ROLLUP: Post Election All Time Highs | Beam Chain Announcement | Devcon Recap | FBI Raids Polymarket CEO

Bankless Nation, happy second week of November. It is time for the Bankless Weekly Roll-Up, the Bangkok edition. Or or maybe I should say the all-time high edition, because David, we are at all-time highs again this week. How are you doing, man? You're over in Bangkok, so we're doing this uh with a 12-hour time zone difference. It's very late for you. It's like still in the morning for me, but it's very late for you. How are you feeling?

Uh pretty good. Yeah. I've never we I have in the existence of Bankless, Ryan and I have never been as far apart ever in the world as we are yeah right now. We are literally on opposite ends of the uh of the earth, which means there's only a small time window.

For us to record the weekly roll up because Ryan's gotta wake up and I gotta go to bed. And why am I in Bangkok? It's because it's DEF CON week in the Ethereum community. DEF CON happens every once in a while. Two years ago was the last DEF CON in Bogota in November. It is now DEF CON week once again in 2024 in DEF CON. So uh 20,000 people, Ryan, 20,000 plus people came to Bangkok. Yeah, quite a lot of people. There was a post on our Bangkok on Reddit saying uh don't be alarmed about the invasion of Crypto Bros. There's just uh the Ethereum Developer Convention in town. Uh that was like the top post on our Bangkok.

Yeah, I'm sure that's kind of uh alarming to some people. So, David, I gotta check in with you because you've been on the ground at DEF CON. I've seen some things popping out at uh of DevCon, including Justin Drake's beam chain plan. This was a proposal. Some folks were pretty excited. Some folks were not. So we'll talk about that. Also, all the other announcements uh that that you've heard at uh Dev CON and David, I don't know if you've noticed or you've been checking prices, but crypto markets have been on fire this week.

I have been checking prices quite a lot. I have checked my my my phone's prices at least a few times per hour, uh at the very least.

Okay, so we got Bitcoin all time high, like seven days in a row. This is unprecedented. The ETF floodgates are absolutely flooding, and they're even buying ETH. We got some good numbers to report on that.

Whole

It's out of the hole. It's into Positive Land. And Coinbase, the app, is trending on the app store. So that is a sign of retail things to come.

Our first sell signal. Start counting them.

Because I remember last ball market, it was like infinite sell signals for a year. And this is our first one. We first got our first bell sale. The clock has started. The sell clock has started.

All right, fine, fine, fine. We're just getting started though, but this still the sell clock has started according to David. And I gotta update you on this. So the FBI raided the house of the polymarket CEO, Shane. We were just talking about Shane last week. What is going on here? An FBI raid. We'll talk about all that and more. But before we do, David, let's talk market prices. We've got an all time high for Bitcoin, the highest Bitcoin has ever been. What are we looking at on the week? What's the uh the growth here?

Yeah, we started the week at the so low, low price of $76,000. Uh, and we are up 16% on the week, almost 17% on the week.

We started the week at an all-time high. We ended the week 17% up. Also an all-time high. This like to to think an asset that's over a trillion dollars could grow by like 17% in a week is like absolutely mind-blowing. Bitcoin is just like crushing it. Is this all on the back of like the Trump news and everything going on there?

Yeah, it's gotta be. And I think there's conversations out here that are alluding to this, but people are starting to think that like the war of the nation-state fight over Bitcoin is like starting to happen. Uh I don't really, I don't really know anything. I don't know any federal government. Wait, what's that governments?

Uh what that what that means is that you know the tug of war. There's only how many bitcoins are there? 21 million. Uh uh I see. Donald Trump, the man who just got you know elected for the next president of the United States, has said that we're gonna make a Bitcoin treasury. Like some of the writing is on the wall that some people are alluding to that, well, the what if this kick starts the nation state tug of war over the 21 million bitcoins? Not that much bitcoins. What happens? Price goes up. Uh but what's the price happening this week? Well, it's all the DGENs front running that. Uh and and probably, you know, hedge funds, people coming in externally, a lot of external capital, I would assume. Uh, the new all time high price.

$22,450.

Excuse me.

$92,450. That was hit on November 13th, uh, which was again pretty incredible. A 16% day for Bitcoin is a good day no matter what, but when that was on the backs of another like 10% week prior to that, it's it's pretty damn crazy.

Yeah, it's actually so uh Bitcoin on the 11th of November had its largest absolute value daily move in terms of like total number of dollars price increase up in one single day. It moved $8,343 in one single day, and that's the highest ever. The last record was set in 2021 when it had a $7,576 day. Okay, so these are really big moves. I mean, we're talking about hundreds, tens of tens of billions of dollars and like potentially hundreds of trillions in kind of a week time, and all of that in one day. I remember when the price of Bitcoin was like $8,000, David, and it just did that in a single day. Right. Um another flippening actually happened, which people like Dan McArdle have been waiting for, which is the Bitcoin flippening.

