Yo-yo, yo, what up? What up?
Good morning. Good morning.
Small now on this being a Tuesday.
Ohh just Tuesday. My God, yesterday felt like a
week. OK, I guess it's just Tuesday,
Tuesday, January 9th, 2024444. Look at that.
Another beautiful day to have a beautiful day.
I got my co-host in the house off Mandel.
How you doing today? GM guys.
One day, one day closer. One day closer or or same day?
Or same day, yeah. Or same day.
I mean we're we're getting, we're definitely getting closer
here. Amanda, how you doing today?
Doing great, man. Doing great.
Lisbon's a little bit, a little bit rainy actually.
Ohh. Last couple of days, yeah.
Yeah. Fair of you to say.
So rugged. I feel rugged by this.
Country. I wonder how many days a year it
actually rains in in in Lisboa. Like I I don't think it's a lot
right. I think they say it's 300 days
of sunshine high and it's generally warm.
It's really, it's the warmest European capsule.
So you get as in like during the winter, so it stays pretty warm.
But yeah, I've definitely been rugged the last couple of days.
Too much sun, isn't it? 300 days just yeah.
It sucks. Not enough?
Sunlight for like 2 months and you got another three months to
go before in May. Well, well, no four or four
months to go. Really funny today.
Very, very sunny today. I I can't say the same here.
I I can't. Say this 1° but apart from.
That it's right here. There's something nice about,
like a nice, sunny, cold winter day.
You know what I mean? Like.
What's the what's the the football quote like?
Have you played a rainy night? And ohh Tuesday night in Stoke.
Ohh, Tuesday night in Stoke. Yeah that have you, but have
you? But have you played a cold
Tuesday night in Stoke? Because.
You know what 11° here? The Oval, Lisbon.
Yeah. That is outside here is -8
Celsius right now. But that's that's like rookie
numbers like honestly January 9th like and it's just it's
barely even snowing and like barely even cold.
This is like this is bullish. Like this is a this is a sign
that the ETF's are around. Speaking of which, today on the
show to day-to-day market updates, moves, yadda yadda
yadda, you already know the drill.
As usual, we're gonna talk about Jim Cramer's, you know,
reversing the market. So we're we're, we're glad that
Jim Cramer is now, you know, calling for top on Bitcoin, let
you guys saw that, you know Mando, given that, you know, you
know the minutes you write, the minutes you're, you know, big
news guys. So you've probably seen it.
These topics are done off my minutes.
I'm pretty sure I saw it, yeah. I love that.
Hey, hey, Mando GPT, find me the five biggest topics to talk
about on the show today. No, I'm just kidding.
I'm just listen, listen, listen. So that's what we're talking
about. Of course, getting closer to the
ETF. So sorry about that.
I promise you at some point there's not gonna be any ETF
conversation. But right now that is what's
happening in this space. And we have talked about it.
So. And we're we're going to be
joined by Stacey Elliott of of the Crypt actually to to come
and talk to us you know kind of like the latest SO tweet
yesterday about like some potential play blah blah blah.
Like you know all that good stuff I saw I saw you quote
tweet that obvious well but so we'll get the actual you know
news and see what's going on on that front.
Then NFT update we promised it. We have to deliver it.
We're going to go through Solana Bitcoin Ethan FTC, what's going
around the the space and whatnot and see what the show brings us.
Without further ado, why don't we get this?
This part party started today. So sure, who should I go to
first? You know who?
Who's feeling more like upcoming Mandi Feel like yesterday you
cooked this essential. Who is the man?
Michael, Daddy of the land? Can you take it?
Yes. So we we had a very, very strong
day yesterday. Bitcoin hit 47 Ki think 47.2 at
its high. You saw Earth go all the way up
to 2350 area Solana. So I don't actually pick this
morning went all the way up to one or two, but just a a very,
very strong day of bounce back in a bunch of different alts as
well. Bitcoin dominance did rise.
We are heading towards 55% actually we're at 55% right now
in Bitcoin. That's if you bring up the
Bitcoin dominance chart, it's it's been a wild start to the
year. We started the year at 51%
roughly. Yeah, the lows were around 51%
and we're up to 55%. So huge, huge move.
I think E BTC is at its lowest rate in in multiple years at
this stage. It broke through kind of a multi
year resistance point and it definitely feels like Bitcoin is
people looking trying to to get exposure to that.
We said that yesterday. We said look we think Bitcoin
dominance early in the week go up to you know 5557%.
It could even go as high as sixty.
I think in this world I'm not like we're about to see a bunch
of different ETFs launch. There is not a lot of Bitcoin on
exchanges. You could see something would
happen but yeah that that is an uneven not unexpected move in
Bitcoin dominance although up to 55%.
But at least this was a rally which everyone participated in.
I think what been happening before is Bitcoin had done
nothing and all the alts have got lower this this was becoming
going higher and everything kind of following but at least not
following as strongly as Bitcoin was.
In terms of the the stuff that really bounced Solana went above
one or two, I mean that had 85 on on Sunday night that that was
so that was a reversal of of about 20% there which is which
is pretty wild in in just a couple of days.
And then you saw all the sole memes also have a big move up.
So Bonk with all of those so some DJ activity kind of came
back and then you continue to see some of the more Bitcoin
related things outperform I would say so some of the BRC
20s, some of the some of the L2 stacks included some of the D5
protocols like run kind of bounce back quite strongly And
then it was it was it was actually some of the newer coins
so like Tia had a big run backup you had Sui kind of bounced
back. So it was it was kind of broad
based, but the only thing that's really held this morning because
Bitcoin did briefly drop again on some just wobbles around
headlines around the. ETF like that just Bitcoin just
wobbles around that's that's yeah.
Yeah, and it stuck around. I think it down to like 46 K and
everything puked and then bitcoins back up to to 40.
75454. Wow.
OK, maybe I missed that, but yeah, that was a pretty big
deal. Nothing really.
It was a news that really come out yesterday.
The SEC was coming back with some additional comments.
The the alpha on that is that there's not going to be delayed,
It's going to continue seemingly.
But people, you know, people got unsure.
And again, you've just seen Bitcoin dominance grow and since
that move so long has stayed above 100.
But most other things are lower including E which is kind of
continued to bleed back, bleed lower since since that initial
move blower, yeah. So where we are in terms of of
the ETFs? Actually.
Hold on, I'm gonna bring Stacey up now then to chat about the
ETS. So I'll go on.
Go on mine though. Sure.
