Today crypto prices are unfazed by new Inflation data that bolsters hopes the FED will cut rates in September Goldman Sachs reports more than $400 million in Bitcoin ETF Holdings in Q2 and Brian Estes with off the chain Capital Explains how crypto has becoming more of A political issue as the upcoming US Presidential election Approaches welcome to cnbc's crypto World I'm Talia Kaplan crypto prices Holding steady this morning with Bitcoin Trading around $59,400 Ether taking up to $2,675 and salana still holding steady At $146 All by noon Eastern crypto markets Were quiet following the release of July Inflation data this morning which Revealed that inflation slowed to 2.9% Compared to a year ago that's the lowest Level since 2021 the data out this Morning was in line with Wall Street Expectations driven by higher housing Ated costs and it likly keeps the FED on Track to cut rates next month this was The second key inflation report out this Week yesterday we learned the producer Price index came in cooler than Expected okay let's talk about the top Stories Goldman Sachs just revealed it's Holding more than $400 million in Bitcoin ETFs for clients the Investment Bank filed its latest 13f yesterday
That's the quarterly report Institutional investors are required to Send to the SEC to disclose all all of Their us Holdings in its second quarter Report Goldman disclosed just under $419 Million in spot Bitcoin ETF Holdings Spread across seven of the funds on the Market the largest holding was in Black Rock's ey shares Bitcoin ETF worth about $ 238.5 million that was followed by Fidelity's fbtc fund at $79 million Invesco and Galaxy's btco at 56 million Then grayscales gbtc at 3 5 million The Arc 21 shares Bitcoin fund was its Smallest Bitcoin ETF holding at $300,000 next energy provider Talon Energy might be pivoting from crypto as It focuses on the growing electrical Needs of AI Talon reported second Quarter earnings yesterday and during The earnings call CEO Mark McFarland Emphasized how much data centers will Play a role in the business going Forward as the demand for power at high Powerered Computing sites grows but when Asked about the company's C crypto Aspirations Farland said the company Doesn't believe cryptocurrencies are a Quote strategic asset Talon previously Partnered with crypto Miner Tera wolf to Run a nuclear powered crypto mine in Pennsylvania but Reuters reported back On August 1st that Talon is looking to
Sell its 75% stake in that mine Talon CEO declined to say on yesterday's call What the company was planning in terms Of its crypto Partnerships last crypto Speculator Chun Wong bought a SpaceX Multi-day flight for a private polar Space flight Expedition the company Announced this week that Wong who told CNBC that he has been interested in Space from a young age purchased the Flight for an undisclosed amount in the Mission dubbed Fram 2 Wong will lead a Group on what would be the first crude Space flight in polar orbit it will fly End to endend over the Earth he invited Three Artic Specialists to join him Including an Australian Explorer and Guide a Norwegian filmmaker and a German Researcher now SpaceX does not advertise The price of its crude missions NASA However previously disclosed that a Crude Mission could cost more than $200 Million now Wong confirms that he paid For the mission but declined to specify How much he has kept a low profile for The most part and his unspecified net Worth appears mostly if not fully tied To work mining crypto SpaceX plans to Launch the mission near the end of this Year all right back to markets for our Main story with two key inflation Reports out this week I spoke with Brian Estes the chief investment officer of Off the chain Capital about the data's
Impact on crypto prices he also weighs In on crypto's influence on the upcoming Presidential Election I want to start off looking at Markets because it has been a wild ride Recently with that big sell-off last Week followed by some recovery this week Bitcoin traded back above $60,000 but This morning dropped to the $58,000 Level and then bounced back above $59,000 as of noon amid two key Inflation reports today we learned that Us consumer Prices rose 2.9% in July Pretty much in line with estimates and Yesterday we saw that the producer price Index came in less than expected how do You think the macro environment is Impacting crypto prices right now and What do you think was behind crypto's Moves last week yeah one of the things That spooked the market last week was That the US government moved 30,000 Bitcoin from its custodian at Anchorage Over to coinbase and people thought that The US government was going to start Selling off some of that Bitcoin and I Think news just came out today and I Haven't verified it yet but they sold 10,000 of that 30,000 Bitcoin um so that That's what spooked the market last week And that what you know one of the Reasons you know it dropped so much last Week and how is the macro environment This week impacting crypto prices if at
