Latest / The Paul Barron Crypto Show / Bessent: "I Am The House"🚨Oil Is Exploding

Transcript

Bessent: "I Am The House"🚨Oil Is Exploding · The Paul Barron Crypto Show

• 0:00
  Speaker 1: Is the bull run underpriced?
• 0:01
  Speaker 2: Today, we're going to be breaking that down for you,
• 0:03
  Speaker 2: get you guys fully up to date with what's going on.
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• 0:44
  Speaker 2: it out. I want to actually start, though, with a
• 0:46
  Speaker 2: clip today. And this will kind of get some frame
• 0:49
  Speaker 2: around what is actually happening in the market.
• 0:52
  Speaker 1: Here is Secretary Pesan. Take a look.
• 0:55
  Speaker 3: Whenever people say, oh, well, Treasury Secretary is taking a risk,
• 1:00
  Speaker 3: I say, well, it's my dream. I have asymmetric information.
• 1:06
  Speaker 3: I am the house now. When we intervene with the
• 1:08
  Speaker 3: Japanese yen, I have pretty good insight into what the
• 1:14
  Speaker 3: Bank of Japan is going to do, what Japanese policymakers
• 1:18
  Speaker 3: are going to do. Bet against me if you want.
• 1:21
  Speaker 4: At once, that raises a lot of uncomfortable questions. not
• 1:25
  Speaker 4: least of which is going to be the fact that
• 1:27
  Speaker 4: is the BOJ's independence compromise here if he already knows
• 1:30
  Speaker 4: what they're going to do?
• 1:31
  Speaker 5: All right.
• 1:33
  Speaker 2: So you can see this is a little bit of
• 1:35
  Speaker 2: shockwaves in the market in general. Stern Drew kind of
• 1:38
  Speaker 2: drew a little bit toward this. And the statement here
• 1:41
  Speaker 2: is that Besson just triggered the biggest GameStop moment ever.
• 1:44
  Speaker 1: Treasury boss just lit the fuse under.
• 1:46
  Speaker 2: A trillion dollar yen squeeze, which could play into this
• 1:49
  Speaker 2: if his insight is real and Japan suddenly tightens or
• 1:53
  Speaker 2: intervenes The unwind, of course, could be very violent. One
• 1:57
  Speaker 2: wrong move here, trillions in cheap funded yen positions get crushed.
• 2:01
  Speaker 2: And I think that is where it boils down to
• 2:03
  Speaker 2: the last statement, which is it's a warning shot that
• 2:06
  Speaker 2: Washington thinks it has the upper hand in the U.S.-Japanese
• 2:10
  Speaker 2: monetary chess game. So this, I think, is in a
• 2:13
  Speaker 2: position right now where the market could be looking at
• 2:16
  Speaker 2: this and also.
• 2:17
  Speaker 1: Where the U.S. could intervene.
• 2:19
  Speaker 2: The real question is why, and I'll show you a
• 2:21
  Speaker 2: clip on that. But I want to jump over to
• 2:24
  Speaker 2: Mark Cudmore, because he had a statement here that I
• 2:27
  Speaker 2: think is going to actually happen.
• 2:28
  Speaker 1: Take a look.
• 2:30
  Speaker 6: I think he's right in what he says. I just
• 2:32
  Speaker 6: don't know why he's saying it. I think that he's
• 2:36
  Speaker 6: kind of waving the red rag to the bull of
• 2:39
  Speaker 6: the market. And I think that, you know, the market
• 2:42
  Speaker 6: might be tempted to test him, even though it's right.
• 2:44
  Speaker 6: He does have He has more tools at his disposal.
• 2:47
  Speaker 6: He has more information. He is the house and he
• 2:50
  Speaker 6: can ultimately read the game, but he might be forced
• 2:52
  Speaker 6: to show that they're going to pick the market's going
• 2:54
  Speaker 6: to pick their moment. But he's, you know, he's really
• 2:57
  Speaker 6: kind of taunting the market. He's intervening both in the
• 3:01
  Speaker 6: FX markets and treasury markets. These are big markets. And
• 3:04
  Speaker 6: I think that when the data goes against him, because
• 3:06
  Speaker 6: the structural flows are against him, the fiscal pressure continues
• 3:09
  Speaker 6: to mount. The inflationary pressure continues to mount. So they'll
• 3:12
  Speaker 6: pick their time and then they'll go, go on, then
• 3:14
  Speaker 6: show us what you got. And he might ultimately have
• 3:16
  Speaker 6: more tools, but he's made it very messy and hard
• 3:19
  Speaker 6: for himself. He should have just silently taken his victory
• 3:22
  Speaker 6: and waited till people realize and applaud him. And instead,
• 3:24
  Speaker 6: I think he's made a big blunder.
