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In this episode of Edge of NFT, Richard and Josh discuss the upcoming Bitcoin Nashville event, Bitcoin's recent price fluctuations, and the SEC's delay on the Ethereum ETF. They explore the intersection of art and cryptocurrency at the conference, as well as the potential market impacts of these developments.
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Key Topics Covered:
- Bitcoin Nashville Event: The upcoming Bitcoin Nashville event is set to be one of the largest Bitcoin conferences in history, featuring unique attractions such as a physical art gallery and immersive digital exhibitions focused on ordinals.
- Bitcoin Price Fluctuations: Bitcoin has experienced significant price volatility, recently stabilizing around the $60,000 support level, with analysts divided on the potential for a flash crash to $40,000 amidst various market influences.
What was your favorite quote or lesson from this episode? Please let us know in the comments on YouTube. https://www.youtube.com/@edgeofnft/
Episode Highlights:
- "One thing I would like to point out, art has been extremely important to this conference since 2019. We've sold over $6 million worth of art denominated solely in Bitcoin since 2019." - Dennis Koch (00:02:27)
For the full transcript, see further below.
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About Our Guest:
- Bio: Dennis Koch is an artist with a diverse background in the art world, having exhibited internationally and worked at prominent galleries and museums in Los Angeles for a decade.
- Website: Dennis Koch
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Full Episode Transcript:
Richard Carthon: Welcome to the Hot Topics of Edge of NFT. I'm Richard Carthon. I'm here with Josh Krieger, and we're diving into the latest and most exciting developments in the world of Web3, blockchain and digital assets.
Josh Kriger: It's another production, the Edge of Company, a quickly growing media ecosystem empowering the pioneers of Web3 tech and culture.
Richard Carthon: Today, we're covering the upcoming BTC Nashville event, Bitcoin's recent price rollercoaster and the SEC's latest position on the Ethereum ETF. It's time to dive in. All right, so the first hot topic of today is Bitcoin Nashville. And here to give us the scoop on that is Dennis Koch, who is with BTC Media. For full disclosure, Edge of NFT is glad to be a media partner this year, and the conversation supports this partnership. Dennis is an artist who exhibited internationally and worked at prominent Los Angeles galleries and museums for a decade, and then transitioned to the Midwest and later joined Bitcoin Magazine and the Bitcoin Conference, leveraging his art world experience in the cryptocurrency space. All right, Dennis, we're excited to bring you on the show.
Dennis Koch: Hi, thanks for having me.
Josh Kriger: Yeah, good to see you. Always great to have a former Los Angeles guy in the mix. And I'm sure you guys are really busy getting ready for what has been shared with me to be one of the biggest Bitcoin events in history. And I'd love to hear more about what are the unique features and attractions that attendees can expect this year that sort of differentiate it from previous years?
Dennis Koch: Sure. Well, first of all, thanks again. Yeah, this year is going to be really fascinating. Obviously, you know, recently some very high profile people have come in as speakers, particularly Donald Trump. I mean, that's going to create a very different type of environment than we had initially thought, but it does, it has become this intersection point where politics and social issues have, you know, played a big conversational role with Bitcoin related to both regulation and just, you know, the individual One thing I would like to point out, art has been extremely important to this conference since 2019. We've sold over $6 million worth of art denominated solely in Bitcoin since 2019. Really, we're just trying to create an environment where artists can price their work in Bitcoin for both the benefit to the artist long term, One of the things I would point out, we have a physical art gallery where at the center of this space will be a piece by an artist named Crypto Graffiti. This piece was originally installed on the U.S.-Mexico border, and it is a piece that is about the ability for your seed words to transfer wealth across borderlines. So we're recreating a portion of the border wall in this art gallery space. And it has these seed phrases, these symbolic seed phrases that rotate on this large 15 foot sculpture. Yeah. So I'm very excited about that. The other thing is we have a very large digital activations dedicated to ordinals. Our ordinal exhibitions have gone through a lot of changes since we were riding the initial wave. This particular exhibition is a wall of vintage televisions, 50 vintage televisions. Again, Ordinals is this latest iteration of a technological wave, and we're playing a little retro game. Also, we have a 44-foot dome that has external projection mapping on it right nearby, and then a couple other big surprises that I can't talk about yet.
