Bitcoin
OSU commencement speaker Chris Pan was drinking ayahuasca when he wrote a cringe-worthy speech
US News
Published May 7, 2024, 9:57 pm ET
College graduates didn’t like this hallucinogen-fueled speech.
The Ohio State University commencement speaker gave a cringe-worthy speech to graduates on Sunday that included selling Bitcoin to a round of boos and leading the crowd in two strange, off-key songs — thanks in part to “the help of AI (Ayahuasca Intelligence).”
Social entrepreneur, investor and alumnus Chris Pan gave more than 12,000 students and their families and friends a speech as unusual as it was memorable – which he later admitted was written with the help of a psychedelic.
Commencement speaker Chris Pan, founder of MyIntent, gave graduates an unforgettable speech on Sunday. Doral Chenoweth/The Columbus Dispatch/USA TODAY NETWORK
The roughly 17-minute speech started out rather mundane until he encouraged the graduates to stand.
“I would like to start by moving our energy, getting it flowing,” said Pan, who graduated from OSU in 1999. “So if you can, please stand up and follow my movement.”
Pan then led the audience in singing part of the 1993 song “What’s Up” by 4 Non Blondes, with school leaders and teachers behind him swaying and waving their arms.
Afterward, he led the graduates through a breathing exercise that is used by Navy SEALs to stay calm in stressful situations — perhaps to prepare them for some of the grim financial situations they may soon face in the real world.
It was a perfect transition for Pan to talk about cryptocurrency.
“So I know this may seem polarizing, but I encourage you to keep an open mind right now. I see Bitcoin as a very misunderstood asset class,” Pan said, prompting a chorus of boos.
More than 12,000 OSU students graduated on Sunday. Doral Chenoweth/The Columbus Dispatch/USA TODAY NETWORK
Pan attempted to deal with notable jeers before pulling off a magic trick with the help of OSU President Walter E. Carter Jr.
The 64-year-old’s big wig exploded into some coins in a little black purse that Pan turned into Bitcoin.
“I learned the magic trick last week just so I could have this moment,” Pan admitted happily. “Thank you for that.”
He later promised free bracelets to everyone in the crowd “as an apology for listening to me talk about Bitcoin.”
Later, Pan led the Class of 2024 in another musical number, “This Little Light of Mine,” after talking about how young adults can heal divisions in the world.
Some of the strangeness in Pan’s speech may have been attributed to what he used to help him write it.
The speech was full of strange moments, including a reference to Bitcoin. Adam Cairns/Columbus Dispatch/USA TODAY NETWORK
Pan said in a LinkedIn post cited by the Columbus Dispatch which before Sunday he wrote while taking ayahuasca, which is a plant-based psychedelic from South America, according to the Australia-based Alcohol and Drug Foundation.
“I received help from AI (Ayahuasca Intelligence) this week to write my commencement speech to 60,000 graduates and families at Ohio State University next Sunday,” he wrote in the post. “We are in challenging times – we wanted something more sincere. (I tried chatGPT, but it wasn’t that good).”
Pan graduated from Ohio State in 1999 and earned her master’s degree from Harvard Business School. He is the founder of MyIntent.org, whose mission is to facilitate “meaningful conversations and positive energy,” according to his LinkedIn.
It also sells custom jewelry, although on its website it says, “We are not a jewelry company – we are a service project.”
An Ohio State spokesperson declined to comment on the Bitcoin reference when contacted by WCMH, but made it clear that the university does not approve speakers’ speeches before the ceremony.
In a press release about the school’s commencement address, she avoided the more bizarre moments with the headline: “Ohio State alumnus Chris Pan encouraged graduates to focus on making a difference.”
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Bitcoin
Bitcoin (BTC), Stocks Bleed as China’s Surprise Rate Cut Signals Panic, Treasury Yield Curve Steepens
Risk assets fell on Thursday as China’s second rate cut in a week raised concerns of instability in the world’s second-largest economy.
Bitcoin (BTC)the leading cryptocurrency by market cap, is down nearly 2% since midnight UTC to around $64,000 and ether (ETH) fell more than 5%, dragging the broader altcoin market lower. The CoinDesk 20 Index (CD20), a measure of the broader cryptocurrency market, lost 4.6% in 24 hours.
In equity markets, Germany’s DAX, France’s CAC and the euro zone’s Euro Stoxx 50 all fell more than 1.5%, and futures linked to the tech-heavy Nasdaq 100 were down slightly after the index’s 3% drop on Wednesday, according to the data source. Investing.com.
On Thursday morning, the People’s Bank of China (PBoC) announced a surprise, cut outside the schedule in its one-year medium-term lending rate to 2.3% from 2.5%, injecting 200 billion yuan ($27.5 billion) of liquidity into the market. That is the biggest reduction since 2020.
The movement, together with similar reductions in other lending rates earlier this week shows the urgency among policymakers to sustain growth after their recent third plenary offered little hope of a boost. Data released earlier this month showed China’s economy expanded 4.7% in the second quarter at an annualized pace, much weaker than the 5.1% estimated and slower than the 5.3% in the first quarter.
“Equity futures are flat after yesterday’s bloody session that shook sentiment across asset classes,” Ilan Solot, senior global strategist at Marex Solutions, said in a note shared with CoinDesk. “The PBoC’s decision to cut rates in a surprise move has only added to the sense of panic.” Marex Solutions, a division of global financial platform Marex, specializes in creating and distributing custom derivatives products and issuing structured products tied to cryptocurrencies.
Solot noted the continued “steepening of the US Treasury yield curve” as a threat to risk assets including cryptocurrencies, echoing CoinDesk Reports since the beginning of this month.
The yield curve steepens when the difference between longer-duration and shorter-duration bond yields widens. This month, the spread between 10-year and two-year Treasury yields widened by 20 basis points to -0.12 basis points (bps), mainly due to stickier 10-year yields.
“For me, the biggest concern is the shape of the US yield curve, which continues to steepen. The 2- and 10-year curve is not only -12 bps inverted, compared to -50 bps last month. The recent moves have been led by the rise in back-end [10y] yields and lower-than-expected decline in yields,” Solot said.
That’s a sign that markets expect the Fed to cut rates but see tighter inflation and expansionary fiscal policy as growing risks, Solot said.
Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.
Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.
Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.
July 24, 2024, 5:30 p.m.
Updated July 24, 2024, 5:35 p.m.
(Benjamin Cheng/Unsplash)
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Bitcoin
India to Release Crypto Policy Position by September After Consultations with Stakeholders: Report
“The policy position is how one consults with relevant stakeholders, so it’s to go out in public and say here’s a discussion paper, these are the issues and then stakeholders will give their views,” said Seth, who is the Secretary for Economic Affairs. “A cross-ministerial group is currently looking at a broader policy on cryptocurrencies. We hope to release the discussion paper before September.”
Ether, the second-largest token, fueled a slide in digital assets after a stock rout spread unease across global markets.
Ether fell about 6%, the most in three weeks, and was trading at $3,188 as of 6:45 a.m. Thursday in London. Market leader Bitcoin fell about 3% to $64,260.
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