Bitcoin Slides To $83K As The Bond Market Gets Crushed

Scott Melker (0:01)

Bitcoin slides to 83,000 American dollars. As the bond market gets crushed, I've seen a lot of fear, uncertainty, and doubt about the price of Bitcoin. And would like to remind you that it has now crashed to prices not seen since three entire days ago when we were all excited about seeing $83,000 Bitcoin. I've got a great guest today. We've got Andrew McCormick from Chainlink. We're gonna break that all down and more. Let's go.

Good morning, everybody, welcome to the awkward corner of my room. This is not my studio. This is not a green screen. This is not my big screen background. This is just me sitting in a corner. But you know, we're always going to show up and talk about what's happening. I'm going to go ahead and bring on Andrew right now to break it all down for you. Good morning, sir. How are you?

Adrian McCormick (1:04)

Hey, Scott, doing well. I appreciate your awkward corner, man.

Scott Melker (1:08)

You know, like I'm looking out the window. I'm actually in the mountains and the clouds are right at the level of my window as the sun's coming up. It's pretty cool.

So I know that everybody wants to hear about Bitcoin, but I want to hear about your former life as a rapper in a law firm band that you mentioned to me before. All right. All right.

Adrian McCormick (1:26)

What a way to kick off. So yeah. Hey, folks, Adrian McCormick, Chainlink Labs, huge fan of the show and especially the intro music. And look, I'm 43 years old. Most of my life, I love rap music.

Started as a little kid growing up in Texas, all the way to Virginia. And yeah, I was a lawyer at a law firm and found a few other lawyers at the firm who are like starving, creative artists and we're like, we should do a band. And we entered a DC Battle of the Bands contest. And we won and ended up raising like 500 grand for Homeless in DC over years. Kept doing shows, raising money, 100% going to charity. And maybe the best part of all, through all of this, I met Vanilla Ice. So that was-

Scott Melker (2:11)

Oh, there you go.

My first real concert ever was Vanilla Ice opening for MC Hammer in Gainesville, Florida in the probably like 1988 or something. I had to guess.

Adrian McCormick (2:26)

That's epic. But look, I added four kids since I had to retire from the rap game and now it's-

Scott Melker (2:33)

Yeah, it's hard when you gotta retire from the rap game and get a real job.

I can feel you there. I've done that. All right. So let's talk a little bit of macro first. So Bitcoin up and down. I kind of joked at the beginning that 83,000 is seriously a dream as of even, I don't know, four days ago. But here we are with negative narratives about Bitcoin, quote unquote, crashing to 83,000. Of course, traders bet, traders price in four rate heights by June 2027, as Bitcoin slides below $83,000. So maybe that's the bigger news here, obviously. This is the Cal sheet market on Fed rate heights. I mean, 97% is another one by 29, 93 by 27, 90 before 2027 And then you get the number of heights this year, and we're still looking at 2.3 on Cal sheet. I know prediction markets don't tell us exactly what's going to happen, but they're probably more accurate than a Fed dot plot at this point.

Adrian McCormick (3:32)

Yeah. Well, look, I love your 3-day reference because I think it's a healthy perspective, right? You can get lost in the motions if you're looking up the daily, the hourly charts, but I've been in the game for nine, ten years, and I think like 2017, we saw Bitcoin crash to 3,000. 20, you know, 2022, the crash was the 15 This year, the crash to 55, 57

And so now for crashing to 83, I will happily take that. I think long term, it shows growth. There's so much volatility out there, geopolitical, DC drama, fiscal policy is a hot mess.

To me, Bitcoin is going to win in the end. And so a huge fan of that. And there's going to be ups and downs. And that's part of investing, part of life. And it's good to have a long term perspective.

Scott Melker (4:18)

Yeah, I mean, I think maybe what's shaking markets a bit more isn't just the projections that we might get, great heights. I think most people kind of don't think the Fed has very much power at this point, sort of the fiscal dominance, nothing stops this train, when Alden theory on things. And I mean, you take a look at what's actually happening here and you can see, I mean, you know, 30 year treasury yields hit highest level since 2004 as bond market route continues. I haven't checked the 10 year this morning, but when I went to bed, it was well over 5% again. So, you know, listen, you kind of have these conflicting forces in the Fed and the treasury who are, I think a lot of people expect it would be working together because they're kind of each other's guy, you know, Besson and Warsh, they're guys, they're Druckenmiller guys, you know.