• 3:27
  Speaker 1: Okay, so big blunder.
• 3:28
  Speaker 2: And let me know, do you guys think that Bassett
• 3:30
  Speaker 2: maybe is overstepping his boundary here? And will this actually
• 3:34
  Speaker 2: affect how we are going to see the Treasury deal
• 3:37
  Speaker 2: with this? And I think this is the whole issue
• 3:39
  Speaker 2: right now. Even Burry came out saying that the last
• 3:41
  Speaker 2: real hedge funds left are now building positions specifically to
• 3:45
  Speaker 2: take on Scott and his whole bet on the yen.
• 3:49
  Speaker 2: So if you've got some of the best hedge fund
• 3:51
  Speaker 2: managers out there, which is now going head-to-head with a
• 3:55
  Speaker 2: former hedge fund manager, maybe this is just timing or
• 3:59
  Speaker 2: is there something else afoot here? That's the question I
• 4:01
  Speaker 2: think that I'm looking at. Is he crazy like a
• 4:04
  Speaker 2: fox or is he just pushing all of this into
• 4:07
  Speaker 2: a fight that just was not needed? Here is, of course,
• 4:10
  Speaker 2: the short positions right there on the Japanese yen. They
• 4:12
  Speaker 2: remain near the largest in history. You can kind of
• 4:15
  Speaker 2: see this is the retail estimates right now in terms
• 4:19
  Speaker 2: of the Japanese retail over-the-counter. This is a problem because, again,
• 4:23
  Speaker 2: to our point earlier, the amount of historic volatility that
• 4:27
  Speaker 2: this could cause is real, especially if this plays out
• 4:31
  Speaker 2: all according to what Besson's thinking it might do. Other
• 4:34
  Speaker 2: things that, of course, are happening right now is, remember,
• 4:37
  Speaker 2: this happened back in August. where the Treasury announced the
• 4:40
  Speaker 2: size of the nominal long in liquidity support that they
• 4:43
  Speaker 2: were willing to go into. At the time, the current
• 4:46
  Speaker 2: maximum size was around $ 2 billion per operation. That'll be
• 4:49
  Speaker 2: at least $ 4 billion per operation. So when you look
• 4:51
  Speaker 2: at the update right here, you can kind of see
• 4:54
  Speaker 2: the buyback.
• 4:54
  Speaker 1: Is now $ 6.
• 4:55
  Speaker 2: Billion in bonds with a 10 to 20 year remaining
• 4:58
  Speaker 2: until maturity on September 10th.
• 5:00
  Speaker 1: So all this is in play well.
• 5:01
  Speaker 2: Above what it was doing on the $ 2 to $ 4
• 5:04
  Speaker 2: billion playing out there. Now let's start with another clip here,
• 5:07
  Speaker 2: because this will go into a little bit of why
• 5:09
  Speaker 2: is Besant intervening? Did he really need to do this?
• 5:13
  Speaker 1: Take a look.
• 5:14
  Speaker 7: So I think some of it's perception management. And of course,
• 5:17
  Speaker 7: what's interesting is that, I mean, the yield curve's not
• 5:20
  Speaker 7: even that steep. So again, like, you know, no major
• 5:23
  Speaker 7: volatility issues, no major liquidity issues, and not an unreasonable
• 5:27
  Speaker 7: steep yield curve. And yet they have intervention just because
• 5:30
  Speaker 7: the industry expense is super high. The public perception around
• 5:34
  Speaker 7: it is not great. This is also a Treasury Secretary
• 5:37
  Speaker 7: that kind of made getting the 10-year lower one of
• 5:40
  Speaker 7: his initial goals, explicit goals, which is not going the
• 5:44
  Speaker 7: direction he wanted. And so, you know, they're intervening. I
• 5:48
  Speaker 7: don't think they have to intervene right now, but they've
• 5:50
  Speaker 7: made a choice to.
