Bloomberg Businessweek ICYMI: Bitcoin Breaks $100k; Citadel Pushes for Four-Year Non-Competes
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May 12, 2025 Frank Speiser, CEO of Metafide, shares insights as Bitcoin surges past $100,000 amid easing global trade tensions. He discusses the bullish outlook for crypto, emphasizing institutional interest and the importance of regulatory clarity. The conversation also veers into Ken Griffin's Citadel supporting stricter non-compete clauses in Florida, raising questions about employee rights and the balance of power in the hedge fund industry. The broader implications for Florida’s political landscape and its pro-business environment are examined, showcasing the influence of wealth in shaping legislation.
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Bitcoin's Growth Potential
- Bitcoin is at a crucial point with a support level around $97,000 and potential to surge towards $160,000–$175,000.
- Institutional buying and states like New Hampshire adopting Bitcoin reserves are driving competition for available Bitcoin.
Bitcoin as Risk Diversifier
- Bitcoin is increasingly seen as a tool to diversify risk away from unstable equity markets and fiat currencies.
- It gains value from the belief in permissionless, stable transactions independent of fiat currency printing.
The $400 Million Pizza Story
- People still vividly recall the famous case of someone buying two pizzas with 10,000 Bitcoin.
- That amount is worth about $400 million today, making those pizzas incredibly expensive in retrospect.