Altman and Musk Now Fighting Over the Future of Social Media
It's Wednesday, April 16, and today we’re touching on everything from Coinbase’s global lobbying to state-level Bitcoin reserve efforts in the U.S., new exchange entrants, OpenAI's rumored X competitor, and why Galaxy Digital’s headline-grabbing revenue numbers deserve a closer look. We’re also diving into listener questions on exit strategies, risk-taking in your 20s, and what it really means to hold during a bull run. Buckle up—we’ve got a full plate today.
🗳️ Coinbase Urges Australians to Vote for Crypto Progress in May Election
🚫 Oklahoma Kills Bitcoin Reserve Proposal in Senate Committee Vote
🤖 OpenAI Plans X-Like Social Platform Amid Rift With Musk
🇺🇸 OKX to Expand in U.S. Following $500M DOJ Settlement
🏦 How Is Galaxy Digital Twice the Size of BlackRock in Crypto?
🎙️ Inside the Rise of Crypto Podcasters
🥇 Bitcoin Traders Eye Gold Blow-Off Top as XAU Hits $3.3K Record
Coinbase Pressures Australia for Crypto-Friendly Reform
"This seems like a global narrative Coinbase is putting out… a little fear tactic."
Coinbase is turning up the heat on Australian lawmakers ahead of their May 3 federal election, urging them to pass clear, pro-crypto reforms. John O’Loghlen, APAC Managing Director at Coinbase, warned that the country risks falling behind as talent and capital flee to more welcoming environments like Singapore and Dubai.
Coinbase is calling for five immediate actions: a crypto task force, anti-debanking measures, stablecoin enablement, tax clarity, and better startup rules. Despite 31% of Australians reportedly owning crypto, vague policies continue to hold the space back. O’Loghlen believes Australia won't birth major Web3 companies unless these roadblocks are removed.
I noted that this playbook—threatening capital flight—is becoming standard issue for Coinbase in global markets. It's likely true, but it also feels a bit like posturing.
Oklahoma Bitcoin Bill Fails, Others Push Forward
Oklahoma’s attempt to create a Strategic Bitcoin Reserve fell short after a 6–5 vote in the state’s Senate Revenue and Tax Committee. The bill, HB 1203, would have allowed the state to invest in Bitcoin and other digital assets with a market cap over $500 billion (i.e., just Bitcoin for now). One vote flip killed the momentum.
But this isn’t the end of the state-level Bitcoin push. Similar legislation is advancing in:
New Hampshire (HB 302): Passed House; allows up to 10% in Bitcoin and gold.
Florida (HB 487): Passed committee unanimously.
Arizona: Two bills (SB 1373 & 1025) await full House vote.
Texas: Passed SB 21 in Senate.
Montana, North Dakota, Pennsylvania, South Dakota, and Wyoming have already rejected similar proposals.
Currently, 40 Bitcoin reserve bills are still active across 20 U.S. states.
OpenAI Eyes X with AI-Powered Social Platform
"OpenAI... developing a prototype social media platform similar to Elon Musk’s X."
Sam Altman is reportedly working on an AI-enhanced social platform—a direct challenge to Elon Musk’s X (formerly Twitter). It would integrate ChatGPT as a key feature and comes amid an escalating feud between Altman and Musk. Recently, Altman sued Musk for trying to buy OpenAI for $97 billion.
OpenAI just secured a $40 billion round led by SoftBank, bringing its valuation to $300 billion—though even that feels low for the company behind ChatGPT. Meanwhile, Musk’s own chatbot Grok has scaled up through its merger with X.
As for me? I’m all for an X alternative. $40 a month for a blue check and Grok access feels steep—especially when ChatGPT is still $20. I want competition, but I also want users to actually be there. Threads, Bluesky, and others have failed because nobody’s on them.
OKX Comes to the U.S. After $500M DOJ Settlement
"They’re one of the bigger exchanges… that’s positive for the U.S."