I I don't really think there's that much new, but maybe Stacey,
Stacey can bring it in. Like it feels as if we're still
on track from where we were yesterday.
But there's been, yeah, a couple of headlines around it.
Yeah, So anyway, GM Morning, guys.
How you doing? I'm in the middle of moving, so
please excuse the very bland background.
I love, I love that you have the same microphone as as all of us.
Ohh yeah. I had to dig it out-of-the-box
that it was packed in. But yeah, I'm here with my
proper podcast microphone. Snazzy before you go off on the
ETS because I know that's your stick.
You know, why don't you give us a little introduction for the,
for the, for the full hour listener of and and rug radio.
Yeah, sure, I I'm a Jay School reporter.
Like, I got started at a newspaper, back when newspapers
were still a thing. I've been covering business and
finance for a long time, like 10 plus years now.
I was at Fortune for a bit. I was working over at the street
for a little while, writing a newsletter about institutional
investing in crypto, and then I got poached to come over to
decrypt, which was lovely. It was a great day.
Nice must be nice. Must be nice.
Would be a lot of fun. So.
So I'm told that you've got some.
You know you're quite the alpha for ETF stuff and all this
finance talk. So why don't you, why don't you
give us the TLDR that Mando is going to get into it.
But like what's going on. We saw a tweet yesterday.
I know Ovie had some comments to make on on X I'll get to those
after and like and and some people saying there was like
some form and then someone wrote a tweet saying like ohh like it
might get delayed. So I go went viral and things
you know as usual like Mando said wobble around.
So what's what's actually going on right now is the latest.
So the latest latest is that there's been a whole new right.
So we saw a bunch of new updated S1 registrations get filed
yesterday and then this morning we saw a whole new round of them
get filed this morning. So basically what's happening is
that like you know, everything gets turned in, The SEC is
looking over everyone's forms and saying, OK, hey, we need you
to fix this before we can proceed.
And whoever these poor people are at all these firms who are
kind of filling out these forms are basically working overnight.
Like at some point I want to talk to one of these people who
had to work like 4 days straight on this kind of stuff.
So yeah, I've seen some people saying that this might be like a
delay tactic or something like that, but the deadline is the
deadline. They've still gotta do something
either to say they're gonna delay it or, you know, they're
gonna approve or reject by tomorrow.
I don't know. They're working so fast.
I don't know that this is really a bad sign.
That might be the dip that you were talking about earlier,
Mando, that we saw in the Bitcoin price that everyone kind
of panicked and thought, ohh, shit, everyone's filing some
more stuff. Maybe this isn't going to
happen, but yeah, I'm not. I'm not so bearish on it like
that. Like, I still think we're on
track. It just seems like everyone is
working around the clock, like as soon as stuff is getting
filed, it's getting reviewed, comments are going back and
they're just trying to get everything in order.
So yeah, it's just more filings. So far from what I've seen, I
haven't read all of them just yet because they just got filed
this morning. I think a lot of it just has to
do with the fees and everything that everyone was talking about
yesterday. I think all that got sent in
first time yesterday. And so now the SEC has had a
look at the way everyone plans to handle fees and has had some
feedback. OK.
I saw, I I just saw that going through James's ex while you
were, you know, talking about this, that there's been also
some fee cuts, right? So the feet like the the fee
warp started before he even started, right?
Yeah. I mean there's I think at least
three or four of them that are going to like launch with like a
0% fee basically until they get to like I think I saw for some
of them until they get to like a billion dollars of assets under
management. Others are gonna do like for a
certain set amount of time whichever one they hit first.
The thing basically is that Black Rock came out and said
we're going to be at 0.3% fee, 0.2% introductory like until
they get to 5 billion and that basically kind of just set the
line for where everyone else needs to be under if they want
to compete with Black Rock at all.
So it's really competitive. It's the same thing you see,
like with it's funny, like, I compared this kind of like to
the Costco rotisserie chickens. Like the really cheap chickens
you can go in and get, like, they wanna get you in the door,
they wanna get you invested in the fund with these really low
fees. But they're not gonna last
forever. Yeah, so these aren't meant to
be, like sustainably, like low fees.
It's just please sign up with us first.
Yeah it's a it's a it's quite interesting actually.
So do you wanna like I guess since you're you're you're you
already like on that do you want to like maybe break out down to
people like what it actually means like to like the fact
there's an TF for the people that are like outside of the
space. Because like I feel like
everyone talks about TF including us all the time on
this show and you know started to our listeners if if you're
not digging it. But it's important, right.
It's happened at the moment but you know a lot of people also
just like don't maybe don't understand and we all get caught
up in like the hot the big talk and like the price action and
like from your perspective like how would you explain that to
someone, like the importance and like what it means for the.
Average, I mean it means like like literally for me like you
know, we have like retirement accounts.
So like I can allocate some portion of that to like a
Bitcoin ETF. And so now some portion of the
money I'm saving for retirement will get exposure to and kind of
go up and down relative to what the Bitcoin price is doing.
It means that you'll have a way to invest in and get exposure to
Bitcoin without having to buy a wallet and manage private fees.
Worry about who's going to hold on to that Bitcoin.
Like worry that you're going to end up like that one dude who
like lost his private key and there's like tonnes and tonnes
of Bitcoin somewhere. And like a huge like landfill.
Like these firms that are applying to actually register
and offer the ETF's are kind of saying OK, we'll manage all that
stuff for you. Your shares will go up and down
relative to the price of Bitcoin.
If you want to sell, you are just going to get cash back.
That was one of the big sticking points with the SEC.
It's actually not so bad. We might see in kind settlement
later, umm, but the whole thing with the fees and like it being
an ETF means that because you don't have to manage any of that
stuff because you're gonna have to worry about who's holding on
to your Bitcoin. Like they're gonna worry about
that. Like you do have to pay a fee.
These people have to be paid for the fact that they're managing
your Bitcoin investment on your behalf.
So that's kind of the trade off. So like, either you're cool
holding your own Bitcoin, you do that, and you don't have to pay
anyone to manage it, or you're like, OK, I want to get in, but
I don't want to have to have a hardware wallet.
So then you pay someone else to do it for you.
I, I, I, I love that. And then I guess I have like one
more question on that just quickly you mentioned the in
kind like settlement and stuff like what, what does that mean?
So basically, people are going to give these firms, assuming
this gets approved cash, they're gonna create a share, and then
they're gonna use that cash that they've been given to go out and
buy Bitcoin. But then when you want to redeem
your shares, you can only redeem those for cash.
