Latest / The Paul Barron Crypto Show / Hottest Crypto Investment Trends For 2026🔥INTERVIEW Hartmann Capital

Transcript

Hottest Crypto Investment Trends For 2026🔥INTERVIEW Hartmann Capital · The Paul Barron Crypto Show

• 0:00
  Speaker 1: Let's get into twenty twenty six crypto trends. What are they,
• 0:03
  Speaker 1: what's not I'll break it down for you. It's going
• 0:05
  Speaker 1: to be a good one. Let's get started today, and
• 0:07
  Speaker 1: I want to thank our sponsor first, and of course
• 0:09
  Speaker 1: that is BTCC where you guys can start to get
• 0:12
  Speaker 1: active on trading. This is one of the platforms out there.
• 0:15
  Speaker 1: It was rated as one of the top exchanges to
• 0:17
  Speaker 1: go with. You guys can join using our link and
• 0:21
  Speaker 1: get ten percent bonus on a first time deposit, so
• 0:23
  Speaker 1: check it out. There are some other benefits in there
• 0:26
  Speaker 1: that are VIP badges, You've got some lower rates in
• 0:29
  Speaker 1: terms of your trading fees, and of course use our link.
• 0:31
  Speaker 1: It does help us out. Let's get into it today.
• 0:33
  Speaker 1: This is the first time back in the studio. For
• 0:36
  Speaker 1: about a week we were out. I was doing some
• 0:39
  Speaker 1: home stuff and of course I want to get into
• 0:41
  Speaker 1: the trends this year that could be brewing. And today
• 0:44
  Speaker 1: I wanted to showcase Haartman Capital. This is a company
• 0:47
  Speaker 1: that we've looked at before and a little bit about
• 0:50
  Speaker 1: where they are going in terms of how people are
• 0:54
  Speaker 1: actually making money in I won't say crypto about early
• 0:57
  Speaker 1: stage tech, which Crypto is a big part of well
• 1:00
  Speaker 1: how are you Felix?
• 1:02
  Speaker 2: Hey, Paul, thanks, thank you for having me and happy
• 1:04
  Speaker 2: New Year's.
• 1:04
  Speaker 1: Yes, thank you.
• 1:05
  Speaker 2: Hey.
• 1:05
  Speaker 1: Listen, you're the first guest this year in twenty twenty six,
• 1:09
  Speaker 1: so you have started the roster off right.
• 1:12
  Speaker 2: Tell us lank lad of topics to choose from? Amazing?
• 1:14
  Speaker 1: Yeah, for sure, we're gonna have a lot of good
• 1:15
  Speaker 1: stuff here to talk about. Let's get into a few
• 1:18
  Speaker 1: points on and that is a couple of things that
• 1:21
  Speaker 1: you have been doing in terms of apartment capital, changing
• 1:25
  Speaker 1: your strategy up a little bit since we last spoke.
• 1:27
  Speaker 1: I think it's probably been eighteen months. What is going
• 1:30
  Speaker 1: on with you guys now in terms of your portfolio.
• 1:33
  Speaker 2: Yeah, I'll give you this sixty second spiel of like
• 1:35
  Speaker 2: you know, how the everything emerged. You know, we started
• 1:37
  Speaker 2: a good the hedge fund and since twenty eighteen, and
• 1:41
  Speaker 2: as you remember, because this was a big theme for you,
• 1:43
  Speaker 2: the metaverse became very big in twenty twenty one. In crypto,
• 1:46
  Speaker 2: we looked at the metaverse, but the Web three metaverse
• 1:48
  Speaker 2: was a lot of smoke and mirrors that I called
• 1:50
  Speaker 2: bullshit on essentially at the time, like the Virtual Land
• 1:52
  Speaker 2: sales and so forth, and we said the real metaverse
• 1:55
  Speaker 2: is things like ropeblocks, Fortnite, Minecraft, virtual reality, and so
• 1:59
  Speaker 2: first bench Fund leans really deeply into VR and gaming
• 2:03
  Speaker 2: and these open virtual worlds, but it had to come
• 2:06
  Speaker 2: from a user first perspective, not just let's slap a
• 2:10
  Speaker 2: token and let's slap a plucch on it. Right, we're
• 2:12
  Speaker 2: now on front two of the bench Fund. We're really
• 2:14
  Speaker 2: like leaning in on saying, how can we use technology
• 2:17
  Speaker 2: to essentially enhance humans? How do we become better for
• 2:20
  Speaker 2: us small or stronger, better, and also make sure that
• 2:24
  Speaker 2: we as humans don't become the bottom leg to AI.
• 2:26
  Speaker 2: So that means how do we enhance ourselves, whether that's
• 2:28
  Speaker 2: with brain computer interfaces, whether that's with smart classes, whether
• 2:32
  Speaker 2: that is with genetic editing, whether that's with robotics, that's
• 2:35
  Speaker 2: with AI. And so that's been very much our focus
• 2:38
  Speaker 2: on the early stage tech investing front going into twenty
• 2:41
  Speaker 2: six to twenty seven.
• 2:42
  Speaker 1: That's bleeding edge tech right now. Obviously Cees coming up
• 2:45
  Speaker 1: this week, there'll probably be a lot of AI integration.
• 2:49
  Speaker 1: We'll most likely see some blockchain components that are.
• 2:52
  Speaker 2: Applied to that.
• 2:52
  Speaker 1: We'll talk about AI agents today but before we head
• 2:56
  Speaker 1: in that direction, are you guys holding any cryptotokens right
• 2:59
  Speaker 1: now as or is it just all VC equity?
• 3:03
  Speaker 2: So in the VC funds, we don't hold crypto. I
• 3:05
  Speaker 2: mean our venture fund one make crypto investments, and like
• 3:08
  Speaker 2: we had some big winners Foxamp. We were the first
• 3:10
  Speaker 2: investor in Cookie three, which is a company out of
• 3:14
  Speaker 2: the AI agent meta. And you know that one even
• 3:17
  Speaker 2: now after the bear market is still ten x up
• 3:20
  Speaker 2: or a peak it was one hundred x skain actually,
• 3:22
  Speaker 2: so that was one of the big winners out of
• 3:23
  Speaker 2: the AI agent theme that we made from Fund one.
• 3:26
  Speaker 2: But we still have the Crypto Hedge fund, and so
• 3:27
  Speaker 2: with the Crypto Hedge fund, you know, we are particularly
• 3:30
  Speaker 2: focused around everything from real world assets. DeFi the real
• 3:35
  Speaker 2: question is you know what can make money? Because I
• 3:37
  Speaker 2: think the you know, the cats out the box people
• 3:39
  Speaker 2: have realizing that, look, you cannot just guarantee the kind
• 3:44
  Speaker 2: of returns we saw on twenty seventeen and twenty one.
