Bitcoin resumes rally after hitting a new all-time high

a lot of enthusiasm around Bitcoin hit a new record high yesterday got a couple questions for you what's moving us higher um how big of a a factor or institutional investors we saw the Bitcoin ETFs launch how much are retail investors so much enthusiasm Out There Our EP was just out in Vegas he said first question from a cab driver are you in Bitcoin so I mean what's moving Bitcoin higher right now and that is typically your you know classic story of hitting a peak bubble moment but what's diffe

rent this time around is that institutional money is here in a way that it wasn't during past bull runs the spot ETFs have both solidified bitcoin's place as an asset class but they've also been setting new records collectively in the last two months those 10 US spot Bitcoin ETFs have brought in $50 billion doar you look at black Rock's ey shares Bitcoin trust it is the fastest that an ETF has gone from0 to billion do in assets so clearly institutional money is a game Cher but there are other th

ings happening under the hood so to speak you've got these technological advancements that are apparently going to put Bitcoin on par with ethereum so a lot of developers are flooding into Bitcoin in a way that they haven't in the past oh so like a a real use case for Bitcoin because like a lot of times there's arguments like does it have a use case is a currency as a stored value but you're saying developers are finding more use cases oh right I mean Bitcoin has actually been proud of the fact

historically that it's kind of a boring commodity it's stab the store of value something you can rely on in that sense but I've been uh talking to a lot of coders in this ecosystem and a lot of VCS I was just out in Denver talking to a16z cryptos Chief Chris Dixon and there's so much enthusiasm around these so-called layer 2 companies so basically all the startups building on top of Bitcoin all right by way I like the name dropping a16 Chris Dixon I like that one um so you're taking us under the

hood explain this to us the having it sounds almost like a horror movie like the having it's bad um but it's actually generally a Tailwind when it comes to bitcoin and and actually all of cryptocurrency right yeah so in a couple of weeks from now this Market making event called the having which happens roughly every four years is going to cut the production of new Bitcoin in half it is something that is baked into bitcoin's code and it's meant to be a deflationary measure and it kind of goes to

this larger Narrative of part of why Bitcoin is doing so well is basic Supply demand economics right you've got spot ETFs buying up Bitcoin you're about to have uh new Bitcoin production cut in half and then all these startups that are building on top of Bitcoin actually have the effect of scooping up uh Supply so it's all kind of moving in bitcoin's favor with respect to price all right so bitcoin's hitting new highs it's pullback obviously but when you see those kind of moves investors genera

lly look in the crypto space for other opportunities what's the other area that investors are looking at for opportunities right now so what brought me out to Denver was actually this uh eth Denver event 20,000 people kind of coming in and and the biggest narrative out of that Frank was an upgrade coming in a couple of weeks from now which is going to slash transaction costs by up to 90% and that is a GameChanger with respect to what coders can build on top of ethereum so we're talking about dec

entralized social media apps gaming there are going to be these use cases that just weren't possible before because it was too cost prohibitive