Latest / CRYPTO 101 / Crypto Rundown: Crypto Bull Run Confirmed & Bitcoin and Altcoin Trading Trends You Need to Know!

Transcript

Crypto Rundown: Crypto Bull Run Confirmed & Bitcoin and Altcoin Trading Trends You Need to Know! · CRYPTO 101

• 0:08
  [SPEAKER_01]: All right, everybody, welcome back to another episode of The Crypto Rundown, a very special one.
• 0:13
  [SPEAKER_01]: As we mentioned last week, Brendan was not going to be available this week.
• 0:16
  [SPEAKER_01]: So, Tivo here and trying to not leave you hanging.
• 0:20
  [SPEAKER_01]: Yesterday, you had the Franklin Templeton interview.
• 0:23
  [SPEAKER_01]: That was really good.
• 0:24
  [SPEAKER_01]: Today, we're bringing you a special guest for The Rundown.
• 0:27
  [SPEAKER_01]: Never done before, really.
• 0:28
  [SPEAKER_01]: This is something we might look into doing more, but a special guest for The Crypto Rundown.
• 0:31
  [SPEAKER_01]: And then later this week, we're going to bring back on Brian and Joe, or Momena Moneymakers,
• 0:36
  [SPEAKER_01]: Diving in all the altcoins, the meme coins, all that fun stuff.
• 0:38
  [SPEAKER_01]: So even though summer is on the back half here and there's more vacations being taken and people taking some time off.
• 0:44
  [SPEAKER_01]: Even though the markets are red hot, we're giving you all the crypto information you can handle and we're back again.
• 0:50
  [SPEAKER_01]: And we have a special guest, a friend of mine over at TastyTrade.
• 0:54
  [SPEAKER_01]: Dan Cecilia's joining us.
• 0:56
  [SPEAKER_01]: He works over in the Chicago office at TastyTrade.
• 0:58
  [SPEAKER_01]: You guys heard the JJ Kinnahand podcast from TastyTrade a couple weeks ago.
• 1:03
  [SPEAKER_01]: They're doing a lot of awesome stuff in crypto and have kind of caught our eyes so you know that new kind of TradFi a lot of our episodes recently honestly Dan have been that TradFi DeFi kind of relationship that's building we get like I said Franklin Templeton this week we had a tasty trade JJ a couple weeks ago It's it's definitely a hot topic and I think it's fun to kind of dive into those traditional finance businesses to see how they're doing it
• 1:31
  [SPEAKER_01]: and how they're working in crypto and how they're building.
• 1:34
  [SPEAKER_01]: And you guys are no different of building that.
• 1:36
  [SPEAKER_01]: So Dan, welcome to the show.
• 1:38
  [SPEAKER_01]: I just wanted to give you the platform for a minute.
• 1:40
  [SPEAKER_01]: Just introduce yourself.
• 1:41
  [SPEAKER_01]: You know, what's your background?
• 1:42
  [SPEAKER_01]: How'd you get into the crypto and welcome to crypto one-on-one?
• 1:45
  [SPEAKER_00]: Hey, Tvo, it's great being here.
• 1:47
  [SPEAKER_00]: And I want to say what's up to the crypto one-on-one nation.
• 1:50
  [SPEAKER_00]: So excited to be here.
• 1:53
  [SPEAKER_00]: You guys do some great content.
• 1:55
  [SPEAKER_00]: And I just hope that I can follow up the great interview with JJ.
• 2:00
  [SPEAKER_00]: And you know,
• 2:01
  [SPEAKER_00]: learn some stuff as we're on here.
• 2:03
  [SPEAKER_00]: So a little bit of background on me.
• 2:05
  [SPEAKER_00]: I started in crypto in twenty seventeen.
• 2:08
  [SPEAKER_00]: I originally was a licensed derivatives broker in Chicago.
• 2:13
  [SPEAKER_00]: So I was trading in triad fi and kind of saw the initial Bitcoin bubble that happened in twenty seventeen.
• 2:20
  [SPEAKER_00]: And while everyone else was calling it a scam or worthless or rap poison, I kind of ran toward it and tried getting more involved.
• 2:28
  [SPEAKER_00]: That introduced me to
• 2:30
  [SPEAKER_00]: And, you know, in twenty nineteen around COVID, I launched my own company where I was helping founders develop new founders develop their crypto teams.
• 2:44
  [SPEAKER_00]: So I was doing everything from building websites, building applications, finding early stage employees for these newly funded crypto founders.
• 2:53
  [SPEAKER_00]: And in twenty twenty, I fell down the rabbit hole of NFTs.
• 2:58
  [SPEAKER_00]: So was working on NFTs, was trading NFTs, got really deeply involved in crypto Twitter, kind of
• 3:06
  [SPEAKER_00]: began understanding what it meant to be a crypto native, all the ups and downs in the volatility.
• 3:12
  [SPEAKER_00]: In late twenty twenty one, I launched an NFT project called Three D Frankenpunks on Ethereum.
• 3:18
  [SPEAKER_00]: So me and a co-founder founded that.
• 3:21
  [SPEAKER_00]: We launched a ten k collection.
• 3:24
  [SPEAKER_00]: It was a crypto punk derivative.
• 3:25
  [SPEAKER_00]: So if anyone's familiar with NFTs and crypto punks, we were trying to create a collection that sort of allowed
• 3:33
  [SPEAKER_00]: community members and holders access to blue chip collection crypto punks.
• 3:38
  [SPEAKER_00]: So we sold that out in January, twenty twenty two and for the next two years we ran that project and I kind of had it up some of the growth for that.
• 3:49
  [SPEAKER_00]: After the, you know, twenty twenty three, twenty twenty two twenty three bear market, FTX, Luna blow up, you know, NFTs kind of had their moment and sort of declined.
• 4:01
  [SPEAKER_00]: So, you know, we kept building through that kept, you know, looking, staying involved in crypto and basically,
• 4:09
  [SPEAKER_00]: Let me to where I'm at with tasty trade, which is if anyone's not familiar is a traditional finance broker.
• 4:16
  [SPEAKER_00]: We specialize in options futures and futures options.
• 4:20
  [SPEAKER_00]: So we're primarily derivative online broker and
• 4:25
  [SPEAKER_00]: They brought me in to do to head up growth for their crypto business.
• 4:28
  [SPEAKER_00]: So for the last year or so, I've been helping the team over at tasty trade, build out their crypto business.
• 4:35
  [SPEAKER_00]: So we've seen some really great growth there.
• 4:39
  [SPEAKER_00]: It's been really fun.
• 4:40
  [SPEAKER_00]: I do a lot of content on their live media network.
• 4:44
  [SPEAKER_00]: And, you know, my goal is to just help
• 4:47
  [SPEAKER_00]: sort of new commerce to crypto understand how to navigate the space understand what to look for and you know hopefully they can learn something and I can learn something as well but you know I'm always down to do something in crypto if it's if it's crypto I'm in there and I hope that
• 5:06
  [SPEAKER_00]: people can you know learn from me and take away some some of the stuff some of the stuff that you can do and some of the stuff you can't do because I've made a ton of mistakes and you know we're all just learning so yeah that's a little bit of my story and yeah yeah that's what crypto one-on-one man we're all here to learn and I think that kind of you know that attitude just down to do and down to talk kind of what makes this space great right
• 5:35
  [SPEAKER_01]: That's the one thing I've noticed is how this show has grown and how fun it's been to, you know, whether we're talking to, you know, Franklin Templeton, tasty trade, bit wise, like those high end people are whether we're meeting people at conferences and talking on the floor and learning, you know, like everybody seems to have a really cool backstory like yourself.
• 5:53
  [SPEAKER_01]: Um, you know, with your NFT projects and how you got into the space and all that fun stuff.
• 5:56
  [SPEAKER_01]: So it's definitely one of those areas where, you know, it is everybody just kind of collectively learning together and growing together.
• 6:03
  [SPEAKER_01]: And I kind of loved what you said.
• 6:05
  [SPEAKER_01]: Really, hey, if it's crypto on down and that's basically what we're here today to dive into the rundown.
• 6:09
  [SPEAKER_01]: So thanks for that intro and we got a, you know, we got a large rundown list here.
• 6:13
  [SPEAKER_01]: So let's dive right into it.
• 6:15
  [SPEAKER_01]: Basically, we want to start with the Friday volatility going into Friday and over the weekend markets.
• 6:22
  [SPEAKER_01]: We're quite red across the board, you know, both triadfight and crypto.
• 6:25
  [SPEAKER_01]: I think Ethereum at one point hit a ten percent correction and the macro level that was causing this was a revision of the jobs numbers.
• 6:33
  [SPEAKER_01]: So the jobs numbers came out and it wasn't necessarily what the this month, the July numbers were.
• 6:39
  [SPEAKER_01]: It was more they they corrected from a couple months prior.
• 6:43
  [SPEAKER_01]: And they threw out this new job numbers like called it a correction and it was one of the largest corrections to the downside, meaning you'll actually less jobs.
• 6:50
  [SPEAKER_01]: I think it's it was some number.
• 6:52
  [SPEAKER_01]: I don't know if you know this on the top of your head.
• 6:54
  [SPEAKER_01]: But it was like I think it was like the largest correction in fifty years or something.
• 6:58
  [SPEAKER_01]: So it kind of a kind of spook markets and sent it to the downside and then there's kind of this whole political backstory around what causes that and how it happens.
• 7:07
  [SPEAKER_01]: That's not really something we're going to get into but I think and we're going to this story is going to grow in this first segment here of the outlook of what you know I think and Dan I'd love your opinion and we have a video kind of talking about the outlook for August but
• 7:22
  [SPEAKER_01]: Well, it caused that short-term volatility.
• 7:25
  [SPEAKER_01]: Here we are Tuesday now, Tuesday, August fifth, and we're basically recovering pretty strongly into it.
• 7:32
  [SPEAKER_01]: Kind of showcasing that this is kind of the most hated rally, basically off the liberation day lows.
• 7:39
  [SPEAKER_01]: The dips are pretty shallow, even though it was a violent kind of correction quickly.
• 7:43
  [SPEAKER_01]: The dips are being bought because there's record number cash in the sidelines and also just
• 7:48
  [SPEAKER_01]: depending on who you are your strategy and possibly your political views, you might be sideline going back all the way to that liberation day April low.
• 7:57
  [SPEAKER_01]: So was there anything around the volatility, the price action, Friday into the weekend, and then this bounce down that you're seeing?
• 8:04
  [SPEAKER_00]: Yeah, look, I think we need to give some context here because, you know, since that liberation day low, we've had kind of a historic recovery and especially into July, right?
• 8:15
  [SPEAKER_00]: The entire month of July we saw massive gains and not only Bitcoin Ethereum and some of the all coins, so, and the stock market in general, right?
• 8:25
  [SPEAKER_00]: So I think expectations were really high.
