Okay, well the declines for both Bitcoin and ether particularly striking.
Not only have they gradually fallen from the record highs each said in November,
but the fall of has been significant
Bitcoin pricing more than 30% lower
from where it stood on November 10 and Ether currently trading over 20% lower
from that same date.
Well, joining me now is Tyrone Ross,
Ceo of Onramp investigate crypto asset
integration platform solution for financial advisors.
Tyrone, thank you for coming on the show here.
So this slump now spanned close to two months.
How much longer do you think Bitcoin continues to fall?
So we have to start off right away by
giving a happy birthday to Bitcoin shoutout to Satoshi.
So let's be respectful. Um so happy birthday to Bitcoin as far as this slide goes.
I think this will continue for a while, I think coming on here,
you prefaced it with the most important metric,
which is the hash rate reaching an all time high,
Which means security and stability for the network,
which means that 1.8 billion people globally
could still get access to financial services,
that's the metric that matters not the price.
Okay, so the slump is expected to persist Tyrone, Is there a bottom,
are you watching the charts?
And is there a bottom
that you expect?
Bitcoin will hit about how much further does it have to does it have to fall from here.
So if you look at the on chain data,
it looks like there are a lot of coins going back onto exchanges,
which means that is you know usually an indication
that there is going to be some selling pressure.
I think what we're seeing though now,
which is beautiful about this is Bitcoin is
operating in all of these different environments,
higher inflation,
You know what whatever is going on with the Fed or what they're trying to do today.
Regulation is starting to react more to global macro and
market news so no telling where the bottom is.
I don't think I can tell you that no one can.
They also can't tell you where it's going over the next 24 months.
But I think you will see as the network more secure
there will be some, you know, some movement with coins coming on,
changing folks selling
but I do think at some point
It catches its stride if you will and we will see the
next leg up of growth in the space in the next 12 months
interesting.
And is there a new high Tyrone that you think will
be in the cards in this next leg higher for Bitcoin?
Um the most concerned, the most important new high is hash rate,
I'm not concerned about a new high in the price.
I think that's the problem when folks come on here and talk to folks like you all,
it's the little B Bitcoin price that people care about and they shouldn't,
they should care about the big b the actual security of the Blockchain
that makes financial access possible to billions globally.
That's the most important metric, we've already hit an all time high in hash rate.
That's what folks should be concerned about.
Another further advancements that you expect expect in network security,
Tyrone over 2022 that could
take Bitcoin and other crypto is to a new high,
here's the, here's what I believe, right? And this is the first hand experience.
If you want to talk about price,
you have to look at things that indicate the price that
could possibly go higher building for the wealth management space.
I can tell everyone here the next trillion in market cap right
in Bitcoin is going to come from the wealth management space.
I think it's an arguable at this point, there's a wall of money that wants to come in,
there's regulatory hurdles, the compliance hurdles,
there's operational hurdles.
So if there's any movement forward in the space and especially market cap and price,
which folks care about it will be getting wealth managers and R.
A. S and broker dealers into the space and math
and
what sign offs need to happen specifically for us to get to that point, Tyrone.
I mean, there's some expectation that finally,
this year in 2020 to the SEc could sign off on a spot price
Bitcoin, E T F is it steps like those or other specific ones that you can cite
that would take us to this next level.
Yeah.
So having engaged with the sec being part of their investment advisory
committee and sitting with Commissioner Crenshaw's
office and conversations with Hester Pierce.
The sec is looking to provide some guy some guidance.
The regulatory clarity which I think we also can expect over the next 12 months.
I think as far as the wealth management space is concerned. Yes, A spot Bitcoin E T. F.
Will help.
But I think it's just clarity around what our securities and what
aren't what advisors can do in terms of custody and ultimately,
what does it mean for the defi space that is
exploding and getting yield on that now for R.
I. A. S. Which for all intents purposes right now unregulated security.
So does that benefit Bitcoin the most Tyrone or other kryptos?
I mean as we enter a new year,
what are the top five Kryptos or investments in the Cryptocurrency space
that you think will be solid out performers this year?
I think that I think it will benefit Bitcoin.
I think once the wealth managers do come in
they will be interested in Bitcoin and ether.
I think it'll stop there.
I do think you're starting to see a lot of interesting advisers that
have fallen down the rabbit hole with Selena with polygon with wonderland.
So
I don't mind me personally,
I don't believe advisors should go beyond anything besides Bitcoin and
ether right now because that you have clarity from the S.
E. C. I. R. S. And the Cftc on those.
but I think that the coins that I just mentioned,
I think you're going to see a lot of action
in those over the next 12 months to 18 months.
How does the metaverse? And FTS digital art. Tyrone
changed the game for this space in 2022.
So I think what you what you're seeing with N. F. T. S is
a huge opportunity for this space to reach mass adoption.
We are at we're still at mass acceptance.
Is it a bubble perhaps?
But is there some traction there where creators entertainers, athletes,
you know those that are into gaming can get an opportunity to
come into the space in a way that they are familiar.
I think that's what N. F. T. S. Provides, right?
And if you look at the most searched term and become a word and everything.
So it's part of the cultural lexicon
of America now and in the world.
So I think that's at the end of the day that's what crypto is.
It's about community, it's about culture. N. F. T. S.
Exemplify that and I think you'll start to see more
development in the space again over the next 12 months.
That will that will be one of the common themes as well. Alright.
Tyrone ross, Ceo of Onramp invest Tyrone agreed to get your take,
we appreciate you coming on the show
and happy New Year