Latest / The Paul Barron Crypto Show / Chaos Returns!🔥CLARITY Collapses!📉Crypto Market Update

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Chaos Returns!🔥CLARITY Collapses!📉Crypto Market Update · The Paul Barron Crypto Show

0:00
Speaker 1: Over the weekend, more chaos hitting the crypto markets. We'll
0:03
Speaker 1: get into all of that. We will break it down
0:05
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0:39
Speaker 2: Let's get into it today.
0:40
Speaker 1: Well, we did our video on Friday, a lot of
0:42
Speaker 1: people were looking at both polymarket on clarity and I
0:45
Speaker 1: think the fact that we possibly could see some certainty
0:48
Speaker 1: in the market, that of course got all undone over
0:52
Speaker 1: the weekend and then of course it hits very hard
0:56
Speaker 1: on Monday. Retail uncertainty I think might be back in.
0:59
Speaker 1: Take a little at this clip Fhase Valley.
1:01
Speaker 3: When they first announced this, it was like, all right,
1:03
Speaker 3: retailers were like headed to an early happy hour on
1:05
Speaker 3: Friday afternoon. And then when President Trump spoke, it was like, okay,
1:09
Speaker 3: put your drink down, because they're going to work these
1:12
Speaker 3: in another way apparently, you know, not to mention the
1:15
Speaker 3: huge headache. I'd hate to be a CFO or legal
1:17
Speaker 3: right now at a retailer to figure out how you're
1:20
Speaker 3: going to get these refunds.
1:22
Speaker 1: All right, so you can kind of see, I think
1:23
Speaker 1: this is going to be a nightmare and a mass
1:26
Speaker 1: coming for many years coming. And of course Trump even
1:29
Speaker 1: said that they were going to start, you know, basically
1:31
Speaker 1: tying this up in law fair around these terror free
1:34
Speaker 1: funds that may end up occurring. But as again, when
1:38
Speaker 1: all of this happened, we thought, well, maybe we're at
1:41
Speaker 1: least on the right track. And then of course all
1:43
Speaker 1: this started to retrace over the weekend. The magnitude losses
1:47
Speaker 1: now place the sell off among the most severe events
1:50
Speaker 1: in market history. And this, of course is two point
1:52
Speaker 1: two trillion, which has already been a race, sending crypto
1:55
Speaker 1: down now another fifty percent.
1:56
Speaker 2: From its peak.
1:57
Speaker 1: Remember this has been a continuation of just hit after
2:02
Speaker 1: hit after a hit, and it always happens on a
2:06
Speaker 1: weekend when Crypto gets hit the worse. That's how these
2:10
Speaker 1: cycles are going, and I think that is the problem
2:14
Speaker 1: going forward. You look at our poll right here, busy
2:16
Speaker 1: week markets react to Trump, Tariff's February consumer confidence data,
2:21
Speaker 1: in videos coming out with their earnings, jobless claims, PPI
2:25
Speaker 1: inflation data. Will Crypto see new lows this week? Now,
2:29
Speaker 1: let's when I say new lows, We'll stay with bitcoin
2:32
Speaker 1: at fifty nine k? Do you think that we could
2:34
Speaker 1: see a fifty nine K this week? Based on what
2:37
Speaker 1: I'm hearing with clarity and based on the recent because
2:40
Speaker 1: remember that meeting came through, I think yeah, we could
2:42
Speaker 1: see it. There you go, seventy eight percent of you think, yes,
2:46
Speaker 1: we are in that kind of environment right now. And
2:49
Speaker 1: I agree with you, even though I do agree with
2:51
Speaker 1: the masses on this, and I think under the current situation,
2:55
Speaker 1: this is definitely what we're faced with right now. Now,
2:59
Speaker 1: let's talk a little about bitcoin and also the biggest
3:03
Speaker 1: holder of bitcoin, Michael Saylor, and whether or not he
3:06
Speaker 1: thinks this bear market can continue where we are within it,
3:11
Speaker 1: All of this really will play out in how this
3:13
Speaker 1: market recovers.
3:14
Speaker 2: Take a look at this clip.