• 3:47
  Speaker 2: I think got trained almost to see that crypto is
• 3:49
  Speaker 2: their their escape hatch. You know, it's the aboat off
• 3:52
  Speaker 2: the island, where like that's how they can make it big. Right,
• 3:55
  Speaker 2: But it was not for a lot of people. Wasn't
• 3:57
  Speaker 2: founded in the question of you know, where does the
• 4:00
  Speaker 2: actually come from. I think now people are waking up that, look,
• 4:02
  Speaker 2: we don't just get disguaranteed for your cycle, but there
• 4:05
  Speaker 2: must be an actual bioflosser sort and so who is
• 4:08
  Speaker 2: the biofloss resort. Well, we found out that for pitcoin,
• 4:10
  Speaker 2: there's a big enough thesi around digital goals, there is
• 4:13
  Speaker 2: Michael Sailor, there is ETFs. The story for bitcoin exists.
• 4:17
  Speaker 2: But when it comes to everything else and else, we
• 4:19
  Speaker 2: have to come back to reality. And the reality is
• 4:21
  Speaker 2: the same way it works in equities. Eventually, the bivelosser
• 4:24
  Speaker 2: resort is the company itself. It's revenues, it's buybacks. DeFi
• 4:28
  Speaker 2: lama right on their website. It used to be just
• 4:31
  Speaker 2: TVL tvltvl. Now the lending page talks about revenue, revenue,
• 4:35
  Speaker 2: like revenue earnings, all buybacks like that is now what
• 4:38
  Speaker 2: people focus on. And so I think it's an important
• 4:41
  Speaker 2: maturing process that the industry is going through. And so
• 4:44
  Speaker 2: even though twenty twenty five and for what it's worth,
• 4:46
  Speaker 2: ever since went one has been kind of thankless for
• 4:48
  Speaker 2: the out world, I think it's a maturing process that
• 4:52
  Speaker 2: the crypto world can come out of, whether it's in
• 4:54
  Speaker 2: twenty six or twenty seven.
• 4:56
  Speaker 1: You know, back in twenty one, even seventeen, you can
• 4:58
  Speaker 1: almost throw money at anything and it would probably go up.
• 5:02
  Speaker 1: That is no longer the case, and I think if
• 5:03
  Speaker 1: you look at the twenty twenty six trends, one of
• 5:05
  Speaker 1: the areas that I'm interested in right now, of course
• 5:07
  Speaker 1: is stable coins. These will have a big impact across
• 5:11
  Speaker 1: not only Wall Street global economic scenarios. You see Wormhole
• 5:15
  Speaker 1: in their news right here, getting in with national bank
• 5:19
  Speaker 1: grade oversight, this of course coming in with Ripple and
• 5:21
  Speaker 1: r l USD. But are you guys bullsh on stable
• 5:25
  Speaker 1: coin banking? And what would be the play you would
• 5:28
  Speaker 1: be looking at right now circle a publicly traded company
• 5:31
  Speaker 1: eth ave you know, looking at what Visa is trying
• 5:36
  Speaker 1: to do xrps out here with our lust, how would
• 5:38
  Speaker 1: you look at the stablecoint market right now?
• 5:40
  Speaker 2: You mentioned some good ones, so I would say eth
• 5:43
  Speaker 2: is is a very clean way to essentially make an
• 5:45
  Speaker 2: entire industry bet on cryptot large because one, if stable
• 5:49
  Speaker 2: coins exceed, yes, so two will eth generate? You know,
• 5:53
  Speaker 2: even if if a bank decides to build a layer
• 5:55
  Speaker 2: two on top of ethereum, there'll still be blof fees
• 5:57
  Speaker 2: that go towards eth so like out of the been
• 6:00
  Speaker 2: a fissure of everything, right Circle, I've actually I started
• 6:04
  Speaker 2: shorting around two hundred. I coveted at eighty and now
• 6:07
  Speaker 2: I'm kind of ambivalent about what happens next. But I
• 6:09
  Speaker 2: think better than Circle is just Coinbase, you know, because
• 6:12
  Speaker 2: with Coinbase you're getting virtually half of all of Circle's earnings.
• 6:16
  Speaker 2: Plus you have a custody business, plus you have a tokenization,
• 6:19
  Speaker 2: plus and exchange, you know, a venture arm everything, right,
• 6:23
  Speaker 2: So I think Coinbase is probably one of the best
• 6:26
  Speaker 2: juggernauts in crypto to kind of bet on, because you
• 6:29
  Speaker 2: have the best of all worlds. Like even if you say,
• 6:32
  Speaker 2: like if you think you're bullish pigs and shovels coins one,
• 6:35
  Speaker 2: if you think tokens will go crazy, well good chance
• 6:37
  Speaker 2: they will at some point launch a based token, and
• 6:40
  Speaker 2: Coinbase likely also will own twenty percent fifty percent of
• 6:43
  Speaker 2: all the base token. So whatever way you slice it,
• 6:46
  Speaker 2: you know, I think Coinbase has enough irons in the
• 6:48
  Speaker 2: fire that they can benefit from whatever meta comes next.
• 6:51
  Speaker 2: I am a big fan of AVI, of course, there's
• 6:54
  Speaker 2: been some challenges lately, which again is part of the
• 6:57
  Speaker 2: maturation process of the industry where now they fight between
• 7:01
  Speaker 2: the Dow and the original founder of like you know,
• 7:03
  Speaker 2: where do the values flow? But the good thing is, like, hey,
• 7:07
  Speaker 2: at least we're having these conversations now, these important conversations
• 7:09
  Speaker 2: to be had. But these were conversations that weren't even
• 7:13
  Speaker 2: even discussed two years ago because back then the whole
• 7:16
  Speaker 2: meta was more about announcements and marketing and whatnot. Now
• 7:19
  Speaker 2: the question is, really, hey, we want to maximize shareholder value.
• 7:23
  Speaker 2: Right at last, we talk like Wall Street, like how
• 7:25
  Speaker 2: do we generate shareholder value for token holders? All to say,
• 7:28
  Speaker 2: it has an incredible lind effect. It's been around, but
• 7:31
  Speaker 2: it used to be called eat Lend I think back
• 7:32
  Speaker 2: in twenty seventeen. So we're closing it on ten years
• 7:35
  Speaker 2: of AVE and it has, you know, tens of billions
• 7:39
  Speaker 2: in total a value locked on the platform. I think
• 7:42
  Speaker 2: it's ranked somewhere around like it would be the forty
• 7:45
  Speaker 2: fourth largest bank in the world if it were bank.
• 7:47
  Speaker 2: So you know, those are impressive, impressive feeds to achieve,
• 7:51
  Speaker 2: especially when sentiment is as low as it currently is.
• 7:56
  Speaker 1: Right well, it's also done a great job AVE has
• 8:00
  Speaker 1: and we've had study on before and they've done a
• 8:02
  Speaker 1: great job at partnering even with what you see on
• 8:05
  Speaker 1: self custody, because there's a lot of wallets out there
• 8:07
  Speaker 1: that started to integrate what AVE is doing. Back to
• 8:10
  Speaker 1: your point, a lot of growth and extensions.
• 8:12
  Speaker 2: So that's it. Which creative brings me to products. You know,
• 8:15
  Speaker 2: they can create institutional products that are you know, compliant,
• 8:19
  Speaker 2: right because they played the right games of saying, hey,
• 8:22
  Speaker 2: how can we both win the degens, but also how
• 8:24
  Speaker 2: do we win the actual institutions right? And I think
• 8:26
  Speaker 2: one will playout throw into that one is Maple Finance.
