Wall Street has kicked off Friday trade, and now let's check how stocks have opened after the better than expected April's jobs report.
The Dow well over 100 points this morning.
The Nasdaq up 200 points.
Regarding the S&P 500 this morning, it is up 30 points.
And Bitcoin is lower and back below 80,000 in New York morning trade.
And at Consensus Miami, Eric Trump and Adam Bach throwing out lofty price targets for the crypto major.
They both said they see Bitcoin going beyond $1 million.
But Michael Saylor surprising the community.
He said that that strategy might eventually sell some Bitcoin to fund dividends.
Joining me to discuss this is Sean Bill, co-founder and CIO of Bitcoin Standard Treasury Company.
Sean, thanks so much for joining us today.
So a lot going on this week down in Miami.
Bitcoin hitting 3-month highs this week.
What do you make of that price action?
Well, I think you know it was an interesting selloff from October 10th highs.
October 6th, I think was the actual high, and then we had the October 10th.
Sell off related to some exchange issues over in the Middle East and what have you.
So I think that we came down to about 60,000 on Bitcoin.
That was where the 200 week moving average came in.
There's also some very strong technical support there on the channels and what have you, so that was kind of an interesting bottom.
Definitely was oversold.
I think what we're seeing right now is a nice bounce off that level.
You have resistance up above around 85,000.
That's where the 200 day moving average comes in.
So I would expect that in the near term we'll probably be in a range trade, you know, between 85 to 75,000 and just consolidating back and forth for a bit.
So Michael Saylor has declared rule number 20 of Bitcoin to be you never sell your Bitcoin.
Were you, were you surprised to hear him strategize and say that he could sell some Bitcoins to fund dividends?
Well, I think definitely Michael Saylor is known for being the biggest Bitcoin maxi in the.
World, right?
I mean he is the representation of a Bitcoin maximalist, but that said, I think that as Bitcoin appreciates, it wouldn't be unreasonable to sell some Bitcoin to cover expenses on interest, and I think that's what he was referencing.
So what do you think that the Bitcoin treasury trend trade stands now and how is it impacting price action?
I think what we're seeing right now is we saw a pullback in treasuries with the Bitcoin pullback, and that's what you would expect.
I think what we'll see coming up is more consolidation within the industry.
I think you'll have a couple of major winners in the space just like you do in any other technology sector.
You'll end up with one or two big winners.
And so if you think about search, it's Google.
If you think about retail, it's Amazon, maybe Shopify would be number 2, right?
If you think about social, it might be Meta and X, and I think it's going to be similar with Bitcoin treasuries because these are software driven companies.
So your company plans to go public next month, which is exciting.
So tell us how you expect to be the second largest bitcoin treasury company when you hit the markets.
Well, I think a lot of that will depend on where the price of Bitcoin is.
So if Bitcoin is in this neighborhood, let's say somewhere in this zone that we just Talked about, then I think there's a good chance that we'll be the 2nd largest in the world or in the New York Stock Exchange will be the largest, 2nd largest in the US.
So can you tell us a little bit more about Agenta AI preferring Bitcoin and what it means for layer 2s?
Yes, so I think what we'll see there.
I think the real opportunity set is going to be probably on agentic payments, so agents paying each other payments using something like Bitcoin on a layer 2.
So they'll need faster settlement.
They'll need confidentiality of transactions, and that's where Blockstream Liquid really comes in.
We have a layer 2 that one of our affiliated companies, Blockstream, has that I think would be exactly that type of software that you would use for that.
Awesome Sean Bill, thank you so much for joining us, co-founder and CEO of Bitcoin Standard Treasury Company.
Again, thanks for your time for having me.
