Retail behavior, fast money, and where retail sits this cycle

T. Rowe Price’s Blue Macellari argues that Bitcoin’s ETF has altered its cycles forever.

Welcome back to The Mining Pod! Today, we have a two-for-one show with two interviews we recorded at the North American Blockchain Summit. To start, Colin interviews Blue Macellari (Head of Digital Assets at T. Rowe Price) on how institutional adoption is fundamentally changing Bitcoin's market structure, the debasement trade narrative going mainstream, and why fast money hasn't arrived yet this cycle. Then, Will hops on the horn with  Dale Nally (Minister of Red Tape Reduction in Alberta) to discuss Alberta's competitive advantages for Bitcoin mining and a concierge program for large miners.

Notes: 

• BlackRock's IBIT reached $70B+ AUM, top 20 ETF

• ETF holders parking Bitcoin for decades

• Basis trade tied to futures market growth

• T. Rowe Price sees institutions changing cycles

• Alberta cut 35% of red tape, saved $3B

• Alberta has 200-year natural gas supply

Timestamps:

00:00 Start

04:34 Bitcoin ETFs & 4yr cycle

06:08 Institutional demand & cycle changes

08:18 Retail behavior

10:38 ETH treasury companies

14:04 Debasement trade

16:01 Fed rate cuts

19:51 BTC is risk on or off?

24:41 Cleanspark Ad

25:10 Canada's energy sector

25:46 Who is Dale Nally?

27:09 NatGas generators for AI

29:09 LNG exports

31:33 Exports to the US?

35:14 How is the Alberta energy system unique?

37:41 Capital formation

39:46 Canadian Federal Bitcoin Reserve?

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