Richard Carthon: Yeah, no, that sounds like a lot of fun. And for a long time, Everything that's been going on with this Bitcoin conference has been one of the largest in the world. It's a place where a lot of crypto enthusiasts come together to not just explore what's the latest trends in Web3, but what is to come. And obviously this year, there's a lot of excitement for a lot of various reasons. I want to start with going through a couple of things as it relates to Ordinals as you were talking about that. I know that you're integrated into this year's conference, but it's been around for more than just this year. So tell us a little bit more about what's happened previously and what's inspiring this change towards leaning more into Ordinals.
Dennis Koch: Yeah, sure. Well, even prior to Casey Rodhamore's development of Ordinal Theory, there has been on-site digital space for artists working in Counterparty. It's a lesser known aspect of Bitcoin history, but this predated Ordinal's. And then yes, in 2013, or 2023, in the months right after Ordinal's theory was brought out, we partnered with the company Gamma and Exverse, and they did an Ordinal's display at B23 Miami. This was a little bit more traditional in terms of like monitors on walls. something everybody knows in the Web3 space. But since then, as we went to Amsterdam, we had a very immersive museum-like experience in a projection mapping venue. And then in Hong Kong, we also did large scale LEDs. And it's just You know, for my vantage point, it's really interesting to see how people are going through these stages of what is a good way to represent this as an in-person experience besides just something you see on your phone. And that's where it's getting interesting. I mean, I think, like, we're on the verge of, like, very immersive visual worlds that, you know, are opening up for digital art. I know everybody's seeing this, so it's not a surprise.
Josh Kriger: Absolutely. No, it's great to see Bitcoin sort of integrate more art into the ecosystem in such a profound way. And last but not least, like I'm excited to go to Nashville. This is going to be my first time there. What made you guys choose the Music City as the venue and how do you think it will enhance the overall experience for attendees?
Dennis Koch: Yeah, okay. So actually, Bitcoin Magazine is based in Nashville. A large portion of the people that work in our company live in Nashville. So that was a big factor. But ultimately, we see this as something that will move from city to city. We had two previous iterations in the Miami area. And Miami was awesome. And it's really great for international people coming that want to have a, you know, see a beach or something, you know, Nashville is a lot different. I mean, as Josh, you know, you're familiar with the West Coast, like it's kind of the Hollywood of that area. Like it's got the history of country music. It's got its own sort of Hollywood vibe for country Western. It's a trip. People are gonna have fun and it's gonna be an experience, that's for sure.
Richard Carthon: Yeah, awesome. I mean, I know I'm looking forward to it. I've been to Nashville a couple times now. And obviously, the music scene is amazing. Always some great live music. And I didn't really know that there's like a Crypto Web 3 scene out there. So excited to like, see that community, but then also to see the international audience be drawn into that area. It'll just be a fun, you know, cultural experience, a lot of fun to be had, but then a lot of things that we could be progressing forward. So I'm looking forward to it. And, you know, Dennis, I'm really excited to be attending the conference and look forward to seeing you in Nashville.
Josh Kriger: And speaking of Bitcoin, it's been quite an interesting roller coaster for Bitcoin, and it's now holding at around $60,000 support level. Its price has consolidated there, with some analysts speculating about the potential for a flash crash to $40K, while others remain confident in Bitcoin's ability to defend the $60K level despite bearish pressure. Obviously, there's been a lot happening that's sort of impacted the price. Richard, what are your thoughts here?
Richard Carthon: Yeah, there's been a lot that has kind of implicated this. Number one, everyone that was involved with Mt. Gox, there was a giant payout that happened this past week. And these are people who got Bitcoin at a substantially lower price. And so as soon as they got access to it, they probably sold immediately. So that was A big indicator, another thing that happened, Germany has been selling a ton of Bitcoin, like a ton of Bitcoin. I think at one point they had close to 50,000 and I think they're down to like 20 something. So they have been aggressively selling their Bitcoin, which has been pretty wild to see. And then another thing to kind of keep in mind is just like looking at some different indicators that are out there when you look at these different levels, even with that massive sell off, you know, Bitcoin crashed to its lowest level since like February of this year, and has rallied and is now at the time of this recording back to around 58,000. So I don't think we're going to see a flash crash to 40. I think it was looking pretty bearish there for a second once Bitcoin started dipping below 55. But now that it's back up to this threshold, I think we're coming on the other side of this flash crash. But what do you think, Josh?