OKX is officially entering the U.S. market with a new exchange and wallet service, launching later this year. Their U.S. headquarters will be in San Jose, and Roshan Robert (formerly of Barclays and Morgan Stanley) will serve as CEO of OKX US.
This move comes just months after OKX paid a $500 million settlement to the DOJ for operating in the U.S. without licenses. Now that they’re compliant, they’re expected to become a major player. Their recent 24-hour volume of $2.4 billion puts them in the top tier of global exchanges, rivaling Coinbase and Upbit.
Galaxy Digital’s ‘Bigger Than BlackRock’ Claim? Not Quite
"Galaxy’s actual net income last year was $347 million. Still not too shabby."
Galaxy Digital recently reported $42.6 billion in 2024 revenue—allegedly more than BlackRock, Visa, or Netflix. But nearly all of that figure came from the total value of digital asset trades, not traditional revenue.
This accounting approach is standard in market making but misleading in headlines. Actual net income was $347 million, with fees, asset management, and mining revenue making up a smaller slice of the pie. Still a strong year—but not a BlackRock-killer.
Listener Questions
Bob: What’s a smart exit strategy in this bull run?
Exit strategies are tough. Timing the market is a gamble, and most experts say not to try. If you're in ISO 20022-compliant coins (Ripple, Stellar, Algorand, etc.), understand their long-term potential. But always have a plan: what’s your life goal? Is it to pay off a house? Retire? Buy a car? If yes, then use the gains when that goal is reached—not just when price peaks.
Bitcoin has historically offered diminishing but still solid returns. At a 50% average yearly return even at a 25% diminishing return it still beats the S&P 500 over a decade. HODLing long term has worked. So if your plan is unclear, consider defining that before you worry about exits.
Kyle: I’m young—should I risk 66% of my savings in crypto instead of 25%?
I love the ambition, but no—don’t gamble your rainy day fund. I’ve been broke in foreign countries before, and having a safety net saved me. The real risk you should take in your 20s? Build businesses. Hustle. Find people, form a crew, and start creating. That’s how you get big upside—and independence. Keep the emergency fund. And yeah, buy a little Bitcoin. Not financial advice, of course.
Crypto Prices (as of 8:34 a.m. EST)
Bitcoin (BTC): $84,080
24h: -1.8%
Market Cap: $1.66 trillion
Ethereum (ETH): $1,590
24h: -3%
Market Cap: $191 billion
XRP: $0.208 (-3%)
BNB: $582 (-1%)
Solana (SOL): $126 (-4.3%)
Dogecoin: $0.153 (-2.8%)
Tron: $0.254 (+2.6%)
Cardano: $0.60 (-4.3%)
Total Market Cap: $2.65 trillion
Gold, meanwhile, has surged to a record $3,300 per ounce, seeing its highest inflows since the COVID era—$80 billion year-to-date. Bitcoin ETF assets dropped from $106 billion to $92 billion, suggesting some institutional pullback for now.
My Take
Coinbase’s push in Australia echoes what we’ve seen in the U.S.—if you don’t play ball, the talent leaves. But is it an empty threat, or is crypto truly that mobile?
The OpenAI/X saga feels like the beginning of a battle for digital influence. I want a real Twitter alternative, but users won’t migrate without meaningful communities.
Crypto Podcasts Have a Teaching Role
"We try to strike a balance here."
A new report emphasized the unique role crypto podcasters play in onboarding newcomers. Jargon like “FOMO,” “WAGMI,” and “buy the dip” can alienate first-time listeners. The best shows simplify the space without dumbing it down—making room for both beginners and veterans.
That’s always been my goal with DCN. If you have thoughts on how I’m doing, let me know in the comments on Spotify.
Happy HODLing, Everyone.
Hey Matt thanks for including some Aussie Crypto news (As an aussie). We are still behind in a lot of ways here with our regulation. Almost all Ausstralian banks impose a limit of around $10,000 AUD (~$6300 USD) that we can transfer to crypto exchanges each month (under the guise of scam protection). This can make on-ramping very difficult. I also dont see a great difference between any of the major parties in terms of Crypto frendliness.