• 8:29
  [SPEAKER_00]: I think, you know, the late summer months are always kind of
• 8:34
  [SPEAKER_00]: a time where things take a pause, especially in the track by markets, and people have to realize, and I think it's been well covered on this podcast, that crypto is still pretty correlated to the traditional markets, right?
• 8:46
  [SPEAKER_00]: So anytime you get some bad news or revised numbers or economic data that doesn't support some of the recent price run up,
• 8:56
  [SPEAKER_00]: That's when you're going to see that decline and you know you're talking about an asset class in crypto that has you know three four times the volatility of traditional markets right so Ethereum I think and I haven't done the numbers yet, but I think it's historically it's like a sixty percent volatility volatile asset Bitcoin you know forty percent so when you get these corrections in the traditional markets
• 9:20
  [SPEAKER_00]: Crypto is always going to decrease rapidly.
• 9:26
  [SPEAKER_00]: There's a lot of leverage in the system.
• 9:28
  [SPEAKER_00]: The market structure is different.
• 9:30
  [SPEAKER_00]: You get that cascading liquidation in the perps markets, which becomes a risk off type of
• 9:38
  [SPEAKER_00]: rapid decrease so that's where you get those ten percent fifteen percent dips and then quick v-like recoveries right so um you know the market structures a little bit different the market smaller in crypto still correlated to just traditional assets so with these revisions of job numbers which I believe it was like
• 9:56
  [SPEAKER_00]: I think the job numbers came out from June was like seventy five thousand was added but the revision from the previous month was like only fifteen thousand it was some crazy historic revision so I think that was unexpected and you know really cause sort of a pause in what we saw on that July run up now I think like we're sitting here August fifth Friday we had that big you know risk off kind of event
• 10:24
  [SPEAKER_00]: We're still, we're still trading at um, thirty six hundred uneath about a hundred and fourteen hundred and fifteen on Bitcoin.
• 10:31
  [SPEAKER_00]: So, you know, I think we're kind of recovered.
• 10:35
  [SPEAKER_00]: I think we're kind of sitting here in a sideways trend now for a little bit.
• 10:38
  [SPEAKER_00]: Like I said before, the late summer months, especially into August, typically triadfied takes vacations.
• 10:44
  [SPEAKER_00]: I know that's not like the scientific or analytic way to say it, but
• 10:48
  [SPEAKER_00]: typically markets kind of pause and are a little bit slower in the late summer months.
• 10:52
  [SPEAKER_00]: So, you know, I'm still, I still believe we're in a bullish environment for crypto.
• 10:59
  [SPEAKER_00]: You know, we'll have to see what the Fed doesn't September, you know, nine percent chance of September rate cut.
• 11:06
  [SPEAKER_00]: And so I think buying the dip here has always been, I mean, in this environment is probably not a bad move.
• 11:14
  [SPEAKER_00]: But you might want to monitor it through August, right?
• 11:17
  [SPEAKER_00]: We could be in this little sideways trend Bitcoin could range between a hundred and ten hundred and fifteen k. We'll just have to wait and see.
• 11:25
  [SPEAKER_00]: That's kind of where I'm at.
• 11:27
  [SPEAKER_00]: But I think anytime expectations get above where the reality is, any type of news is going to come out that could kind of bring us back to reality.
• 11:36
  [SPEAKER_00]: So that's my take on Friday's cell-off.
• 11:39
  [SPEAKER_00]: But we'll have to wait and see.
• 11:43
  [SPEAKER_01]: Yeah, I think it's a great tee up there.
• 11:46
  [SPEAKER_01]: It's it's always kind of a fluid process of taking in all the data.
• 11:49
  [SPEAKER_01]: And I remember obviously last year was very unique with the election cycle, but if you just kind of zoomed in on on August, we had that great run.
• 12:01
  [SPEAKER_01]: And this is twenty form speaking of that great run, you know, February, March, April, and we hit those new all-time highs.
• 12:07
  [SPEAKER_01]: Everybody's going into the summer, build up, altcoin summer, you know, all that stuff everybody was saying and then it didn't really come to fruition with a blow off top and you know, looking back hindsight's always twenty twenty kind of made sense because you're going into the election cycle.
• 12:22
  [SPEAKER_01]: But then there's there's always that random black swan and I don't know if you're you were called the an August was that Japan Akai trade, right?
• 12:29
  [SPEAKER_01]: The Nikai trade unwinds all this, you know, all this volatility happens.
• 12:33
  [SPEAKER_01]: The markets have to flush out because they have to unwind this currency trading.
• 12:37
  [SPEAKER_01]: And that's not that is not what I do here as the producer in the, you know, host of crypto one or one, but it's that, you know, financial unwind of some kind of
• 12:47
  [SPEAKER_01]: Swap with a currency, then you use that currency and the swap to make money, then to get leverage, you leverage it, and they had to unwind the whole thing.
• 12:53
  [SPEAKER_01]: So then we're sitting here being like, well, you know, we're sitting here hoping for all coins summer, and then you kind of could kind of feel the momentum, maybe of the election.
• 13:01
  [SPEAKER_01]: If you were a Bitcoin poll, you probably were pulling for Trump, just for crypto, you know, sake only.
• 13:07
  [SPEAKER_01]: But you could kind of be like, okay, maybe we're in a good spot here with this, and you start buying the dip, buying the dip, and then you get this in the chitrade to get flushed down.
• 13:14
  [SPEAKER_01]: You know, I think we might have hit sixty fifty six k on Bitcoin at that point and it's it's this black swan event that that gives you this whole new data point and something to consider and you know we say here all the time danishes zoom out zoom out zoom out this yeah jobs numbers you know fed probability like all that stuff is can be sometimes noise especially if you kind of in the zoom out game But I think that's what this show is we're just kind of bringing to the news.
• 13:39
  [SPEAKER_01]: I I'm with you.
• 13:40
  [SPEAKER_01]: I don't I don't think the job's numbers anything super serious
• 13:44
  [SPEAKER_01]: Other than you got a digested and then like you said the ninety percent probability and that's something that rocketed the odds of this I mean I think I think it was like twenty five thirty percent before this data came out then the data came out it went right up to seventy five eighty percent and then even like a couple days you know Sunday it's like the
• 14:02
  [SPEAKER_01]: the market opens up and it's a ninety percent of a rate cut and so historically we know that is you know when we're cutting and printing money that's you know Bitcoin uh Bitcoin reacts to that traditionally higher so something something that we need to uh we need to watch and I think that kind of tease up I totally grew through the track five that's always the narrative of um
• 14:26
  [SPEAKER_01]: You know, the selling may go away and then, you know, that's that's kind of the tip for, you know, the markets are slower and August.
• 14:32
  [SPEAKER_01]: We're big, Tom Lee fans on this podcast.
• 14:35
  [SPEAKER_01]: We talk about him a lot.
• 14:36
  [SPEAKER_01]: He's always just making noise with his price targets and predictions.
• 14:40
  [SPEAKER_01]: But he, he's somebody who I think is nailed this kind of most hated rally of people kind of being, you know, positioned maybe off sides.
• 14:48
  [SPEAKER_01]: And so he kind of has a different take on August here.
• 14:51
  [SPEAKER_01]: And so since it's only August fifth, I thought we would, I thought we could play this, listen to it.
• 14:57
  [SPEAKER_01]: He does talk about inflation a little bit as well.
• 15:00
  [SPEAKER_01]: So something that can bring us into our next topic.
• 15:02
  [SPEAKER_01]: But let's, let's hear this clip from Tom.
• 15:03
  [SPEAKER_01]: The only, the only true person I heard is super bullish on August.
• 15:08
  [SPEAKER_02]: And I guess stuff is just, we're on inflation.
• 15:11
  [SPEAKER_02]: You have not,
• 15:12
  [SPEAKER_02]: thought that there was going to be necessarily a big impact from the terror for you.
• 15:18
  [SPEAKER_03]: That's right.
• 15:18
  [SPEAKER_03]: And I think the biggest takeaway is, first of all, if you look at the inflation report, the good component that are terror driven, it's been only mild.
• 15:28
  [SPEAKER_03]: But also, when if you use the same inflation measure of your upuses, which is inflation ex-housing, we're actually under two percent.
• 15:36
  [SPEAKER_03]: The Fed, if they were the ECB, would be cutting right now.
• 15:40
  [SPEAKER_02]: That's it.
• 15:41
  [SPEAKER_02]: So by the end of the year or what what target are you using now and what time for it?
• 15:47
  [SPEAKER_03]: I think we're gonna rally pretty strongly in August.
• 15:50
  [SPEAKER_03]: So I think yeah, I think we can get back to sixty five or get to sixty six hundred all-time highs this in the next couple weeks.
• 15:57
  [SPEAKER_03]: And then seven thousand in the next twelve months above that.
• 16:01
  [SPEAKER_03]: Yeah, probably well above that next.
• 16:02
  [SPEAKER_03]: Well above the.
• 16:03
  [SPEAKER_03]: Yeah.
• 16:04
  [SPEAKER_01]: But Tom Lee is just the definition of a permable.
• 16:08
  [SPEAKER_01]: And you got, honestly, you got to love it.
• 16:11
  [SPEAKER_01]: I think it's always fun when people kind of look at him sideways.
• 16:14
  [SPEAKER_01]: Obviously when the markets are ripping, you know, he's right a lot of the times.
• 16:18
  [SPEAKER_01]: And then you get everybody else being very, very bullish.
• 16:21
  [SPEAKER_01]: But I think it's always fun when there's these like shots of volatility in the downtrend and
• 16:26
  [SPEAKER_01]: and you just see Tom up there just kind of you know given his permable take and everybody starts to look at him sideways and you know again zoom out long run he's been pretty right so I thought he made some interesting points there basically around in the inflation the inflation numbers and so if there's any long time crypto one-on-one listeners or people that have attended our summits
• 16:49
  [SPEAKER_01]: We've had on this guy, uh, true flation.
• 16:51
  [SPEAKER_01]: So we've had on true flation before and true flation kind of uses the same formula that he was saying over in Europe, they kind of take out housing.
• 16:58
  [SPEAKER_01]: They look at inflation at a different way.
• 17:01
  [SPEAKER_01]: And so as you can see here, true flation that first line has has the US inflation right now under two percent, which is the, uh, the goal of the Fed is to get inflation to two percent.
• 17:11
  [SPEAKER_01]: And so, you know, comparably to the BLS to two point seven, it's, it's lower.
• 17:16
  [SPEAKER_01]: So,
• 17:16
  [SPEAKER_01]: That's why you're starting to hear a lot, especially from TradFight.
• 17:21
  [SPEAKER_01]: There's a lot more people calling for rate cuts and then as you can see from the ninety percent odds of the rate cut decision coming up in September that, you know, TradFight's kind of leaning towards the cut here, especially after that jobs data.
