The Price of Money Just Changed... Why NO ONE Is Pricing Bitcoin Right! | Truth Block

**Hurley** (0:00)
Wall Street just launched its first ever crypto index, and Bitcoin isn't in it. The reasons they gave, Bitcoin doesn't generate revenue. Meanwhile, the AI trade that swallowed everybody's savings for two years is coming apart. And Warren Buffett's company is sitting on a record $397 billion in cash. Big Money is waiting for something. But what are they waiting for? Because something shifted, and for the first time since 2009, money is no longer free. The great sorting has started, and the people running it looked at Bitcoin, checked it for revenue, found none, and left it out. So what did they miss? And why does the answer make Bitcoin's real market bigger than anything AI will ever earn? This is TruthBlock. I'm Hurley.
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So S&P Dow Jones just launched a brand new benchmark with Pantera Capital. It contains a basket of 18 tokens and is aimed at translating to one trusted number for serious money to point at in regards to crypto. The way that the S&P 500 does for stocks. The five largest holdings are Ether, Binance Coin, Solana, Tron and Hyperliquid. Which I've never heard of. Bitcoin's not even in it. But before you write this off as another bunch of suits that don't get it, listen to how carefully Cathy Clay explains the criteria.

**Cathy Clay** (1:30)
Yeah, so let's just admit that digital assets moves faster than equity assets, for example. But what we're trying to bring are the same sort of principles that we have in our equity indices into digital assets. So when you think about the seasoning period, the revenue generation, the listing requirement, the liquidity behind these different protocols for these tokens, these are the things that we think matter for serious investors and asset managers in the digital asset space. And so we think because there's this likeness between what we deliver in equity indices and into this new benchmark for digital assets, we think it'll make sense for the investing public.

**Hurley** (2:09)
But Bitcoin is not in here?

**Cathy Clay** (2:12)
Bitcoin is not in there because it's really not one of those revenue generating protocols that we think belongs in this index. It meets all of the criteria, which there are many in order for inclusion in this index.

**Hurley** (2:24)
Seasoning period, revenue generation, listing requirements, liquidity. Every one of those was built for answering a question about a business. And she's not sloppy. In that same interview with CNBC, she explained why the S&P refused to fast-track SpaceX into the S&P 500 The committee stuck to its methodology. And this morning, SpaceX hit an all-time low of $110.
So the measurement didn't fail because somebody got careless. It failed because nobody asked whether Bitcoin is the kind of thing that ruler was built to measure. And the timing here is everything. Because every asset on earth is sitting in the same exam right now. James Lavish laid this out on Sunday's Informationist Newsletter. There's one number underneath your mortgage, your portfolio, and every dollar Washington owes. It's what a lender genuinely earns after inflation for giving up a decade of purchasing power. Today, that number is 2.43%.
Lavish calls it the rent on money. For 13 years straight, that number averaged 0.23%, basically zero.
So every asset, every story, every projection on earth only had to clear a bar lying flat on the ground. Well, on Friday, it printed a 12-month high. And over that same stretch, the market's inflation forecast barely moved. This is the price of money itself going back to normal. So now everything you own has to answer one question for the first time since 2009
What does this pay me? Measured against doing absolutely nothing.
Gold, which has no earnings at all, already answered by falling 28% from its January peak. Bitcoin sits under the same math with a lot more hands on it. So Wall Street is sorting the entire world right now, and the tool it reaches for is cash flow. Jordy Visser has been right about this market repeatedly. Here he is describing what the money is actually doing.

**Jordy Visser** (4:14)
I've been posting more and more the ecosystem index that I created of crypto.
It took out the mid-June highs. Bitcoin did not take out the mid-June highs. Ethereum has been outperforming Bitcoin. All these things are suggesting that the market is starting to look more towards the revenue side of the equation, which would be more towards Ethereum and less towards Bitcoin. And that's a positive thing in the long run.