• 8:28
  Speaker 2: I don't know if you've had those guys on before,
• 8:30
  Speaker 2: but they've been growing tremendously as well, right, I mean,
• 8:33
  Speaker 2: I think they had. They started twenty twenty five off
• 8:35
  Speaker 2: maybe with half a billion dollars in TVL and the
• 8:38
  Speaker 2: end of the year with closing on four billion or
• 8:41
  Speaker 2: something like this with the closed A good job, yeah,
• 8:44
  Speaker 2: incredible job, scaling a real business on chain essentially.
• 8:48
  Speaker 1: And I think what that kind of brings me to is, uh,
• 8:51
  Speaker 1: the area of banking, and if you look at the
• 8:55
  Speaker 1: classification of neo banks. This is like an example of
• 8:59
  Speaker 1: the Web two neo bank versus the Web three neo bank,
• 9:02
  Speaker 1: which was more towards self custody. But you're going to
• 9:05
  Speaker 1: see just to the point I was getting at earlier
• 9:07
  Speaker 1: with ave lending and borrowing, DEX integration PERP DEX obviously
• 9:11
  Speaker 1: prediction markets also probably playing into that. What do you
• 9:15
  Speaker 1: think about that? Do you think when the Clarity Act
• 9:18
  Speaker 1: comes through, who is going to benefit it from the most?
• 9:22
  Speaker 1: Would it be something like a neo bank trad FI.
• 9:26
  Speaker 1: Do you think it'll be DEXes, vaults, wallets, uniswap, What
• 9:30
  Speaker 1: do you think Clarity Act?
• 9:32
  Speaker 2: I think it's the underlying infrastructure and it would be tratify.
• 9:35
  Speaker 2: And I say this because I think neo banks willing
• 9:38
  Speaker 2: to bend the rules before already. So there was a
• 9:40
  Speaker 2: bunch of new banks in twenty twenty one that were
• 9:42
  Speaker 2: staking money even on Anger Protocol and then got caught,
• 9:45
  Speaker 2: you know, like that they lost money on like TERR Luna.
• 9:47
  Speaker 2: So I think new banks, you know, they're probably bending
• 9:50
  Speaker 2: the rules already. On the flip side, they're probably much
• 9:53
  Speaker 2: faster to dot whenever they get the green light they
• 9:56
  Speaker 2: got they got the younger deaf teams, they got younger leadership.
• 9:59
  Speaker 2: They will say we're going to empraise this and we're
• 10:01
  Speaker 2: going tompraise it fast. Crypto apps, unless they become banks themselves,
• 10:07
  Speaker 2: will probably not stand the most. And I say this
• 10:10
  Speaker 2: because over the last five years or so, I think
• 10:13
  Speaker 2: the amount of actual adoption of self custody has been
• 10:18
  Speaker 2: very minimal. Right that it's still the same cohort of
• 10:22
  Speaker 2: people trading on uniswap directly, it's the same core of
• 10:25
  Speaker 2: people you know, flipping money, mean coins, hyper liquid and
• 10:28
  Speaker 2: so forth. Right, we have net nets like onboarded the
• 10:31
  Speaker 2: next one hundred million people say that I that are
• 10:34
  Speaker 2: native and using crypto, but we have onboarded an incredible
• 10:39
  Speaker 2: amount of people that are using crypto and blockchain without
• 10:42
  Speaker 2: knowing it. Right. So, for example, I think Polymarket was
• 10:45
  Speaker 2: an amazing example where even in twenty twenty, already I
• 10:49
  Speaker 2: was spending on the election between becdenos like Trump and Biden,
• 10:53
  Speaker 2: even friends of mine that had nothing to do with crypto,
• 10:55
  Speaker 2: We're using polymarket and they were using USDC. And so
• 10:59
  Speaker 2: I think that that's the kind of way we're going
• 11:00
  Speaker 2: to see cryptodoption happen, where banks and neo banks will
• 11:04
  Speaker 2: use blockchain in the back end, but you will not
• 11:07
  Speaker 2: be signing meta mass transactions. So I'm bearish on some
• 11:12
  Speaker 2: of the wallet interfaces. The fact that like every transaction
• 11:16
  Speaker 2: is signed and it's a cumbersome, and you make one mistake,
• 11:18
  Speaker 2: you lose all your money. That's just that's just not
• 11:21
  Speaker 2: right for mass adoption, right, And so that kind of
• 11:24
  Speaker 2: goes in the phase of blockchain self because then you
• 11:25
  Speaker 2: get rid of the whole point of self custody. But
• 11:29
  Speaker 2: at least there is also efficiency gains that that blockchain
• 11:32
  Speaker 2: does bring to the table. So I'd say for twenty
• 11:34
  Speaker 2: twenty six, and also this whole meta of you know,
• 11:37
  Speaker 2: Clarity Act and like the regulatory breakthroughs we've fad, i
• 11:41
  Speaker 2: would say long blockchain for efficiency efficiency, short blockchain for
• 11:47
  Speaker 2: what it actually stood for, which is the self custody.
• 11:49
  Speaker 2: It's a fourth and then the only characterize that is
• 11:52
  Speaker 2: that there's a sub segment, which is the whole privacy
• 11:55
  Speaker 2: coin coin segment right now where you either embrace all
• 11:59
  Speaker 2: of it on it. I think that's kind of what
• 12:01
  Speaker 2: I'm seeing now where look, most people aren't even self
• 12:04
  Speaker 2: casting bitcoin anymore, so that kind of defeats the point
• 12:06
  Speaker 2: of bitcoin, right, But then again, like with sea cash
• 12:08
  Speaker 2: forks or you know, yes it's provedly scares and it's
• 12:11
  Speaker 2: proof of work, but there's quantum risk, right, so then
• 12:14
  Speaker 2: that also defeats the purpose. So if you can have
• 12:16
  Speaker 2: an asset with sea cash, monera on. So a fourth,
• 12:18
  Speaker 2: I think the people that came to crypto for those
• 12:21
  Speaker 2: cipherpunk values will start flocking towards those those points, those
• 12:26
  Speaker 2: that came for efficiency, they're probably going to go towards eth,
• 12:28
  Speaker 2: They're going to go towards Solana, going to go towards wherever,
• 12:31
  Speaker 2: you know, banks can save the book.
• 12:33
  Speaker 1: Let's talk about tokenized stocks public stocks. This is tokeni's
• 12:37
  Speaker 1: public stocks. You look at the growth here right now,
• 12:40
  Speaker 1: you can kind of see some of the explosion that
• 12:43
  Speaker 1: is happening. And the interesting point behind this if you
• 12:47
  Speaker 1: think about KYC on trad FI versus something like open
• 12:52
  Speaker 1: you know, open X stocks, do you think that could
• 12:56
  Speaker 1: see because I mean, if you look at X stocks,
• 12:58
  Speaker 1: they're continuing to grow pair of somewhat parabolic in comparison.
• 13:03
  Speaker 1: Do you think that will be the route for new
• 13:06
  Speaker 1: investors to jump into public traded companies on something like
• 13:11
  Speaker 1: a token is stock for the future.
