Did the Iran War Just Kill Bitcoin’s Rally—or Is $100K Next?! | Bitcoin Simply

Dante Cook (0:00)

Bitcoin is melting faces at 86k, and some haters are finally admitting that they were wrong. Bitcoin ETFs had nearly 1 billion in inflows yesterday, and the demand for Bitcoin-backed products like BlackRock's iBit and Michael Saylor's MSTR are skyrocketing with retail demand. So why is Bitcoin exploding right now? What's going on behind the scenes to cause this rally?

SPEAKER_2 (0:21)

On September 23rd, all the Iranian airlines, all the Iranian airlines will be shut down around the world.

Dante Cook (0:28)

Will this rally be cut short with Scott Besson coming out and making comments like these to spook the markets? Today, we're going to look at why Bitcoin is booming and listen to Scott Besson's recent interview on CBC to determine whether this is going to kill the rally or whether this is going to send Bitcoin to 100K.

This is Dante Cook of Bitcoin Simply. Let's go.

SPEAKER_3 (0:51)

The risk on comeback crypto options traders are indeed jumping into action volume and Bitcoin ETF IBIT is four times the 30 day average in MSTR. It's two and a half times flows are leaning clearly bullish with more than twice as many calls bought versus puts in IBIT, the same in Master.

Dante Cook (1:11)

Master? Clearly this guy is a guy that they just put on the crypto desk. But nonetheless, the retail beehive is starting to go into a frenzy. People are rushing to get into Bitcoin-backed products like Black Rock's Ibit and Michael Saylor's MSTR as they hold on for dear life to try to Bitcoin was just faking dead, like Caleb Williams, as Bitcoin posted nearly 1 billion in inflows yesterday alone. Despite the threat of the comments that the United States government is going to shut down all Iranian airlines on September 23rd, the markets might have looked past that to these comments that Scott Besson just made about interest rates potentially coming down.

SPEAKER_2 (1:47)

We have one of the highest correlations ever between 10-30 year bonds and crude oil price and the crack spread.

Look at the rates today, look at the oil price. I didn't mention it. The R-squared, since the conflict started, has been quite high, which tells me that this is a observable phenomenon. And once we get on the other side of this conflict, which we will, I think the oil markets are gonna be more supplied than they previously were, and rates should come down.

Dante Cook (2:25)

We know that him and New Fed Chair Kevin Walsh are tied at the hip, and he believes that markets will be more supplied and more resilient after this crisis in Iran than less. But honestly, it doesn't really matter if rates are higher or lower. As we've seen during this last prolonged Bitcoin bear market, Bitcoin has responded relatively well to rates going up and rates going down, which we know it's done in the past. And so people are finally starting to realize that Bitcoin is just an asset that won't die. Because, Congress, Bitcoin doesn't need the Clarity Act.

Behind the mask, there's an idea, and an idea is bulletproof. Former CFTC Chairman, Christian Carlos, said it well.

Christian Carlos (3:07)

Here's the thing I think your audience needs to know. Whatever Congress does, in some ways, whatever Selig and Atkins does, this innovation is not stopping.

If Gary Gensler and his crew couldn't kill it, the lack of federal legislation is not going to kill it.

Dante Cook (3:26)

He alludes to the fact that we still have major detractors to Bitcoin like Senator Warren.

But despite that, you know who we had before?

Gary Gensler and the Biden administration. Do you remember that Gary Gensler did everything in his power to kill Bitcoin? We have the friendliest crypto president and administration that we've ever seen. Along with Mike Selig at the CFTC and Paul Atkins at the SEC, we have a group that's now going to move forward with innovation regardless of whether Congress is involved or not. And even beyond that, Christian Carlos has something really important. Bitcoin is like the Internet of money.

Christian Carlos (3:59)

The lack of federal legislation is not going to kill it. This is the Internet doing to banking and finance and money what it's done to information gathering and social networking, and there's no turning back.

Dante Cook (4:12)

In regards to the Clarity Act, Bitcoin doesn't care, and neither does Jack Maulers.

Jack Maulers (4:16)

I don't think this asset needs nonsense crypto policy. Does it impact strike? No. Does it impact Bitcoin's 21 million hard cap? No. Does it impact the debt to GDP that the governments are trying to wrestle with as we live through a sovereign debt crisis? No.