• 5:51
  Speaker 2: And I think that's the point right there is they've
• 5:55
  Speaker 2: made a choice to do this. So what would be
• 5:57
  Speaker 2: impacted in the markets? There are several analysis out there
• 6:01
  Speaker 2: that kind of lean toward commodities. Here's Cudmore kind of
• 6:05
  Speaker 2: going in a little deeper.
• 6:07
  Speaker 6: I think we're an incredible commodities bull cycle. What we've
• 6:11
  Speaker 6: seen over the last 13 months has been phenomenal already.
• 6:15
  Speaker 6: But there's much more to go because it's both a
• 6:17
  Speaker 6: demand and supply issue. There's an investment demand issue because
• 6:20
  Speaker 6: policy doesn't have credibility fighting inflation, doesn't have credibility about
• 6:24
  Speaker 6: its fiscal problems. And therefore, there's this idea of this
• 6:26
  Speaker 6: debasement trade. But essentially, it's a moving into real assets
• 6:29
  Speaker 6: and away from the major fiat currencies. So that's the
• 6:32
  Speaker 6: investment demand side. But there's real world demand side. There's
• 6:34
  Speaker 6: the AI revolution, which is driving demand for some commodities.
• 6:38
  Speaker 6: Then there's also the climate change, which is also driving demand.
• 6:41
  Speaker 6: And then there's the general global rearmament because US has
• 6:44
  Speaker 6: undermined long-term alliances. And so we're rearming all around the world.
• 6:50
  Speaker 6: And all these things drive structural demand for commodities. On
• 6:54
  Speaker 6: top of that, we've got supply side issues because of
• 6:56
  Speaker 6: the wars in the Middle East and Russia, Ukraine. And
• 7:00
  Speaker 6: they're some of the big providers of both fertilizers, refineries, energy.
• 7:03
  Speaker 1: So it's a demanded supply story.
• 7:05
  Speaker 6: It's going to go much further longer term. And therefore,
• 7:07
  Speaker 6: we've got much more pain for bonds to come, even
• 7:09
  Speaker 6: despite what we've seen already.
• 7:10
  Speaker 1: All right.
• 7:10
  Speaker 2: So to Kudmore's point, I mean, I think when you
• 7:13
  Speaker 2: look at commodities, kind of in the area that we
• 7:15
  Speaker 2: talk about a lot, gold is most likely going to
• 7:17
  Speaker 2: be one of the lineups here. Some of you may
• 7:19
  Speaker 2: be out there invested in energy. We'll talk about oil
• 7:21
  Speaker 2: in a second. But right now, gold trading at 44.18.
• 7:23
  Speaker 2: The next move up is probably going to be somewhere
• 7:27
  Speaker 2: in the 44.70 range. If that is the case, then
• 7:31
  Speaker 2: do we see gold do another spike into the 5K range?
• 7:35
  Speaker 1: So I think this is one to watch.
• 7:37
  Speaker 2: Of course, silver will be in the play as well,
• 7:39
  Speaker 2: along with some other metals to kind of keep an
• 7:41
  Speaker 2: eye on.
• 7:41
  Speaker 1: And then, of course, you'll have energy playing into this
• 7:44
  Speaker 1: as well.
• 7:45
  Speaker 2: So let me know if you guys are are actually
• 7:47
  Speaker 2: making commodity moves right now. With everything that is in
• 7:50
  Speaker 2: the macro pressure window as it is today, would commodities
• 7:54
  Speaker 2: be your bet? If you look at another commodity, Bitcoin,
• 7:58
  Speaker 2: crypto markets now seeing massive inflows. We saw the largest
• 8:01
  Speaker 2: ETF iBit move. So maybe institutional is also following up
• 8:05
  Speaker 2: on this. And does Bitcoin get another light under it
• 8:10
  Speaker 2: in terms of a move? So big news here so
• 8:12
  Speaker 2: far in September. Posted another $ 459 million in inflows following.
• 8:16
  Speaker 1: A $ 3.
• 8:17
  Speaker 2: Billion in August. So largest monthly inflow that was since
• 8:21
  Speaker 2: October of last year. So a lot happening around Bitcoin.
• 8:25
  Speaker 1: One hour later, U.S.
• 8:27
  Speaker 2: Oil is now pushing $ 96 a barrel. That's a 44%
• 8:32
  Speaker 2: increase since July 2nd. You guys will remember that Trump
• 8:35
  Speaker 2: has been on his campaign trail out there saying that
• 8:39
  Speaker 2: oil is going to be lower come midterms. And the
• 8:43
  Speaker 2: reality is that this may not necessarily be the case
• 8:46
  Speaker 2: with midterms just around the corner.
