just the significance of us remaining above this psychological but key milestone of 100,000 in that marker for Bitcoin.

00:41 Andy Bear

Yeah, indeed. It’s been as you said over a month now. And the top end of that range is the all-time high of 112. Um so that’s a pretty tight range for Bitcoin to stay in, you know, intraday for a whole month. Uh it kind of shows a pause and the kind of new Bitcoin trading. We saw this earlier in the year during the tariff tantrum that we stayed between 82 and 88,000 more or less, or 80 and 88,000. Before that we were in the 90s for a long time. So Bitcoin is at this state of volatility and adoption, finding a new range, staying there, and then looking for a catalyst to either exit to the top or the bottom. So we’re still there and no signs of exiting. We’re right in the middle of that range. Um that coupled with some of the other risk off sentiment from geopolitical stuff and from the uncertainty about interest rates is kind of leaving us in a position where short term, not quite sure about direction, but longer term, and we can talk about stable coins and other catalysts, you know, we feel a lot a lot more positive.

02:10 Speaker A

So we’ll get to the stable coins and and I think what’s more remarkable as well, on top of everything that you just said, is that when we take a look at things like the fear and greed index, we’re not at extreme levels of greed that we would typically see when we’re even hovering near or within a stone’s $6,000 throw of all-time highs. So what does that signal about the appetite for some of the people that are attending conferences, the smart money, if you will, the big money that’s out there, that is clearly acknowledging now that there needs to be a percentage of their clients’ portfolios that needs to have some type of exposure.

03:13 Andy Bear

Yeah, it’s on the wealth level, the retail level, the corporate level. There’s over a hundred companies now that have Bitcoin in their treasuries, right? And if you aggregate all that, including strategy, you’re well over 3% of all the Bitcoin, right? You have nearly 6% of all the Bitcoin in ETPs and exchange traded products. So that’s only going to grow. That’s definitely part of our long-term picture. I think the fellows in, I’m glad I didn’t throw out my suits and ties from the old days because I’m starting to pick them out of the wardrobe again. Um that’s uh that money is also slow money. It’s slow uh it’s slow money that’s determined to enter the space. Um people want to see that kind of next 20% rebound. Us getting to 113,000 is not a big deal. We want to get to 120, 150, 200. That’s going to come when catalysts come and the market trades there in a more in a more high volatility way. Right now, 30-day volatility of Bitcoin is under 30. So 30 under 30 is pretty remarkable.

04:55 Speaker A

Just lastly while we have you here, 30 seconds, the significance of and potential to get to two trillion dollar stable coin market.

05:07 Andy Bear

Yeah. So so great for the government because they have a two trillion dollar customer for US Treasuries, right? Treasuries have become a chess piece in the in the trade wars, so that’s good. Uh use of blockchain, Solana, Ethereum, other blockchains, those stable coins have to trade on those blockchains. We don’t know which ones are going to dominate. We like the Coindesk 20 index, which has a bunch of layer ones and a bunch of defi platforms on there so people can kind of buy the index and not have to pick winners or not have to think about timing. Uh the significance about payments and and just, you know, abstraction of using stable coins for moving money around is hard to quantify. It’s just, you know, I was on the floor of the New York Stock Exchange when Circle came. It was a blockbuster bell ringing, not the usual tea ceremony. You could tell that things were changing in a big way.

06:18 Speaker A

Interesting. Andy, always a pleasure to get some of your perspective and insights. Thanks so much.

06:23 Andy Bear

Thank you.