In this week’s Diamond Hands Podcast #9, we again speak with Benjamin A. Smith with Anthony Varrell about crypto, cannabis and psychedelics. On the agenda: Anthony opines on the strength of Bitcoin as it tests all-time highs, banter on SAFE banking passing before year’s end, and more.
Episode #9 CliffsNotes…
@1:30-4:38 Jamie Dimon said yet again last week that he believed Bitcoin was a worthless asset. Anthony comments on why he is wrong about his bearishness, as more former sceptics like legendary investor Bill Miller come out and endorse bitcoin. Perhaps Jamie Dimon is trying to protect the interest of J.P. Morgan and its traditional investment banking activities which could potentially stand to lose ground as crypto rises.
@4:40-5:49 The bearishness from J.P. Morgan’s CEO is surprising considering Tier-2 investment banks are creating specialized crypto desk—specifically H.C. Wainwright & Co. Beyond the rhetoric, there are signs J.P. Morgan is actually embracing cryptocurrency.
@6:36-7:22 The bitcoin futures ETF from ProShares will begin trading this week, an amended filing from the company indicated late Friday. This will mark a milestone moment in the development of the crypto industry in the U.S.
@7:23-8:30 Anthony believes the next catalyst for the crypto market will be driven by crypto Fintech. The more transactions are included in the ecosystem, the better.
@8:32-10:28 We talk Solana, which is the fastest blockchain in the world and the fastest growing ecosystem in crypto, with over 400 projects spanning DeFi, NFTs, Web3 and more.
@10:30-11:20 Ben believes inflation, which the Fed said last week may not be transitory, could be leading this rally as investors seek an inflation hedge. Watch gold as well.
@11:33-13:52 News cycle still focus on regulation in the public markets. But private equity is booming with Dutchie raising $250 million. Valued at around $4 billion—which is a double since May—Dutchie is valued greater than some Tier1 MSOS.
@13:53-15:56 We talk Canopy Growth’s acquisition of Wana Brands, the #1 cannabis edibles brand in North America. Anthony and Ben like the more, which positions Canopy well upon U.S. legalization.
@15:58-18:16 Although edibles hasn’t taken off in Canada post-legalization—the vast majority of retail sales remains dry flower—we like the potential of edibles.
@18:17-19:58 We talk SAFE banking and why it could make a difference for the industry. Everybody is discounting the possibility of it passing, but don’t give up just yet. There’s a lot of good reasons why SAFE should pass now, despite the rhetoric from Democrat Senators such as Corey Booker.
@19:59-23:00 A lot of regulatory talk fatigue. Todd Harrison made some interesting tweets this week, stating that the GOP could end up supporting the SAFE in the NDAA. But the market is in “Boy who cried wolf” mode after years of being disappointed with the pace of regulatory advancements. Anthony believes that SAFE does have a very good chance of gaining steam and passing very shortly.
To view Diamond Hands Podcast Episode #8, click here.