SpaceX IPO Frenzy Hits Crypto as $557M Floods In #CryptoTownHall

**Scott Melker** (0:00)
So SpaceX goes live today. We'll see whether or not this is the great sucking sound today. I think it's the opposite. I think this is a buy the news, it was a sell the rumor, buy the news event. I think that any money that was gonna go into SpaceX is already out. And now the question will be, what does it say?
People are gonna start talking about correlations, they're gonna start talking about lots of stuff. But it's very much a cult of personality day, because this is the day Elon becomes on paper a trillionaire. And at the same time, we have all the people talking about Bitcoin, Prague, you know, Sailor kind of saying, well, I sort of said this and that.
And Gary and I getting insulted by Dr. Danish for things that we'd never said, and him being just hating Sailor for some inexplicable reasons. So as I said, there's a lot going on. But curious, David, so you've unmuted. What do you think is going on in the market today? Because obviously outside of SpaceX, there's not a whole lot happening.

**David** (1:05)
So much drama. All I would say is, look at the market and yeah, we've got SpaceX has made different IPO, the dynamics are such that 30 percent of the offer is going to go into passive indexed funds within the first 15 days that compares with 4 percent normally for IPOs. So you've got a lot of passive buying power on the sidelines. In pre-market indications, 135 offer price, 35 percent up was the indication. So somewhere around 185.50.
There are names that are out there, they're going to benefit, obviously. And we'd love to see what the spillover is going to be to crypto. I mean, here's a chance for Elon to come out and make Dogecoin, the official coin of space exploration.

**Scott Melker** (1:54)
Oh, please, dear God.

**David** (1:55)
Did I miss anything?

**Scott Melker** (1:56)
No, but I hope you're wrong on that one, but it's definitely possible. You know, it's like what's old is new.

**David** (2:01)
Well, what do you want? Fart coin?

**Scott Melker** (2:04)
No, I think, you know, they hope SpaceX holds a lot of Bitcoin. I think they should keep holding it. And, you know, we'll see if some of the data centers in space are going to become Bitcoin miners.

**David** (2:15)
It would be the first one. The first one will be a Bitcoin miner.

**Scott Melker** (2:19)
Well, I mean, if he actually announced that, that would be a big deal for people. Honestly, should it really matter? No. But would it matter? Yes.
It's one of those things. I mean, look, if sale or selling 32 Bitcoin could spook the market as bad as it spooked it, then a token, you know, statement that Bitcoin is the currency of space would be a very big deal.
I personally think it's kind of silly. The kind of market power that some of these people have is silly, but it is true, right? We all know how markets move. So, you know, it is a big deal. But look, I think the most important question here is our capital flows. And we know that a lot of capital was taken out of a lot of assets over the last couple of weeks to be for people to get their bids in for SpaceX. We know that on the retail side.

**David** (3:10)
Yeah, I mean, the retail side was over $100 billion. Yeah.

**Scott Melker** (3:15)
Well, $100 billion requested.

**David** (3:18)
Well, yeah, indicated for 111 million shares allocated on the IPO, the 20 percent works out to a price of about $900 a share.

**Scott Melker** (3:29)
Yeah, well, but that's not going to be the price. So, yeah, I mean, I know that. No, I know you do.

**David** (3:35)
I just don't think people end up buying power, my friend.

**Scott Melker** (3:38)
Right. But the point is, is that unsatisfied buying power will go some place. I have certain ideas of where it will go, and I don't think a lot of it will go. I don't think any of it really goes into Bitcoin or into crypto. I think that the SpaceX insiders, on the other hand, and others will, some will end up back here. But, you know, we'll see. I don't really think a whole lot of the Bitcoin story and the crypto story has been about SpaceX except for recently.
I think Silver, on the other hand, that hot ball of money that we were talking about endlessly for months on end, four months ago, I think that that is seeing its final paroxysm of selling it for this, and it will find a bid for it, not for another reason, that in fact, it's actually needed for a lot of the stuff that SpaceX actually does. So we'll see how that goes. But there's just a lot of stuff going on with this, and it creates a sort of Brownian motion.