• 17:35
  [SPEAKER_01]: So Dan thoughts, I know you kind of touched on the Ray Cut part of it, but thoughts on the inflation, thoughts on, you know, the permable of, you know, is this something where everybody, you know, this next week or two job data, everybody's like, well, it's a, it's a bearish.
• 17:49
  [SPEAKER_01]: We're going to sell, we're going to sell.
• 17:50
  [SPEAKER_01]: And then, you know, you never really want to be on the same side of the boat as everybody else.
• 17:55
  [SPEAKER_00]: Yeah, exactly.
• 17:55
  [SPEAKER_00]: So I first want to say something about Tom Lee because I really enjoy like financial entertainers and he's like a permable always optimist, which I consider myself sort of a cautious optimist in the market.
• 18:08
  [SPEAKER_00]: So definitely somebody I'm always tuning into.
• 18:11
  [SPEAKER_00]: I just love kind of the taxi has, especially on mainstream financial media.
• 18:15
  [SPEAKER_00]: So I generally
• 18:18
  [SPEAKER_00]: like think he's right in the long run.
• 18:20
  [SPEAKER_00]: I think markets are, you know, up into the right generally.
• 18:26
  [SPEAKER_00]: Obviously with some areas of corrections, but on the on the inflation, the economic data.
• 18:32
  [SPEAKER_00]: So we know there's a nine percent chance that will cut rates in September.
• 18:36
  [SPEAKER_00]: Like that's pretty priced in.
• 18:38
  [SPEAKER_00]: I think obviously from the data we have.
• 18:41
  [SPEAKER_00]: So rate cuts are usually good for gold.
• 18:44
  [SPEAKER_00]: They're good for Bitcoin.
• 18:45
  [SPEAKER_00]: They're good for those like
• 18:47
  [SPEAKER_00]: you know risk on assets but the caveat there is if we have too much of a weakening economic data or the economy truly is you know going into I don't know a recession might maybe that's not the right word but a downtrend with those jobs numbers which will have to see how that data plays out over the next couple months that might be bad for some of these are high risk assets right so like the altcoins some of these web three deep you know tokens that sort of
• 19:18
  [SPEAKER_00]: benefit from liquidity flowing in on chain through Bitcoin through ETH and some of these other majors.
• 19:24
  [SPEAKER_00]: So I think like rate cuts are usually good for Bitcoin.
• 19:29
  [SPEAKER_00]: I think a weakening economy could be bad for all coins or this all coin narrative right in typical cycles especially in crypto.
• 19:39
  [SPEAKER_00]: You see sort of rake cuts happen, money printer, gober to use a cliche, flows into Bitcoin, Bitcoin takes off, Bitcoin runs up, people get rich in Bitcoin, and then what do they do?
• 19:53
  [SPEAKER_00]: They rotate into ETH.
• 19:55
  [SPEAKER_00]: right people start bringing stuff on chain.
• 19:57
  [SPEAKER_00]: They start doing more on chain and that usually rotates to altcoins.
• 20:02
  [SPEAKER_00]: That's where you have that defy summer narrative.
• 20:04
  [SPEAKER_00]: That's where you have some of that altcoin narrative.
• 20:07
  [SPEAKER_00]: You're obviously seeing a lot of the big buying up with corporate treasuries.
• 20:11
  [SPEAKER_00]: So I think we have to monitor some of this
• 20:15
  [SPEAKER_00]: economic data just to see if these job numbers are sticky to see if you know the economy is weakening because that could give a pause to this sort of narrative that rate cuts are good for all risk on assets go risk on money printer go burr I think it's there's a little bit of nuance there that we need to pay attention to but in general with that ninety percent price that ninety percent rate cut in September priced in you know
• 20:41
  [SPEAKER_00]: It should be good for gold, it should be good for Bitcoin, it should be good for some of these, I guess, typical inflation or risk on assets rather.
• 20:51
  [SPEAKER_00]: But we got to monitor some of this economic data.
• 20:53
  [SPEAKER_00]: So I don't know, I don't really necessarily have a take short term on whether or not all guests will be record highs in the S&P and some of that.
• 21:03
  [SPEAKER_00]: Typically, from what I know, which could be wrong, August is usually a muted month.
• 21:08
  [SPEAKER_00]: Like I said, this late summer, a lot of triadvide takes a break.
• 21:12
  [SPEAKER_00]: Obviously, crypto's twenty four seven, but I don't know.
• 21:16
  [SPEAKER_00]: I think we trade sideways a little bit.
• 21:18
  [SPEAKER_00]: I don't see any catalyst in the near term to push Bitcoin above a hundred and twenty k, push eth above four thousand.
• 21:25
  [SPEAKER_00]: I think we're, I think we're range bound typically in August for crypto.
• 21:30
  [SPEAKER_00]: Traditional markets sure we'll have to wait and see.
• 21:34
  [SPEAKER_00]: But I think a lot of this is priced in now.
• 21:37
  [SPEAKER_00]: I think the only thing is is we have to monitor this economic data and see if these job numbers are revisions are sticky and we are kind of in a weakening economy.
• 21:47
  [SPEAKER_00]: So tariffs are priced in too.
• 21:49
  [SPEAKER_00]: So we'll see.
• 21:52
  [SPEAKER_01]: Yeah, I mean, I appreciate the honest take.
• 21:54
  [SPEAKER_01]: That's what we love to do here.
• 21:55
  [SPEAKER_01]: Just get kind of everybody's opinion.
• 21:56
  [SPEAKER_01]: And there's obviously a lot of people that come on that are just absolutely bold up.
• 21:59
  [SPEAKER_01]: I think our team's pretty bold up for the most part.
• 22:03
  [SPEAKER_01]: But I agree with points you're saying.
• 22:05
  [SPEAKER_01]: I also think that it's interesting how mature this market's got, specifically for Bitcoin, right?
• 22:09
  [SPEAKER_01]: Like a couple weeks ago when Galaxy dumped the billions onto the market and barely moved the price, you know, a quick dip and then went back up.
• 22:18
  [SPEAKER_01]: That's the type of stuff that I know that our team season is like, well, man, this is a strong market.
• 22:24
  [SPEAKER_01]: So, well, I might agree with you that like that next catalyst might not be there for the quick upside.
• 22:31
  [SPEAKER_01]: It feels like it's coiled, right?
• 22:33
  [SPEAKER_01]: This market's coiled.
• 22:34
  [SPEAKER_01]: It feels like
• 22:35
  [SPEAKER_01]: You know, all the narratives around definitely a theory in which we're going to touch on here in a second and all these companies that are, you know, the treasury company stuff, you know, while that may be one day could we've talked about that on your two is like could that be the next catalyst for a larger down draft possibly if if the treasury company thing doesn't work out for all the people that are trying it now.
• 22:55
  [SPEAKER_01]: but in the right here now seems like a really, really bullish catalyst.
• 23:01
  [SPEAKER_01]: And I think that narrative of, you know, it's hard to be bearish.
• 23:06
  [SPEAKER_01]: I know you didn't say down where you said sideways, but like JP Morgan, JP Morgan's now giving you a credit card directly tied to Coinbase.
• 23:13
  [SPEAKER_01]: That's gonna buy crypto rewards.
• 23:15
  [SPEAKER_01]: It's like, well, it's hard to be bearish in that scenario where JP Morgan's giving you the tools to go buy more crypto.
• 23:23
  [SPEAKER_01]: So overall, I grew the short term.
• 23:27
  [SPEAKER_01]: You just got to look at the data see what happens.
• 23:29
  [SPEAKER_01]: What do you think?
• 23:29
  [SPEAKER_01]: Okay.
• 23:30
  [SPEAKER_01]: Like somebody like yourself definitely short term sideways.
• 23:32
  [SPEAKER_01]: What is the next catalyst?
• 23:34
  [SPEAKER_01]: Is there anything on your mind that you could see that could propel these markets higher?
• 23:37
  [SPEAKER_01]: Because it feels like that's where they kind of want to go.
• 23:41
  [SPEAKER_00]: Yeah, so I think you touched on it with some, you know, JP Morgan offering a credit card for Bitcoin, all these treasury companies coming online, running this sort of Michael Sailor Playbook, but in some of these all coins, Ethereum, you know, being the next one, that's what Tom Lee's bit, what is a bit mine, BMI.
• 24:03
  [SPEAKER_00]: I generally think that the setup long-term to the end of twenty twenty five is very, very bullish for crypto, right?
• 24:11
  [SPEAKER_00]: You have Paul Ackens, the chair of the SEC coming out with project crypto.
• 24:16
  [SPEAKER_00]: All of these stratify companies are getting involved.
• 24:18
  [SPEAKER_00]: Banks are offering, you know, like you said, crypto credit cards, which the CEO of JP Morgan, Jamie Diamond, who you have to respect, he's one of the most powerful people in the world.
• 24:27
  [SPEAKER_00]: He typically hates, you know, he's a Bitcoin hater, but hey, if it's going to make the money, the offer it, right?
• 24:34
  [SPEAKER_00]: Um, I think the regulatory environments changing, um, there's, there's kind of this, I don't want to say infinite bid, but there's this bid from these treasury companies, um,
• 24:46
  [SPEAKER_00]: buying up E, buying up Bitcoin.
• 24:49
  [SPEAKER_00]: That typically leads to leverage, too.
• 24:51
  [SPEAKER_00]: So the more leverage, you kind of do see this quick run-up.
• 24:55
  [SPEAKER_00]: So you touched on a Tivo in your previous statement.
• 25:00
  [SPEAKER_00]: The market's reflexive, right?
• 25:02
  [SPEAKER_00]: So you call it a coil.
• 25:05
  [SPEAKER_00]: I think there is a lot of traditional money on the sidelines that have been waiting for this regulatory clarity, waiting for the signal from the SEC, waiting for interest rates to be caught to kind of pile in and sort of begin to take their stake in this asset class.
• 25:21
  [SPEAKER_00]: So those things could be the catalyst that propels us to new all-time highs.
• 25:29
  [SPEAKER_00]: You know, if you're, I've been in, you know, I'm not like an OG OG, but I've been in since, twenty seventeen.
• 25:34
  [SPEAKER_00]: I've watched how these cycles play out.
• 25:36
  [SPEAKER_00]: Again, this is still, this is still a small asset asset class.
• 25:40
  [SPEAKER_00]: It's, I'm looking at the market cap for all crypto three point eight trillion dollars.
• 25:45
  [SPEAKER_00]: That's small compared to every other asset class that's been around for hundreds of years.
• 25:49
  [SPEAKER_00]: So these markets are very reflexive.
• 25:52
  [SPEAKER_00]: You, you will see those fifteen twenty percent swings.
• 25:55
  [SPEAKER_00]: It makes it a fun trading asset.
• 25:57
  [SPEAKER_00]: So I think
• 25:59
  [SPEAKER_00]: short term.
