Bitcoin's Short Squeeze Just Flipped The Market
Backpack founder and CEO Armani Ferrante joins Scott as Bitcoin squeezes back toward $80,000 after the Democratic sweep and Solana's tokenized stock trading hits a record $657 million, with Backpack leading the surge. They get into what the "tokenization super cycle" really means, how trading stocks on-chain differs from the DTCC using tokens for faster settlement, why perps are crypto's most important product after stablecoins and need to come onshore, and how 24/7 markets, international stocks and AI could bring back the retail investor. Scott also covers House Democrats writing their own version of the CLARITY Act, Kalshi odds on Bitcoin's price this year, Strategy's STRC back at $100 par, and Riot selling the bitcoin it mines to fund an AI data center. In this episode:00:00 Democrats' new CLARITY Act after the sweep02:07 Solana tokenized stock trading hits a $657M record10:12 DTCC tokenization vs. stocks trading on-chain13:15 What a Democratic Congress means for crypto rules16:58 Why perps and equity perps need to come onshore24:03 24/7 markets and access to international stocks26:49 AI and the return of the retail investor31:21 Bitcoin near $80K after a $215M short squeeze33:41 Strategy's STRC is back at $100 par35:19 Riot sells its bitcoin to fund an AI data center Armani Ferrante on X: https://x.com/armaniferranteBackpack: https://backpack.exchange Watch this episode on YouTube: https://www.youtube.com/watch?v=-meUTTtD1Rw If you enjoyed this episode, follow the show and leave a rating. It helps more than you know. Follow Scott Melker:Watch on YouTube: https://www.youtube.com/@ScottMelkerFollow Scott on X: https://x.com/scottmelkerThe Wolf Den newsletter: https://thewolfden.substack.comThe Daily Wolf on Yahoo Finance: https://finance.yahoo.com/videos/series/daily-wolf/ Learn more about your ad choices. Visit megaphone.fm/adchoices