3:16
Speaker 4: Okay, first of all, you know, it's one hundred and
3:19
Speaker 4: thirty seven days since the last all time high, four
3:23
Speaker 4: and a half months, half the amount of time it
3:27
Speaker 4: takes to make a baby. You know, there's a famous
3:30
Speaker 4: video of me in twenty thirteen speaking about the virtues
3:34
Speaker 4: of the iPhone and Apple, and it went viral for
3:37
Speaker 4: a while. There's not an eight year old on the
3:39
Speaker 4: planet that doesn't want an iPhone five. With Apple, it
3:42
Speaker 4: was seven years through the wilderness, and I remember Amazon,
3:46
Speaker 4: for something like four to eight years, conventional wisdom was
3:50
Speaker 4: Amazon's an awful company, They'll never make any money, they'll
3:53
Speaker 4: never amount to anything. That you almost could have bought
3:55
Speaker 4: Amazon anytime for a decade while conventional investors trapped all
4:00
Speaker 4: over it, and it wasn't until twenty twenty during the lockdown.
4:04
Speaker 4: So people go, oh, wow, I guess we need Amazon.
4:07
Speaker 4: But when could you have concluded Amazon was going to
4:10
Speaker 4: work twenty ten, twenty twelve.
4:13
Speaker 1: All right, So you take a look at where he
4:15
Speaker 1: thinks the market is heading, and I think what you
4:17
Speaker 1: have to have to make these kinds of recoveries occur
4:20
Speaker 1: is you have to have the big money, and the
4:21
Speaker 1: big money comes from one demographic, and that is the boomers.
4:26
Speaker 1: Take a look at this clip and see what they're doing.
4:29
Speaker 2: Take it away.
4:29
Speaker 5: I think crypto should be avoided to some young kids.
4:32
Speaker 5: Smart guy comes in the room. He goes, George, I
4:34
Speaker 5: really agree with you on Golden sowar I took my bigcoin.
4:36
Speaker 5: I sold them about Golden sow, But I totally disagree
4:38
Speaker 5: with you on your theory about bitcoin. I was like, well,
4:41
Speaker 5: why did you sell your bitcoin? It wasn't moving enough.
4:45
Speaker 5: I was like, you just proved my point.
4:46
Speaker 2: I'm short strategy.
4:47
Speaker 5: The stock I have been short strategy. I mean toast
4:50
Speaker 5: a totally toasted, totally toasts and Michael Saller should be
4:53
Speaker 5: in jail. Run don't walk from Michael. It's like Jamestown.
4:57
Speaker 5: I mean, he just you can tell me how great
4:58
Speaker 5: it is, but it keeps going down. I'm like, listening
5:00
Speaker 5: to you, it's insanity. But anyway, but I digress. Bigcoin
5:03
Speaker 5: is for old people. It's like the Facebook speculative assets.
5:07
Speaker 2: All right.
5:08
Speaker 1: So from that clip right there, remember this is the
5:10
Speaker 1: big short guy. These are the kind of people that
5:12
Speaker 1: do have influence on boomers and he's talking about Facebook.
5:16
Speaker 1: If you look at back in where are we at
5:17
Speaker 1: November twenty second or twenty two, you can kind of
5:20
Speaker 1: see the bottom right there. And again remember bottom on
5:23
Speaker 1: bitcoins around sixteen k at that time, So again you're
5:26
Speaker 1: still up considerably if you were buying that bottom. But
5:28
Speaker 1: if you did the same thing with what's happening right
5:31
Speaker 1: there with Meta, you're up also considerably. So I think
5:34
Speaker 1: they completely look at the market differently. When they look
5:38
Speaker 1: at traditional they haven't made the leap forward just yet.
5:42
Speaker 1: There are a handful of boomers I think, that have
5:44
Speaker 1: made that leap forward, especially around digital assets, the ones
5:47
Speaker 1: that see the market coming because a lot of those
5:50
Speaker 1: kind of companies were created much like now, back in
5:53
Speaker 1: the era when many of these things were just getting started,
5:56
Speaker 1: Meta was flat for the longest time. And then of
5:59
Speaker 1: course we've seen the future of where this is going.
6:02
Speaker 1: So with that, you can also take a look at
6:05
Speaker 1: what the tariffs imposed, and of course this is Trump
6:08
Speaker 1: going at it right now.
6:09
Speaker 2: I think, you know, obviously he was pissed off about this.
6:12
Speaker 1: Any country that wants to play games with the ridiculous
6:14
Speaker 1: Supreme Court decision will be met with a much higher tariff.
6:19
Speaker 2: So buyer beware, guys.