• 26:01
  [SPEAKER_00]: It's very hard for me to kind of make these predictions short term.
• 26:04
  [SPEAKER_00]: That's why I say, I think we're sideways in August.
• 26:05
  [SPEAKER_00]: I think, you know, we'll get some days where we're up, we'll get some days where we're down, but long term, given the setup, given the regulatory environment, and given just kind of like
• 26:16
  [SPEAKER_00]: this this track by money in the wings waiting to come in.
• 26:20
  [SPEAKER_00]: I think it's it's bullish into the end of the year so.
• 26:25
  [SPEAKER_01]: I pulled up the project crypto there that was the one that you brought today so touch on that and your thoughts and then I'll take it from you and we can touch on some treasury company stuff.
• 26:33
  [SPEAKER_00]: Yeah, so this, I haven't dug into like the full report of what they said.
• 26:38
  [SPEAKER_00]: I watched a little bit of the interview from Paul Ackens, but basically what this is is a changing, is a shift in narrative out of the SEC, right?
• 26:47
  [SPEAKER_00]: I think in past years, you've seen, and obviously you want to use, you remember Gary Gunsler, you know, everything's a scam, sort of choke point, all this stuff that kind of what was trying to create, you know, basically choke off the crypto industry.
• 27:02
  [SPEAKER_00]: You have a complete three sixty here with the SEC regime now where they want to support crypto in the States.
• 27:08
  [SPEAKER_00]: They see it as a innovation hub.
• 27:11
  [SPEAKER_00]: They want to support this.
• 27:12
  [SPEAKER_00]: They want to take a, I guess you could call it a sandbox approach, right?
• 27:16
  [SPEAKER_00]: And provide rules and clarity for companies to operate and experiment and innovate, right?
• 27:24
  [SPEAKER_00]: So I think that builds well for companies like Coinbase companies like Robinhood.
• 27:30
  [SPEAKER_00]: They come out, they announce they want to do this tokenize everything.
• 27:34
  [SPEAKER_00]: I think this quote in here from this article from Paul Ackens was, they want to move the traditional financial system on chain.
• 27:43
  [SPEAKER_00]: So I think that's very bullish for these coin bases, these Robinhoods, Krackens, some of these early players in the space that
• 27:51
  [SPEAKER_00]: of kind of operated in this gray area, you know, and now have clear regulatory rules to tokenize private equities, tokenize stocks, launch their own chains, help, I guess help the SEC write these rules, right?
• 28:08
  [SPEAKER_00]: So I think that's incredibly bullish.
• 28:12
  [SPEAKER_00]: I think all, you know, traditionally industries that were innovative that
• 28:17
  [SPEAKER_00]: get clear regulatory rules.
• 28:19
  [SPEAKER_00]: They typically, the ones that are to benefit the most from it are companies like Coinbase and Robinhood.
• 28:25
  [SPEAKER_00]: You can look back in the nineties, the tech companies, Google's, meta-facebook, Amazon, internet stocks, regulatory clarity comes out.
• 28:37
  [SPEAKER_00]: Those are the ones that benefit long-term.
• 28:40
  [SPEAKER_00]: One of my best trades, just to take a little side note, was Coinbase in twenty twenty three.
• 28:45
  [SPEAKER_00]: goes public in twenty twenty one or twenty twenty two trades up to like four hundred dollars.
• 28:52
  [SPEAKER_00]: And then you have the FTAX Tera Luna blow up trades down to forty dollars.
• 28:57
  [SPEAKER_00]: I mean if you're not buying that company at forty dollars, I mean
• 29:01
  [SPEAKER_00]: You know, that's in a, you know, look at it now.
• 29:03
  [SPEAKER_00]: It's back onto its all-time highs.
• 29:06
  [SPEAKER_00]: So I think, you know, take a look at those companies.
• 29:09
  [SPEAKER_00]: I think that those are the ones that benefit.
• 29:11
  [SPEAKER_00]: And then obviously just those startups, those innovative companies that want to take advantage of tokenizing.
• 29:19
  [SPEAKER_00]: tokenizing equities, tokenizing, I guess everything, right?
• 29:22
  [SPEAKER_00]: So I think it's incredibly bullish.
• 29:26
  [SPEAKER_00]: I'm happy to see that these regulatory bodies want to work with our industry because it wasn't the same in the past.
• 29:33
  [SPEAKER_00]: And I think it's generally good for users of crypto, right?
• 29:39
  [SPEAKER_00]: If there's clear rules, that means that there's safe rail, there's safeguards, you can operate, you know what you can and can't do.
• 29:46
  [SPEAKER_00]: And it's bullish for the US, right?
• 29:48
  [SPEAKER_00]: I think there is this narrative a couple years ago where the US was going to fall behind the rest of the world because they weren't keeping up with crypto.
• 29:57
  [SPEAKER_00]: You know, I didn't necessarily believe that, but I think with these clear, this project crypto, these clear rules, what tokenization will mean.
• 30:03
  [SPEAKER_00]: I think the US benefits, US innovators benefit from this.
• 30:08
  [SPEAKER_00]: So I'm happy to see this.
• 30:11
  [SPEAKER_00]: I'll have to dig into the actual, I guess, report or some of the details there.
• 30:16
  [SPEAKER_00]: I haven't dug too deep into it to see specifically what he's talking about, but yeah.
• 30:23
  [SPEAKER_00]: It seems good for our industry and it seems like Coinbase Robin Hood some of these publicly traded crypto companies will benefit from this.
• 30:33
  [SPEAKER_01]: Yeah, we were on the show here.
• 30:36
  [SPEAKER_01]: I know Brendan, Brendan, our listeners have heard it endlessly.
• 30:40
  [SPEAKER_01]: We're big, big Robinhood traders.
• 30:43
  [SPEAKER_01]: And there's a clip from the podcast that Brendan, I did back almost year and a half.
• 30:50
  [SPEAKER_01]: I guess was what, twenty.
• 30:52
  [SPEAKER_01]: Yeah, year ago, year and a half ago was
• 30:54
  [SPEAKER_01]: There's a clip I clipped it made like a Memento is like us giving Robin Hood out.
• 30:59
  [SPEAKER_01]: I went on this Robin Hood ran was like this is like a crypto proxy that nobody's talking about.
• 31:04
  [SPEAKER_01]: It was like nine dollars and eighty cents and you know now it's at a hundred dollars.
• 31:08
  [SPEAKER_01]: So we know all too well the you know buying low on these crypto companies whenever it was trying to throw the baby out with the with the bath water on that last you know crypto winner type of you know bear market
• 31:22
  [SPEAKER_01]: But let's uh, we're not the only.
• 31:24
  [SPEAKER_01]: So I guess that that's where I was trying to steer us was like, you know, near term, you know, short term, who really knows?
• 31:30
  [SPEAKER_01]: Nobody really knows the future.
• 31:31
  [SPEAKER_01]: But long term, there's all these things that are super bullish.
• 31:34
  [SPEAKER_01]: So when you see this volatility that happened this weekend, there's a lot of buyers that are stepping in.
• 31:39
  [SPEAKER_01]: We showed the clip of Tom Lee.
• 31:41
  [SPEAKER_01]: Here I'm sharing.
• 31:43
  [SPEAKER_01]: You mentioned bitmind.
• 31:44
  [SPEAKER_01]: So Tom's on a chair for bitmind.
• 31:47
  [SPEAKER_01]: They turned into an eighth treasury.
• 31:49
  [SPEAKER_01]: They went and bought more Ethereum over the weekend and Tom was saying that's a big milestone.
• 31:54
  [SPEAKER_01]: Bitmind now owns over a eight hundred thousand eath tokens valued at three billion.
• 32:01
  [SPEAKER_01]: BMNR quickly rose to rank number three.
• 32:05
  [SPEAKER_01]: by that size.
• 32:06
  [SPEAKER_01]: So it looks like they're comparing all the companies of who's holding, just cryptocurrency on their balance sheet.
• 32:12
  [SPEAKER_01]: Obviously, micro strategy one, merit two, and bit mine, now number three.
• 32:19
  [SPEAKER_01]: So bit mine's basically come out of nowhere in the last month, and again, they're stock with something, then I think ten X when Tom announced it, basically overnight.
• 32:28
  [SPEAKER_01]: So you have Tom buying, another favorite of mine is Eric Trump buying the dip.
• 32:35
  [SPEAKER_01]: I know he had the the famous one really eat you know went down like ten fifteen percent and he'd posted by the eat their ethereum looks good here and it continued to go down like another thirty percent before before actually being a profitable call I think he's in the green now but Eric Trump who obviously is a is a powerful person just in the world right now
• 32:56
  [SPEAKER_01]: with his family's saying by the dip.
• 32:59
  [SPEAKER_01]: And then of course, the course Michael Salars basically buying Bitcoin every weekend at this point.
• 33:05
  [SPEAKER_01]: But I think you have your traditional characters or kind of staying steadfast, zooming in long-term view.
• 33:12
  [SPEAKER_01]: But you brought to my attention.
• 33:13
  [SPEAKER_01]: I've seen some of this stuff on TV and on the timeline.
• 33:18
  [SPEAKER_01]: But you kind of threw it out there.
• 33:19
  [SPEAKER_01]: So I thought it was interesting.
• 33:20
  [SPEAKER_01]: You pulled up James Chano's here.
• 33:23
  [SPEAKER_01]: So he's basically talking
• 33:27
  [SPEAKER_01]: You know, talking a little smack on the timeline going going after micro strategy everybody celebrates every time micro strategy buy some Bitcoin and they're launching their financial products and they actually micro strategy just had what they call to historic earnings report last week where I'm strategy was was profitable with their financial products and instruments
• 33:44
  [SPEAKER_01]: Obviously, probably easier to do when Bitcoin is in an uptrend.
• 33:47
  [SPEAKER_01]: But, you know, what's your takeaway here from Mr. Chano's on kind of throwing some shade?
• 33:53
  [SPEAKER_01]: And I can click the other tweet too if you'd rather have that one.
• 33:56
  [SPEAKER_01]: But it's good to take on this.
• 33:57
  [SPEAKER_00]: This is good.
• 33:58
  [SPEAKER_00]: I thought it was interesting just because, you know, if for those that don't know, Jim Chano says a kind of, I think he's like a traditional hedge fund manager.
• 34:08
  [SPEAKER_00]: He made a bunch of money, but then
• 34:10
  [SPEAKER_00]: I think something happened with one of his holding companies or one of his recent funds where, you know, it blew up.
• 34:17
  [SPEAKER_00]: So it's just interesting to kind of hear these guys comment back and forth on Twitter.
• 34:21
  [SPEAKER_00]: I find it entertaining.
• 34:22
  [SPEAKER_00]: I don't know if there's any like merit to it, but I always want to, I always look for kind of like, is there smart people pushing back against what, you know, sailor and all these guys are saying, right?