You can't redeem it for Bitcoin. So you can't say, OK, here are
all my shares, Give me the Bitcoin you bought with the cash
I gave you in some other types of ETF's.
Like you can go and say, OK, I'm redeeming my shares, either give
me the cash or give me, you know, the basket of stocks that
you bought with my cash. So like, that's common in every
other type of ETF, like different asset classes out
there. Because this is such a new asset
class. What I've been hearing is
basically that like they still think this is pretty risky and
the SEC is kind of looking at it as a way to manage some of the
risk that's going to kind of enter the financial markets to
say, OK, we want to limit how many different people are going
to have to handle actual Bitcoin throughout this whole process.
So by doing settlement and kind, it means that like I think it's
really only the issuer and the custodian who are ever going to
have to touch the Bitcoin, but it's limiting the number of
firms that are going to have to worry about managing Bitcoin.
I know I've seen the Bloomberg guys say basically that they
think later this year we might see in kind settlement so that
you could buy these shares, redeem them and then you get the
Bitcoin. But we're not going to see that
at the jump. I don't think that's that's
definitely not happening yet. OK, well, Stacey, that's a great
breakdown. How do you how you feeling about
this? You have to what?
Like, is this, You know, You say you've been doing this for 10
years now, like this Must be this must be a cool moment, huh?
I mean, like we've been waiting for one of these for 10 years.
It seemed like it wasn't going to happen for a long time.
Like, I I'm not gonna say anything you guys haven't heard
before. Like, once BlackRock kind of got
in the game, it seemed like, OK, we're gonna have to take this
seriously now. Yeah.
Exactly but. Just on wood, please.
For me, just for my own. Superstition.
And that's how. I mean, if you want, there's too
much like you. Know.
Yeah. I mean, the crazy thing for me
is like, come on, can we please disapprove this already so we
can, like, cover other stuff? Because I feel the way you guys
kind of feel, which is that, like, all right, this is
exciting, but just do it already so we can cover other stuff and
like, the news cycle. Because otherwise, like, every
day that this gets dragged on, like, it's the same round of
like, OK, what teeny tiny thing has changed since yesterday?
And how are we gonna, like, make that sound new and interesting?
Yeah. Ohh, Now Gensler's posting, like
he just tweeted again at the same time as yesterday, is
actually a guide to like a safely invest in cryptocurrency.
Uh, which is by the way, like Ovie was mentioned, that was
good. It's actually good.
Good guy, but. Has he rugged soul yet or?
Yeah, you know what's funny? Bakunas talking about Gensler
Ish. And I know if you saw my attack
both of you on this morning or did you see that by attack
Densify, he was saying Eric Bakunas was DTF analyst that we
had on show last Friday, was rocking, writing that.
He doesn't think that he's going to get densified like he was
just playing. She was mentioning that.
What do you think? Say sorry, we're getting we're
getting identified or not before tomorrow.
I don't think so. I really don't think so.
It'd be wild for them to have, like, offered all these
different comments and things only to turn around and say OK,
never mind, no, I would be shocked if that happens, But I
mean, crazier things have happened.
Yes, indeed. Some crazy things have happened.
So, Stacey, thank you so much for coming on this morning.
Honestly, that was fun. Hopefully when we have more
market stuff and not just ETF, you can join us for a little
seconds like that. And I would love to.
Appreciate you, Stacey. Luck with the move.
Yeah. Thank you.
Move. Yeah, well, there you go.
There you have it. Your ETF, your ETF updates.
Besides that, I mean, look, I want to talk about today.
I actually want to talk about some stuff.
We're gonna talk NFT and stuff. But I wanna talk about a tweet
that OSF sent out and that had the had the studio a little hit
before the show, like before we hit live.
Like This is why we were a little couple minutes late.
You know, conversation went there actually.
But but Ovi, so I'm gonna go to you here and if you want of
course several of the market stuff but you you tweeted
something out saying what is the best Bitcoin beta trade and of
course you know as as bitcoins you know the main centre of
attention at the moment. We just spent, you know, a bunch
of time again talking about Bitcoin TF and that's been
gaining all the attention in the space right now.
We talk ordinals like BRC mean OVI.
What do you think the best Bitcoin better trade is right
now? I don't, I don't know.
But I was, it's an interesting question to ask because, you
know, if you ask this question two years ago, people would say
E people say other alts there because there wasn't anything on
Bitcoin, right? It was Bitcoin was just Bitcoin
and that's what it was used for. And if you look at it now, we
have BRC 20s, you have ordinals, you have other like Bitcoin
related tokens out there. So now it's like we're in this,
you know, you haven't, you've never really had this in crypto
before where there's actually higher beta tokens out there
that are kind of related to Bitcoin.
Um, so just to be honest with you, it was like, it wasn't
really like a hey, tell me what to go by.
I'm gonna go buy it now. It's more like I was curious to
see how people would respond to it.
And because it was a very, like, I just got like tonnes of things
on ordinals, yeah, some some BRC 20 shitcoins and whatnot.
And it's just very different to what people have said not even
two years ago, probably from one year ago.
It's just very, it's very different.
So, um, that's what I was asking and it's.
A good question, but yeah, it's like, what can we buy right now?
I think, I think if I'm honest, if you just want to take more
risk on Bitcoin, you would just take a levered Bitcoin trade
because things. Haven't really.
So excluding, excluding leverage, yeah.
As that just for the people listening, you're probably
talking about something like a 2X.
Like we're not. Like we're not.
He's not talking like keyboard. Monkey hundred hundred.
Times. I'm using 2X yeah anyway.
Yeah, I mean for the people like, don't you be telling
people like. The thing is.
Trade. Yeah, like you and you want to
be safe, You wanna have very low leverage.
Obviously Bitcoin moved down what 70% still from from the
high up until the start of this year that was Solana because it
felt like it was that and Bitcoin used to run at the same
time the most and and then that kind of broke down at this
obviously because Solana obviously just went to parabolic
and then has had to consolidate and went all the way down to
like 85 and and kind of lost its direct correlation even as
Bitcoin went higher the the most.
The most obvious correlation I feel like right now is probably
stacks, which is like one of the best known L twos right now on
on Bitcoin of recently that has been running generally when
Bitcoin has run. But for example today stacks is
down 5% and Bitcoin is up and there's still this idea that
Bitcoin dominance going up hurts most alts, I would say in terms
of the buckets of stuff that you could look at.