• 13:14
  Speaker 2: I very much to like. You know, that goes back
• 13:15
  Speaker 2: to the point of poll market, where people will be
• 13:18
  Speaker 2: using pluckshin infrastructure without knowing it, while trading their favorite
• 13:22
  Speaker 2: stocks from an app that what there might not even
• 13:25
  Speaker 2: be actually underlying stocks, that they might be perpetual futures,
• 13:27
  Speaker 2: we don't know. I do think there is a real
• 13:29
  Speaker 2: use case for that, particularly because a lot of global
• 13:32
  Speaker 2: markets just don't have easy access to American stocks. I'm,
• 13:36
  Speaker 2: for example, natively German. I know, the docks was like
• 13:38
  Speaker 2: for the longest time, just flat for maybe twenty years,
• 13:41
  Speaker 2: didn't do anything. So you could invest in German stocks,
• 13:43
  Speaker 2: you made no money, right. Meanwhile America is booming right.
• 13:46
  Speaker 2: On the other hand, there are of course emerging markets.
• 13:48
  Speaker 2: Maybe sometimes the market school they've rippen, they go nuts.
• 13:51
  Speaker 2: But at the same time it's built on fragile economy,
• 13:54
  Speaker 2: So how do people get access to quality assets? And
• 13:57
  Speaker 2: then you take it one step further you say you
• 14:00
  Speaker 2: have globlocks is twenty four seven, even before at IPOs, right,
• 14:03
  Speaker 2: So I think there's a lot of people that would
• 14:05
  Speaker 2: love to trade SpaceX right now, they would love to
• 14:07
  Speaker 2: trade open AI, and there are ways to do that
• 14:10
  Speaker 2: where you don't even need the underline because again it
• 14:13
  Speaker 2: could be a derivative. I think those two tickers themselves
• 14:16
  Speaker 2: would likely get more volume than virtually most stocks currently
• 14:19
  Speaker 2: public traded.
• 14:20
  Speaker 1: Yeah for sure. Well robin Head did a good test
• 14:22
  Speaker 1: in Europe with this, and I think they're going to
• 14:24
  Speaker 1: obviously blow this up here in the United States. Additional
• 14:28
  Speaker 1: to stocks, I'm looking at the data coming in on
• 14:31
  Speaker 1: these vaults. This is a good example. This is from
• 14:33
  Speaker 1: Token Terminal. This is Steakhouse Financials vault. This is the
• 14:37
  Speaker 1: one on Morpho one point four or five billion in
• 14:40
  Speaker 1: deposits right now, up six hundred percent on last year.
• 14:45
  Speaker 1: So Steakhouse Finance, for those of you who don't know,
• 14:48
  Speaker 1: this is the underlying instrument that basically handles loans and
• 14:52
  Speaker 1: also the growth of what we've seen within the Morpho market,
• 14:56
  Speaker 1: which is available now inside the coinbase app.
• 14:59
  Speaker 2: What about vaults?
• 15:00
  Speaker 1: Do you think we reach a trillion.
• 15:01
  Speaker 2: In twenty six? Yeah? I don't think it's trillion in
• 15:05
  Speaker 2: twenty six. My guess is that that probably taps out
• 15:09
  Speaker 2: in the load teens, So maybe like the fifteen twenty
• 15:13
  Speaker 2: thirty billion dollars. Also, just looking at you know what
• 15:16
  Speaker 2: everything out side of bigcoin and eath worth. To get
• 15:18
  Speaker 2: to a trillion, you will need proper institution adoption meeting.
• 15:22
  Speaker 2: You will need major banks saying I am depositing one
• 15:25
  Speaker 2: hundred and fifty billion dollars into this contract, and you
• 15:28
  Speaker 2: need pretty much four of those people six of those
• 15:31
  Speaker 2: those people doing that. So I would say, might happen.
• 15:35
  Speaker 1: You never know, it might have, but it may get institutional.
• 15:39
  Speaker 2: If I think if we reach so right now, I
• 15:41
  Speaker 2: think DeFi Lama says we have like what like one
• 15:43
  Speaker 2: hundred forty billion, one hundred and twenty billion dollars in
• 15:46
  Speaker 2: TBL across all of DeFi. I think if that number
• 15:50
  Speaker 2: grows to four hundred, I think that's a big win.
• 15:53
  Speaker 2: Because we've been stagnant, or if we've been suffering underneath
• 15:56
  Speaker 2: the all time. I have twenty twenty one for quite
• 15:58
  Speaker 2: a long time. So I think if we can hit
• 16:00
  Speaker 2: you know, getting close to half a joint, that's already
• 16:02
  Speaker 2: huge win. Four hundred billion already huge win. And because
• 16:05
  Speaker 2: although it will probably be monetized. Right so if there's
• 16:08
  Speaker 2: four hundred billion, I don't know how many BIPs that
• 16:11
  Speaker 2: flows through inch value towards online protocols and so forth.
• 16:14
  Speaker 2: But I would assume if we can hit four hundred
• 16:16
  Speaker 2: billion in TBL, total cryptomarket cap excluding bitcoin would likely
• 16:21
  Speaker 2: also at least double.
• 16:23
  Speaker 1: So all right, so we're setting a three trillion right
• 16:25
  Speaker 1: now on total market cap. You feel like we could
• 16:28
  Speaker 1: see a six trillion market.
• 16:29
  Speaker 2: Cap by bigcoin excluding excluding.
• 16:33
  Speaker 1: Excluding bitcoin, all right, Well, that.
• 16:36
  Speaker 2: It's own machine.
• 16:37
  Speaker 1: You know, that's a pretty significant amount. I mean, obviously
• 16:39
  Speaker 1: that would be much better than what we've seen in
• 16:42
  Speaker 1: twenty twenty five. So again, this would be a very
• 16:44
  Speaker 1: bullish twenty twenty six. Which a lot of analysts start
• 16:46
  Speaker 1: talking about right now, is that this seems to be
• 16:49
  Speaker 1: an eight thousand s and P in the cards. And
• 16:51
  Speaker 1: if that is the case, to your point, that could
• 16:54
  Speaker 1: be very good for risk assets.
• 16:55
  Speaker 2: There is some form of bubble. Obviously, there's some menia
• 16:59
  Speaker 2: when it comes to AI, but there are I think
• 17:02
  Speaker 2: two things to come to terms with. I think number
• 17:04
  Speaker 2: one is we have this massive debt bubble and the
• 17:09
  Speaker 2: only we had the hope of austerity with with Doge,
• 17:12
  Speaker 2: and that failed epically, So austerity is out the window.
• 17:15
  Speaker 2: So and Trump is not the guy to raise taxes,
• 17:17
  Speaker 2: so that puts taxes out the window. Right, we try
• 17:20
  Speaker 2: tariffs and tariffs made I think give will take and
• 17:24
  Speaker 2: fifty billion dollars right, and I think we run a
• 17:27
  Speaker 2: two trillion dollar deficit, So that does not that scratches
• 17:30
  Speaker 2: the surface. You're really left with two one is monetary
• 17:33
  Speaker 2: debasement or letting the debt bubble pop. Either way the
• 17:38
  Speaker 2: dollar fails. Right. It's it's it's that simple, like either
• 17:41
  Speaker 2: you debase it slowly and painfully, or people realize I
• 17:44
  Speaker 2: can no longer trust lending money to the US government.