• 34:33
  [SPEAKER_00]: I don't, I don't discount that sailor is positive for Bitcoin.
• 34:37
  [SPEAKER_00]: His micro strategy plays is,
• 34:40
  [SPEAKER_00]: Relatively innovative and you know is a proxy for the price I think where you have to give pause and I think this is what Chano says kind of saying is once you start seeing you know these financial engineering I'll call it a scheme or play You kind of got a gift pause right because it comes very complicated I think
• 35:03
  [SPEAKER_00]: there's strategy, MSTR, which is the regular equity, then there's a number of preferred shares that he's listed, but basically the play is he sells more shares and from the proceeds of selling shares in the public market, they go out and buy Bitcoin.
• 35:20
  [SPEAKER_00]: Bitcoin price goes off, he's able to borrow more, sell more shares.
• 35:23
  [SPEAKER_00]: And now he's doing it across all layers of the capital structure.
• 35:28
  [SPEAKER_00]: And again, caveat, I'm not like a financial analyst or CFA or anything.
• 35:32
  [SPEAKER_00]: We might want to find some of those people because they'll be able to dig into the numbers and let us know.
• 35:36
  [SPEAKER_00]: But I think you got to give pause here when you're seeing these just crazy earnings calls.
• 35:43
  [SPEAKER_00]: You're kind of seeing this stock.
• 35:45
  [SPEAKER_00]: become a darling.
• 35:46
  [SPEAKER_00]: It's going to be listed in the S&P five hundred.
• 35:49
  [SPEAKER_00]: I just want to look and see what what what are people pushing back against and just see if there's some merit to it because.
• 35:55
  [SPEAKER_00]: Again, I think once expectations get away from reality, things can get a little crazy.
• 36:02
  [SPEAKER_00]: So I just thought it was funny that Jim chainos, who has been in the media for.
• 36:08
  [SPEAKER_00]: I don't know if it's, I don't want to call it a scam, but stuff he's done in the past with his holding companies or whatever is kind of pushing back against sailor.
• 36:16
  [SPEAKER_00]: And, you know, some of the content that these strategy people are putting out and these strategy bowls on Twitter, it kind of gives me pause and I think it should give any savvy investor pause to kind of look and be like, all right.
• 36:30
  [SPEAKER_00]: Is this really an innovative product?
• 36:33
  [SPEAKER_00]: Are they really building things in the Bitcoin space?
• 36:37
  [SPEAKER_00]: Or in general, or is he just running a financial alchemy playbook?
• 36:43
  [SPEAKER_00]: So I think with this new issue, I think it's STRC, preferred share.
• 36:50
  [SPEAKER_00]: I don't know how long this goes.
• 36:53
  [SPEAKER_00]: I think there's a lot of smart people that are running numbers on it that we should, I'd love to take a look and see if we can dig in and whether or not Bitcoin decreases, which causes an unwind in this trade.
• 37:05
  [SPEAKER_00]: But just really what I was trying to point out here is just look for people pushing back.
• 37:12
  [SPEAKER_00]: Are there smart people pushing back and calling out some of the
• 37:16
  [SPEAKER_00]: I guess numbers around this narrative, that strategy is this S&P five hundred innovative company.
• 37:24
  [SPEAKER_00]: You know, I'm generally bullish Bitcoin.
• 37:26
  [SPEAKER_00]: I'm a Bitcoin holder.
• 37:28
  [SPEAKER_00]: I'm not a Bitcoin Maxi, so I don't kind of drink the coolates so to speak.
• 37:33
  [SPEAKER_00]: I just thought that, you know, Sailor's been in the news.
• 37:37
  [SPEAKER_00]: The stock has ran up.
• 37:38
  [SPEAKER_00]: It's the largest holder of Bitcoin.
• 37:40
  [SPEAKER_00]: You know, he's issued
• 37:42
  [SPEAKER_00]: a bunch of equity across all the capital stack.
• 37:46
  [SPEAKER_00]: I just don't know, you know, it becomes very opaque is what I'm trying to say.
• 37:50
  [SPEAKER_00]: It gives me pause.
• 37:52
  [SPEAKER_00]: So am I a buyer of some of these other preferred shares?
• 37:55
  [SPEAKER_00]: No.
• 37:57
  [SPEAKER_00]: I think, you know, there's some smart analysts out there that can dig in and really see, you know, is this a sustainable model?
• 38:06
  [SPEAKER_00]: And we'll see, because
• 38:09
  [SPEAKER_00]: It just gives me pause again.
• 38:11
  [SPEAKER_01]: Let me dive in here for a quick quick research.
• 38:14
  [SPEAKER_01]: I feel like Jamie from Joe Rogan podcast.
• 38:18
  [SPEAKER_01]: Pull it up, Jamie.
• 38:19
  [SPEAKER_01]: Jim Chano's famously became so he's a short seller.
• 38:24
  [SPEAKER_01]: So he famously predicted Enron.
• 38:26
  [SPEAKER_01]: So he saw the Enron collapse.
• 38:27
  [SPEAKER_01]: I'm sure he did well on the dot com bubble as well.
• 38:30
  [SPEAKER_01]: It seems like, um, so you know, and then that when you when you make those big calls kind of like a timely right like Tom Lee, we just had, um, and have been bringing on a lot is like, uh, you know, he was hammering to buy Bitcoin at four or five thousand dollars a Bitcoin on national television.
• 38:46
  [SPEAKER_01]: and that got draw a lot of attention now he's right you know so he gets put on like a pedestal for his opinions probably chain us the same way you know and run calls and run does good in the dot com bubble and then and then he took on Tesla so it looks like he took on Tesla in two thousand six sixteen uh... and and just kept going and going on and it gave uh... obviously significant losses for chain of chain us and then that is a u m dropped
• 39:10
  [SPEAKER_01]: And then, you know, I'm sure he was older as well.
• 39:12
  [SPEAKER_01]: So he kind of wound down the hedge fund there.
• 39:14
  [SPEAKER_01]: Right.
• 39:14
  [SPEAKER_01]: I by no means think, think, believe that Jim's sleeping on a box and then the New York City streets of Wall Street.
• 39:19
  [SPEAKER_01]: But, you know, I think, you know, he had some wins and then obviously had to probably some very public losses.
• 39:25
  [SPEAKER_01]: So yeah, you know, when the short sellers start coming for Michael Sailer, I saw somebody else, I can't remember exactly who it was.
• 39:32
  [SPEAKER_01]: There's another famous short seller who was saying that they're actually, they're long Bitcoin.
• 39:37
  [SPEAKER_01]: So long Bitcoin short micro strategy.
• 39:40
  [SPEAKER_01]: And I was like, I thought that was kind of just an interesting take of the space.
• 39:45
  [SPEAKER_01]: Like, okay, kind of like what you're saying is the belief or disbelief in the financial instruments that sailors pitching.
• 39:53
  [SPEAKER_01]: I make sense.
• 39:54
  [SPEAKER_01]: The big coins going up.
• 39:55
  [SPEAKER_01]: It's going to work when it goes down.
• 39:56
  [SPEAKER_01]: What happens to these these instruments that are giving off this crazy yield.
• 40:00
  [SPEAKER_01]: And just, you know, always inserting a disclaimer, nothing that Dan and I are saying or ever on crypto one of one is financial advice for anybody.
• 40:07
  [SPEAKER_01]: We're just coupled to do talking crypto.
• 40:09
  [SPEAKER_01]: these financial products are interesting and I really want to try and find somebody I'd actually like to try to host a debate is like bring on a micro strategy bull or somebody specifically that loves these the strike and these other instruments that are giving off this crazy yield and then pin them up against somebody you know thinks it's a scam and I'd really love to kind of host that debate I might try and
• 40:30
  [SPEAKER_01]: Try and find that.
• 40:30
  [SPEAKER_00]: Yeah, you got to get like UD, I don't know if you're familiar with like UD Worthheimer who's like a big Bitcoin bull on Twitter.
• 40:40
  [SPEAKER_00]: And you got to find like a CFA that knows how to do all this like, you know, analysis and financial, whatever, projections.
• 40:49
  [SPEAKER_00]: And then you got to find like a Bitcoin Maxi that will, and then just put it pin them up against each other because I think that would be really entertaining and I would tune in for that.
• 40:57
  [SPEAKER_00]: So yeah.
• 40:58
  [SPEAKER_01]: Yeah, that's a good idea because the way I was thinking of it because I did, again, I call it Twitter math.
• 41:03
  [SPEAKER_01]: I did the Twitter math of like, fine, all these people that are posting their screenshots of the yield that they were getting.
• 41:08
  [SPEAKER_01]: And I was just thinking, OK, well, maybe it can't go forever.
• 41:12
  [SPEAKER_01]: And you're going to lose, like, even the people that were making tons of yield, they were like, well, your principles probably eventually going to go down.
• 41:18
  [SPEAKER_01]: And I was like, OK, Bitcoin is this volatility vehicle.
• 41:22
  [SPEAKER_01]: Say, others trying to multiply the volatility.
• 41:25
  [SPEAKER_01]: Um, and so I, this is a weird thought.
• 41:27
  [SPEAKER_01]: Maybe I'm just stupid.
• 41:28
  [SPEAKER_01]: I was thinking about it like, is it a house?
• 41:30
  [SPEAKER_01]: Is it if you buy a rental property?
• 41:32
  [SPEAKER_01]: And then you think the rental property or you get the rental property to the point where it's cash flow positive?
• 41:38
  [SPEAKER_01]: Is it like a volatility times a hundred of a rental property?
• 41:42
  [SPEAKER_01]: Because eventually you buy this house and a hundred, two hundred years from now, the house isn't good anymore.
• 41:47
  [SPEAKER_01]: You're going to have to knock it down and rebuild it.
• 41:49
  [SPEAKER_01]: But then you also have the land.
• 41:50
  [SPEAKER_01]: So the land would be worth something.
• 41:52
  [SPEAKER_01]: So I don't know what that initial principle would be left.
• 41:54
  [SPEAKER_01]: But if you got all these returns over, say, call it fifty years of renting this property before the house needed to be fully redone or knock it down, you know, you could have bought the property for a hundred K and then made two hundred K and rent over the fifty years and then subtract some costs or whatever and then you're left with the initial of, you know, whatever the lands worth.
• 42:16
  [SPEAKER_01]: Is that, is that a stupid way to think of it?
• 42:18
  [SPEAKER_01]: Like housing volatility times a hundred or a thousand?
• 42:22
  [SPEAKER_00]: No, I don't think that's a stupid way to think about it at all.
• 42:26
  [SPEAKER_00]: I think about it where, and I've talked to some of some traders that are kind of following these corporate treasury, micro strategy closely, it's that MNAV number, that multiple of net asset value, where you end up buying the stock at a two, three, four acts of what the actual assets on the balance sheet are worth.
• 42:45
  [SPEAKER_00]: And then, you know, just like any, its finance one or one, are they, what are they producing?