6:20
Speaker 1: This is what he's basically saying, buyer beware right there.
6:25
Speaker 2: And I think when you look at.
6:26
Speaker 1: That, his state of mind immediately pushes to these reactionary
6:30
Speaker 1: off the cuff hits. And of course X is one
6:33
Speaker 1: of the places that he does that. This, of course
6:35
Speaker 1: is a good example of that. Another one right there,
6:38
Speaker 1: we're winning too much, it's just not fair. This, of
6:40
Speaker 1: course is where he gets a little bit too far
6:43
Speaker 1: out there. And I think this is one of the
6:46
Speaker 1: things that Trump is guilty of, in the sense of
6:49
Speaker 1: just when he loses, he just can't take it, and
6:53
Speaker 1: he responds with these almost erratic behaviors, especially on social
6:57
Speaker 1: I think this could end up bad. I don't know
7:00
Speaker 1: how far this is going to go in terms of
7:02
Speaker 1: how it's going to affect the market, because at some
7:03
Speaker 1: point they're going to have to say ouch at some point,
7:07
Speaker 1: and I think that's what we're dealing with right now now.
7:09
Speaker 1: Gavin Newsom came in and had some more things to say.
7:13
Speaker 2: Take a look, well.
7:15
Speaker 6: What does anyone do You're going to move your factory
7:17
Speaker 6: from overseas and on short with one hundred and fifty
7:21
Speaker 6: days certainty on a fifteen percent tax or tariff. I mean,
7:24
Speaker 6: the whole thing is a farce. I talk about petulance.
7:28
Speaker 6: It was ten percent two days ago, maybe twenty percent tomorrow.
7:32
Speaker 6: I mean, this is madness. He's flailing. He's a punch
7:35
Speaker 6: drunk boxer. He's just you know, he's just trying to
7:38
Speaker 6: hit anything. A shadow, and he's a shadow of himself.
7:41
Speaker 6: He's lost a step or two. I saw Bessint out there,
7:44
Speaker 6: almost gleeful. He was gleeful that no, we won't be
7:47
Speaker 6: doing it. This is dumb and dumber. Trump and Bessin.
7:50
Speaker 6: They've wrecked this economy. One point four percent GDP growth
7:53
Speaker 6: in the last quarter, inflation back up to three percent,
7:56
Speaker 6: the worst jobs market we've seen since twenty and thirteen.
8:00
Speaker 6: Two point two percent GDP for the entire year. He
8:02
Speaker 6: inherited two point eight to wrecking ball presidencies, wrecking this economy.
8:07
Speaker 6: His entire economic paradigm is mass deportations, tax cuts for billionaires,
8:11
Speaker 6: and teriffs.
8:13
Speaker 7: All right.
8:14
Speaker 1: One thing that I don't often agree with Newsom, but
8:17
Speaker 1: I agree with him in the sense of GDP, the
8:19
Speaker 1: GDP correlation that he's referencing. There is a massive reduction
8:23
Speaker 1: in GDP that is one of the major economic factors
8:26
Speaker 1: that go forward here, and I think a lot of
8:29
Speaker 1: this has been built into this erratic behavior that we're.
8:32
Speaker 2: Seeing out of the White House.
8:34
Speaker 1: Also the issue with tariffs in general, and I think
8:37
Speaker 1: this is going to continue to be a problem. The
8:40
Speaker 1: question is is how much of an impact is it
8:42
Speaker 1: going to cause. Take a look at this clip.
8:44
Speaker 7: The Supreme Court ruling was welcome news, but the economic
8:47
Speaker 7: pain is far from over. The Trump tariffs amounted to
8:50
Speaker 7: an average tax increase for US house one of one
8:53
Speaker 7: thousand dollars in twenty twenty five. Now, with the IEPA
8:56
Speaker 7: terrifts being ruled illegal, the President's remaining new terriffs will
9:00
Speaker 7: result in a household burden of seven hundred dollars in
9:03
Speaker 7: twenty twenty six. We doubt that businesses which recently raised
9:06
Speaker 7: their prices due to tariffs will lower them back. They
9:09
Speaker 7: would likely wait for more clarity on the future tariff rates,
9:14
Speaker 7: and it's the lack of clarity that may take the
9:16
Speaker 7: biggest economic told businesses, not braates, for a renewed period
9:19
Speaker 7: of uncertainty over what tariffs will be in place. I
9:22
Speaker 7: wish Andrew that the administration would figure out or it
9:27
Speaker 7: would incorporate in its policies the uncertainty that's created for
9:33
Speaker 7: business here that you want to be able to order
9:35
Speaker 7: stuff from overseas, tell me what the price is, tell
9:38
Speaker 7: me what the tariff is, and I can go about
9:40
Speaker 7: my business. Now, I think there's another round of potentially
9:43
Speaker 7: debilitating uncertainty here.