• 17:47
  Speaker 2: And yes, that helps crypto, that helps big come, but
• 17:49
  Speaker 2: also it does buy time for every tech stock in
• 17:53
  Speaker 2: the world, because that means what do you want to own?
• 17:56
  Speaker 2: Cash that loses value or a productive asset that generates
• 17:59
  Speaker 2: trip Because no, no matter where we are as a society,
• 18:02
  Speaker 2: like we're still going to buy food, We're still going
• 18:04
  Speaker 2: to buy phones, We're still going to you know, spend
• 18:06
  Speaker 2: money on services like revenue will continue happening. Now. Of course,
• 18:09
  Speaker 2: it's it's flexible, meaning maybe the pe racials are too high.
• 18:12
  Speaker 2: But maybe I have to asked the question why are
• 18:14
  Speaker 2: the pe racials so high? Maybe because people realize that,
• 18:17
  Speaker 2: you know, I rather overpaid today then get stuck with
• 18:21
  Speaker 2: dollars which will continue to go lower. The underscore for
• 18:24
  Speaker 2: that is, you just look at the price of gold
• 18:25
  Speaker 2: and silver, right, there's clear science that's things are breaking.
• 18:29
  Speaker 2: People are waking up that this is no longer the
• 18:32
  Speaker 2: libertarian or the silver the tinfoil heads. It's like, no,
• 18:36
  Speaker 2: we're actually now within shouting distance. We will see this
• 18:39
  Speaker 2: probably within the next decade. So how do you set
• 18:41
  Speaker 2: yourself up for success? And they're out push one further
• 18:44
  Speaker 2: and say so, then maybe the craziness around AI actually
• 18:48
  Speaker 2: makes sense. Maybe it's because we realize that that is
• 18:50
  Speaker 2: our only one true shot on goal to solve this problem,
• 18:54
  Speaker 2: because maybe if we make the right investments in AI,
• 18:57
  Speaker 2: we get the right productivity lift. Productive lift means we
• 19:00
  Speaker 2: get the right GDP lift where we can actually claw
• 19:03
  Speaker 2: our way back out of that problem. And maybe it's
• 19:06
  Speaker 2: even okay to right now spend the dollars and borrow
• 19:10
  Speaker 2: those dollars that will not be worth anything ten years
• 19:12
  Speaker 2: from now, and leverage them to enhance and ensure US
• 19:17
  Speaker 2: hegemony ten years from now, because that AI progress will
• 19:21
  Speaker 2: be so much worth more than the dollars will be
• 19:23
  Speaker 2: worth ten years from now.
• 19:24
  Speaker 1: But one thing that has been you know, here recently
• 19:26
  Speaker 1: uncovered is just the amount of immense fraud and what
• 19:31
  Speaker 1: we're seeing is just all over the place. So if
• 19:34
  Speaker 1: that were somehow controlled or at least curbed, which it
• 19:38
  Speaker 1: should be, I mean, that's the number one thing a
• 19:40
  Speaker 1: government should be able to just figure out where it's
• 19:43
  Speaker 1: spending fraudulently. That in itself may end up helping a
• 19:48
  Speaker 1: little bit at least into the point of extending the
• 19:50
  Speaker 1: life of what we could see around dollar debasement. Overall,
• 19:55
  Speaker 1: this is getting a little political, so I want to
• 19:58
  Speaker 1: bring it back in a little I'm gonna bring it
• 20:01
  Speaker 1: back in a little bit on valuations and where that's
• 20:05
  Speaker 1: going because one thing that is potentially in line here,
• 20:10
  Speaker 1: and that could be tokenized assets. Now we've already talked
• 20:12
  Speaker 1: about RWAs what about tokenized collectibles? So you got logan, Paul,
• 20:16
  Speaker 1: I want to play this clip for you, and this
• 20:18
  Speaker 1: could be one of those things that maybe level sets
• 20:22
  Speaker 1: the market on this. Let me go to this clip
• 20:24
  Speaker 1: real quick.
• 20:25
  Speaker 2: Yeah, let's say, yeah.
• 20:26
  Speaker 1: Super Bowl one one the most coveted card in the world.
• 20:30
  Speaker 2: Ken has been chasing me for years, trying to convince
• 20:33
  Speaker 2: me to sell this car, but I made my decision.
• 20:36
  Speaker 2: He gave me the money. I'm sure eBay wouldn't be
• 20:38
  Speaker 2: happy with that contract sign and my guess is we
• 20:40
  Speaker 2: probably won't see this for sale for another couple decades.
• 20:44
  Speaker 3: So the thirtieth anniversary Pokemon is in February, so right
• 20:48
  Speaker 3: now it is planned to go live the second week
• 20:52
  Speaker 3: of January.
• 20:53
  Speaker 2: Pokemon has delivered higher returns than the stock market in
• 20:56
  Speaker 2: the past twenty years by upwards of three thousand percent.
• 21:00
  Speaker 3: Collectibles as a category right now is an asset class.
• 21:04
  Speaker 3: They did not grow up, you know, dreaming about owning
• 21:07
  Speaker 3: a big art collection, to them owning the best of
• 21:10
  Speaker 3: the best, whether it's a Pokemon card, that is what
• 21:13
  Speaker 3: they aspire to be.
• 21:15
  Speaker 1: You know, do you feel like there is an opportunity
• 21:18
  Speaker 1: for this in the future In terms of tokenized collectibles,
• 21:23
  Speaker 1: I would.
• 21:23
  Speaker 2: Think about this in two ways. One one, you treat
• 21:26
  Speaker 2: it as a collector, meaning you actually care about the
• 21:28
  Speaker 2: thing you're collecting, and then you collect it and you
• 21:29
  Speaker 2: do don't care. Funcial value option too, you have to
• 21:32
  Speaker 2: treat it like a trader or not like an investor,
• 21:34
  Speaker 2: because when an asset doesn't create any fundamental value, all
• 21:39
  Speaker 2: it does all it is is a question of supplying demand, right,
• 21:42
  Speaker 2: and so in supply to make changes. Right. So the
• 21:44
  Speaker 2: interesting about Pokemon I read about this essentially is the
• 21:47
  Speaker 2: kids growing up with Pokemon in like Fox on Housebord
• 21:49
  Speaker 2: nine ninety five, right, So I grew up watching Pokemon.
• 21:52
  Speaker 2: I had the Game Boy Color, I played the early ones.
• 21:54
  Speaker 2: I got their first generation card sets, and so forth.
