Pierre Rochard

This afternoon I testified at the Texas Senate Committee on Business and Commerce hearing in favor of SB 21, to establish a Texas Strategic Bitcoin Reserve. Thank you @DrSchwertner for introducing the bill, @LtGovTX for making it a legislative priority, and @DonnaCampbellTX for asking great questions about Bitcoin custody and security.

JUST IN: Strive CSO Avik Roy says not every #Bitcoin treasury company will be able copycat Michael Saylor's preferred stocks like $STRC "Do they start building securities on top of STRC? It's going to be really interesting." 🔥

Delighted to announce @basepowerco has received its first state license to operate as an electricity retailer outside Texas. We're heading to Illinois! Thank you @ILCommerceComm for approving our application! Let me explain why we're heading to the Land of Lincoln🧵

After attending today’s hearing, we reviewed the Fed’s proposal and Bitcoin’s risk weighting remains unchanged for now. That being said, the proposal is a huge step in the right direction and opens the door for further reform. BPI will be submitting a comment to the Federal Reserve shortly on why changing Bitcoin’s treatment is necessary for the long term success of America’s capital markets and free and fair access to the banking system. This is a multi-trillion dollar question that we have to get right. Full proposal can be found online here: federalreserve.gov/newsevents/pre…

@The_Street_Man @brian_armstrong @coinbase They should have done it with retail from the beginning. It would be huge relative to transaction fees.

@BitcoinPierre @brian_armstrong @coinbase I guess I assumed they already did this for institutional custody agreements. I still don't believe the pool of capital is large enough for the fee revenues relative to transaction fees.

Bitcoin would be over $100k and $COIN would be over $300 if @brian_armstrong had strengthened @coinbase fiat rails, on-shored customer support, bought more BTC, and issued digital credit, instead of buying back stock their own stock and investing in Etherium NFT infrastructure.

@erskingardner I promise you, Visa would have launched this regardless of arguments about filters.

Well. I hate to say it but while some of you were arguing about filters, the tradfi system has caught up and made surveillance money the default for AI. Painful own goal for Bitcoin. Colossal loss for freedom and agency.

@The_Street_Man @brian_armstrong @coinbase I'm talking about it from a commercial business perspective, quite a few people don't want to self-custody and they are free-loading on the business, subsidized by altcoin retail casino churn.

@BitcoinPierre @brian_armstrong @coinbase It would just encourage people transferring to cold storage. Coinbase is old. I remember making my account in 2016 and it was just Bitcoin. At the time it was a different world and the the commission/spread was the easiest way to monetize. Shitcoins expanded revenues.

Jensen Huang: "If that $500,000 engineer did not consume at least $250,000 worth of tokens, I am going to be deeply alarmed. This is no different than a chip designer who says 'I'm just going to use paper and pencil. I don't think I'm going to need any CAD tools.'"

@ProfessorClevon @btc_board That's fine on your private property, but nobody wants "anything goes" on a road - especially if that road is privately operated, you as the owner would certainly have quite a few requirements for who can use your road and how. This should be quite obvious to any thinking person.

@BitcoinPierre @btc_board Nothing should be "required". People should have the choice of what kind of car they want to drive. Seat belts, airbags and rear view cameras were available long before regulations mandating them. The free market works.

Federal regulation of bitcoin hardware wallets should protect users: set national standards for secure design, verifiable supply chains, honest disclosures, and recovery UX. Protect self-custody rights, ban backdoors, preempt state patchworks, and reduce irreversible loss.

@SlotWinX @brian_armstrong @coinbase No, they look obvious beforehand too.

@BitcoinPierre @brian_armstrong @coinbase haha nah the theory is solid biggest moves only look obvious after theyre missed

@rockchainmtg @brian_armstrong @coinbase I think the gap is still there, in that COIN could pivot today and start acting in the best interests of its shareholders.

@BitcoinPierre @brian_armstrong @coinbase Saylor filled the gap Coinbase should have had diamond hand sealed closed 5 years ago. Way to blow a head start, Brian. I own shares in MSTR, none in Coinbase.

@The_Street_Man @brian_armstrong @coinbase You're right, the biggest mistake he made was not charging AUM bps on account balances. That would have incentivized him to encourage people to buy and hold BTC instead of pushing them into inferior products just so he could take his commission.

@BitcoinPierre @brian_armstrong @coinbase This is obvious. He runs a casino and is not a bitcoiner though. His revenue is from turnover. The incentives aren't the same.

@SlotWinX @brian_armstrong @coinbase No, it's not, perhaps I was being too humble and should have added "Told you so for the past 10 years". Tremendous foresight.

@BitcoinPierre @brian_armstrong @coinbase classic hindsight theory but honestly fiat rails do matter for adoption

@ProfessorClevon That's why bitcoiners have to make the right proposals, otherwise fiaters will fill the vacuum.

@BitcoinPierre What makes you think the government knows anything about #BTC wallets?

@Lewified Getting the opposite in law is the best way to prevent that from happening.

@BitcoinPierre They’re gonna regulate KYC and a back door into the requirements 😬

21 questions in 21 minutes. Bitcoin, AI, and innovation in the digital age with @PresidioBitcoin.

Jensen Huang: "Open Claw basically put into the popular consciousness what an AI agent can do. That's the reason why it's so important from a cultural perspective." "Open Claw is open but it formulates a type of computing model that is basically reinventing computing altogether. We have a personal AI computer for the very first time."

First it was aero engines repurposed for data centers. WSJ now reporting that domestic battery capacity for EVs, including of Ford/GM, is also being repurposed for data centers with slowing EV sales. - LG producing battery cells for Tesla instead of EV batteries for GM - Ford investing $2B to repurpose EV manufacturing in Kentucky; Ford CEO - energy storage has a “short payback period” and that it can be used to “de-risk the core automotive business” - Samsung $1B deal with undisclosed company to use its Stellantis JV factory in Indiana - AESC retooling a factory in TN that made batteries for the Nissan Leaf - Repurposing requires change in chemistry from NMC for EVs to LFP for grid applications; change of shape more tricky - Volta Foundation annual report last month also called out 190 GWh of mfg capacity reallocated to LFP - Qualifying for tax credits not so straightforward given supply chain for materials is all from China As @TheStalwart said: "That which *can* be repurposed to serve the AI supply chain *will* be repurposed to serve the AI supply chain."

An important start to an important discussion for Bitcoin adoption by large financial institutions.

@raychix I think standards would entrench self-custody and protect it from future administrations that are anti-bitcoin.

@BitcoinPierre honestly as long as they dont mess with self custody im chill with standards