I think yeah, ordinals feels like the hot thing.
And there are, there are both entities and you're seeing some
of those get sweeped of this, or ordinal punks get sweeped.
And then there's the BBC 20s, of which there's like 3 different
forms of BBC 20s. I would say right now there's
like memes or like I would say OG coins.
Let's put it that way. Um, of which there are a few I
think already is probably the best known, but there's Sats as
well as like a few others. There's bridges, which are like
very popular bridges from Earth, or even other chains onto
Bitcoin, which is, which is stuff like movie MUBI is
probably the best known. And then you have kind of a just
like a, I would say a smorgasbord poo poo platter of
utility based BRC 20s trying to bring.
Kind of flatter of Bitcoin ecosystem coins.
Of which the utility is is still.
I mean. I would say to be proven and
should be questioned and that that stuff can move around a lot
and that stuff like tracks or track.
What about rats? Any any of you on rats?
Rats is that first bucket. It's it's just a it's just a
shake coin. It was after Sats was made.
They made rats, although it's quite.
If you can, I like rats. If you go into Unistats right
now, the units, what's you go into there?
There. Yeah, hold on.
And you just click BRC 20 you there, you there.
I'm here. I'm here.
Hold on, hold on. You.
I, I it's I changed. Computers don't have any of my
history like saved. Just hit that.
Yeah, there you go. Yeah.
That's.
The OG ones, SATS was very early, so that and that had
probably the biggest community behind it.
There's been, there's been other ones like there's XBT, there's.
That's here. And then I think Rats, Yeah, I
don't know when Rats was made, but it was definitely early.
I don't think Rats on Binance yet, but Sats definitely is.
But like a lot of these will move on to.
Yeah, yeah. So actually that was quite late
then. Yeah, it wasn't earlier compared
to the rest like. When you look at it.
Two days afterwards, it looks like whereas ALDI was.
Yeah. Was was that first, was that
first morning? So you get, yeah, you get like a
mix of different things. But then there's other stuff
like, for example, a lot of the OG bitcoiners are into Ruin,
which is Thor Chain, which is like a native way to swap
Bitcoin assets. It doesn't involve wrapping
Bitcoin. And there's another protocol
called Flip, which is, which is similar that's come out
recently. So a lot of like Eric Voorhees
and a lot of the OG. Bitcoins.
Are into into run they have. They introduced a burning
mechanism recently which is linked to their lending
protocol. And so if you speak to Bitcoin
is what they own. Like this is like a very, yeah,
see, they've got like taproot. This is a very Bitcoin lead defy
thesis and it sees huge volumes. Absolutely.
Huge is one of the biggest. Yeah, Run, I mean that
definitely, like, I think a lot of people have heard of Run,
right. If you've been in space like,
even for a little bit, it's one of the tokens you tend to hear
about quite early. So like, people could argue that
if Bitcoin has this renaissance of utility, then like Run could
be very, very big. And like the big thing for Run I
think this year is is to onboard different chains.
So really it's it's a, it's a, it's a basically a bridge lash
swapping mechanism between Ethereum and Bitcoin.
Because that ecosystem. They're gonna try and bring in.
Solano is going to be the big one this year.
So the whole The Room community wants Solana basically to be
added and that's what they're going to try and do.
So I think that that's but but yeah, like that's another way
you could play it. There are a couple of players
like that, but there's nothing perfect.
Like if you just want to isolate Bitcoin going up, you kind of
just want to have level Bitcoin. But like if you want to play
Piston then BRC 20s things like Ruin um and then I guess things
like Solana, Ether were gonna be the like the the next bests in
terms of in terms of like beta. Yeah, that's true.
I mean what do you, what do you, what makes you, what makes you
want to look into that right. Like when you think about like
just going back to OV, like when when you when you look into like
the Bitcoin equal. For me that would make me want
to look into. It's like I realise and I think
Moon actually had a really good tweet about that yesterday.
It was something around the fact of I fuck, I gotta find it
again. But he was saying that people
are about to realise that they're underexposed to like
Bitcoin and they're going to come and try and make Bitcoin
out of like NFT slash the originals and same, you know
with like the BRC 20 ecosystem and like the the the coins that
you know aren't that eco, you know to stack more.
And I think that it's very similar to what happened in 21.
I mean I'll speak for myself. It's what got me really into it
is like through NFT's to be able to to get, you know accumulate
more coins like serum at 1st and yadda yadda yadda Solana, better
trades to stack soul. At the end of the day, that's
the only goal you know Bitcoin, you know only at the end of the
day is to try and stack as much Bitcoin as possible.
Going to the bull market, realise that I'm not
underexposed to Bitcoin book. What do I see ordinals.
And like something that started to pop off the same way it's
popped off on ETH same exact like umm, comments made about
it. It's too clunky.
It's too slow. It's too expensive to use the
same stuff. But at the end of the day, like,
you know, it's a, it's a it's it's just a cost of being early,
right. And so I just feel that way
again. Like, I'm not gonna lie.
When I bought my first order though, and the thing went
through and then I waited and then I got it, it was a whole 10
minute, like experience. Like I was like let's go.
Like I loved it, you know, I love, you know, like you're
you're shopping in the, you're shopping on the luxury chain,
you know, what do you expect? You know, when you go buy a
fucking saw, you know, a bag, a luxury store, you know, take
care. They take their damn merry
little time to go pack it up for you.
And then you receive it and you're so happy and you walk out
the store like hell yeah, I got something nice, you know?
I don't think I've ever bought a luxury bag for myself.
You ever bought a luxury bag for yourself also?
Luxury bag and no. No.
For your for your for your loved one.
You for sure. I mean, that was with Ovie when
he was shopping. For, for his wife, for, for, for
nice purse. You know, like you bought one
for your your wife One, Right, Mendel?
I think so, yeah. Right, right.
I think so, yeah, I think. I can't remember now, but yeah.
You know, no, listen, no. But that's that's that's
something I'm noticing. I know what do you what do you
think about that right. Because like you're in pretty
heavy East and like you know you've been you've been talking
with a lot. But I wanna make sure that you
know, you think about Bitcoin, Zika.
What makes you want to look into it?
Yeah. I mean I'm not just an Earth
like I'm in in a few different things.
Yeah. Which I I think I think it's one
I have more comfort having more size on given the activity on it
versus the other chains. Like I have stuff other chains
as well, but it's like it's not really big size.
