Preston: What if we didn't think about sort of Bitcoin holistically you know Bitcoin, you know lightning channel Bitcoin and net call it's called net worth Bitcoin. You don't necessarily have to have a whole lot of Bitcoin loaded into these channels in order for it to meet the demand of immediate settlement on a global scale is really kind of where he's going. Jack Dorsey: I 100% agree in running a business on lightning. It's think of it as working capital. How much working capital do you need to offset by the way two-way flows work.
Since inception, ARK has researched and published thoughts on the cryptocurrency ecosystem within Big Ideas and through articles, whitepapers, monthly Bitcoin reports and podcasts. Now, in coordination with Bitcoin Park, ARK is pleased to introduce a monthly conversation with leaders in the Bitcoin space, to discuss everything happening in the rapidly-changing and still nascent Bitcoin ecosystem. Published through the For Your innovation podcast channels, this monthly series aims to be informative and enlightening, including experts with diverse viewpoints.
Guests on this month’s Bitcoin Brainstorm include:
Preston Pysh – Show Host and Co-Founder, The Investor’s Podcast Network and Advisor, Ego Death Capital
Jack Mallers – CEO and Founder, Strike
Obi Nwosu – CEO and Co-Founder, Fedi
Rod Roudi – Co-Founder, Bitcoin Park
Harry Sudock – Chief Strategy Officer, GRIID and Partner, Bitcoin Park
Cathie Wood – CEO, CIO and Founder, ARK Invest
Yassine Elmandjra – Crypto Lead, ARK Invest
Key Points From This Episode:
- 00:00 Intro to the Bitcoin Brainstorm and Bitcoin Park in Nashville
- 4:30 Our panel discusses Jack Dorsey’s thoughts on Bitcoin as the currency of the internet
- 8:30 Dr. Art Laffer’s discovery and interest in Bitcoin
- 10:30 How Bitcoin can potentially benefit communities like those in Kenya
- 19:00 What countries are moving the fastest to adopt Bitcoin as a currency and how does the global south view Bitcoin generally
- 26:20 Jack’s thoughts on the modern day monetary policy and why it may be destroying the middle class
- 28:31 Why Bitcoin might be too volatile for many people living in poverty, but crypto solutions like stablecoins could be a better option
- 30:35 Potential routes of scalability for Bitcoin, including the potential for a third layer, beyond Lightning
- 35:20 Comparing Visa’s network to the Lightning network and the argument that Bitcoin does not have a scaling problem
- 39:26 How Jack Dorsey and Block are working to grow the Lightning network
- 44:39 The cooperation that exists within the Bitcoin ecosystem and why
- 49:10 Bitcoin’s role in enabling businesses to reach more people globally
- 54:38 The comparison of Lightning channels to traditional fiat channels
- 56:30 Why Bitcoin might be the most inclusive currency
- 01:00:49 How Bitcoin could be unlocking a new customer that was otherwise unwilling to bank, similar to how Robinhood unlocked a new investor base with lower barriers to entry
- 01:03:42 The ability to focus on markets that other people are unable to focus on may be one of Bitcoin’s most valuable current features
- 01:06:15 Obi’s recounting of Gridless, a Kenyan Bitcoin mining company that has transformed villages in Africa
- 01:10:00 Preston’s comparison of Bitcoin to Mitochondria
- 01:11:02 Conclusion, and final thoughts from Harry, Preston, Obi, Yassine, Jack and Cathie
Show Notes:
- June ARK Invest Bitcoin Monthly – https://twitter.com/dpuellark/status/1676733038674190338
- Money Matters Podcast with Jack Mallers and guest Jack Dorsey https://podcasts.apple.com/us/podcast/ep-1-jack-dorsey/id1695949365?i=1000619425244
- Ai4ALL Hackathon – https://bolt.fun/tournaments/ai4all/overview
To learn more about Bitcoin Park – bitcoinpark.com
