Pantera Capital的动态

Transcript

I do wanna start with the sell off yesterday that we saw 6. 5% to the downside at one point for Bitcoin following just around $97,000 per Bitcoin. It's recovered. Obviously it's correlated to tech assets. Right now we're seeing a pretty high correlation. Why? Why do you see? The concern between AI and crypto being linked. So a couple of thoughts on it One, crypto is volatile in general, right? We know this about this asset class. The movements are so material in One Direction or another, right? We hear all the time you can't get high on the highs and low on the low. So just generally that's kind of where we're at baseline and Bitcoin has tended to follow the securities, right like so whether Bitcoin is related to the AI, the particular chips we're talking about with the deep seek news that was the driver of the sell off last week. There's there's some connections between the two industries. Obviously they're very correlated, but I think what we saw yesterday was largely. The trend that we tend to see with the crypto assets following the equities for the time being, you know, Katrina, the, I think the general impression that we get in the media is that the crypto industry really has the ear of the White House right now and, and the new Republican Congress. And I'm curious what that is like from your position, you know, as a, as a lawyer in this space, you know, who knows sort of all the sharp angles of the crypto laws and regulations. What's that like? Is there a. The effort to learn from the industry, from from the president and the Congress and how do you see it taking shape as far as what we can expect from regulations and and laws and bills? Yeah. So I'll tell you know, coming out of law school, never in my life did I imagine this was where my career is going, right. Like, I don't, you know, what crypto was at the time. Who knows? But it's super exciting for my seat. So, you know, we do see a lot of reach out, particularly since January 20th in particular. It's been materially more than I, you know, can say prior to that, the SEC, the administration. You're definitely getting inbounds. And they want to talk to us. They want to be educated, and that interest in learning about the industry is so positive and it gives us such an optimistic outlook coming into the new administration for the next several years. So I suspect we're going to see this coming out in this crypto task force that we were just talking about earlier with Commissioner Purse headlining it and the President's EO from last week. You know, they've created this crypto council that we were expecting, chaired by David Sacks, the crypto and AI ZAR, which is a newly created role. Again, underscoring the interest of the administration in hearing from our industry and getting our input and helpful. Hopefully we're all gonna work together across the agencies and across the aisle in DC and craft regulation and legislation that is bipartisan, that is this framework that everybody can feel safe operating in while fostering innovation is Speaking of crypto, I think a lot of people in the industry were caught off guard on the Friday the 17th ahead of the inauguration when the Trump official meme coin came out. We have a story out that says that namesake meme coin is likely generated as it at least. $11.4 million in fees for entities linked to the president since its launch. That's according to an analysis by the crypto risk modeling firm Gauntlet. Does that make regulation more difficult? The fact that there's this, you know, as Jeff Bezos said when he bought the Washington Post, it complexified are when it comes to the president in crypto. It, it could be a complexified, but I mean, look, this isn't the first time that the government has had to think about what conflicts exist from people who serve versus the private sector, right? Like there have been limitations on what people can trade in their personal accounts. So not that there's a playbook for this specifically, but this isn't the first time that we've seen conflicts that have to get addressed. That being said, what I think the meme coin really underscores for me is the president is doubling down on crypto. He's sticking with the promises that we heard during his campaign, in addition to all of the other appointments and the CEO and all of those things have already come out. So this is just another one of those. Kind of a little elements that further under under score his support of the industry and it shows the enthusiasm that we saw coming into the election. They're single issue crypto voter. The enthusiasm for the industry I think was evident by how quickly that meme coin spiked to 14 billion is obviously since come down. But those two were my major takeaways from it. And you know, I trust that the regulators will work to figure out the way to keep things safe for the American public managing conflicts wherever they might come from. I wonder how all of this shifting regulations and at least outlook for regulation. Changes the sort of investment opportunity set for a firm like Pantera. Does it just open up, you know, the firms who a whole new set of opportunities were? You know, I assume there's risk there too in, you know, type of markets you might have avoided previously because of regulation. How do you think about this new opportunity set? So being an RA registered investment advisor, we have two opportunity sets here I think which are really exciting On the investment side. I definitely think working with our portfolio companies, the current and the perspective ones, if we can have those conversations with them where we say, look, the US regulatory framework is something you can feel comfortable in going forward. That does open up more folks more in the US than outside of the US, which I think is historically the last several years where we've seen the building happen. The other side of the business for us in particular is the investment base, the investor base, the. Institutional investor who maybe wasn't super comfortable investing in the blockchain, asset managers or who really wanted the more traditional equity long shorts. I think you're gonna see with regulatory clarity and further adoption, you know, the ETF's were the first step in that direction. We're hoping that the registered investment advisor space starts to see more of that inflow of the endowments of the pensions of those investors who may be their investment committee. Wasn't super comfort with the asset class given the ambiguity and the lack of clarity in the space. Pantera is Katrina Paglia. Katrina, good to see you. Thanks so much for joining us. You appreciate it.