But I think it's just one of those things were like look this
Bitcoin ETF is going to get approved and stuff is gonna
rally has a good chance of stuff rallying on if they if they do
big volumes. So you want to get more juice
and BTC because like yeah, if Bitcoin goes to 100K that's a
big move that's like that's like a 40% move, right.
Whereas you know if you're a true crypto DJ, you're not
trying to make 40% your trial. Like if I can do 3X5X10X more
than that. So is that going to kill?
What's the Bitcoin speech training In the past that has
just been like alt coins. It's been buying different
altcoins and to an extent it still is like I I think all the
all ones will go up with Bitcoin.
I think Solana will go out of think say we'll go up and check.
It will go up, AVAX will go up. All that stuff will go up by
more than Bitcoin will. If we get this thing through, I
think, I think that's definitely gonna happen.
Earth seems to be trading technically very poor right now.
But I do think that will reverse and I think this is the the the
long consensus. Well the long view has been the
view for a while has been that the day of approval will be the
will mark the lowest for ETH Bitcoin and that seems to be
happening right now. Like Bitcoin is now down to 0.48
which is the lowest we've seen for since like mid 2021.
Um so that does seem to be happening.
I think that I think that will reverse from the narrative
shifts but it's just like so that's I think that's like one
way to play. I think I, you know just buy
Solana, like buy even just fucking buy Avax.
What you're doing it for trade. And then the question is, well
is it does it make more sense to buy like one of these, you know
like a BRC 20 or ordinal and that kind of stuff And that's
like the newer like the new school method of doing it And I
don't know like I'm not I'm not sure how I think they'll all go
up but I'm not sure if they'll act at like how differently or
how better they'll act as as Bitcoin voted to some of the
other ones. That's the big question.
Right, I think. That really right?
Thinking like that. Like if you think for example
like Island Run. I've earned room for a while,
but it hasn't gone up this year. It hasn't gone up at all, but it
went up 5X in the second-half of last year like they are.
They are beta trades, but they don't happen at the same time.
So like. If you think.
If you think it's suddenly going to be like, Oh yeah, my, my alt
coin, which is somehow related to Bitcoin, is going to do well.
Yeah, exactly. Very, very different timing.
So like jumping ship to get a bit more risk in a Bitcoin
related thing I think you have to have medium term time
horizons rather than just like this is going to perform.
Like ruining the start of December was at 7.5 basically
and now it's at 5 or 4.8 and bitcoins only done another 1020%
higher since then. So I it's it's there, they are
very different trade. You have to want to be in them
for themselves. Just owning some random BRC 20
and hoping that Bitcoin is going to bail you out or it's going to
go up higher, I think you can get really destroyed.
Do you guys think I have a question for you too because I
think it's a good it's probably the question of the moment and
of course nobody knows anything. And I think you're really right
when you say that Ovie like like nobody knows what's gonna
actually happen. But like I think it's worth just
like what? Like I, you know they're saying
like you know when they're they're saying that ETF's are
going to trade like the next day of the approval potentially of
course, right. Supposedly, right.
So when's the approval Thursday Potential trading?
Like why would anyone think that any of this would see somewhat
of a huge sell news event when it's gonna be trading the day
after it's actually the news is out?
What? What?
The question is why do people think it's gonna be solved that?
Yeah, I just think people people are people are so uninformed.
Like, you know, it's only now that you know, these Bloomberg
lads have made such a big mark on our space that people.
Are celebrities now, bro? Yeah, people are starting.
To follow them there. They love it.
So you know, people are starting
to listen to them and follow what they're saying.
But like these, these boys have been calling it for six months.
Six months ago they said the probability of it getting proves
90% and it's taken six months people to realise that Black
Rock applied for their ETF in June of last year, Right.
So like all the information you have right now apart from you
know is being further down the line in the in the process has
been out there for months and months and months and people
just have failed it or just didn't do anything with it.
And we had that pump and the initial news and then just
people just selling Bitcoin for ages because whatever they
thought would go right down to the wire and obviously it has.
But I think you know people who are still out there calling for
delays, don't understand the process, don't understand how it
works, probably spent less than one minute looking into it.
People out there calling for a rejection.
I would say the same thing like the the evidence is, the
researched evidence is extremely in favour of it being approved.
Yes, there is some tail risk but to go out there and say I think
it's gonna get rejected as as like you know complete lunacy
and and then the third thing is like you know sell the news
thing and that's that's a bit more of like a difficult thing
because we have had a massive run up.
You know, we've been rallying solid, pretty much straight shot
from like whatever it is like 3030 KS like all the way to him.
And even in the last couple of days we had a big rally and it's
only reasonable to think that people will take profits and
people will take profits. But that's why I don't think
like the approval or rejection of it is going to be like the
big. Obviously it's projected to be
bad, but the approval of it is going to be the big thing
because you have trading on the next day and that's going to be
the most important. The big question rule asking
here is like all of us, you've been long Bitcoin right now or
whatever long crypto and the portion of people who want to
take profits is that sell pressure going to be bigger or
smaller than the buyer pressure of these.
Yeah when it comes and the and the and the derived amount it
creates for Bitcoin, that's the big question.
And so which one? That's why we see the volume.
That's why we need to try and find out And we don't really
know that until we see the volumes.
Now the evidence for volumes seems to be that it's going to
be high. There's rumours that Black are
gonna put in 2 billion. I think it was Van Equal.
I think it was Van Eck that's they have 400 million lined up
already. Yeah, intern.
VENAC intern is the best intern in the ATF game, right?
That's the only game. But that's, that's that's the
big, that's the big question. I think we have to ask.
And right now it feels like, you know, it feels like there's
probably not many profit takers. I mean I'm sure they'll be some,
but like people are seeing all the staff and maybe they'll be
like a small bit of profit taking.
But I think any dip that you have there, you meant to buy
but. I mean, I think it looks to me
like how we're looking to overextended is like the Fear
and Greed index hit the highest level since 2021.
Today it's 76. You have you have high open
interest, but in one specific spot it's CME, which is like the
Trad Phi part of trading Bitcoin.
On the other hand, you've had consolidation there of Bitcoin
for like a month around 4243 K It took a long time going up and
down. So this is just, this is up
since then funding looks low. It doesn't look high.