• 21:57
  Speaker 2: Now we're old enough that with the money, and some
• 22:00
  Speaker 2: people might some kids, well no kids anyone that have
• 22:02
  Speaker 2: some millennials age thirty thirty five have enough cash. They say,
• 22:05
  Speaker 2: I always want to own these Pokemon. I can finally
• 22:08
  Speaker 2: for them. I'm going to buy them. And so all
• 22:10
  Speaker 2: of a sudden, you know, and they want the first
• 22:12
  Speaker 2: generation why because that's what they grow up with, That's
• 22:14
  Speaker 2: what they know. They don't even know the new ones. Right,
• 22:16
  Speaker 2: So these early generations have limited supply, and now you've
• 22:20
  Speaker 2: got an increased demand from a generation that suddenly has
• 22:22
  Speaker 2: more money. Because in the past they ask mom and dad, hey,
• 22:25
  Speaker 2: can I have ten bucks to buy booster pack? Now
• 22:27
  Speaker 2: they have a page coming in every month and they
• 22:30
  Speaker 2: can draw up hundreds of dollars. That doesn't mean that
• 22:32
  Speaker 2: these are perennial assets that like one hundred years from now,
• 22:35
  Speaker 2: the Pokemon card will be worth more. It's also very
• 22:38
  Speaker 2: possible that maybe forty years from now nobody cares about Pokemon, right,
• 22:42
  Speaker 2: So I would say treat collectibles as a trader or
• 22:45
  Speaker 2: as a collector, nothing in between, because there again to
• 22:49
  Speaker 2: be an investor, then that must be actual fundamental value
• 22:51
  Speaker 2: being generated.
• 22:52
  Speaker 1: I would agree to a certain extent on that. Obviously
• 22:54
  Speaker 1: you get into different kind of collectibles. You can get
• 22:56
  Speaker 1: into watches, you know, fashion items, things like that, different
• 22:59
  Speaker 1: kind of scenari Those are different markets in general. But
• 23:02
  Speaker 1: tokenized assets moving to collectibles will be intriguing because it's
• 23:07
  Speaker 1: been you know, we've talked about it for five years
• 23:08
  Speaker 1: and it hasn't really happened. Will it happen in twenty
• 23:12
  Speaker 1: twenty six? Is the real question? Is this one of
• 23:14
  Speaker 1: those key pittle points where if this card goes off
• 23:17
  Speaker 1: the hook at five million plus, you know, could you know,
• 23:22
  Speaker 1: now protect Felipe reconsider how they're producing watches. Could you
• 23:27
  Speaker 1: have all these different kind of true collector assets, including artwork,
• 23:32
  Speaker 1: started to move into that. I'm just kind of curious
• 23:34
  Speaker 1: if you think.
• 23:35
  Speaker 2: The main benefit is accessibility, but that there's quite a
• 23:39
  Speaker 2: tremendous amount of potential downsites or risks, let's call them.
• 23:42
  Speaker 2: You know, there's a lot of I think fraud risk
• 23:43
  Speaker 2: and I think there's actually an issue with Logan Paul
• 23:45
  Speaker 2: note there that he had a tokenization platform and he
• 23:49
  Speaker 2: tokenized an asset, but then he separately sold them. Those
• 23:52
  Speaker 2: are questions that like still need to be answered. But
• 23:54
  Speaker 2: otherwise the number of beneficiary is accessibility, folks. If you
• 23:58
  Speaker 2: mentioned art, right there's historic piece, Like if there's a
• 24:02
  Speaker 2: piece from there, not Avinji, can a regular human that
• 24:05
  Speaker 2: is not love you know, like invest one thousand dollars
• 24:08
  Speaker 2: and own a piece of Dutovnji in that case? Yeah,
• 24:11
  Speaker 2: I think that is that makes a very realistic asset. Claus.
• 24:14
  Speaker 1: I'm looking at the Courtyard chart right here on doom Analytics,
• 24:18
  Speaker 1: and this is that's the pink you know bar right there.
• 24:20
  Speaker 1: That's the growth of the market right there, so coming
• 24:23
  Speaker 1: from where it was just in October of twenty twenty four,
• 24:27
  Speaker 1: just to show the potential here of what kind of
• 24:30
  Speaker 1: revenue is coming back into this. And that's the course Courtyard,
• 24:34
  Speaker 1: which is one of the biggest you know platforms out
• 24:36
  Speaker 1: there around this I want to jump over. I know
• 24:39
  Speaker 1: this is getting a little bit long here. I want
• 24:41
  Speaker 1: to jump over to the topic of gaming because I
• 24:45
  Speaker 1: know you guys have kind of repositioned your analysis on
• 24:49
  Speaker 1: gaming in general. If you look at top gaming chains
• 24:53
  Speaker 1: right now, what would you say is number one? If
• 24:57
  Speaker 1: I mean, you've obviously seen this market for a while,
• 24:59
  Speaker 1: I know you're not necessarily investing in it, but what
• 25:01
  Speaker 1: are your thoughts right now on gaming chains?
• 25:03
  Speaker 2: I think the truth is there are non It sounds aggressive,
• 25:06
  Speaker 2: but there are non So I've talked to a lot
• 25:09
  Speaker 2: of like strong games teams, I meaning the actual games
• 25:12
  Speaker 2: of the game developers that make the games that have
• 25:14
  Speaker 2: talked to a lot of these chains. One a number
• 25:18
  Speaker 2: of the chains have pivoted away from games because it
• 25:20
  Speaker 2: work with them, and then actually quit and pivot away
• 25:23
  Speaker 2: from them, meaning they got a grant and they said, like,
• 25:26
  Speaker 2: there's no benefit of working with IMEX. And so my
• 25:29
  Speaker 2: bet really, when it comes to web three gaming is
• 25:31
  Speaker 2: much more so that it will originate from a game
• 25:35
  Speaker 2: team than from a chain, Meaning a team will realize, hey,
• 25:39
  Speaker 2: this is a really sensible way to use crypto and
• 25:43
  Speaker 2: web three, and we're going to integrate it because it
• 25:46
  Speaker 2: makes sense for users than it is for a change
• 25:48
  Speaker 2: to say, okay, well games chain, everybody can build on us,
• 25:51
  Speaker 2: because I think the only way crypto web like Web
• 25:55
  Speaker 2: three gaming works right now is in a gambling sense,
• 25:58
  Speaker 2: which also, of course has been much the case for
• 26:01
  Speaker 2: a lot of Web three right. A lot of it
• 26:02
  Speaker 2: is around like trading, it's about making money and so forth.
• 26:05
  Speaker 2: And so the early instances of like Web three gaming
• 26:08
  Speaker 2: working is around can somebody make money betting on outcomes
• 26:13
  Speaker 2: in the game playing game and so forth. But the
• 26:16
  Speaker 2: reality is, you know, we saw like acc in Finny,
• 26:18
  Speaker 2: for example, try the most simplest iteration of that, which
• 26:20
  Speaker 2: is like played to earn. And while they do have
• 26:23
  Speaker 2: some traction in Southeast Asia and maybe they've built some
• 26:26
  Speaker 2: IPN brand, we certainly can with confidence say that none
• 26:30
  Speaker 2: of these Web three games have become mainstream hits. Right.