• 8:48
  Speaker 1: And now you have, of course, JPMorgan, excuse.
• 8:51
  Speaker 2: Me, Goldman Sachs pushing toward oil targets at around $ 120
• 8:55
  Speaker 2: a barrel. If that were to occur, $ 120 a barrel,
• 8:59
  Speaker 2: that is a demolition derby for the Republicans. Here was
• 9:03
  Speaker 2: Besson talking about where it should be.
• 9:05
  Speaker 1: Take a look.
• 9:06
  Speaker 3: Look, we are successfully executing the plan. We think that
• 9:10
  Speaker 3: we can have very high noninflationary growth. And we're going
• 9:15
  Speaker 3: to get on the other side of this Iran conflict.
• 9:18
  Speaker 3: And I expect that oil will come down. I actually
• 9:22
  Speaker 3: think we're going to be very much oversupplied in the
• 9:25
  Speaker 3: oil market after this. We could see a $ 50, $ 40
• 9:30
  Speaker 3: crude maybe just because there's so much coming online. All right.
• 9:34
  Speaker 2: So I don't know what or where he was talking
• 9:37
  Speaker 2: about oil coming online. If you look back into July,
• 9:40
  Speaker 2: this is just the month of July, August, and here
• 9:43
  Speaker 2: we are early September, oil is up 40%. And it has,
• 9:48
  Speaker 2: of course, hit the breakout zone. And we're in a
• 9:50
  Speaker 2: position now where if we continue to see pressure mounting,
• 9:55
  Speaker 2: especially in the Middle East.
• 9:56
  Speaker 1: Is $ 100 really in the next window?
• 10:00
  Speaker 2: And if it is, what does that do in terms
• 10:03
  Speaker 2: of long-term effect, especially leaning into midterms?
• 10:07
  Speaker 1: And at that point, I.
• 10:08
  Speaker 2: Think we do see some issues that start to maybe
• 10:11
  Speaker 2: impact the market even further. All right, so when you
• 10:14
  Speaker 2: look at the issue, it really boils down to the
• 10:17
  Speaker 2: Strait of Hormuz. And there's a lot of weirdness in
• 10:20
  Speaker 2: terms of information that's coming out because many people think
• 10:23
  Speaker 2: that it's open.
• 10:24
  Speaker 1: Some people think it's closed.
• 10:25
  Speaker 2: Well, here's the energy secretary talking about the safety.
• 10:29
  Speaker 1: Of the Strait. Take a look.
• 10:31
  Speaker 8: August was the deadliest month for merchants in the Strait
• 10:34
  Speaker 8: of Hormuz since March. Can you unequivocally say that ships
• 10:40
  Speaker 8: that want to transit through the Strait of Hormuz can
• 10:43
  Speaker 8: do so safely?
• 10:47
  Speaker 5: We're working cooperatively with fleets that do want to transit.
• 10:51
  Speaker 5: Some ships are transiting, and of course, that's their choice.
• 10:54
  Speaker 8: But you're not saying that it's currently safe?
• 10:59
  Speaker 5: We're getting a lot of ships through, but of course,
• 11:01
  Speaker 5: it requires the U.S. military to do that.
• 11:03
  Speaker 8: If a country or a company wants to send its
• 11:08
  Speaker 8: tanker through the Strait of Hormuz, can they do so safely?
• 11:13
  Speaker 5: Well, if they want to work with the United States Navy,
• 11:16
  Speaker 5: I think they can.
• 11:17
  Speaker 8: You said on this show five months ago that high
• 11:20
  Speaker 8: gas prices had peaked. Isn't it possible gas prices could
• 11:23
  Speaker 8: go up even more?
• 11:27
  Speaker 5: Well, if you look at, I don't want to have
• 11:30
  Speaker 5: an opinion on that.
• 11:32
  Speaker 2: How can you be the Energy Secretary and not have
• 11:35
  Speaker 2: an opinion on gas and fuel prices?
• 11:37
  Speaker 1: This is the problem right now, guys.