9:45
Speaker 1: I would agree with that the debilitating uncertainty is the issue,
9:49
Speaker 1: and I think you are a one hundred percent right,
9:52
Speaker 1: and that is businesses are continuing to get an imposition
9:55
Speaker 1: here on almost stagnation. They can't move, they can't make
9:59
Speaker 1: decisions long term because definitely can't make them short term,
10:02
Speaker 1: and this of course causes a rolling effect into the economy,
10:06
Speaker 1: a rolling effect into jobs. This is not a good
10:09
Speaker 1: position to be in. And of course markets are going
10:11
Speaker 1: to respond.
10:11
Speaker 2: To all of this. And you add that to now.
10:15
Speaker 1: Sentiment starting to get a little bit shaky on friendly
10:19
Speaker 1: ground for the president right here. This, of course is
10:22
Speaker 1: Fox hitting up a wappo pole right there, which is
10:26
Speaker 1: thirty four percent who approved sixty four percent of non
10:31
Speaker 1: approval on Trump's tariffs, and this course coming from the
10:33
Speaker 1: Wappo with the fact that we are seeing this on Fox,
10:36
Speaker 1: which is most of the time very friendly to the president.
10:40
Speaker 2: Is pretty telling. Overall.
10:41
Speaker 1: I want to go to another clip real quick, because
10:43
Speaker 1: this gets into another issue, which is the whole refund
10:48
Speaker 1: situation that we're now dealing with.
10:50
Speaker 8: Take a look, Yeah, the government might have to refund
10:54
Speaker 8: one hundred and seventy five dollars in taris that's already
10:56
Speaker 8: been collected. Trump says that's going to take years and
10:59
Speaker 8: years of litigation. Is he right?
11:03
Speaker 9: It could be the mother of all refunds. I mean,
11:06
Speaker 9: I already wait months for the IRS just to get
11:08
Speaker 9: my income tax refund. How is the Commerce Department going
11:12
Speaker 9: to set up a whole refund system? They never had
11:14
Speaker 9: to before on this scale because we never had worldwide
11:17
Speaker 9: tariffs like this before. So I think there's going to
11:20
Speaker 9: be years that takes some people to get tariffs. Maybe
11:23
Speaker 9: importers who paid duties and they have proof, they'll get
11:26
Speaker 9: more immediate refunds. But I agree, I think it could
11:28
Speaker 9: take years for the system to get up and running
11:31
Speaker 9: and for people to get their checks back. You and me, Stewart,
11:34
Speaker 9: consumers like us, I don't think we'll ever get any
11:36
Speaker 9: kind of refundsh So.
11:39
Speaker 1: With all this now, Trump of coourse moves into his
11:42
Speaker 1: next strategy. One of course that he've talked he's talked
11:44
Speaker 1: about before is issuing dividend checks to the American people.
11:48
Speaker 2: Listen to what he had to say. I don't think we.
11:51
Speaker 10: Would have to go to Congress show, but you know,
11:53
Speaker 10: we'll find out. The reason we're even talking about it
11:56
Speaker 10: is that we have so much money coming in from
11:58
Speaker 10: tariffs that we'll be able to you at least a
12:00
Speaker 10: two thousand dollars dividend and also pay down ten for
12:04
Speaker 10: the country.
12:05
Speaker 6: But we'd do a.
12:06
Speaker 10: Two thousand dollars dividend to the people of our country.
12:08
Speaker 10: You would probably set a limit of you know, income
12:11
Speaker 10: limit where it made sense. But we will be able
12:15
Speaker 10: to make a very substantial dividend to the people.
12:18
Speaker 6: Of our country.
12:20
Speaker 2: I believe we can do that without causing.