• 42:52
  [SPEAKER_00]: Are they producing new code for Bitcoin?
• 42:55
  [SPEAKER_00]: Are they producing new products on Bitcoin?
• 42:58
  [SPEAKER_00]: Or are they just buying Bitcoin cheap, issuing paper equity against it, creating some type of vehicle for traditional finance participants to get involved?
• 43:09
  [SPEAKER_00]: And then kind of running that playbook up until something breaks.
• 43:13
  [SPEAKER_00]: Like I think there's been some, that's where I want to dig in and find somebody that actually
• 43:20
  [SPEAKER_00]: can do the deep analysis of across these preferred shares because it's not just issuing base equity, right?
• 43:27
  [SPEAKER_00]: Or, you know, equity, micro strategy equity, he's issuing preferred stock, right?
• 43:32
  [SPEAKER_00]: And so that yield typically is guaranteed in a preferred stock.
• 43:35
  [SPEAKER_00]: And obviously there's probably nuance to it.
• 43:37
  [SPEAKER_00]: But, you know, I just don't understand why any participant would
• 43:43
  [SPEAKER_00]: look at Bitcoin and then look at microstrategy and be like I want to own microstrategy stock instead of just Bitcoin right if you're if you're a Bitcoin bull or see it as a digital gold had you whatever I think we're at a time and in the industry where it's very easy to get large exposure to it even if you're an institutional buyer so that's where I think this like financial alchemy with these like
• 44:09
  [SPEAKER_00]: across the capital stack of him issuing different preferred shares, different flavors of yield, convertible debt, you know, equity, deluding equity, buying Bitcoin, whatever his his playbook is, which was innovative to start.
• 44:23
  [SPEAKER_00]: I think
• 44:24
  [SPEAKER_00]: I think we've seen this in history.
• 44:27
  [SPEAKER_00]: It always kind of gets to a point where you can't do it anymore.
• 44:31
  [SPEAKER_00]: But again, this is the market, right?
• 44:33
  [SPEAKER_00]: People love kind of running these arbitrage strategies, running these different, you know, yield strategies.
• 44:41
  [SPEAKER_00]: So he issues a preferred share and sells a to some investor that wants that guaranteed, eleven percent return.
• 44:48
  [SPEAKER_00]: And doesn't want to deal with the volatility of Bitcoin.
• 44:51
  [SPEAKER_00]: I think, you know, to your point of whoever you were talking to, that's running a long, long spot Bitcoin short micro strategy.
• 44:59
  [SPEAKER_00]: You know, I think there's interesting ways to express views.
• 45:03
  [SPEAKER_00]: And I think that's what he's giving the market, right?
• 45:06
  [SPEAKER_00]: An interesting way to express a view in
• 45:10
  [SPEAKER_00]: in these different, you know, in these different stocks or different preferred shares.
• 45:15
  [SPEAKER_00]: So that's kind of, I'm monitoring it.
• 45:19
  [SPEAKER_00]: I'm not involved in microstrategy.
• 45:20
  [SPEAKER_00]: I haven't bought it.
• 45:22
  [SPEAKER_00]: You know, you have on here.
• 45:23
  [SPEAKER_00]: I'm a spot buyer like I just, I buy and hold.
• 45:26
  [SPEAKER_00]: I don't get to involved in some of this stuff just because it's financial alchemy, right?
• 45:34
  [SPEAKER_00]: And I'm sure there's people that will push back against that.
• 45:37
  [SPEAKER_00]: And again, I'm not an analyst, I'm not a CFA.
• 45:40
  [SPEAKER_00]: But you have to be savvy, you have to take pause and say, is this sustainable?
• 45:47
  [SPEAKER_00]: Are they producing something?
• 45:49
  [SPEAKER_00]: Is it just a vehicle for hyperspeculation?
• 45:54
  [SPEAKER_00]: Is it just kind of this looping trade, which I think you mentioned before?
• 45:59
  [SPEAKER_00]: So, yeah, I get very concerned when there's like all this financial engineering.
• 46:06
  [SPEAKER_00]: I call it financial, I'll come in, but really what it is, is financial engineering.
• 46:10
  [SPEAKER_00]: Are they producing anything?
• 46:13
  [SPEAKER_00]: Are they building a product?
• 46:16
  [SPEAKER_00]: I don't think so.
• 46:17
  [SPEAKER_00]: It's a vehicle for Bitcoin.
• 46:20
  [SPEAKER_01]: So yeah, it's a good conversation and at the end of the day they do I guess again I can't get into the alchemy of either but like they do own shit on a Bitcoin right so right if you believe in Bitcoin in the future of Bitcoin and if it's not going to zero it's going to a million I don't know
• 46:40
  [SPEAKER_01]: I don't know.
• 46:40
  [SPEAKER_01]: I don't know how you, you know, that's what makes a market, right?
• 46:44
  [SPEAKER_01]: And that's that's a tasty looking chart for sure.
• 46:47
  [SPEAKER_01]: Yeah, I think the coolest or the most interesting thing with micro strategy is how involved sailors in the space and also, you know, everybody's kind of taking this playbook and doing it on so so many other things kind of like we talked about with bitmind and everything else, but
• 47:05
  [SPEAKER_01]: Let's put a pin in the the micro strategy stuff for now.
• 47:08
  [SPEAKER_01]: That's that's enough for one day definitely again when it's going up it's easy to talk about when it's going down it's easy to call it a scam right but I think it's been around and it's I think the the my last point was that when we did the twenty twenty two you know lows in that bear market
• 47:25
  [SPEAKER_01]: You know, everybody was saying that sailors, you know, a thousand dollars of Bitcoin price away from getting liquidated and losing the company.
• 47:33
  [SPEAKER_01]: And then he kind of came out and, you know, disputed that and kind of said, no, that's not how this works.
• 47:38
  [SPEAKER_01]: So, you know, some of that stuff just ends up being timeline hearsay and is pointing fingers.
• 47:44
  [SPEAKER_01]: And again, unless you can really open up the books and like you said, get somebody who's a true, you know,
• 47:49
  [SPEAKER_01]: CPA or CFA and just figuring out the ins and outs of these products.
• 47:52
  [SPEAKER_01]: You know, you just got to do your own research and and you know, at the end of the day, everything we do is risk up into whether it's investing or even just driving down the street at this point.
• 48:01
  [SPEAKER_01]: But yeah.
• 48:04
  [SPEAKER_01]: Now, let's, let's just move on.
• 48:06
  [SPEAKER_01]: I got, I want to jump into the, the fear greed index.
• 48:08
  [SPEAKER_01]: So we, um, we actually covered this last weekend.
• 48:11
  [SPEAKER_01]: So me and Brendan, we, we cycle through a couple different things.
• 48:15
  [SPEAKER_01]: We'll do fear greed index.
• 48:16
  [SPEAKER_01]: We'll do, um, we like the Google, uh, I used to get shit on the, the Google search volumes.
• 48:21
  [SPEAKER_01]: People would, um, say, like, oh, that doesn't matter anymore.
• 48:24
  [SPEAKER_01]: It doesn't matter.
• 48:25
  [SPEAKER_01]: And then all of a sudden, the price rips and the Bitcoin Google search rips and all, all, all coin search rips.
• 48:29
  [SPEAKER_01]: So,
• 48:30
  [SPEAKER_01]: I feel like I've indicated on that but we brought up the fear greed index and as you can see here it's neutral and last week it says up here it was sixty three I think two weeks ago when we brought it up I think it was in this it was in the seventies yeah there it is seventy three so we brought it up a couple weeks ago we had it in the seventies now we're kind of resetting down to neutral I think that's uh...
• 48:53
  [SPEAKER_01]: I think that's good.
• 48:54
  [SPEAKER_01]: I think that's healthy, right?
• 48:55
  [SPEAKER_01]: We kind of said that at the time with Brendan, you know, once it gets up into this greed in the seventies, again, it could definitely go higher.
• 49:02
  [SPEAKER_01]: It could definitely go lower.
• 49:03
  [SPEAKER_01]: No, we don't have the crystal ball, but if you get that healthy reset into the neutral without losing, you know, too much momentum in the price, that's always kind of a good sign of a healthy base there.
• 49:15
  [SPEAKER_01]: So are these, is this tool, or do you have any tools, do you like, look, look for a sentiment wise in the markets, whether it's fear greed, Google searches, anything you like?
• 49:23
  [SPEAKER_00]: So I think you can take a look at all of them.
• 49:26
  [SPEAKER_00]: The fair greed for sure.
• 49:28
  [SPEAKER_00]: I think it gives you sort of a general view of where we're at sentiment wise.
• 49:33
  [SPEAKER_00]: I'm a fan of what you said, the Google search engine.
• 49:35
  [SPEAKER_00]: I think there's a lot of information to be had from what's trending on Google.
• 49:41
  [SPEAKER_00]: It could really inform where we're at sentiment-wise.
• 49:44
  [SPEAKER_00]: And I think sentiment is important in this market, right?
• 49:48
  [SPEAKER_00]: If you could see Google search trends trending up for something, then it gives you some insight into what people are talking about, and price follows narrative, right?
• 49:57
  [SPEAKER_00]: So I generally think
• 49:59
  [SPEAKER_00]: Fearing greed, the sentiment are good things to look at.
• 50:03
  [SPEAKER_00]: You can't look at them isolated.
• 50:04
  [SPEAKER_00]: What I like to look at is the ETH BTC ratio.
• 50:09
  [SPEAKER_00]: I like to look at that and just see sort of like what
• 50:14
  [SPEAKER_00]: You know, where we're at as far as that cycle of everybody buys Bitcoin, people get rich in Bitcoin, they go further out, they buy Ethereum, move things on chain, and then the last is the all-coin season.
• 50:26
  [SPEAKER_00]: That's how I've always read markets at a high level, crypto markets at a high level, and then another thing that I've been recently looking at is something called BVIV.
• 50:35
  [SPEAKER_00]: which is the vol max Bitcoin, thirty-day implied volatility index, which is anyone familiar with the VIX index in traditional markets?
• 50:45
  [SPEAKER_00]: That's exactly what that is.
• 50:47
  [SPEAKER_00]: It's just a tradable index that shows Bitcoin volatility.
• 50:51
  [SPEAKER_00]: So I look at all that stuff.
• 50:53
  [SPEAKER_00]: Those are indicators where you can kind of see taking as a whole gives you a good insight into where we're at in the market.
• 50:59
  [SPEAKER_00]: So if anybody wants to take a look at the
• 51:03
  [SPEAKER_00]: Bitcoin's version of the VIX, that's B-Viv on trading view, B-V-I-V, and it just gives it a look of thirty-day implied volatility in the options markets, the Deribit Options markets.
• 51:15
  [SPEAKER_00]: So fair and greed, great sentiment check, Google Trends, great sentiment check.