• 11:39
  Speaker 2: We are setting up for the $ 100 a barrel just
• 11:42
  Speaker 2: after the latest Middle East attacks. This is going pretty
• 11:45
  Speaker 2: much hit for hit. And now it's getting into actual
• 11:49
  Speaker 2: oil production facilities as well as tankers. All of this
• 11:52
  Speaker 2: plays into, I think, where the market is simply saying
• 11:55
  Speaker 2: that's enough. This is impacting energy worldwide. It is going
• 11:59
  Speaker 2: to start to make, I think, a bigger moment. especially
• 12:03
  Speaker 2: on the political front for both the Republicans and also
• 12:06
  Speaker 2: Trump himself. All right, so one other point here on
• 12:09
  Speaker 2: the Hill article is where they're talking about the investments
• 12:12
  Speaker 2: that are happening within the market around energy. They're voting
• 12:16
  Speaker 2: with the dollar, and this vote strongly indicates that unless
• 12:19
  Speaker 2: the strait reopens and oil starts flowing again uninterruptedly, supply
• 12:24
  Speaker 2: will not be aligned with demand in the foreseeable future.
• 12:27
  Speaker 2: So this is a huge issue for The Republicans are
• 12:31
  Speaker 2: a big issue, I think, also for the Trump administration
• 12:33
  Speaker 2: to continue to put a lot of pressure on the
• 12:35
  Speaker 2: American people when it comes to oil prices.
• 12:38
  Speaker 1: And, of course, gas.
• 12:39
  Speaker 2: Now, all of this is starting to boil into maybe
• 12:42
  Speaker 2: a different strategy that is being undertaken to possibly find
• 12:46
  Speaker 2: a way to lower gas prices.
• 12:49
  Speaker 1: Watch this clip.
• 12:50
  Speaker 9: The Trump administration has changed blending requirements for American refiners,
• 12:55
  Speaker 9: which allows them to produce more gasoline just as demand
• 12:59
  Speaker 9: for gasoline is about to start heading down. New York, Connecticut, California,
• 13:04
  Speaker 9: and several other Democrat-governed states have decided not to adopt
• 13:08
  Speaker 9: those standards. They apparently want to keep driving up prices
• 13:12
  Speaker 9: on their residents.
• 13:13
  Speaker 2: All right, so what he's talking about there is actually
• 13:18
  Speaker 2: a blending process that's being done in fuel and especially
• 13:22
  Speaker 2: around gas.
• 13:23
  Speaker 1: Essentially, this means dilution. So the idea is dilute.
• 13:28
  Speaker 2: dilute the fuel so that you can actually lower the price.
• 13:31
  Speaker 2: This is the kind of issues that we're dealing with
• 13:33
  Speaker 2: right now. Some states, of course, already in this. Look
• 13:36
  Speaker 2: at the kind of raises that we have seen in 2026,
• 13:40
  Speaker 2: which is significant when you look about the issue right
• 13:43
  Speaker 2: now of just fuel costs in general. So I want
• 13:46
  Speaker 2: to kind of go from this to clarity. I know
• 13:50
  Speaker 2: this doesn't bridge well, guys, but when you see this ad,
• 13:53
  Speaker 2: maybe you'll understand.
• 13:54
  Speaker 1: Take a look.
• 13:55
  Speaker 10: Consumer prices are up. Groceries, gas. But for the big banks,
• 14:00
  Speaker 10: it's a feeding frenzy. They're raking in record profits, almost
• 14:03
  Speaker 10: $ 300 billion last year alone.
• 14:06
  Speaker 8: How?
• 14:07
  Speaker 10: By squeezing consumers and small businesses. But now they want
• 14:11
  Speaker 10: even more. They've unleashed D.C. 's corporate lobbyists to prevent
• 14:16
  Speaker 10: competition and protect their profits by killing the Bipartisan Clarity Act.
• 14:21
  Speaker 10: Tell Congress, pass the Clarity Act now.
• 14:25
  Speaker 8: All right.
• 14:25
  Speaker 2: So, again, as you can see, that first of all,
• 14:28
  Speaker 2: I don't understand what that has to do with grocery
• 14:30
  Speaker 2: and gas prices as it correlates to clarity. It's it
• 14:34
  Speaker 2: is a big bank issue. I don't know where these
• 14:37
  Speaker 2: things are coming from in terms of marketing. There's been
• 14:39
  Speaker 2: some bad marketing when it comes to trying to get
• 14:41
  Speaker 2: clarity passed. But you have to look at where the
• 14:45
  Speaker 2: current market is right now. And that, of course, is
• 14:47
  Speaker 2: being led or has been led by Cynthia Lummis out there.