• 26:33
  Speaker 2: I think I watched one of your videos from eight
• 26:35
  Speaker 2: days ago where I mentioned, you know, we've got GTA
• 26:39
  Speaker 2: six coming out next year, right, And so the real
• 26:42
  Speaker 2: gaming world, I think is moving funny enough in the
• 26:46
  Speaker 2: right direction, and the funny enough the real gaming world
• 26:49
  Speaker 2: is moving towards the centralization, but it's just not on
• 26:51
  Speaker 2: blockchain yet. Ten years ago was pretty much all centralized
• 26:54
  Speaker 2: in independent titles right that big sties owned. And today
• 26:59
  Speaker 2: the whole meta gaming is pretty much distributed. On one end,
• 27:03
  Speaker 2: you've got the platforms like the rollblocks a Fortnite where
• 27:06
  Speaker 2: anybody kids can build games now and earn money building
• 27:09
  Speaker 2: these games, right, And the more players like they get
• 27:13
  Speaker 2: the distribution on the platform right, and the more players come,
• 27:17
  Speaker 2: the more money they make. Now it takes take as
• 27:19
  Speaker 2: a further and now there's this whole what's it called
• 27:22
  Speaker 2: the whole genre of something called friends slob right, which
• 27:25
  Speaker 2: essentially is these games that maybe a study can make
• 27:27
  Speaker 2: for one hundred thousand dollars or less, right, but they
• 27:30
  Speaker 2: are they're party games that are entirely it's like they're
• 27:33
  Speaker 2: very viral, like for example, are we there yet? Or
• 27:36
  Speaker 2: these games that you just chomp in for five minutes
• 27:39
  Speaker 2: to play with friends, and some of these games are
• 27:40
  Speaker 2: made thirty million dollar plus. Right. So again, but it
• 27:43
  Speaker 2: kind of goes back to this whole distribution meta. So
• 27:45
  Speaker 2: this distributed nature meta of like decentralization where now you
• 27:50
  Speaker 2: actually have small teams, when you actually have individual depths,
• 27:54
  Speaker 2: build on networks and ecosystems, and when the piece that's
• 27:57
  Speaker 2: missing of course the last bit is the plot chain
• 28:00
  Speaker 2: aspect and tooxization of assets, and I think that will come.
• 28:02
  Speaker 2: But I think we essentially put the card from the
• 28:06
  Speaker 2: whores and kind of did it the wrong way around.
• 28:08
  Speaker 2: We said, okay, we can build all infrastructure first, and
• 28:11
  Speaker 2: then we tried to plug in something fun in a game. Here.
• 28:15
  Speaker 2: It was actually, in my opinion, the other way around.
• 28:17
  Speaker 2: From the start, you start with something fun, you start
• 28:20
  Speaker 2: with distribution. We start with people actually having eyeballs on
• 28:23
  Speaker 2: your platform, and then you move towards the distribution. There's
• 28:26
  Speaker 2: a trend that is slowly happening that was unthinkable before,
• 28:31
  Speaker 2: which is one app stores are slowly lowering the prices right.
• 28:36
  Speaker 2: So for example, Roadblocks has actually increased the revenue share
• 28:40
  Speaker 2: that their developers are getting in the past, where we're
• 28:42
  Speaker 2: used to it going the other way around. But like overtime,
• 28:44
  Speaker 2: develops get less and less and less and less. Now
• 28:46
  Speaker 2: we're going to the direction where even including you know,
• 28:49
  Speaker 2: the lawsuit between I think it was epic and Apple
• 28:54
  Speaker 2: right did a forxample. I think in the EU like
• 28:56
  Speaker 2: you can actually you can get around paying the store fees.
• 28:59
  Speaker 2: I think we're migrating towards these network states for meta
• 29:04
  Speaker 2: versus and these platforms, whether it's a Fortnite, whether it's
• 29:08
  Speaker 2: a GT six, which also will have their own open
• 29:11
  Speaker 2: world and UGC network right will probably start tapping into
• 29:16
  Speaker 2: pluck chain. My guess is by twenty seven twenty eight,
• 29:19
  Speaker 2: So like that's how they're out to me. That is
• 29:22
  Speaker 2: the path of how web three gaming will all the
• 29:24
  Speaker 2: sun look like an obvious hindsight thing where we're like,
• 29:28
  Speaker 2: oh wow, we just stumbled into it. It's not that,
• 29:31
  Speaker 2: you know, we built Illuvium or axine, it became the
• 29:34
  Speaker 2: world ted. It's more so that one day you'll wake
• 29:36
  Speaker 2: up and there are NFTs in GTA roadblocks.
• 29:40
  Speaker 1: Yeah, yeah, well, and I think maybe roadblocks is the route.
• 29:43
  Speaker 1: I was looking at this survey question on roadblocks. Would
• 29:46
  Speaker 1: you still be earning money from other interactive experience related
• 29:49
  Speaker 1: work if not for roadblocks? And you can kind of
• 29:52
  Speaker 1: see that everybody's kind of saying it's all built on
• 29:56
  Speaker 1: the potential here of where, And that just shows you
• 29:58
  Speaker 1: the power of some of these ips to your point
• 30:01
  Speaker 1: going forward, Felix, I know you guys are into.
• 30:06
  Speaker 2: ARVR.
• 30:07
  Speaker 1: You look at what is happening over there with cees
• 30:10
  Speaker 1: getting ready to here's x reel. They're getting ready to
• 30:13
  Speaker 1: drop something huge. It looks like it's coming just in
• 30:14
  Speaker 1: another day or two. You look at Meta and how
• 30:18
  Speaker 1: they've really started to move in on virtual really kind
• 30:21
  Speaker 1: of on virtuals itself. Let me see if I pulled
• 30:24
  Speaker 1: up the Meta article. So they're buying this AI startup Manus,
• 30:27
  Speaker 1: which is kind of a VIRTUALS knockoff.
• 30:30
  Speaker 2: We'll call it that.
• 30:32
  Speaker 1: What do you think about this? Do you feel like
• 30:33
  Speaker 1: AI agents Meta? What they're doing in terms of a strategy,
• 30:38
  Speaker 1: what x reel is doing in terms of hardware. Talk
• 30:41
  Speaker 1: to me about trends you see coming out for twenty
• 30:43
  Speaker 1: six in this area.
• 30:44
  Speaker 2: We're very big on smart clauses. I got the Meta
• 30:47
  Speaker 2: ravend dis place here and these are what's called the Realities.