Which is the Bitcoin flipping of the asset silver on the charts, David. So deserve.

Yeah, deserve.

Honestly, what is silver even doing there?

Silver, in in case you're tracking this, which uh you know the top assets by market cap certainly is, silver weighs in at about $1.7 trillion. And of course, this has been a store of value, a monetary unit of account and store of value in the past with you know previous civilizations. Wasn't too long ago, you know, the end of the 1800s. The US was even Yeah, it was it was bi-metallism. They were they're having kind of like debates about whether the US should be on a silver or gold strategy or kind of like, you know, split the difference, do a little bit of both. Anyway, uh Bitcoin has now flipped silver at a $1.7 trillion market cap.

It is the eighth largest asset on the list of all top assets. It's still got to waze before it hits gold, okay? So gold is clocking in at 17 trillion.

Perfectly a 10x away from gold. We are at 1.75 trillion dollar Bitcoin market cap, and gold is 17.3

trillion dollar market cap. We are perfect 10x away from gold right now. So

Okay. Do you think it happens this cycle, David? You want to call a

thing this cycle?

Bitcoin doing a 10x. Bitcoin's got a lot of weight, dude. The eighth biggest asset in the world doing a 10x from here.

That would put it at $900,000

Yeah.

To flip gold.

in this cycle. $900,000. It's extremely expensive Bitcoin.

It feels like that would take some central bank buying in order for that to happen. Some big nation state uh buying. But uh

How do you think gold got to be the number one? It's because it's on the central bank's balance sheets.

100%.

What did I just say? The nation states are starting to do the whole nation state tug of war.

But David, that took thousands of years. We're talking about this playing out in like two decades. That would be absolutely insane. Anyway.

Hey, we're

Or accelerate. Novogratz. Mike Novogratz is feeling so good. He is on uh CNBC. No, he's on Bloomberg, open interest, looking like Steve Jobs here. You see Novo right there, looking in the black rim glasses and the black turtleneck. So he is predicting not quite a million dollar Bitcoin, but he's he is predicting $500,000 Bitcoin this cycle. So a little bit short of flipping gold, but uh 50%

within range. Within range. Um let let's hear what he said. Here's his uh here's his clip.

I think Bitcoin heads to 500,000.

Um

again, it's a it's a whole different paradigm because it forces every other country in. Countries are already buying it. I've got a dear friend, the guy that actually turned me onto Bitcoin in 2013, who's in the Mideast right now, and he said he's never seen anything like it. He's he's convincing more people to buy Bitcoin in the three days he's been there than any time in his whole career. Uh, and they're huge pools of capital. And so we're seeing something globally. When Trump advocated in Nashville that he was going to be a crypto president, a Bitcoin president, and now he's the president. Let me tell you, other leaders heard that.

There you go. He's making the same case that you were making. Other leaders heard this. Do you know the country of Bhutan has a billion dollars worth of Bitcoin? They've been stacking in the background. I just saw that this week. It just crested a billion dollars. So there are some countries that have been uh

El Salvador. You know, what do you think's next after those countries?

country comes after that. I think it could be the United States of America, David. At least they're probably not they're probably not going to be selling the what you know 200,000 Bitcoin they still own, at least post January. Uh okay. Let's check in on the silver to Bitcoin's gold, maybe second place, anyway, which is uh our friend Ether, the asset. How's how's little ETH doing on the the week, David?

Hey, you know, we broke 3K, buddy.

Ether starting the week at $2,850, got all the way up to prices, seen plenty of times before, currently clocking in the week at $3,150, hit an interweek high of $3,400. Like I've said, we we've seen that price.

We've seen the price at least 800 times. Uh up 10% on the week.

Do you want me to get

uh sure? Yeah, fuck yeah.

It's room to grow, David. We got lots of room to grow, okay?

Bitcoin did uh like an 8K day, one day last week, okay? Yeah.

Yeah. I mean, this is this is how all all cycles start like this, right? Like first Bitcoin and then Ether. This is what we saw in 2020. First Bitcoin broke all time highs. It took Ether like three months to hit all time highs, and then the ratio did something crazy. Yeah, right around the back. So we've totally seen this before.

Well, yeah, like we're just waiting for our 8K day when when Ether moves 8K in a single day. That'd be great.

Yeah, that's like you know in 2025, right?

Okay. Well, actually, there is some good news on the ETF front with uh Ether. In fact, why don't we just lead with Ether on this? Because it's it is actually fantastic news. You know that thing we've been tracking, which is net inflows into the Ethereum ETFs, and every single week we've been tracking since the summer, since the Ethereum ETFs.

Dog shit. It

It has looked terrible. Okay, so like