Josh Kriger: Yeah. You know, look, the Germany sell-off and the Mt. Gox events were really big selling experiences, and we aren't quite the sort of meat of this bull market per se. Folks were hoping so. But historically, the fall has been when most of that action happens after the halvening in a given year. And summer's always been a little bit squishy, if you will. So I think that plus, you know, looking at the overall sort of traditional market S&P and NASDAQ, you know, and what's been happening there. I'm pretty optimistic that we're heading towards warmer days in terms of the price of Bitcoin. And certainly the event we just talked about, Bitcoin National, will be an interesting sort of signal in terms of what happens during and after that event with so much talk about Bitcoin that's going to also make national news with folks like Donald Trump coming. So Very interesting to see what that sort of does in terms of the longer term trajectory of Bitcoin's price. And of course, we did see there's still a huge correlation in the market with Bitcoin in the overall ecosystem. You know, that has not changed in spite of sort of, I guess, aspirations or hopes or theories around decoupling, it's very clear that Bitcoin still sort of carries the most weight in the overall blockchain market.
Richard Carthon: Yeah, where Bitcoin goes, the rest of the market's been following. I think eventually we will have a decoupling where what's happening to Bitcoin doesn't necessarily affect the rest of the market, but we're not close to getting away from that yet. And just for, you know, a lot of people have been looking at the Bitcoin halvening and been like, Oh, well, You know, usually after happening, we should be at this point by X point. And sure, like history rhymes. It doesn't necessarily repeat, but it rhymes. And, you know, if things hold true, then in the next couple of months, we should start seeing a drastic influx of capital coming into the market. Again, if history rhymes as it has historically. So I think we're about to come on the right side of that trajectory and things are going to start Turning up in the right direction. So I'm excited to see what comes next.
Josh Kriger: Absolutely. Well, speaking of sort of correlations, there's always been this conversation about Bitcoin and ETH together. In this case, we have some news there around sort of the ETF launch. SEC has delayed the Spot Ethereum and commented on S1 forms for Spot Ethereum ETFs and requested submissions by July 8th, potentially delaying their launch until mid to late July. So we're sort of in the middle of this sort of conversation right now. It's July 11th as we're recording this. What are your thoughts there?
Richard Carthon: I think what was interesting, it was supposed to go live on July 2nd. And I was like, what happened? Because not only when Bitcoin was going down, Ethereum was going, I was like, what's what's happening right now? And it got delayed. And, you know, just from what Gary Gensler has stated, that the approval process is progressing smoothly. But the listing could take even longer as long as September. I hope that doesn't happen. But I The fact that it's still going to happen, I think, is inevitable. I don't think, you know, the fact that it got approved, I don't think it's gonna be disapproved, which is good. And the other side of this, too, is like, think about what happened in the market just this year. One of the biggest catalysts of the bull market that happened for Bitcoin was when the Bitcoin ETF got passed. And we saw this giant influx of money start to hit the market. People for forever have been saying eventually, that the flippening, that people who believe that Ethereum will one day flip Bitcoin, needs to have a catalyst. And this can be one of those catalyst moments where now you have all these people who only know, like, if they're going to get a crypto only to do Bitcoin, they're like, Oh, well, what's this Ethereum? Like, now you have all this money that can now flow into that as well. And this can be that beginning stage of action towards the flippening beginning to happen. But in addition, Historically, when Ethereum starts to rise, the alt season starts to happen. You have alts that start doing very well. So I think when I look at the holistic view of life, what does a bull cycle for crypto look like? Once these Ethereum ETFs start getting funded, you start seeing more money flow in. That's when we start, things start getting a lot more fun.
Josh Kriger: Yeah, that's for sure. So not financial advice, of course, but definitely concur with your analysis, Richard, and excited to see what's to come later in July going into August. That's a wrap for today's Hot Topics. We've covered what to expect at this year's Bitcoin Nashville, why Bitcoin's price crashed recently, and finally, why the SEC delayed the Ethereum spot ETF.
Richard Carthon: Now it's your turn. What's your take on Bitcoin and Ethereum's price and where it's headed? Also, Are you looking forward to going to Bitcoin Nashville? And if so, who are you looking forward to listening to?
Josh Kriger: Share your thoughts in the comments or on social media. Your voice shapes this space. Stay curious, stay secure and keep pushing Web3 boundaries. This is Josh and Richard signing off from Edge of NFT. Catch you on the flip side of the blockchain.
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