Latest / The Paul Barron Crypto Show / Ethereum Summer Begins? with Jackie Dutton
Transcript
- Today we'll be breaking down Ethereum and also take a look at bitcoin and a whole lot of what's happening in the market, especially around the potential for growth in crypto. It's gonna be a good one. My name is pel Bara. Welcome back into tech path. Before we get started, I want to thank our sponsor, and that is Tangent. Looking to do self custy This is your first step into self custoy, and that's getting a self custody wallet. A hardware wallet is the way to go. No use the software wallles, even though they're good. This is a more secure route to take. You can get TANGENTM. It's basically like a bank card. It gives you the security of a bank vault. You can store by earn thousands of tokens out there and of course do a lot of transfers. All that kind of stuff all available over on tangum dot com. Just hit that little get Tangent button you'll go into a three card set. Get that use our code always helps the channel and it's going to help you guys. Get on your journe for self custom All right. I want to of course welcome back in my co host Ms Jackie Dunton. Great to have you back. Hey, everybody happy post Memorial Day. So we're good. Now, did you do anything fun? A lot of yard work which was very essential. He's going to knock that out when the weather site. That's good. Sometimes that's good. It's therapeutic, you know, so rather than looking at charts all day, and you know it's always what I say is get out and do something outside. Hey, Jackie, let's get into a couple of points I want to touch on today. Bitcoin. We'll talk a little bit about bitcoin now. Three bullish reasons to head higher after a little bit of a dip, you know, slightly. But there's a lot of things happening right now. You've got a little bit of the mount Gox situation that's starting to brew. Movement over bitcoin from a Malcox coal wallet triggered a little bit of a sell off around sixty eight K, a little bouts of anxiety. Some people were kind of thinking, could this be the time that we see a big reversal. What is your opinion right now with what's happening with the ETHTF, the situation on bitcoin in terms of people now, I think maybe truly discovering it what do you think. Do you think we're going to see an up trend from here? I just don't think that black Rock is going to just let the price fall and fall and fall. If anything, they would love cheaper bitcoin to buy back up. So I don't know if this is really going to see the dip that people are a little worried will happen, because I mean, it's essentially free money. It's been years. I have a friend who's about to receive some money from this hack as well. Yeah, it's going to be a substantial increase to them, But I think these are diehard bitcoin people exactly. Yeah, you hit it right there. I was going to say, these are ogs. They know how these cycles work. This would be the worst time to sell, you know it terns like if someone was truly an on G. Now it's not everybody's in the same boat. Sometimes there's financial considerations that you know, kind of force those situations, but overall, I would think they would be holding. There's one little thing though, that we are seeing that is quite a bit different now than past cycles, and that is crypto seeing unprecedented political support regulatory clarity for digital currencies now taking a positive turn. Both the SEC approving the spot ETF, but also just the announcement and the performance of regulatory alignment within Congress. And now something which we'll talk about in a second is form President Trump and his position. Do you think this has been the catalyst right now to see the market kind of get a little bit more short up right now? Is just the legislation and the political landscape. I think it's brought a lot more confidence. I think everybody was like, oh, you know, I don't know what November is going to look like. We don't know if we're just going to continue to either be completely under attack. There were some questions about how Trump really felt, and I think the fact that he has come out in such a predominant and outlaw in favor of it is really reassuring to people. I think things are starting to feel a lot more confident with him as well. So Jack, Jackie, do you feel do you feel that sometimes things are going too good and you're always wondering if there's gonna be a gotcha? Do you have that feeling at all about this? I feel like anything can happen in crypto, so I feel like preparing for the rug is always the best case scenario bitcoin and ETF markets expected to grow. For this was a pretty big statement. Four hundred and fifty billion. This is coming in from Bernstein and you look at four hundred and fifty billion to the current market. A couple of points that he makes here in the article suggests flows more than a hundred billion in the next hundred bill in the next two years on crypto ETFs. That would be big. And then also an eath spot ETF has positive implications for rival tokens like Salana. This was a video we did last Friday. What would be your token? If you had to say, and you only got one that would be the next ETF? What would you select? Dogecoin? Ooh doge I like your styles? A couple other things I want to hit on here. This of course also kind of affects maybe the future of bitcoin in terms of pricing, and that is continuance of what we're seeing around institutions and businesses starting to acquire bitcoin. Similar Scientific acquires forty mili in bitcoin. Their stock surged a little bit. We've already seen what happened with micro strategies. There's many companies now that are trying to figure out ways to put this into their strategy overall, much like AI. Every tech company, it feels like once an AI slant. Do you think that has much of a position going forward or do you think this is kind of a fad right now? Do you think this is a strategy that's more long term. I think it's a great strategy long term. I mean if you look at Tesla, right like Tesla kind of proved a little bit of a model you were going to hold some of our reserves here and diversifying your assets, I think is for everybody, whether you're a company or an individual. So I think that's actually a really good tactic. Yeah, their PUBLICA companies now hold one point five percent of the