Arthur Hayes: Bitcoin Will Be AI's Native Currency 🤖

GM. This is Degen Scoop. It’s DAYYY, BLANK:

• Arthur Hayes: Bitcoin Will Be AI’s Native Currency 🤖

• SEC Claims Coinbase Knew It Was Committing Crimes 🖊️

• JP Morgan Bearish on Bitcoin ETF 🧸

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Arthur Hayes Believes Bitcoin Will Be The Currency Utilized By AI

Ever since late last year, interest surrounding AI has continued to grow. It’s clearly a powerful creation and will have increasing usecases for society, but it is still very much a nascent technology. According to Arthur Hayes, Bitcoin is most likely to be its native currency due to its censorship resistance. One could make this argument for other coins.

In the opinion of Hayes, it is most likely to be Bitcoin because the foundational usage of Bitcoin blockspace is the transfer of money. In his eyes, Ethereum has other usecases which negates this? This argument is not entirely clear, but we do agree that the use of cryptocurrency considering its usage of decentralized rails makes it a prime candidate to be the native currency of AI.

Coinbase Knowingly Committed Crimes According To The SEC

The feud between Coinbase and the SEC is well known at this point and will continue to provide headlines. In the most recent update to this quarrel, the SEC is alleging that Coinbase was committing securities violations knowingly. Knowing that the SEC has refused to provide clarity on the trading of cryptocurrencies, this is an interesting attempt to fight back.

At its essence, the lawyers between each entity will battle in out in court and spend millions of dollars to achieve a verdict. Looking in from afar, the SEC seems to be standing on flimsy ground. It’s hard to sue an entity for something that has not been provided clarity for. The next hearing will be on July 13th.

JP Morgan Doesn’t Believe A Bitcoin Spot ETF is Significant

We at Degen Scoop have been bullish on a Bitcoin spot ETF ever since BlackRock first filed and refiled. In a recent research report that was published by JPMorgan, they claimed that due to the existence of spot ETFs outside of the US it wouldn’t be critical. The main issue with this belief is that with American spot ETFs brings in American retirement capital.

Our underlying reasoning behind our bullishness has been posted, but to put it aptly is that $40T of funds are in American retirement accounts that will now easily have access to spot Bitcoin. Sure, Coinbase and other centralized exchanges have existed but this was untouchable by retirement funds. Once these financial advisors have a vested interest in shilling Bitcoin, we think the PA will improve significantly.

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.