Joining us now is Corey Clifton.
He is founder and CEO at Swan Bitcoin.
Corey, always grateful for your time.
So just 2 days ago, earlier this week, the SEC proposed brand new exemptions specifically for particular crypto fundraising.
What are the key details of that announcement that we should know and how significant a move do you think it really is from the SEC?
Yeah, well, first, thank you so much for having me on, and hello from uh Istanbul here almost midnight, and uh glad to join you guys, especially on a day where the Bitcoin price, the one I care about, is up about 15% over the last day.
So very exciting times.
Um, yeah, so look, after, uh, about 7 years of Altcoin VC funded pumping of crypto, uh, altcoins, so the non-Bitcoin crypto universe from like 2017 to 2023.
They're mostly irrelevant at this point, and there's nothing really in the narrative across media, markets, journalists, bankers.
You know, anyone really trying to pump these altcoins.
So, it's, it's interesting that this comes down now, cause it's kind of a, like, too late for those folks.
Um, getting into the details, basically, it's something like, with a lot of disclosures, they're allowed to raise something like 75 million bucks with, you know, paper claims of doing some kind of decentralized network of some sort, and if they deliver it in those 4 years, there's kind of a grace period, and then it has to be You know, they have to have delivered at that point what they did, or they can't raise more money.
And then there is a weird little exception as well, where with basically no disclosures at all, and absolutely no requirements for the investor to be accredited, and essentially no oversight, they can raise up to $5 million from the least sophisticated people in the world if they want to, um, and do basically the same thing.
So, You know, it's uh, it, it's, it's something, and, uh, I guess some crypto people will care, but I will tell you, the last time I was on a a panel for a uh investment bank out in New York a couple of months ago, I was up there with 3 crypto executives, and the industry is basically bifurcated into just Bitcoin and crypto infrastructure, which is basically incremental improvements to financial IT.
It's like rails and payments, and stablecoins, and things like that.
And I would say that pretty much all the executives in the, the non-Bitcoin crypto industry are pretty much aligned with what I would have called a Bitcoin maximalist about 5 years ago.
They just don't have any kind of thesis for altcoins.
So, I don't really think this is that relevant or interesting, and it's probably just kind of like throwing a bone to some of the people that funded over 50% of the campaign donations for the last election cycle.
Yeah, Corey, sadly I'm, I'm short of time, but let's talk Bitcoin pricing.
We did have a nice two day pop here.
Where do you see price action going from here?
Look, we're kind of at that level where a lot has traded historically, right, in the kind of 73.1 to 73.8 range.
That was the top after the uh ETFs launched in January of 2024.
There was kind of a, a big Bitcoin price rise by, by the end of Q1 and 2924 that topped out about 73.
And then we pulled back, and then ran up to like 108, and then there was a big pullback in mid 25, uh, and it bottomed out at 73 as well.
So, it's a pretty significant level.
I don't expect us to just punch through 73, 74 with no resistance.
I think there's going to be a lot of people that kind of mark this level, uh, but there's not a lot really between that and all-time high.
There's like a little bit of volume at 80, a little at 88.
Obviously, the 100K is kind of a A round number, and then there's, uh, basically just the all-time high of 126 above that.
So, you know, I think we're in the early stages of Bitcoin bull market.
I think the best thing to do for most people is invest in learning and understanding, you know, buy what you know, and don't just like cha chase the hot trade.
But, uh, you know, I do think that Bitcoin price is much lower than what it's worth, and I expect that to be reflected over the long haul.
Yeah, there's no shortage of shiny things out there to go chase as a would-be investor.
Always do your homework, and I'm always grateful for your time.
Corey Clipstein, got to leave things there.
Founder and CEO of Swan Bitcoin, we'll talk again soon.