supply, so this similar scientific's foray into bitcoin kind of flows into line. But right now, microstotgy is still the public listed company with the largest bitcoin stash holding it about two hundred fourteen thousand bitcoin, which is around seven point three billion, So Sailor's still kind of kicking it out there for sure. All Right, I want to go over to a couple of points here. This is an interesting statement, and that is awareness by the US presidential candidates. Okay, you look at the survey A couple of points they hit on seventeen hundred pell. I know it's a small survey, but a little bit ajteen and up who intend to vote in the election surveyed. How that growing importance of crypto to voters' mind. What are your thoughts? Yeah, I mean, this is not just about crypto, but about freedom, privacy. There's so many other aspects that this actually meet. Inflation, there's so many monetary, economical and you know American values that I think are really intertwined with the idea of cryptocurrency if you even understand just a modicum of the topic. So I do think that this is something vital that they need to be aware of and it will be a huge talking point. All right, So this was an interesting chart. Let me let me zoom in on this for you so you can see. It says, all right, how have the inflation and current economic climate impacted your interest in owning bitcoins? So people realize that it kind of is skirts the outside of the financial system. Everyone says more interested, less interested, So this was less interested, familiar with crypto, more interested, we're seeing and then not familiar. So what we've got here is that there's a lot more people kind of coming into this cycle of they're aware of it, among them mostly gen Z, So thirty one percent of gen Z thirty five percent of millennials, both of them invested in crypto. Remember that gen Z most likely will start to get some larger demos because the age will start to, you know, get into more investing years. Do you think that is the critical component behind a lot of what these candidates are starting to do, because they seem to have almost done an about face. It's kind of more of a public facing narrative. Right, You have two demographics that are the most active on social media, whereas the boomers are still getting their news from television. So never trust a politician to, you know, just work with what's at their core. They the best public facing option at the end of the day, and the social media narrative is going to be the one that dominates that. Yeah, all right, So last week we had a lot happening in crypto legislation. First, we had the SAB one twenty one bill go through, which, by the way, for those it's not today, it's scheduled sometime around June third would be the deadline for a potential veto by Biden. So that was sent through on the twenty third, Plus we also had the House go through with the fit twenty one AX. So lots of good news here. Do you think the administration when you look at Biden, how far behind in the polls he is, what they're starting to say and the talking points, the fact that he has now challenged Trump, I guess or responded to Trump for an actual debate. Do you think they're going to the administration is going to throw a veto in any way in any of these crypto bills. I don't see how they can if they actually want the voting favor At this point, again, we are loud, like crypto is just loud and obnoxious, and we are an echo chamber of our own making. And I just don't see how the backlash would not be so immense at this point. I think that would be the key is just the amount of noise that it would create, both on a social front, the freedom aspect of it. This whole issue around cbdc's control of government, the big government move that is like, hey, no, you're not smart enough to do your own investing, let us handle that for you. That kind of thing is still a narrative that everybody seems to be jumping into. Of course, the number one guy that always plays into that narrative is none of than former President Trump. He explores a crypto's solution for a thirty five trillion dollars US debt with adjusting it. So this is interesting because there's a couple of points he hits on in the article, or they hit on the article. Trump inquired if bitcoin could help alleviate the thirty five trillion dollar debt. Now again, obviously, you know, the question is if you could invest in any asset that's accelerating in value that goes greater than that of inflation and or the interest that you're paying on these debts, you're probably in the right place. But if you look at it, He proposed a comprehensive executive order president to sign on day one. Trump I'll be sharing those details soon. So that's interesting. He also urged crypto enthusiasts to contribute, ensuring that the US president supports bitcoin. We're going to raise one hundred million war chests for the campaign. That's a big deal. This to me, if this gets any legs under it at all, could start to change the face of American politics. If they truly understand what digital assets are, much like what securities are. What are your thoughts on this think he would go through with us. I think he is aware that the national debt is obviously an enormous issue. What is it? Something like a million dollars a minute gets added, and during his term he added quite a bit to it as well, which I think was one of the bigger criticisms of his So I think I would hope at least that he looks to kind of rectify that. And at the end of the day, I mean, America doesn't help itself by exporting absolutely everything and then trying to import all so many things. So you know, shoring up our debt by using something like bitcoin would be great, especially since we don't even back our own money to anything anymore. I want to play this clip for you of Trump talking about this listening, and if you vote for me on day one, I will commute the sentence of ross Albrick, who is sentence of time, sir, And I will also stop Joe Biden's crusade to crush crypto. We're going to stop it. I will ensure that the future of crypto and the future of bitcoin will be made in the USA, not driven overseas. I will support the right to self custody to the nation's fifty million crypto holders. I say this with your vote, I will keep Elizabeth Warren and Hara Goons away from your