It looks very, very low compared to what we've what we saw like 3
weeks ago, four weeks ago and open interest isn't high on on
most of the other venues. It's really just on the, on the,
on the CME, um. So it feels like we've had a
long run, but I wouldn't say it's necessarily like peak
frothy frothiness right now. If it felt like if these yeah
had come a couple of weeks ago or three weeks ago before we had
that flush to 40 and couple of the other flushes we've had
recently, that could have been a much worse scenario in terms of
right we could we could go down to like 38.
This feels like we could head maybe down you like there is no
doubt in my mind that you will be able to buy Bitcoin at a
lower level than where it is right now.
At some point over the next week like there will be one Wick that
takes us down to like 45 or something like that and then it
will get bought. But I do think that you got to
be prepared that like there will be lower level there's because
the volatility is going to be really, really high.
And but I don't think it's one where like oh everyone pukes and
this kind of like 35 like this, this feels different than that.
This feels like they've got a lot of capital behind it.
This could be, this could arguably the be the most
successful ETF launch ever in terms of volumes.
Like we could easily blast through the levels that you
you've seen before and stuff like that.
Like yeah, this this is going to feel like it has actual trade
momentum to it and we're not in a world where there's no more
catalysts after this. Like we have a world of ETF
catalysts coming from other athletes named ETH.
You have the halving coming up for for Bitcoin.
You have the whole Salana build out with with stuff like Fire
dancer. You have umm you have a bucket,
I guess a bunch of like RWA deep in sort of stuff which is like
helium going nuts right now. Umm like there's a lot of
different things that are starting to pick up.
I would, I would argue the utility based stuff has yet to
like fully get to scale. But in terms of like the halving
fire dancer, the ETH upgrade slash ETFs, those are those are
decent ones. Like this isn't just like, Oh my
God, that's done. Yeah, yeah, alright, well,
that's good. Listen, we'll find out more
later. Let's talk NFT's.
Alright, let's, let's, let's get into NFT.
We owe it to the people. Alright, for what it's worth by
the way, shout out to Benny for coming on yesterday because a
lot of people seem to think that Ovi's back.
I mean we're we got a message from BL8 saying Polo stuff is
back. We got another message and look
I'm not making this up. I'm putting on the screen.
Look at this. We got NFT Bros saying OF tuning
bullish today and so a lot of a lot of a lot of people are I was
I. Was never bearish.
I was just painted as. Before, Ohh, sorry, you were not
bad cautious. I'm always cautious.
You can never be too complacent on any in any aspects in life.
And for what it's worth, you're absolutely right.
However, you know, you know, there are other times where we
can be cautious, but that's just me.
When it gets, when it gets Max green, that's where you.
Want to be a bit more Porsche? 88 you said Gary Gensler is
about the rocket. That's that's.
That's that was. I didn't know what to say.
Woke up in the middle. Of the flat people is that.
You know what's crazy is that we literally like we're talking and
then you said goodnight and then you came back two hours later 85
and you even tweeted you're going to bed and like 3 hours
and you and he was like 10:00 PM for me.
That was so late for you and and it's just like it was hilarious,
you know like Oh my God that was and F Alright, you wanna start?
You don't actually. Sorry let me not go here.
Let me actually start on DJ's at my fact.
So let's start, you know let's start with let's start with
earth and the theorem ecosystem will come to us.
Now we have to compete BTC soul. Alright so one one thing I saw
is this tiara was stolen. You know when there's that meme
of like NFT that sold for free, but you know it was paid like 20
K for I have to say a tiara sale for 75 ETH, right.
I think during the show, like before the show started, I have
to say was a. Little bit lower, he kind of
teased in general have been drifting a little bit lower.
Even the Azuki pump on the back of the of the token Azuki went
above 7 and now it's back below 6.
The vast majority of that has been has been dumped huge dumps
on blur of of like Azuki assets but that's been across the
board. You're still seeing, you're
still seeing very high volumes. So like if you can see on degens
even like a theorem volumes up just like much higher Bitcoin
and Solana right now. At least for just just for anti
collections of course and but most things have gone lower.
Pudgy Penguins are still like rock solid at 10 1/2, but what
apps are down 23? I know, but did you see what
happened though with the with the farmer that removed all?
His things, what I mean like it's that's I think that's more
a symptom rather than like A cause.
Like things are just heading lower and people are starting to
take a little bit less risk. So Suzuki mutants bought apes.
Even the gods like everything that had like 3 pumps has kind
of come back down. Even crypto punks down at 53
which is down 5%. Like normally, crypto punks do
not move. Well, actually, what's it in
U.S. dollars? Sorry, let me see.
Because that's all this. Is what I mean in dollar terms I
think it's going higher has meant that they've gone they've
they've slightly, but this feels a bit more than that.
I don't know if you agree, but this feels a bit like it just
feels a little bit, I know, tapped.
Out. There's so much going on, right?
Like I saw, I saw Crypto Dog tweet out that like Pudgy
Penguins gonna lead the NFT psych this cycle.
And my response was like Pudgy is positioned to be the leader
of this cycle for like NFT's and definitely for NFT's, right?
But now it's different because more competitive because you
have ordinals and yes Solana ecosystem and like you have for
example like Mad Lads on on Solana that's a direct
competitor. It's not sorry, it's not
competing in terms of science, sorry it's not a direct
competitor. I'm taking it back it's, it's,
it's in terms of like the floor price, it's still competing in
four price, right. Let's put it that way.
But you know, obviously aware that there are they operate
completely different businesses here.
But you know you have something like that you also have ordinals
a lot of these like you saw no monkeys recently go to like a
.25. You know BTC of course is lower
right now but still like .25 BTC is a lot of money, right.
It's like. 12 Yeah, we can get into the differences.
But yeah, I'm just just ET right now.
It does like that, yeah. Yeah, they are losing some of
the some of the shine, but like 2 pudgies equals one board 8.
That's kind of crazy, right? 21 is crazy, but are you
surprised? Are you?
Surprised. Pudgy Penguins used to be what?
Yeah. Yeah, like a 20th of a bored ape
at one stage, right? Probably.
More if you look from the point where coal still had the project
that Portal 2 and what born apes were.
I'm curious if someone in the audience could tell me what's
the what price was a board ape when Penguins Pico Smeco cement
rock solid bottomed? Like I'm actually curious about
it's it means nothing for us with the stats it means nothing.
I'm just curious to see what the.
Obviously, obviously boats have had different air drops in that
period but like 2 to one ratio is wild given given I don't know
what's been happening, well the history of like the board apes,
but now yeah, like would you prefer to have a pudgy Penguin
or a board app is your profile picture.
