AI Summary
5 min read“Every time someone says it’s dead, then it comes roaring back eventually. That to me is the most bullish thing about crypto.” That was Ben Carlson’s answer when Michael Batnick opened this episode of Animal Spirits by asking the blunt question: Is Bitcoin dead? It was July 2024, Bitcoin was trading around $62,000—well off its all-time high from the prior spring—and the vibe in crypto was decidedly down. Yet as Batnick noted, if you had told someone in the late 2010s that Bitcoin would be at $60,000 and the total crypto market cap would exceed $2 trillion, they would have called it a total success. The tension between that long-term trajectory and the painful present is the thread running through this conversation with Krista from Grayscale.
The Psychology of Crypto Winters
Continue reading the full summary in the app — free to try.
Read Full Summary →Free • No credit card required
Never miss an episode of Animal Spirits Podcast
Get every new episode summarized in your inbox — free, ~5 minutes to read.
No spam. Unsubscribe anytime.
What you'll learn
- 1 (00:55) **Is Bitcoin Dead?** - Michael and Ben open with a blunt question about the state of crypto.
- 2 (03:18) **Grayscale’s Conviction and the Infrastructure Build** - Guest Krista Lynch from Grayscale responds to the "Is Bitcoin dead?" question.
- 3 (05:22) **Why Crypto Psychology is So Extreme** - The group explores the unique emotional cycle of the crypto market.
- 4 (07:46) **Bitcoin vs. Software Stocks: A Fair Comparison?** - Michael offers a theory that Bitcoin is acting like a software stock.
- 5 (12:08) **Hyperliquid: A New Frontier in Trading** - The conversation shifts to Hyperliquid, a blockchain-based exchange for perpetual futures.
- 6 (16:28) **How the Blockchain Powers Hyperliquid** - Krista explains the mechanics and investment thesis behind the Hyperliquid token.
- 7 (18:04) **Value Accrual in a Tokenized World** - Michael asks how investors profit if blockchains become invisible backend infrastructure.
+ Full timestamped outline available in the app
Guests on this episode
Show Notes
On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Grayscale's Krista Lynch to discuss: the current sentiment surrounding crypto, Hyperliquid, building out the crypto infrastructure, what happened to Ethereum, stablecoins and more.
Find complete show notes on our blogs...
Michael Batnick’s The Irrelevant Investor
Feel free to shoot us an email at [email protected] with any feedback, questions, recommendations, or ideas for future topics of conversation.
Check out the latest in financial blogger fashion at The Compound shop: https://idontshop.com
Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. See our disclosures here:
The Compound Media, Incorporated, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affili
More from this podcast
Animal Spirits Podcast →