bitcoin, and I will never allow the creation of a central bank digital currency. I mean he's talking all the right points, I mean shitting on every single one. It's like he's been reading the script of mini shows out there, including ours, for the last several years. How do you think he stands a chance right now when you go into the first debate. I'm kind of curious. Do you think they'll bring crypto up in that first debate? What are your thoughts? I hope they do. CNN, no way. I want to play another clip. I want to play another clip for you. This is French Hill. He's talking about the bills and the cycle of what's happening right now, what's next? All that listening, were you a skeptic originally? Too well? I've always said that I think blockchain has tremendous ability to take out frictional costs and financial services and other forms of the economy. That doesn't make me per se someone that would think that bitcoin is a store of value, not making that argument, all right, So a couple of points he made there. He's talking about blockchain in general. He sees it more as an industry. You know, whether you believe in bitcoin in its store of value. Do you think he was kind of dissing bitcoin overall and more in tune with where the blockchain technology is going. Yeah. I think it's looking at one as a viable industry with its own economy that creates itself for jobs and so many things. Else whereas bitcoin is kind of a standalone thing. It just is what it is, does what it does, even though we add ordinoles and ruins and all kinds of other things. The efficiency of it to be something viable like voting or you know, supply chain or something. It's got to be a little more efficient, something like chainlake. Yeah. Well, and I think a lot of people would consider ethereum as you know, it's a little bit more techie play. So that typically draws in I'm not saying this is not necessarily for boomer so I'm just saying it typically draws in a younger audience. That's more to one they might use it, you know, which is always a benefit because if you can start to use it in the eth ecosystem, whether you're into NFTs or you're into gaming or any of the things that are starting to really you know, kind of percolate that side of things, that's always a big benefit. Michael Sailor did something, you know, last week, we played a clip of Sailor. We had to of him basically say and there is no second class citizen here. There's nothing else that matters he has done. And about face. I want to play a clip for you because this one is changing his tune a little bit on eighth Listening. It's like when things get political, you know, and this gets very political, then you just have to rethink all of your premises. And I think two weeks before the world looked like bitcoin was going to be the only asset securitized and offered as a spot etf by the Wall Street establishment, and it was going to spread as the one legitimate crypto asset. I think right now the best expectation is the crypto asset class will be legitimized, supported by both parties. There's an industry. Crypto is an asset class. There's an entire range of use cases twenty four to seven, digital trading, digital art, you know, NFTs, tokens, you know, decentralize this functionality. DeFi there's a lot of things that will be considered, and Bitcoin will be the leader of the crypto asset class. Instead of someone saying, well, there's one crypto asset, maybe I'll allocate one percent of my money to it, I think mainstream investors might say, oh, there's a crypto asset class now, and maybe we'll allocate five percent or ten percent of the crypto asset class. But Bitcoin will be sixty percent or seventy percent of that, all right. So a couple of points there is that you know, he's obviously spun his opinion completely around because he has been a bitcoin maximalist. He recently was at a conference, you know, basically saying nothing else lives, Everything's going to go torched and scorched earth. And that was of course Peter McCormick, who is also another bitcoin bitcoiner. This changes the game a little bit, not only I think from a regulatory standpoint, ETF's moving in, and also in general people looking at this as a whole new cycle. Hey, I've got a tweet here from Base they've got on chain Summer getting ready to kick off. We're kicking off on chain summer again with a build of thon so more builders coming on base, and this of course sparked massive innovation on the Base blockchain last year. You know, our friends at coinbase, you know, they're just they seem to be killing it. This is a really good cycle. We've watched Jesse and his team kind of really showcase a lot of efforts here too. All right, so what do you like about all time high on eth? Do you think that happens this summer? This summer, probably closer to the end of the summer, I would think, maybe almost into the fall. Yeah, I see you. Somewhere around six most likely. But it'll all depend on the approval of these s ones, which could take a long time. Yeah. Yeah. The s ones are the final stage of these ETFs. That obviously will get these things moving, and it will also give us a sense even though I I think there'll be a handful of these and you know, these asset managers that will probably start to leak out the appetite that's in the market, you know, kind of what we can expect once that they are you know, sliced through, so that'll be something to watch. Hey, it's going to be a big week, Jackie. Good to see you. Thanks for coming in today. We definitely will be covering some news next week, so thanks for stopping in. Of course, we'll see everybody next week. All right, Okay, you guys, if you're tuned in on the podcast, make sure and jump in over on the YouTube channel catch the rest of this type of show with a little bit more engagement you can like. And of course, you know, the best thing is subscribe. Subscribe to the channel right now, because this is the time which you may be a brand new to crypto and maybe you're just now starting to look at this as an asset class because of all these changes that have been happening over the last couple of months. So make sure and subscribe at that little bell. You'll get notifications on our live streams, and of course follow me out there on x at Paul Baron. We'll catch you next time right here on techn to moting, moping,