I mean. Let's just leave that question
answered, I think for for. Could call.
For ordinals it has been it has been decent volume like what we
do indeed is now we like remove the BRC 20 so it it's seeing.
That helps. Exactly which kind of mocks some
of the details of the other sides.
But Bitcoin poppets has been the main one which are just like, I
know we I fucking love these things.
They I like that the communities has got behind them but yeah
they're up the reacts in the last week nought point nought 3
roughly area but the rest like no monkeys, has dipped below
nought .2. They got me flipped by the frogs
they obviously had, but they've seen a lot of rare sales.
Still in in No Monkeys volume. Here is what I'm looking at.
Like the Bitcoin poppets and No Monkeys are dominating volumes
for a long time. By a lot.
Yeah, and for a long time, that
was just the frogs, right? Like it was it was frogs and it
was bitmap. But now it's it's really just
Bitcoin purpose and no. Money no equals $47,000 too now.
Like people need to keep that in mind when you look at these
volumes. Like. 4K yesterday like it's we
had got a we printed at 3 three and a half $1000 candle
yesterday and still these things were were trading.
It's kind of wild when you think about the world of ordinals and
beware of of catching a a a pump on Bitcoin because you're you're
the denominator just so you all know.
So fun fact the other night when I bought my first puppet on
FaceTime I was like so excited about buying a puppy because it
just looked hilarious. Vanessa saw them like babe, you
that's my signature. Like do you like these First
reaction .1 millisecond answer babe.
These are so cool. Gonna have one comes behind my
computer cause she loves picking NFT's with me.
And she goes and she goes um ohh wow it's just .01 and I'm like
ha ha ha ha ha baby .01 orange coin.
How many chairs do you sit on? Baby, how many chairs do you sit
on anyways? What do you guys take care of of
this Is this gonna be like something like Kirsty.
Your thoughts mean Ovi. Like what do you what do you
think? Like right now we're looking at
this ecosystem. We've been covering it since the
inception, right. We had Casey on day one when it
first came out we had the Bitcoin Matt.
Guys we've had only multiple times over again on Friday we
have big guard on stage. So I'll go to you in a second.
But watching from the outside Ovia someone who's launched
successful NFT collection on earth, right for last two years,
Red guy, you guys have been like you crushing it like what do you
what do you see here in ordinals?
Yeah, I think it's it's they've been around for about a year now
and I think they've had moments of gaining like popularity and
then they got quiet again. But it does feel like they're
here to stay. And there's you know what you
need for people to more people to come into like an asset
classes like the existing people making tonnes of money on it
basically. I think that's what's been
happening. People made a tonne of money on
like, no monkeys. People making money on puppets
now actually looked at like the price changes today.
And every Ethan of tea was like down two or three percent.
Every slave she was like also down like 1015% apart from mad
lads. And you go and look at the
ordinance page on on Djene's website and everything's up like
50. Sixty 70%.
So I think that causes more interest to to get in and I
think obviously like the UI is the UX is like very clunky and I
think that's a complaint of people.
But you know once when did like crypto native people really even
care about that, right? Most people have gone through
the effort of like get setting up a wallet, having a Ledger,
like transferring money from a sex, all that stuff like it's
already paying for. And I think people are generally
willing to go through that pain to get stuff done.
So yeah, like, I think I think I'm constructive on it.
I think I'm more constructive than I was maybe we spoke about
few weeks ago. I still don't think there's any
like good projects on it really like that interesting from like
a art or culture. But I think Bitcoin Pup is
probably the first one was Ohh that's actually pretty cool.
Like I like, I like that, but very funny.
You know, there's something like Ovi hates our.
But it's just someone like someone like ohh loads of
ordinal pants got swept, was like great, like a fucking
derivative of crypto punks. Just like trading up on like
that's that's the sort of thing that will turn, that will turn
people off people like myself and possibly other.
Yeah, No. Monkeys No Monkeys was the first
one where it felt like original if you actually saw Solana did
their own thing, which is how topping the Solana.
Charts when your credit right. The the frogs.
Gay. Gotta give him some credit,
right? Like they?
Were all OK so these are these are what we're saying is 100%
true but you're starting to see some more original stuff come
out to see original Gen art start to get big on on Bitcoin
models a bunch of different things including like the golden
golden ratio that's that's done very very well recently.
So it feels as though original stuff and well that really needs
it's just like creatives to move on to that onto that chain and
that is beginning to happen so. So you're if you're staff, it's
not just. Like your goal, if your goal as
an Ordinal spokesperson is like, I want to get the biggest
collectors in Wales into ordinals right now, the best
collection of people who probably own crypto punks and
art blocks and that kind of stuff.
So it's like you're like, hey, yeah, hey man, like, I know you
own like an alien park, but you wanna come by like an Ordinal
park. Like to fuck off, right?
That's always how it starts, right?
Like Solana was the same. Remember this?
Yeah, nice. Say, hey, like, do you wanna buy
like this? If there's if there's more
original stuff on there, I think that's what we'll try that.
That also does well. I think that's what will drive
people. I haven't up until now.
I just hadn't really seen it. And I think, like, I think no,
monkeys look cool, but they're not.
Final stop. Hold on, hold on first of all.
Ohh. Ohh here it is.
Ohh hi. Benny, hey, Rick, Cash is
project, it's. A small collection, right?
It's not a big 10K collection. Of cash, correct.
It's not a 10K collection, it's it's a small art collection.
I do agree with you that they need to be more original.
I do think back that the best project has come out that hasn't
really sold much yet is is shrooms because I think it was
original artwork under 1000 K's inscriptions.
So to me like that's that I do agree that we want originality
here, right. So and the puppets are are
something that's new. So like I don't disagree with
you on that but like there's definitely a lot of ways to look
at this. Like there's people who look at
the sub 10,000 to be important. So it's not about what even the
art is, but the inscription number.
Also because I believe that they're working on like that you
could do things with inside the inscriptions so the lower number
you have the better and things like that.
But I would say that there is original artwork that has been
out there like between Rip caches swarms and Shrug Toshi
and stuff like that. I I would say that the hoops
that you have to jump to get to do it makes me more bullish on
it on the fact that like it's harder to get done.
Like when you had to get a I remember when getting a moon cat
was like the most ridiculous way like it wasn't easy to get a
moon cat right. It was the same way like would
you have buy BTC in 2013? It wasn't just like, Oh yeah,
I'm gonna go buy, ETC. It was like it was a process.