12:22
Speaker 1: I don't know how he's going to do this without
12:24
Speaker 1: Congress number one, number two. Let's just go down the
12:26
Speaker 1: list last year, just in the past year. These are
12:29
Speaker 1: the kind of things, and we've reported on some of
12:31
Speaker 1: these things. Five thousand dollars stimulus check via dose That
12:34
Speaker 1: was a joke. Two thousand stimulus for tariff dividends. This
12:38
Speaker 1: was something that they had orchestrated around some sort of
12:42
Speaker 1: idea of lower taxes all that, but no stimulus. And
12:45
Speaker 1: then a thousand dollars checked via savings from the expiring
12:48
Speaker 1: ACA subsidies.
12:49
Speaker 2: So again, these.
12:50
Speaker 1: Are these manipulated numbers that seem to be coming out
12:53
Speaker 1: of the White House. Again, this next one that they're
12:55
Speaker 1: talking about right now, I just don't think. I mean,
12:58
Speaker 1: you know, you can fool me only so many times,
13:00
Speaker 1: and I think this is where the president is. Sentiment
13:03
Speaker 1: has continued to fall, and the problem is all of
13:06
Speaker 1: this is leading right into the midterms. This is going
13:10
Speaker 1: to be a problem I think for the Republicans going
13:12
Speaker 1: into midterms overall. You look at this right here, this
13:15
Speaker 1: may be a problem as well because you've got Cantor Fitzgerald.
13:19
Speaker 1: This is Howard Lutnik's company. These guys have been buying
13:24
Speaker 1: importer's tariff refund rights. Now, how would you even know
13:28
Speaker 1: that a refund is even in the cart? I mean,
13:30
Speaker 1: sure you could bet on that the Supreme Court might
13:33
Speaker 1: rule against it. I suppose that somewhat, But this means
13:37
Speaker 1: that tariff's are ruled illegal. Now Canter Fitzgerald gets one
13:41
Speaker 1: hundred percent of the refund along with interest from the government,
13:44
Speaker 1: So I guess they'll be the first.
13:45
Speaker 2: Ones being paid.
13:46
Speaker 1: We'll see maybe a golden parachute for Howard Lutnik around
13:50
Speaker 1: all of this. As you can see right now, the
13:52
Speaker 1: Dems are surging towards full control. This is on Calshi
13:56
Speaker 1: showing the Democrat's chance of winning both the House and
13:58
Speaker 1: the Senate are hitting thirty nine percent and climbing. This
14:01
Speaker 1: is moving fast, and it's getting very sketchy because who
14:06
Speaker 1: knows what could actually happen for financial markets if in
14:11
Speaker 1: fact the Democrats take control of the House and the Senate.
14:14
Speaker 1: Beyond the lookout, guys, this could be a very rocky
14:16
Speaker 1: summer going into it.
14:18
Speaker 2: You look at what bull theory was taking.
14:20
Speaker 1: Gold breaks fifty two hundred, silver corese surging past eighty eight,
14:24
Speaker 1: gold up one and a half or one point one
14:26
Speaker 1: five and ten billion in the market cap, and now
14:29
Speaker 1: silver up two point eight just in the last hour.
14:31
Speaker 2: Again, this is I think a lot.
14:32
Speaker 1: Of people pushing into medals because of these uncertain times
14:37
Speaker 1: right now that of course, the Trump administration is dealing
14:41
Speaker 1: out heavily. Gold has now overtaken the US dollar as
14:44
Speaker 1: the largest global reserve asset. This these are unprecedented times
14:49
Speaker 1: right now that we're dealing with, and I think the
14:51
Speaker 1: question is is how long how long before we get
14:54
Speaker 1: clarity or do we get it? Because remember this weekend
14:57
Speaker 1: was supposed to be the meeting that cleared up all
15:01
Speaker 1: the issues that came together, the Kumbaya moment for both
15:04
Speaker 1: the banks and Crypto. Well there it is right here.
15:08
Speaker 1: Something happened right here. Something happened because it was at
15:11
Speaker 1: sixty three percent on the twenty third, and then immediately
15:15
Speaker 1: this morning, boom, we.
15:17
Speaker 2: Fall to the floor.
15:18
Speaker 1: And at some point, my guess is that something happened
15:22
Speaker 1: major with the banks. Either they got a leg up,
15:27
Speaker 1: they made an offer to the administration in the sense
15:30
Speaker 1: of this is what we'll do to make this go away,
15:34
Speaker 1: or we're in a position right now where Crypto and
15:37
Speaker 1: some of the Crypto participants absolutely caved on this. I
15:41
Speaker 1: don't know, but the point is we are still on
15:43
Speaker 1: the fence and back down to right at fifty percent
15:47
Speaker 1: in terms of a chance to get clarity through this year.
