“The whole play with Bitcoin treasury companies… is to have permanent capital.” – 04:10
David Bailey, the CEO and Chairman of the Board at KindlyMD, joins Remy Blaire to discuss the backdrop of significant volatility in the cryptocurrency market, particularly focusing on Bitcoin, which has recently experienced a sharp decline from over $120,000 to below $105,000. This downturn is marked as one of the worst liquidation events in crypto history, yet Bitcoin enthusiasts remain largely unfazed, with the cryptocurrency stabilizing above $111,200.
Remy and David explore the current state of decentralized applications (dApps) and the evolving landscape of Bitcoin treasuries. David notes that the market is undergoing a period of consolidation, with over 180 companies having added Bitcoin to their balance sheets. He emphasizes the need for the market to differentiate between genuine players and those that may not be sustainable, suggesting that this scrutiny will lead to the emergence of a new wave of dApps.
The discussion shifts to the intersection of traditional finance (TradFi) and Bitcoin capital markets. David highlights the significance of the Bitcoin ETF and asserts that this merger is just beginning. He expresses optimism about Bitcoin’s future, predicting that its price will rise significantly in the coming years, potentially reaching several hundred thousand dollars.
As the conversation progresses, Remy raises concerns about the ongoing U.S. government shutdown and its implications for the approval of new legislation affecting both equity markets and cryptocurrency exchange-traded products (ETPs). David provides insights into the Clarity Act and its complex nature, suggesting that it may be passed before the midterms.