And While we are midway through October, and some in crypto may be starting to give up on the idea of an October.
Well, Bitcoin has been hit hard by trade uncertainty with China and went from over 120,000 to below 105,000 last Friday amid the worst liquidation event in crypto history.
But Bitcoiners are mostly unshaken from the disappointing price action.
And in New York Morning trade, we are looking at the crypto major holding above 111,200.
Now Bitcoin treasuries like micro strategy continue to hold and stack stats.
Joining me here at the New York Stock Exchange to weigh in is David Bailey, CEO and chairman of the board of Kindly MD.
David is also the founder of Bitcoin magazine and BTC Inc, and he also served as an adviser during President Trump's presidential campaign.
David, great to have you here.
Thank you so much for joining me.
Well, we all know that there's plenty of volatility across crypto markets, but first and foremost, when it comes to debs.
Tell me what's happening and tell me where we are when it comes to the evolution.
Well, first off, I think right now the market's going through a period of consolidation around that.
We had an explosion of the number that came to market.
I think there's over 180 companies that put Bitcoin on their balance sheet.
And I think the market's trying to figure out which of these are the real deal and which ones are not, so I think rightfully so, the market's being, you know, having more scrutiny on the on the sector, and I think we're going to see the rise of the next wave of datas of who comes through this process in terms of, you know, the broader theme, it's really the combination of the legacy trad 5 markets and the Bitcoin capital markets that are merging together, and that process really started with IBI and the Bitcoin ETF.
But it's just beginning, so I think you know we're not even we're not even done with any one of this process.
I think this is something that's going to take decades to play out and it's starting with equities, but it's going to move into debt and really every different asset category.
Yeah, and David, we're here at the New York Stock Exchange and before you and I went on air, we're remarking about how Bitcoin, and the Dow are right next to one another when we're looking at the charts here.
So given where we are in the current cycle and given your experience, especially.
When it comes to the current administration, what can we actually expect not as we head into just the end of this year, but also the upcoming year?
Well, I think the price of Bitcoin is going higher.
I liked your October.
You know, Bitcoin's always been volatile, as Michael Saylor would say, volatility is vitality.
So Bitcoin will continue to be volatile for some time to come, but we're over $100,000 of Bitcoin just five years ago.
That was, you know, an unbelievable number to even suggest we'd get to, and I think, you know, next year we're going to be several $100,000 of Bitcoin and climbing.
So yeah, I think the macro wins are positive for Bitcoin.
On the political side, the president's done an incredible job of delivering on his promises.
So we've already seen some legislation passed.
There's going to be more legislation coming in the future.
And so you know, I think for the time being America is the Bitcoin superpower of the world and continue to be so.
Yeah, and one thing that really stood out to me is the lessons learned from the kindly MDA.
As well as the Nakamoto merger, and the one thing that stood out to me is the ticker symbol, right?
N A K A.
So what were some of the lessons learned and for early adopters, of course that will be something that's very nostalgic.
Yeah, I know.
Well, our vision for Kyle MD is to turn into a Bitcoin holding company.
The holding company part of the business is called Nakamoto, and we've changed the ticker to Naka to represent Nakamoto.
You know, I think one of the lessons that we learned through this process is just.
You know, the power of building an aligned shareholder base and we raised a lot of money and early early this year.
Our pipe from that transaction unlocked about a month ago and so it's caused a lot of volatility in our stock.
But you know the whole play with Bitcoin treasury companies, with DAs, Bitcoin holding companies is to have permanent capital.
So these are long term vehicles to get operating leverage on top of on top of Bitcoin.
And so you know it's a long journey.
It's a decade plus journey.
So you know we're focused on compounding our Bitcoin balance sheet through both investing our Bitcoin and also buying and operating cash flowing companies that are aligned with the sector.
So between those two things we want to build the #1 most iconic Bitcoin company that's ever been built today.
Yeah, and one thing that we do have to keep in mind as we head into your end is we are in week 3 of the US government shutdown.
So of course there are some concerns about approvals being held back when it comes to not just the equity markets in terms of IPOs and deals, but also when it comes to ETPs for crypto.
So as we head into year end, what can we expect in of legislation and what sort of timeline do you have when it comes to the Clarity Act?
So you know I've heard a timeline for the end of the year.
You know that bill has a lot of complexity to it, so I think it's something that at the very least will happen before the midterms.
You know, I can't really speak to the government shutdown that's above my pay grade, but I will say that there's, you know, it's interesting after going through this SEC process, there's a lot of things that have automatic.
Approval if you don't hear back from the SEC and so if the SEC shut down, I guess they're not going to be getting back to people.
Things will just be automatically approved.
So I don't know.
I think it's very interesting.
I do think that right now we're living underneath an entirely new regime at the SEC just from the inside as an issuer and this is my first time taking a company public from start to finish, you know, the SEC was really great to work with.
They were very friendly, collaborative.
It was a fast process.
And so comparing that to the past regime at the SEC, it's just a night and day difference.
Yeah.
And finally, David, before I let you go, I want to get your take on localized Bitcoin treasuries, especially when it comes to financial inclusion.
What's your take?
Well, I think one of the big takeaways that we learned from micro strategy is You know, the power of connecting pools of capital that want to buy Bitcoin, but for whatever reason there are structural barriers keeping them from doing so.
And so when we look at the global capital markets and where are those structural barriers that we can kind of overcome, one of them is geographical.
And so you know we've backed companies in Japan, in the UK and Europe, and throughout Asia that are putting Bitcoin on their balance sheet.
Making it very simple for equity investors to be able to get one click exposure to Bitcoin.
And so you know it's easy in the US to get exposure to Bitcoin through IIT.
Most of the world does not have that.
And you know Bitcoin also has different tax treatments or different standards around the world.
So what we're really trying to do is just make it as simple as possible for capital that wants to buy Bitcoin to be able to do so.
Yeah, and while I have you here, one more question for you, David.
So for viewers out there who are retail investors or don't have any allocation when it comes to crypto, so I remember in early 2024 when the first Bitcoin ETF was launched, but there is a lot that went into it.
So what can investors, retail investors out there expect next?
In what way exactly in terms of products?
Oh well, I think that the next frontier, you know, we've seen this explosion of activity with Bitcoin in equities.
I think the next frontier is Bitcoin and credit, and so you know we're really going to wrap Bitcoin into every single. asset type you can imagine so that any investor with any mandate is going to be able to buy them.
So you know, as big as equities are, debt is even bigger.
And so you know that's the new frontier.
That's really where strategy is driving their business.
There's a lot of excitement around what can be done behind the bonds.
So I think we're going to see a lot of activity on the credit market side.
Well, great talking to you, David.
Thank you so much for joining me here at the New York for having me.
Thank you.