15:50
Speaker 1: Remember this is all pending to try to get done
15:53
Speaker 1: prior to President Trump's deadline, which was March first, and
15:58
Speaker 1: of course that does not look like it's in the
16:00
Speaker 1: cards right now. Now Besant comes in and he is
16:04
Speaker 1: throwing a full shade into coinbase.
16:07
Speaker 2: Take a look.
16:08
Speaker 11: What people should worry about now is we are training
16:11
Speaker 11: to get the Clarity Act passed, which is market structure,
16:14
Speaker 11: which will bring all the weight and force of US
16:19
Speaker 11: regulation best practices to the crypto industry. There are a
16:23
Speaker 11: few players in the industry who are pushing back on that,
16:26
Speaker 11: and that your viewers should worry that the market structure
16:31
Speaker 11: build doesn't get passed.
16:33
Speaker 2: All right, So there you have it.
16:34
Speaker 1: Besn't really going hard at the crypto industry certain parties
16:37
Speaker 1: his statement, but I don't understand why he's not going
16:40
Speaker 1: after the banks.
16:41
Speaker 2: This should be a two way street for sure.
16:44
Speaker 1: But instead it appears that something is happening right now
16:48
Speaker 1: where the banks are again taking the upper hand. They've
16:50
Speaker 1: had it before, are they getting it again? Coming out
16:54
Speaker 1: of the White House, which I thought was on the
16:56
Speaker 1: defense of crypto, and it appears that it is not
16:59
Speaker 1: right now. Vestent very very shaky right now in terms
17:03
Speaker 1: of supporting crypto, and of course that talk about shaky,
17:06
Speaker 1: well now here we are now with another issue, and
17:09
Speaker 1: this of course is a coordinated attack that was launched
17:11
Speaker 1: against USD one.
17:13
Speaker 2: This is world liberty finance.
17:14
Speaker 1: Remember, this is the Trump boys, both Eric and Don,
17:18
Speaker 1: running this and what they're claiming is that it didn't
17:22
Speaker 1: work at least the attacked in Ork.
17:24
Speaker 2: But did it.
17:24
Speaker 1: I mean it was able to depeg the USD one,
17:27
Speaker 1: and I think that in itself was enough to cause
17:31
Speaker 1: more havoc right before clarity. All right, So I want
17:34
Speaker 1: to get to this next clip right here. This is
17:36
Speaker 1: Patrick Witt actually going in and talking about whether he
17:40
Speaker 1: can pull this off or not.
17:42
Speaker 12: Take a look, do you do you think you have
17:44
Speaker 12: enough Democrats to get this bill passed despite the ethics
17:48
Speaker 12: concerns around the Trump family. So throughout this process, we
17:53
Speaker 12: have had very open dialogue with the various members on
17:57
Speaker 12: the Democrat side that have expressed this as being an
18:00
Speaker 12: issue they want to address. Unfortunately, so far, what we've
18:03
Speaker 12: gotten back from some of the designees on the Democrat
18:07
Speaker 12: side to lead this negotiation have crossed red lines that
18:10
Speaker 12: not only would not be acceptable to the President and
18:12
Speaker 12: his family by targeting them, but would also target the
18:15
Speaker 12: spouses of members of Congress, for example, and prevent them
18:18
Speaker 12: from not only holding transacting using any kind of digital asset,
18:23
Speaker 12: including payment stable points.
18:24
Speaker 1: So all right, so what he should have said was
18:28
Speaker 1: hell no, hell no, we don't have support. That's the
18:31
Speaker 1: point that it really boils down to the fact that
18:34
Speaker 1: they dance around this and not getting right to it
18:37
Speaker 1: is just, you know, is frustrating to me. I want
18:39
Speaker 1: to go over to one thing right quick. It's not
18:42
Speaker 1: just happening in crypto. We're also seeing this in traditional Marcus.
18:45
Speaker 1: This is just an example right here. This is Netflix.
18:47
Speaker 1: Of course, we know how this has played out right now.
18:50
Speaker 1: You look at this right here. More pressure. This was
18:53
Speaker 1: a tweet saying President Trump is now calling on Netflix
18:56
Speaker 1: to immediately fire Susan Rice.