• 30:51
  Speaker 2: It's a small company, they're much lighter, and they don't
• 30:54
  Speaker 2: actually have spatial they just have texts essentially. It's almost
• 30:57
  Speaker 2: like having like lines of texts on here. But the
• 31:00
  Speaker 2: interesting thing is that what I start seeing happening in
• 31:03
  Speaker 2: twenty twenty six. And we've made one big bet on
• 31:05
  Speaker 2: this with a company called Mentra that came out of
• 31:07
  Speaker 2: why Combinator. They're building the first operating system for smart
• 31:10
  Speaker 2: classes is you know, smart classes really are the AI
• 31:14
  Speaker 2: co pilot for humans. And so then you go away
• 31:17
  Speaker 2: from the game side and say like, okay, so let's
• 31:20
  Speaker 2: about it andertain it's not about like what's called projecting
• 31:23
  Speaker 2: movies on my glasses. It's more about they should disappear
• 31:28
  Speaker 2: in your day to day more or less, right, like
• 31:30
  Speaker 2: you wear them, you don't even think about having a
• 31:32
  Speaker 2: device in your head. Instead, as we're having this interview,
• 31:35
  Speaker 2: for example, your glasses would maybe show you interesting facts
• 31:40
  Speaker 2: that relate to things we're talking about, or they might
• 31:43
  Speaker 2: even suggest a question that they think would be like
• 31:45
  Speaker 2: awesome to use next. Right, So the point is not
• 31:48
  Speaker 2: to steal you away from base reality, but rather to
• 31:51
  Speaker 2: really enhance it, enhance it. Yeah, the first time we're
• 31:54
  Speaker 2: actually there where the technology is ready to be mainstream
• 31:57
  Speaker 2: because it goes back everything from batter life. So for example,
• 32:02
  Speaker 2: the new mentor classes, they last sixteen hours, right where
• 32:05
  Speaker 2: now you can actually wear glasses all day long, or
• 32:08
  Speaker 2: what goes into things like wait, there's actually studies that
• 32:10
  Speaker 2: like classes need to be below forty grams on the
• 32:14
  Speaker 2: bridge of the nose because otherwise you get pain, you
• 32:16
  Speaker 2: get headaches. You can see right, you can. And the
• 32:19
  Speaker 2: problem is a lot of these metal ones, they're quite large, right,
• 32:22
  Speaker 2: I think there's still like eighty grams. They're quite big,
• 32:25
  Speaker 2: and so you can wear them hours and the problem
• 32:28
  Speaker 2: is also the battery dies. Like I was in Patagonia
• 32:31
  Speaker 2: last week and I was like filming some cool action stuff,
• 32:33
  Speaker 2: but they would always die. And so I think the
• 32:36
  Speaker 2: companies that prioritize smart design not like all the features,
• 32:40
  Speaker 2: but like can these classes last sixty hours? Can these
• 32:43
  Speaker 2: classes be complete worn all day long? And then can
• 32:46
  Speaker 2: they do things that actually enhance my life, like for example,
• 32:50
  Speaker 2: real time translation capturing for the definite heart of hearing,
• 32:53
  Speaker 2: maybe an AI co pilot that gives you interesting ideas
• 32:56
  Speaker 2: where you're having conversations. Right so, and that stuff will
• 32:59
  Speaker 2: be shipped this year. In fact, you can already test
• 33:02
  Speaker 2: them yourself on seal of these companies, whether it's Mentra,
• 33:05
  Speaker 2: where it's even realities. That's stuff I'm very very excited
• 33:07
  Speaker 2: about because I think that will be the first time
• 33:10
  Speaker 2: x all will have its mainstream moment. Because VR had
• 33:14
  Speaker 2: this habit of kind of getting getting viewed as a console, right,
• 33:17
  Speaker 2: like you have it, like give an Xbox, you have it,
• 33:18
  Speaker 2: like give a PlayStation. But I think we twenty six
• 33:22
  Speaker 2: or twenty seven will likely be the year where you
• 33:26
  Speaker 2: will see people walking down the streets wearing smart classes
• 33:30
  Speaker 2: in a much higher count then we've already seen people
• 33:32
  Speaker 2: wearing the metal ravents, because the metal ravens were already
• 33:34
  Speaker 2: cultural moment where people realized WHOA like. It's like, I
• 33:38
  Speaker 2: want to leave my if I have to choose between
• 33:40
  Speaker 2: regular rabents metal rate bents out, just the metal rate
• 33:42
  Speaker 2: bents because I get extra functionality. We're tapping into habits
• 33:45
  Speaker 2: that people already have.
• 33:46
  Speaker 1: Last question, what's the number one mistake you see investors
• 33:50
  Speaker 1: making this year that last year is probably not selling
• 33:53
  Speaker 1: bitcoin at one twenty six?
• 33:55
  Speaker 2: Yeah, I would say so. Since this this channel is
• 33:58
  Speaker 2: very crypt crypto heavy, I will make it crypto specific,
• 34:02
  Speaker 2: which I think is whole. The biggest mistake crypto investor
• 34:06
  Speaker 2: will make in twenty twenty six is holding on to
• 34:10
  Speaker 2: old belief sets. What I mean by that is crypto's
• 34:13
  Speaker 2: full of these rule of thumbs, whether it is the
• 34:16
  Speaker 2: four year cycle, whether it's the hobbing, whether it is
• 34:20
  Speaker 2: you know, first big one goes up, then it goes up,
• 34:22
  Speaker 2: then the outsco like you know, there's all these memes
• 34:25
  Speaker 2: almost around in investor wisdoms in the crypto space, and
• 34:31
  Speaker 2: the very hard thing to get through is that like, yes,
• 34:35
  Speaker 2: they have been true for maybe am as much as
• 34:37
  Speaker 2: like eight years in a row. I know, things that
• 34:39
  Speaker 2: were true in twenty seventeen. They were still true maybe
• 34:41
  Speaker 2: even until like twenty twenty two. But it is a
• 34:43
  Speaker 2: different market now. And you can say that because a
• 34:47
  Speaker 2: market is nothing more than the collective of its participants,
• 34:51
  Speaker 2: and we can obviously contromtly say that the participants have changed,
• 34:54
  Speaker 2: so it is not one of those but this time
• 34:57
  Speaker 2: it's different. No, Like you just look at who is
• 34:59
  Speaker 2: the collective people putting money into this market. If they
• 35:03
  Speaker 2: are firmly different, right, if they're in social then the
• 35:08
  Speaker 2: market will also behave differently. So you know, I think
• 35:11
  Speaker 2: a lot of people have a hard time, for example,
• 35:13
  Speaker 2: letting go of losers right where they say, well, I'll
• 35:15
  Speaker 2: sell it. In this very weird behavior that people have,
• 35:18
  Speaker 2: they buy an asset, they will write it down ninety percent,
• 35:21
  Speaker 2: say like I'll buy it when it gets back to
• 35:23
  Speaker 2: break even, and maybe that the asset was actually then
• 35:25
  Speaker 2: great and keeps going on. But like this, they have
• 35:27
  Speaker 2: the soul mindset I sell when it gets back to
• 35:29
  Speaker 2: break even. The truth is you might be getting back
• 35:32
  Speaker 2: to break even much faster with a better asset. So
• 35:35
  Speaker 2: I think it's a new year, clean year. Probably should
• 35:38
  Speaker 2: have done it, Yes, like a couple of days ago
• 35:39
  Speaker 2: and most text loss harvesting, but at least still to early.
• 35:43
  Speaker 2: It's still early enough to say, like, hey, let me
• 35:45
  Speaker 2: actually understand every line item my portfolio. What do they do?
• 35:49
  Speaker 2: Do they make money? How? How is this going to
• 35:51
  Speaker 2: get back I go back up? And if I can't
• 35:53
  Speaker 2: explain how it's going to go back up other than
• 35:56
  Speaker 2: I hope the fet prints money or there's going to
• 35:59
  Speaker 2: be or market data that is not an investment strategy
• 36:03
  Speaker 2: must be something.
• 36:04
  Speaker 1: Strategy hope is not a strategy.
• 36:08
  Speaker 2: I love it.
• 36:09
  Speaker 1: Felix Hartman coming in from Hartman Capital. You guys make
• 36:11
  Speaker 1: sure and give Felix a thumbs up and also some
• 36:14
  Speaker 1: comments down below. But Felix, thanks so much for coming
• 36:16
  Speaker 1: in today.
• 36:17
  Speaker 2: We appreciate it. Paul. Have a great new year.
• 36:26
  Speaker 1: If you like this video, like and subscribe, drop a
• 36:29
  Speaker 1: comment down below, and also join our free private member group.
• 36:33
  Speaker 2: The link is in the description