• 51:21
  [SPEAKER_00]: I'm sure reading Twitter, reading crypto Twitter, and filtering great social sentiment checks, and then you can back that up with a little bit, I guess,
• 51:32
  [SPEAKER_00]: some of these derivative market indicators, right?
• 51:37
  [SPEAKER_00]: The Bitcoin Vix Index.
• 51:40
  [SPEAKER_00]: That'll show you volatility, that'll show you kind of...
• 51:43
  [SPEAKER_00]: where we're at so I think you got to look at all of them right and then the last one which I think you have on here monthly flows into the ETFs is is money flowing you know into the space so yeah those are all good indicators to look at fair and greed is is kind of just a fun sentiment shock I think
• 52:06
  [SPEAKER_01]: Yeah, and it's definitely a backwards kind of looking at least a week if not maybe more right so it's actually what I really like to do it with it is if I'm feeling if I'm feeling a little too bold up maybe a little greedy and I go and check
• 52:21
  [SPEAKER_01]: kind of the the fear and greed and I see it in the the seventies high seventies you know I'm just like man this is kind of this is kind of what I'm feeling I'm feeling a little greedy and then it's always interesting to see where it is a week or two later um and again it's not a perfect science but as you can tell here we we brought it up two weeks ago and then sure enough a little bit of a sell off and again that kind of goes back to your feelings and thoughts can't necessarily predict the macro so my feelings and thoughts where I feel a little greedy here maybe I'm going to take off some leverage
• 52:49
  [SPEAKER_01]: And then you get hit with the job's number.
• 52:51
  [SPEAKER_01]: If the job's number didn't hit, then who knows?
• 52:53
  [SPEAKER_01]: Like what the fear greed index would be, you know?
• 52:56
  [SPEAKER_01]: So it's all, it's all part of making the proverbial cake here.
• 53:01
  [SPEAKER_01]: There's a lot of ingredients that go into your strategy and what you're doing.
• 53:05
  [SPEAKER_01]: And we're crushing it, honestly.
• 53:08
  [SPEAKER_01]: We're going over here.
• 53:09
  [SPEAKER_01]: So we got a couple of final thoughts here.
• 53:12
  [SPEAKER_01]: We approached the hour.
• 53:14
  [SPEAKER_01]: But just wanted to thank the live audience in the YouTube.
• 53:17
  [SPEAKER_01]: You guys always continue to show up as this grows.
• 53:20
  [SPEAKER_01]: We've had Jordan, friend of the program Dan East Coast Lobster, always here for the lives.
• 53:27
  [SPEAKER_01]: East Coast Lobster is actually he ordered the pre-ordered the Salana phone.
• 53:31
  [SPEAKER_01]: He was asking if anybody got there Salana mobile phone yet.
• 53:34
  [SPEAKER_01]: So I told him when he gets that we got to get a review from him.
• 53:37
  [SPEAKER_01]: But thank you guys.
• 53:38
  [SPEAKER_01]: If you're watching on the live, please give the video a like.
• 53:41
  [SPEAKER_01]: And if you're new here, please subscribe or doing multiple of these weeks.
• 53:44
  [SPEAKER_01]: And thank you for joining us.
• 53:46
  [SPEAKER_01]: But just to kind of continue the, you know, why is this market strong?
• 53:50
  [SPEAKER_01]: The underbelly of this market is super strong.
• 53:54
  [SPEAKER_01]: Kind of some new ETF data that we got again.
• 53:56
  [SPEAKER_01]: We tried to bring you guys some some new little data we find each week the I bit is now the second best ETF for monthly flows literally look at that right under Vue Vio.
• 54:06
  [SPEAKER_01]: Oh, I mean, that's the like the van guard ultimate SP five hundred ETF and then I bit's number two right so the inflows just keep keep coming and then I know that um
• 54:19
  [SPEAKER_01]: I know that you threw us some ETC ratio stuff.
• 54:22
  [SPEAKER_01]: You threw a trading view chart to me, Dan, and coin glass thing.
• 54:26
  [SPEAKER_01]: Which one would you want me to pull first?
• 54:29
  [SPEAKER_00]: I think since we're on the ETF stuff, let's pull up the coin glass one.
• 54:32
  [SPEAKER_00]: Because I just want to show if you scroll down a little bit, this track's daily flows into all the Ethereum spot ETFs.
• 54:41
  [SPEAKER_00]: That chart on the right, total Ethereum spot ETF net flow.
• 54:45
  [SPEAKER_00]: If you change it to USD, you could see, look at that July chart.
• 54:50
  [SPEAKER_00]: It's the green bar chart on the side.
• 54:53
  [SPEAKER_00]: Just, you know, it shows price, but you had record flows into the ETH ETF.
• 55:01
  [SPEAKER_00]: If people have been following the ETH stuff, over a year ago when ETHA and some of these, you know, the BlackRock ETHA one launched bitwise, all these ones launched the fidelity.
• 55:12
  [SPEAKER_00]: People were like, oh, ETH is dead, right?
• 55:14
  [SPEAKER_00]: There was no flows for this.
• 55:16
  [SPEAKER_00]: There was nothing.
• 55:16
  [SPEAKER_00]: It took, it's now been over a year.
• 55:19
  [SPEAKER_00]: And July was a record inflow into the ETH ETFs.
• 55:23
  [SPEAKER_00]: So obviously that the price, you know, reflected that.
• 55:28
  [SPEAKER_00]: I think in the middle of July there, we got like a seven hundred million dollar, some hundred and fifty million dollar daily flow into these ETFs.
• 55:36
  [SPEAKER_00]: I think tracking that and, you know, seeing this buying happen in these ETH ETFs price followed.
• 55:45
  [SPEAKER_00]: It pushed price higher.
• 55:47
  [SPEAKER_00]: Obviously the bit minor, the aspect, the corporate treasury playbook for ETH.
• 55:53
  [SPEAKER_00]: supported that but you know tracking that through the entire month in July you could see it was like a record flow so um you know if you do take a look at it and I don't much time we have that ETHBTC ratio chart it bottomed
• 56:09
  [SPEAKER_00]: Um, I think around, uh, end of June.
• 56:14
  [SPEAKER_00]: And now it's back up, uh, trending upward.
• 56:17
  [SPEAKER_00]: So I think all this data sort of supports that shift from, okay, Bitcoin's been on a run and then people kind of flow into e-thright.
• 56:25
  [SPEAKER_00]: Um, so yeah, I just wanted to kind of point that out because
• 56:30
  [SPEAKER_00]: It's been over a year.
• 56:31
  [SPEAKER_00]: These like E.T.
• 56:32
  [SPEAKER_00]: F's nothing was happening.
• 56:34
  [SPEAKER_00]: Everybody was into I bit.
• 56:35
  [SPEAKER_00]: Obviously, I bet it's one of the largest ones.
• 56:39
  [SPEAKER_00]: But you see right around the beginning of June up until July, you really had these flows take off.
• 56:46
  [SPEAKER_01]: What are your thoughts here?
• 56:47
  [SPEAKER_01]: I mean, obviously, once you get a lot of flows in, they can go both ways.
• 56:50
  [SPEAKER_01]: But this is an interesting, this last bar here.
• 56:53
  [SPEAKER_01]: I mean, total volatility to the downside too off the
• 56:57
  [SPEAKER_01]: off the jobs numbers.
• 56:57
  [SPEAKER_01]: I'm sure that's a lot of high frequency traders probably some algos there, but like once you pile in, you kind of set your stop loss or whatever algo you're trading on, but that's a wild outflow there after I mean seeing this in flows.
• 57:11
  [SPEAKER_00]: Yeah, I mean think about it for the month of July.
• 57:15
  [SPEAKER_00]: I think we had a forty fifty percent return in
• 57:19
  [SPEAKER_00]: So again, I think, you know, this just gives a little bit of a pause.
• 57:22
  [SPEAKER_00]: The job's numbers on Friday didn't necessarily help, but, you know, I think with bit minor, you know, Tom Lee, some of these corporate treasury companies, a lot of development on ETH.
• 57:35
  [SPEAKER_00]: We talked about it before these institutions are building things on Ethereum, on chain.
• 57:40
  [SPEAKER_00]: I think it supports sort of the price of youth.
• 57:43
  [SPEAKER_00]: So again, these daily swings and these flows that always happen, but the trend I think has been pretty bullish.
• 57:51
  [SPEAKER_00]: So I'm still monitoring that.
• 57:54
  [SPEAKER_00]: But yeah, I think zapped away and see.
• 57:57
  [SPEAKER_00]: So
• 58:00
  [SPEAKER_01]: Yeah, couldn't agree more.
• 58:00
  [SPEAKER_01]: I mean, we just we love doing this each week and going over these numbers because as a space grows and again, the zoom out works exactly for this type of chart to it's like, you know, the Ethereum I remember when the Ethereum ETF got
• 58:15
  [SPEAKER_01]: Greenland went live and I kind of went with the same thought process that I did for the Bitcoin one.
• 58:20
  [SPEAKER_01]: Even though the Bitcoin ETF went live, there was that random ass sell the news type of events around it and I just I wasn't buying that.
• 58:28
  [SPEAKER_01]: I was a big dip fire back then and we were on the show as well.
• 58:31
  [SPEAKER_01]: Just extremely bullish across the team and then that worked and it worked pretty quickly.
• 58:37
  [SPEAKER_01]: whether you bought the Bitcoin ETF Bitcoin spot or even micro strategy was a good buyback then on everything rocket to the upside so I kind of went with the same thing with with Ethereum I was just like okay, I'm gonna I'm gonna buy the Ethereum ETF and it seemed a kind of be working obviously there was that you know this the you see the July of last year and then we had that rocket into into the end of the year and I was just kind of
• 59:04
  [SPEAKER_01]: I just kind of thought it was working on that same train and that, that Ethereum dip caught me out of nowhere specifically.
• 59:10
  [SPEAKER_01]: I've talked about this on the show before.
• 59:11
  [SPEAKER_01]: I had to lean on my team and my community of just being like, hey, are we still even believers here?
• 59:16
  [SPEAKER_01]: I mean, this thing's going down in the face of such a bullish environment.
• 59:20
  [SPEAKER_01]: It made no sense.
• 59:22
  [SPEAKER_01]: And I, you know, I get the markets can stay crazy more than you can stay liquid, right?
• 59:29
  [SPEAKER_01]: So, you know, I wasn't a seller, but I was, I was,
• 59:33
  [SPEAKER_01]: losing my faith in the ethereum just price action and luckily my team kind of like hey man we're going down with the ship on this one we believe in it so it was a good you know packs a more bags down there but it was it wasn't easy and it didn't make much sense to me and then you know as you can see what happened just that absolute breakneck back to where we are right now so
• 59:53
  [SPEAKER_01]: Um, we're it's just another another data point that we're excited to keep tracking for you guys and again, we do this every week.