• 14:50
  Speaker 2: And her statement is, if this bill fails, it won't
• 14:53
  Speaker 2: be because of ethics. It's going to be because the
• 14:54
  Speaker 2: Democrats didn't join Republicans in embracing a bipartisan bill that
• 14:59
  Speaker 2: protected consumers, cements Americans' leadership in digital assets, and so forth.
• 15:04
  Speaker 2: This is the challenge right now. I think a lot
• 15:06
  Speaker 2: of people are kind of fed up with the fact
• 15:08
  Speaker 2: that these Republicans have, in fact, failed if this does
• 15:12
  Speaker 2: not even get a cloture vote. And I'm not sure
• 15:14
  Speaker 2: that it's going to. And you can kind of see
• 15:16
  Speaker 2: people are getting a little upset. I didn't get to
• 15:19
  Speaker 2: pump my Bitcoin backups with the Republicans, had the White
• 15:21
  Speaker 2: House and both houses of Congress because Democrats. You know, basically,
• 15:25
  Speaker 2: let's blame everybody but ourselves that are out there in
• 15:29
  Speaker 2: control right now. And that has been kind of the
• 15:31
  Speaker 2: issue right now. Unfortunately, the Republicans may take one on
• 15:34
  Speaker 2: the chin if this does not go through. How does
• 15:37
  Speaker 2: this play into what the Dems strategy will be for
• 15:40
  Speaker 2: the fall?
• 15:41
  Speaker 1: Still yet and up in the air to see.
• 15:43
  Speaker 2: All right, so I want to go to a clip
• 15:44
  Speaker 2: here because this is kind of throwing salt in the
• 15:47
  Speaker 2: wound in the sense of Republicans almost admitting that they've
• 15:51
  Speaker 2: given up on this, and there's no immediacy on trying
• 15:54
  Speaker 2: to get this done.
• 15:54
  Speaker 1: Take a look at this one.
• 15:56
  Speaker 7: Well, we're only scheduled to be there three more weeks,
• 15:59
  Speaker 7: and we don't work all week.
• 16:01
  Speaker 3: Should we get this stuff done? Should we stay? Absolutely.
• 16:04
  Speaker 1: Are we going to?
• 16:05
  Speaker 3: I'd be surprised.
• 16:07
  Speaker 5: But if we want to win in November, we're going
• 16:09
  Speaker 5: to have to start acting like we care about the
• 16:11
  Speaker 5: cost of living in this country. All right.
• 16:14
  Speaker 1: So wait a minute.
• 16:15
  Speaker 2: Acting like we care about the cost of living or
• 16:18
  Speaker 2: just doing something about the cost of living? The fact
• 16:22
  Speaker 2: that you don't work all week might be the first
• 16:24
  Speaker 2: indicator that you should work a little bit more to
• 16:27
  Speaker 2: try to actually do something about the cost of living.
• 16:31
  Speaker 2: And that's the problem that we're in right now, guys.
• 16:34
  Speaker 2: But does this affect the market? Well, the market, you've
• 16:36
  Speaker 2: got to look at a couple of things. Fear and
• 16:38
  Speaker 2: greed right now hovering back down to 72. We have
• 16:41
  Speaker 2: had these kind of pumps in the market before. And
• 16:44
  Speaker 2: just be cautious out there because back there in November
• 16:48
  Speaker 2: of 24, we had that big market push. And in
• 16:51
  Speaker 2: a very short period of time, you can see where
• 16:53
  Speaker 2: that market came in just less than three months. I
• 16:56
  Speaker 2: think it was February where we had dipped down all
• 16:58
  Speaker 2: the way to 20 in the market. So these are
• 17:01
  Speaker 2: the kind of things. I'm not saying that that's where
• 17:02
  Speaker 2: we are heading. I still feel that the.
• 17:06
  Speaker 1: Worst is behind us.
• 17:07
  Speaker 2: But with this macro pressure continuing to drive into the market,
• 17:11
  Speaker 2: there's going to be some unusual situations occurring. Now, everybody
• 17:16
  Speaker 2: probably saw our video yesterday. We did the laptop video,
• 17:18
  Speaker 2: and that's because in most cases, you guys are out
• 17:21
  Speaker 2: there kind of in that position.
• 17:23
  Speaker 1: Eric Trump, of course, tweeted about this. Hunter should go
• 17:25
  Speaker 1: back to painting.