All yeah so when you look at Bitcoin the The macro view is that we're in what's Called a megat trend a mass adoption of Bitcoin as a new technology this is been Going on for you know the 15 years Bitcoin's been around the trend isn't Slowing down um so when you look at the Macro view Bitcoin adoption is actually Growing faster than internet adoption Did back in the 1990s and this is a meat Trend that is Unstoppable it's just like The adoption of cell phones or mobile Internet or washing machines back in the 1950 40s and 50s so it's you know the Macro trend is strong and you know we Can we think it will continue for the Next 20 years until about 90% of the World has exposure to digital assets Cryptocurrency and Bitcoin so what's Your outlook for Bitcoin by year end do You think we can surpass those highs we Saw back in March where Bitcoin crossed $73,000 what would it take yeah I think That's uh that's pretty much in the bag So where we're at is you look at what's Called a having cycle so there's been Four Bitcoin habings since bitcoin's Been around that's when the supply gets Cut in half the daily issue on bitcoin Gets cut in half that last habing was in April so the 12 to 18 months after a Having is the best time to own Bitcoin And that's when it goes up the most the Plan B model shows that the future value
Of Bitcoin according to that model is at A minimum of $500,000 by October of next year and it Could be over $2 million um if Historical models like that are accurate So how much of a factor is the upcoming Presidential election here in the US on Crypto prices the Republican Presidential nominee Donald Trump has Come out in recent months as Pro crypto And in May his campaign started Accepting donations in crypto of course The former president was the keynote Speaker at Bitcoin 2024 last month on Monday the Democratic National Convention kicks off and it will be Interesting to see if crypto is brought Up at all we recently learned that Harris's team is reaching out to crypto Experts to learn more about the industry In fact speaking with us at Bitcoin Nashville a few weeks ago Congressman Rana said he advised her team about Digital assets so I'm curious to get Your take on how crypto is starting to Impact this election cycle how much Influence do you think it can have on The upcoming presidential election I Think it's going to have a huge Influence um there are over 50 million People in the United States that own Bitcoin and digital assets that's a huge Voting block so all those people are 18 Or above so they're voting age citizens
And so um Camala Harris she hasn't come Out with a plan yet we expect that to be You know coming out soon after she talks To her advisors um but she can do things Today I mean she could fire Gary Gensler You know she would you know you know Come out and make public statements About her support of the industry but That hasn't happened yet um as you Mentioned president Trump was in Nashville during the Bitcoin conference Um you know a couple of the key points That he made was that um he said he Would not sell the approximate 200,000 Bitcoin the US government currently owns And then senator lumus from Wyoming came Out and said um she was going to sponsor A bill for the US government to buy up To 1 million Bitcoin as a strategic Reserve and then you know the the Biggest news I think that came out of That conference was Robert F Kennedy Who's running as an independent um he Mentioned that um if he became president He would buy up to four million Bitcoin Which is basically all the available Supply of Bitcoin which is called the Float now you created and produced a new Documentary called God plus Bitcoin Which highlights the benefits of this Cryptocurrency and why more Americans Are turning to it as a form of financial Planning I understand the premiere was At Bitcoin 2024 in Nashville about three
Weeks ago what inspired you to put Together this documentary and how is it Being received yeah so in the first Three weeks we've had over 1.6 million Views um we just went through this with Our um Consultants yesterday 92% of the comments have been positive So I think it's been well received um Our goal is to have a billion people Watch the movie um we're dubbing it in Seven different languages so Mandarin Hindi you know French German and it's Going to be distributed all over the World um and you know 85% of the Native Languages will be represented in the Movie um through the dubbing process um And so it's off to a good start the Reason we made the movie was to educate People on how how our monetary system Works so about a hundred years ago Henry Ford has a great quote he said that if People understood the monetary system There would be a rebellion the next day And so what we want to do is educate People on how our money works and the Number one reason we want to do that is Because people are working more and more Hours they're taking second jobs and a Lot of people just can't keep up with Their bills and and maintain a decent Standard of living And the reason this is is because our Money is broken if you go back 50 years Ago when The Brady Bunch was around you
Had one spouse working one spouse at Home you had a living maid you had six Kids and a dog off one salary and now People are working both spouses are Working and you know people could barely Afford to have one kid and so the system That we this monetary system that we've Been using for 50 years which is called The Fiat system it's not working for a Lot of Americans and a lot of people Around the world and so the point of the Movie is just to show people there is an Option there are other forms of money That are out there one of them is Bitcoin and you could just opt into that System if you choose To okay that's all for crypto world Today but we'll be back again tomorrow And we'll see you then [Music]