• 59:59
  [SPEAKER_01]: So if you're new here, um, you know, consider subscribing and joining us along for the, uh, the bull market of a lifetime here.
• 1:00:06
  [SPEAKER_01]: So we got, uh, we're running that time.
• 1:00:09
  [SPEAKER_01]: We had some more stuff planned, but obviously, you know, we'll bring Dan back another time, uh, in the future.
• 1:00:14
  [SPEAKER_01]: But for our last topic of the day, and we talked about this in the pre-show Dan had a little laugh about it.
• 1:00:19
  [SPEAKER_01]: Um,
• 1:00:20
  [SPEAKER_01]: is USA Today's Shilling XRP.
• 1:00:24
  [SPEAKER_01]: I was scrolling and this one obviously got tons of shares and comments and more.
• 1:00:29
  [SPEAKER_01]: more trolling than anything.
• 1:00:31
  [SPEAKER_01]: But, but USA today bringing out is XRP the smartest crypto currency to buy with five hundred dollars right now.
• 1:00:38
  [SPEAKER_01]: I didn't even click and read the article then.
• 1:00:40
  [SPEAKER_01]: I don't know if you did, but I say this, we say this on the show all the time.
• 1:00:43
  [SPEAKER_01]: We're not, we're not XRP haters by any stretch of the imagination.
• 1:00:47
  [SPEAKER_01]: But I always wonder how, you know, my friend who's not in a crypto, I try to tell him I do a crypto podcast, check it out and they have no interest and then, you know, Bitcoin rips and then, and crypto starts ripping into the, they text me.
• 1:00:59
  [SPEAKER_01]: and they don't want to ask about, you know, Bitcoin, they don't want to know about salon or theorem or anything.
• 1:01:03
  [SPEAKER_01]: They just be like, hey, is XRP a buy.
• 1:01:06
  [SPEAKER_01]: And I'm just like, you have, how do you get, I don't understand how these people just automatically land on XRP all the time, but maybe it's the USA today, uh, X account because what type of shill is that?
• 1:01:17
  [SPEAKER_01]: What are your thoughts from the XRP and the USA today, shill?
• 1:01:21
  [SPEAKER_00]: Yeah, so I briefly skimmed the article.
• 1:01:25
  [SPEAKER_00]: There's not much insight into actually what, you know, if it's an innovative thing or people are using the chain, I have a funny story similar to what you just said with like, Normie Franz kind of calling you and asking you your opinion.
• 1:01:38
  [SPEAKER_00]: So back in, I want to say February, twenty twenty four or twenty, February, twenty five.
• 1:01:46
  [SPEAKER_00]: I had a buddy from college who, you know, I haven't talked to him a while.
• 1:01:51
  [SPEAKER_00]: Let's have found out I was in crypto.
• 1:01:53
  [SPEAKER_00]: He texted me out of the blue and goes, I've had XRP since thirty cents.
• 1:01:59
  [SPEAKER_00]: It's at all time highs now.
• 1:02:01
  [SPEAKER_00]: What do I do?
• 1:02:02
  [SPEAKER_00]: Should I keep buying?
• 1:02:04
  [SPEAKER_00]: And usually when I get that taxed, which I've had him in the past, I'm like,
• 1:02:09
  [SPEAKER_00]: Yeah, we're at probably a local top here in the price.
• 1:02:13
  [SPEAKER_00]: So I told them, you know, and again, this is not financial waste or anything.
• 1:02:16
  [SPEAKER_00]: I said, you should take some profits.
• 1:02:19
  [SPEAKER_00]: You should hold a moon bag, so maybe like take eighty percent off the table, hold twenty percent, and then, you know, kind of, you're still exposed, but you've taken your gains.
• 1:02:29
  [SPEAKER_00]: So,
• 1:02:30
  [SPEAKER_00]: I think that's a good illustration of what XRP has become a symbol of in the space.
• 1:02:38
  [SPEAKER_00]: If you're following mainstream financial media, USA today, market watch, Yahoo Finance, CNBC, they always end up talking about these like dyno coins, XRP, which was from whatever,
• 1:02:53
  [SPEAKER_00]: And you know, I've had a I've had a I've been a hater for the longest time just because I've so deep in the space sometimes you kind of get jaded But my view on XRP in general is it's been around for a while It kind of push the space forward.
• 1:03:08
  [SPEAKER_00]: They've they've they've They're biggest claim to fame has been the lawsuit fighting the SEC for some of this stuff
• 1:03:15
  [SPEAKER_00]: And I actually talked to a very, very smart fund manager who runs a crypto fund at Consensus in Toronto this past May or March.
• 1:03:27
  [SPEAKER_00]: And he had a really interesting take because I was a hate or I was like XRP's worthless.
• 1:03:32
  [SPEAKER_00]: They kind of show this banking rail narrative.
• 1:03:34
  [SPEAKER_00]: They're not, you know, all this stuff.
• 1:03:37
  [SPEAKER_00]: And he just kind of simply was like listen, it's been around for a while.
• 1:03:41
  [SPEAKER_00]: Main streams adopted it.
• 1:03:42
  [SPEAKER_00]: It's always in the news.
• 1:03:44
  [SPEAKER_00]: You might as well just get on board.
• 1:03:46
  [SPEAKER_00]: So I don't, I kind of was like, yeah, you're right.
• 1:03:50
  [SPEAKER_00]: I probably should just kind of sit there and say, you know, XRP for what it's worth is just a proxy for the space.
• 1:03:56
  [SPEAKER_00]: It doesn't need to be like this, you know, new swift banking rails or whatever, even though that's the thing that they always talk about.
• 1:04:05
  [SPEAKER_00]: But yeah, I don't know, like, I'm always cautious with the mainstream media on crypto, right?
• 1:04:10
  [SPEAKER_00]: Because it's always spun in a way where either it's not well-informed or it labels a space of scam.
• 1:04:16
  [SPEAKER_00]: So one of the interesting things about this article, which I came across was the author, the journalist that writes this, they write in there.
• 1:04:26
  [SPEAKER_00]: XRP is focusing on real-world utility and building real products that will revolutionize the banking rails.
• 1:04:35
  [SPEAKER_00]: It's a refreshing take from Web three, which is typically a scam and defies a scam.
• 1:04:41
  [SPEAKER_00]: And it kind of labeled the rest of the space a scam, but XRP is this innovative project.
• 1:04:47
  [SPEAKER_00]: So I don't necessarily think that narrative's true, but I think you can look at it and say it's been around, it has mine share, people buy it.
• 1:05:00
  [SPEAKER_00]: Maybe that's worth having exposure for, maybe
• 1:05:02
  [SPEAKER_00]: Maybe USA today is right.
• 1:05:05
  [SPEAKER_00]: I don't know.
• 1:05:05
  [SPEAKER_00]: I would have liked them to have tweeted that maybe a year or two years ago.
• 1:05:10
  [SPEAKER_00]: Instead of that, you know, close to all-time highs on XRP, but the last thing I'll say on this is I don't necessarily believe that the XRP will be adopted by banking institutions to be this like new Swift thing, this new Swift innovation, because
• 1:05:30
  [SPEAKER_00]: Come on, like JP Morgan, these major banks, they're going to want their own blockchain.
• 1:05:34
  [SPEAKER_00]: They're going to want their own stable coins.
• 1:05:36
  [SPEAKER_00]: They're going to want to capitalize on their own infrastructure and make money off of it.
• 1:05:40
  [SPEAKER_00]: So I don't necessarily know if that's the narrative that you want to follow.
• 1:05:45
  [SPEAKER_00]: But XRP has been beneficial for our space, has been beneficial for the industry.
• 1:05:50
  [SPEAKER_00]: They fought a lot of
• 1:05:53
  [SPEAKER_00]: early lawsuits to kind of give us this regulatory clarity.
• 1:05:57
  [SPEAKER_00]: And I think that's, and I think it's worth, you know, remembering that and maybe that's a reason to have exposure long term.
• 1:06:07
  [SPEAKER_00]: So, you know, it's been around for a while.
• 1:06:11
  [SPEAKER_00]: It's survived multiple cycles.
• 1:06:13
  [SPEAKER_00]: You have this XRP army behind it, the strong community behind it.
• 1:06:18
  [SPEAKER_00]: It's always in the news.
• 1:06:19
  [SPEAKER_00]: That's probably a reason to have some exposure.
• 1:06:22
  [SPEAKER_01]: So that's very points, especially around the community, the XRP Army.
• 1:06:27
  [SPEAKER_01]: We hear from them on both sides, you know, sometimes they're listening.
• 1:06:31
  [SPEAKER_01]: Like what we're saying a lot of times, we've gotten some hate from the XRP Army in the comments as well.
• 1:06:36
  [SPEAKER_01]: But especially with the meme coin narrative, and you know, Penn Go, I think, comes a top of mine for me.
• 1:06:42
  [SPEAKER_01]: of like building out utility, but you know, doge still trades well, fart coins, the future of finance.
• 1:06:48
  [SPEAKER_01]: You know, these things are not not too much behind them.
• 1:06:51
  [SPEAKER_01]: So if XRP has this awesome narrative, it's getting into people's ears and thoughts and mind and they have a huge community and they actually do have some type of utility that they're trying to build.
• 1:07:03
  [SPEAKER_01]: Yeah, it's hard to fade it.
• 1:07:04
  [SPEAKER_01]: I like the idea that being just kind of like an overall proxy to the markets.
• 1:07:08
  [SPEAKER_01]: So, um, yeah, just a just a thought.
• 1:07:11
  [SPEAKER_01]: What's that?
• 1:07:12
  [SPEAKER_00]: I said I'm a fan.
• 1:07:13
  [SPEAKER_00]: I, I was, yeah, I was ready.
• 1:07:15
  [SPEAKER_00]: Better be a fan.
• 1:07:16
  [SPEAKER_00]: The extra.
• 1:07:18
  [SPEAKER_01]: You know, if you don't want to get clips and any bad about XRP, that's for sure.
• 1:07:22
  [SPEAKER_01]: They'll come find you.
• 1:07:23
  [SPEAKER_01]: Yeah.
• 1:07:24
  [SPEAKER_01]: We'll come find you.
• 1:07:25
  [SPEAKER_01]: Yeah, I just thought that was I literally just thought it was so funny like this whole tweet with USA today like out of USA today from the top room That was like, hey, is this this personal financial advice USA today you might be going to be hearing from it from our lawyers But awesome time, Dan.
• 1:07:43
  [SPEAKER_01]: Thank you so much for joining us today on the run down It was a special one having you as a guest
• 1:07:49
  [SPEAKER_01]: everybody else you know thank you guys for tuning in the live thank you guys our podcast listeners we appreciate you guys so much and we're doing a lot more episodes we're getting a lot of awesome feedback from you we'll be back later this week with Brian and Joe and until next time enjoy the rest of your day and we'll talk to you soon