• 17:26
  Speaker 2: But in reality, this hit $ 395 billion in terms of
• 17:33
  Speaker 2: where this market cap was going. And of course, a
• 17:35
  Speaker 2: lot of people are pointing at this Everybody got wrecked
• 17:38
  Speaker 2: on this. I'm sure there's going to be some that did,
• 17:41
  Speaker 2: but in reality, there were also a lot of players that.
• 17:43
  Speaker 1: Made it in.
• 17:45
  Speaker 2: But the point is that now we're seeing maybe a
• 17:48
  Speaker 2: consistency on this one. Again, this is a meme token.
• 17:52
  Speaker 2: As you guys know my stance on meme tokens, I
• 17:54
  Speaker 2: don't invest in them. But it's interesting to me because
• 17:56
  Speaker 2: it's culture inside the crypto community that it's very unique.
• 17:59
  Speaker 1: All right.
• 17:59
  Speaker 2: So here is a tweet of how the I think
• 18:02
  Speaker 2: the industry and maybe the media has taken it. Hunter
• 18:05
  Speaker 2: Biden's laptop meme point plunge 97. Remember, almost all meme
• 18:09
  Speaker 2: points plunge like this. This happened in the first hour,
• 18:13
  Speaker 2: falling from nearly 200 bucks down to 436. It's trading,
• 18:15
  Speaker 2: I think, around 180 right now. Uniswap liquidity became the
• 18:21
  Speaker 2: active only after the token had already fallen more than 90%.
• 18:25
  Speaker 2: So it was interesting to the point in a sense where, remember,
• 18:30
  Speaker 2: what the goal was, was to airdrop Trump token holders
• 18:34
  Speaker 2: that were underwater, go out and support the community on Substack,
• 18:38
  Speaker 2: which there apparently was a certain amount that had went
• 18:41
  Speaker 2: actually to Substack members. One other point that I want
• 18:44
  Speaker 2: to point out here is you'll notice this statement right here.
• 18:47
  Speaker 2: It's fully diluted values is around 5 billion, only 5 billion.
• 18:51
  Speaker 2: So this is the thing, guys. When you look at
• 18:55
  Speaker 2: the launch of meme tokens, it is almost impossible to
• 18:59
  Speaker 2: get over 100 million. For this to do that, that
• 19:02
  Speaker 2: in itself was a huge success. The other thing that
• 19:05
  Speaker 2: we pointed out yesterday was that BASE would end up
• 19:08
  Speaker 2: not being able to do this appropriately.
• 19:11
  Speaker 1: And it ended up being true.
• 19:12
  Speaker 2: Because Uniswap ended up being the liquidity plan for it.
• 19:14
  Speaker 2: So I think this is a scenario that will continue
• 19:17
  Speaker 2: to play out in crypto. There's going to be opportunities
• 19:20
  Speaker 2: out there to be able to really connect with the
• 19:23
  Speaker 2: crypto community, whether it's the DJ community or not. The
• 19:27
  Speaker 2: point is, is there's going to be a lot of
• 19:28
  Speaker 2: opportunities for this for companies like Coinbase and others to
• 19:32
  Speaker 2: be able to achieve. So understand, remember, PolyMarket, they actually
• 19:37
  Speaker 2: had to go in and create additional markets for this
• 19:40
  Speaker 2: once it had hit 1 billion.
• 19:42
  Speaker 1: So now we've got the 1.5, the.
• 19:43
  Speaker 9: 2, 3, 4.
• 19:43
  Speaker 1: We showed this yesterday on screen and these weren't even
• 19:46
  Speaker 1: in the poly market at that time.
• 19:51
  Speaker 2: So just very interesting times in terms of where the
• 19:55
  Speaker 2: market is, timing on clarity, whether it's going to make
• 19:59
  Speaker 2: it through or not, likely not. And now you've got
• 20:02
  Speaker 2: Republicans in a very big hot seat going into a midterm,
• 20:08
  Speaker 2: which all plays in to where the markets are gonna go.
• 20:10
  Speaker 1: We're gonna be covering it very closely.
• 20:18
  Speaker 2: If you like this video, hit like and subscribe, drop
• 20:21
  Speaker 2: a comment down below, and also join our free private
• 20:24
  Speaker 2: member group.
• 20:25
  Speaker 1: The link is in the description.