18:58
Speaker 2: This was in reference to statement she made.
19:00
Speaker 1: This is the kind of attack that's going on that
19:03
Speaker 1: we're seeing coming in out of a White House into
19:05
Speaker 1: a publicly traded company that has investors that are everyday
19:10
Speaker 1: Americans that are out there getting this kind of pressure
19:13
Speaker 1: now from the biggest office in the land. This is
19:16
Speaker 1: the kind of craziness that we are seeing right now.
19:18
Speaker 1: Let's go from there to taxes. This is another issue
19:20
Speaker 1: that's starting to come in. You guys have already started
19:23
Speaker 1: to get these forms from coinbas and Robitton. Basically they're
19:25
Speaker 1: snitching on you guys and me and everybody that's out
19:28
Speaker 1: there in crypto right now. And it's the reason is
19:31
Speaker 1: that the kind of reporting that they're doing to the
19:33
Speaker 1: irs well now is going to cause even more chaos
19:37
Speaker 1: in how this is going to happen when the markets
19:40
Speaker 1: are down right now, take a look at this clip.
19:43
Speaker 13: Most exchanges will report zero or nothing in the cost
19:47
Speaker 13: basis field for the ten ninety ninety eight because they're
19:50
Speaker 13: not covered asset. Let's say you transfer in ten thousand
19:53
Speaker 13: dollars worth of bitcoin from your cold storage to coinbase
19:57
Speaker 13: and you sell it again. Coinbase is going to report
20:00
Speaker 13: ten thousand dollars of proceeds and zero dollars or won't
20:04
Speaker 13: even fill it out the cost bass field, so it
20:06
Speaker 13: just says sold ten thousand dollars. You could be on
20:09
Speaker 13: the hook for the full proceeds ten thousand dollars instead
20:12
Speaker 13: of just the associated gain or loss. Let's say your
20:15
Speaker 13: exchange reports fifty thousand dollars of proceeds from let's just
20:19
Speaker 13: use a bitcoin sale again, but on your eighty nine
20:21
Speaker 13: to forty nine you report it as forty nine thousand,
20:24
Speaker 13: two hundred dollars. This is super common. It's going to
20:27
Speaker 13: happen all the time because accountants and crypto tax software
20:30
Speaker 13: companies everyone uses slightly different data, and so the proceeds
20:35
Speaker 13: what the exchange reports versus what your crypto tax software
20:39
Speaker 13: platform or your accountant or what you manually report can
20:42
Speaker 13: slightly differ between these ten ninety nine das versus your records.
20:46
Speaker 13: But ten ninety nine DA will not show income from
20:49
Speaker 13: staking rewards, mining income, any DeFi activity, lending or wrapping
20:54
Speaker 13: tokens which can trigger taxable events, records of all transactions,
20:58
Speaker 13: and you need to report all of this on your
21:00
Speaker 13: tax return. So this will cause chaos because a lot
21:03
Speaker 13: of market participants will have no idea how this works.
21:07
Speaker 1: Yeah, so we've had David on before, and the interesting
21:11
Speaker 1: point we got at was that first of all, the
21:13
Speaker 1: amount of forms that this is going to generate to
21:16
Speaker 1: the irs, the complexity that's going to generate to your
21:19
Speaker 1: own tax attorneys and accountants dealing with this. So this
21:23
Speaker 1: is a big deal that's only going to cause more confusion,
21:26
Speaker 1: maybe though what we are seeing now is some relief.
21:31
Speaker 2: Maybe not.
21:32
Speaker 1: But right here you have a new crypto tax roundtable
21:34
Speaker 1: now coming together. So does that mean that they think
21:38
Speaker 1: that we're going to see clarity through, because that's been
21:40
Speaker 1: one of the things that has been stated before, is
21:43
Speaker 1: that taxes would be next after clarity or not. We'll
21:48
Speaker 1: see how all this plays out. This is going to
21:49
Speaker 1: be a big deal guys going forward. Stay tuned right
21:52
Speaker 1: here because it's going.
21:53
Speaker 2: To be huge.
21:53
Speaker 1: This week, hopefully we'll get some more news.
21:55
Speaker 2: We'll see what happens.
22:03
Speaker 1: If you like this video, hit like and subscribe, drop
22:05
Speaker 1: a comment down below, and also join our free private
22:09
Speaker 1: member group.
22:09
Speaker 2: The links in the description