welcome back everybody to altcoin daily Happy Thanksgiving can't stop won't stop we come at
you on a daily basis bringing you the latest in everything going on in cryptocurrency my
question to the altcoin Daily audience why is Sam bankman freed not yet in jail why is he still a
confirmed speaker at the New York Times speaking event November 30th why is he still being invited
on shows like CNBC to do interviews why is he allowed to just lounge around all day at his
multi-billion dollar home in the Bahamas with very few politicians seemingly speaking out about this
Injustice and asking the doj to take action with it seeming like people are more concerned about
the movie rights than actually taking bankman freed to Justice and getting Justice for the users
of FTX we need answers my friends and for that we go to Kathy Woods Kathy Wood the founder of 60
billion Arc invest a star stock picker a Bitcoin ethereum D5 crypto believer Kathy is going to help
us answer some questions today because if anyone can provide solid perspective it's her so first
question the FTX disaster created a deficit of trust in the whole industry why should investors
continue to trust crypto why should investors trust crypto why do you trust crypto at this point
yes if you look at the blockchains let's use Bitcoin blockchain and ethereum what
you'll find is they have the infrastructure the technology has not skipped a beat throughout this
entire crisis in fact the hash rate bitcoin's hash rate is at an all-time high and that is a
real indication of the security of the network ethereum we're seeing the total value staked at
24 billion that is an all-time high so we think the infrastructure is working beautifully this is
the three revolutions we talk about all the time one new monetary system in in terms of the first
Global private meaning not government controlled digital right rules-based monetary system that's
Bitcoin a very big idea Defy is a very big idea and while that has been thrown into question in
terms of shifting from one Exchange to another we've had a lot of Shifting around but I think
defy in terms of taking the middlemen out of financial services and and making the ecosystem
much more transparent with much less counterparty risk is going to take off it will continue to move
forward we believe how is the FTX disaster going to affect the recovery of the cryptocurrency
industry and the recovery of prices I've heard some people claim that the FTX collapse will set
the industry back by years I've heard other people theorize that because all of these disasters
happen in this time period it's actually going to make the bear Market faster what does Kathy
Woods think how long does the crypto industry feel the ramifications of the FTX disaster and
how soon do you think the recovery will happen Kathy I think one of the things we're trying to
figure out is how long that we think the industry will be feeling the ramifications of FTX I mean
one thing we've learned right with SPF and FTX is what we didn't know so how long do you think
this goes on because you obviously have faith in it you've been buying into it and you think
this is a good entry point how long do you think we continue to feel the effect and do you think
there's more contagion to be felt well we always look for the whale in a situation like this and if
if there was a whale out there it was FTX and Sam bankman freed you know King of the Hill so I think
we found the whale and I'm sure there are there's going to be more Fallout but we see how big the
whale is and yes a lot of people have lost a lot of money around the crypto asset ecosystem losing
value here but if we're right on the underlying technology and the underlying roles that Bitcoin
and ether ethereum are going to play in this new world then I think we're going to recover pretty
quickly before we go any further I have a question for you I have a question for Kathy Wood is Sam
bankman Freed's fraud more like Bernie madoff's fraud or is it more like Lehman Brothers fraud
Bernie Madoff fraud was a multi-billion dollar fraud Lehman Brothers fraud was a trillion dollar
fraud so is Sam bankman fried closer to Bernie Madoff or closer to Lehman Brothers many people
are saying well okay is this another Lehman could we see the domino effect here I've just given you
one reason why the banking system back in 0809 trillions and trillions of dollars and it was the
global banking system right now we have it seems from FDX 5 to 10 billion dollars in creditors
as FTX has filed bankruptcy they will be making claims if you look at Lehman that was 1.2 trillion
dollars in claims so again just trying to put perspective this is fraud this is Madoff Madoff
was 64 billion dollars in claims again FTX 5 to 10 billion now the 50 billion dollar pink elephant
in the room is what's going on with grayscale what's going on with Genesis what's going on with
the digital currencies group Kathy Wood very in tune with what's going on with grayscale digital
currency group Genesis she doesn't have inside information but she comes from that world so she
can share with us some perspective is she worried about grayscale or digital currency groups do you
worry at all about as you buy into grayscale Cafe the whole world of the digital currency group and
Barry silbert's Company I mean the various connections that kind of go back to FTX are
you at all worried about a liquidation or anything well we know that the grayscale investment trusts
are the most valuable part of that company right now they're cash cows they're Revenue generating
we think they're going to try and hold on to that so we're looking at a 41 discount relative to
Bitcoin today and so we actually think there's a lot of upside now one of the things that we know
that grayscale and Michael sonnenchyme at grade scale wanted was to convert this trust into an
ETF right I think what's happened with a Fallout here might increase the probability that a Bitcoin
ETF will be approved I'm not saying immediately but we know that even the newest SEC commissioner
Jaime lizaraga I think is his name has come out and said we need as Regulators to focus
on decentralization and transparency what is the most decentralized and transparent crypto
asset in the world it is Bitcoin and yet retail investors do not have easy access through a
liquid asset like an ETF which honestly I don't understand given that they approved a Bitcoin
Futures right and fund so you know I think it might increase the odds we shall see make sure
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now the million dollar question Kathy Wood you once said you think Bitcoin will hit one million
dollars by 2030. do you still think that so then I'm assuming Kathy that you're going to hold to
your Bitcoin forecast for what is it a million per coin by 2030 that still feels good to you
yes and you can um you know sometimes you need to battle test you need to go through crises to see
who the real to see the survivors first of all but really to test battle test the infrastructure and
the thesis and again we think Bitcoin is coming out of this smelling like a rose because of what
I have mentioned previously and I do think though the one thing that will be delayed is
perhaps institutions stepping back and just saying okay do we really understand this and once they
actually do the homework and see what's happened here I think they might be more comfortable
moving into into Bitcoin and perhaps ether as a first stop because they'll understand it more