T. Rowe Price’s Blue Macellari argues that Bitcoin’s ETF has altered its cycles forever.
Welcome back to The Mining Pod! Today, we have a two-for-one show with two interviews we recorded at the North American Blockchain Summit. To start, Colin interviews Blue Macellari (Head of Digital Assets at T. Rowe Price) on how institutional adoption is fundamentally changing Bitcoin's market structure, the debasement trade narrative going mainstream, and why fast money hasn't arrived yet this cycle. Then, Will hops on the horn with Dale Nally (Minister of Red Tape Reduction in Alberta) to discuss Alberta's competitive advantages for Bitcoin mining and a concierge program for large miners.
Notes:
• BlackRock's IBIT reached $70B+ AUM, top 20 ETF
• ETF holders parking Bitcoin for decades
• Basis trade tied to futures market growth
• T. Rowe Price sees institutions changing cycles
• Alberta cut 35% of red tape, saved $3B
• Alberta has 200-year natural gas supply
Timestamps:
00:00 Start
04:34 Bitcoin ETFs & 4yr cycle
06:08 Institutional demand & cycle changes
08:18 Retail behavior
10:38 ETH treasury companies
14:04 Debasement trade
16:01 Fed rate cuts
19:51 BTC is risk on or off?
24:41 Cleanspark Ad
25:10 Canada's energy sector
25:46 Who is Dale Nally?
27:09 NatGas generators for AI
29:09 LNG exports
31:33 Exports to the US?
35:14 How is the Alberta energy system unique?
37:41 Capital formation
39:46 Canadian Federal Bitcoin Reserve?
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