So all of those things to make to make it harder, I think
actually is bullish. But I wanna let one thing that's
very important, OK. What's up, Ben?
You Ether. Keeps asking for utility,
utility, utility, utility. Finally this, this, this comes
along Bitcoin puppets and they offer World Peace, World Peace.
They are actually giving a real utility and everybody and
everybody's feeding it this. We finally have utility, I don't
think. It's being faded.
I don't think anything faded right.
This is World Peace. Like what else can you ask for
with what's going on? The tunnels being built in
Israel and the tunnel. Imperfect.
OK, let's take you to bed, pops. Let's, let's.
We need to have World Peace everywhere in New York, in the
Middle East, and that's where puppets are gonna do.
We do need to accept that. I I mean.
We get your favourite puppet because I've seen some good
ones. There's some great ones you saw
the one that saw yesterday for .85 BTC.
I I have some of my own favourites.
I have a I have a Bitcoin. I have one that has like a
ketamine shirt with a Bitcoin staff.
I bought this one. This is the DK money like I
literally bought. Look at the state of that.
Like my my favourite one is that there's also a smaller project
this guy did called called Opium and I bought one of those and
mine, this guy, this pot. This puppet holds a QR code up
and if you scan the QR code it takes you to another ordinal
that all it is is somebody inscribed a fart sound on on
Bitcoin. Don't think you get yeah.
OK. Wait, I'll post it up here.
Big guy. What do you think of that?
I love it, man. I mean Opium was one of the
first ever collections I minted on originals back in March and I
remember everyone going crazy and in that Discord trying to
sell that stuff OTC and continuing to post that far over
over and over for OK, if you get it would be funny to for you to
play it. That's great.
OK, well look, this is like, you know, Bitcoin.
Some people see Bitcoin as the future of like, decentralised
finance. Some people just describe fart
sounds with the amazing art of the puppeteer Foo on on
blockchain. There you go.
That's the kind of their answer on like what's the best Bitcoin
beta is like there's two sides of the curve.
You know one thing, whatever. The right girl.
I love that I. You know, Feroke, I think I saw,
I saw Obie's tweet on this earlier.
I I think it's a really interesting question that I was
asking sort of yesterday as well as like you know usually we see
post run up of of Bitcoin a pretty sort of simple prediction
that some of that money will flow into to all.
I don't think it's as simple this next cycle.
I think what you're starting to see really on you know at least
the the coincide is you know Bitcoin runs up you're still
putting your money back into the Bitcoin ecosystem which I think
is still it's still being faded to I think a a really
interesting degree. I think people don't even really
know how I think large now Bitcoin as an ecosystem is not
just with Jpegs but but of course the PC 20s but but even
more so like you have bitmaps now that are probably around 2
to $300 million market cap you have.
You know you have rare sats that are probably at like a 5 to $6
billion market cap right. You like pizza sats alone or or
probably 1 to $2 billion and like there's not, you know, I
don't think, I don't think D gens is tracking found.
The crypto slams is tracking a lot of this stuff.
And so does it for NFT. They're doing alright.
I think, like, that's what I'm saying is like I think that
there's multiple, you know, little subcultures or ecosystems
on Bitcoin now that are behemoths, but no one knows
about them. You could go ahead.
Yeah, I was gonna say my only concern with that big God is
this when ether realised, the whales decided that and realised
that if they pumped more ether into their ecosystem that
they'll either ether will be more valuable.
Right. So that's why they created, you
know, first they did. I CON MP's and defied all that.
Right, So Bitcoin, I get the idea now it's like, OK, let's
create a better ecosystem that has more value into it.
So when it's worth 345 trillion dollars, we could look back and
say, well, 2 trillion. The market, the the ecosystem is
already worth 2 trillion. My only concern to be very
honest is that ether had their whales back This right.
If you don't, if right now I'm looking at all of these
originals that are trading, it feels like this is a lot of
ether people from ether, NFT's and soul that are kind of going
over to Bitcoin. I haven't.
Yeah, I think, I think the majority.
Of Ohh yeah. I think the majority of of
honestly this, this run so far, Red Beard I think is not really
Western LED or sort of ether lead or sole lead.
I think it's Chinese or sort of Asian.
Sinese. Ohh yeah I think it's.
Just buying it, you know, Age is buying.
I keep hearing this. But even if that even if that's
the case, then don't. I'm not saying that's not the
case. But what what happened in ether
with NFT is to really make it explode, right.
I don't disagree with you is the bigger whales bought stuff for
like $6 million for $1,000,000. When I see Michael Saylor who's
not against us, I know now turn around and say he buys a shroom
or or a known monkey for like $4 million, then I think you're
talking about how you're really going to create a lot of fervour
in this market right now. It doesn't.
I just don't. It doesn't feel as I feel like
there's a lot of big the people involved but it wasn't you don't
have, you don't have the whales and to me the whales and Bitcoin
are probably like 10X the whales in ether.
Yeah, of course. And you and you and you need and
you need those people to like to like, buy into this and show it.
Like when when when bored apes were selling, I mean, you know,
Mandarin could tell you, but there was like 40 selling for
millions of dollars or or buying the stupid, you know, like the
green stuff, whatever. Or you know, these guys are
spending so much money that those large buys pumped the rest
of the market up. So I I I know where I know we're
early and I'm not saying that that that won't happen.
You see that in in the sales that have happened on, you know,
you go to early inscription numbers with I think the highest
sales so far has been like almost 11 Bitcoin on inscription
#8. And then of course to the node
monks, you're seeing, you know, over three Bitcoin, right.
Or have you seen I think 2:00 to 3:00 Bitcoin on on certain sort
of, you know, aliens for that? Yeah.
So, and that's without with the, without sort of maxi support,
right? Agreed, but you want Max's
support. Yeah, I mean, look, it's gonna
happen. We'll see if it happens.
We'll see. See if it doesn't happen, you
know, mind O you guys think there's gonna get support from
the from the from? The beginning, basically 100
percent, 100%, you're gonna see, you're gonna see big people
start to move into here. Like all it needs to bring it
together. Like what Obi said is right.
Like we're starting to see more and more culture happen because
more and more creators are moving.
You're starting to capture the imagination of like the broader
community, like with some of these collections.
No, monkeys I think was the first, like really do that this
year. And then you started to see a
bit more of that happen. I think as soon as that happens,
people start to value culture at crazy levels, like they then
they become Veblen goods and you could see crazy high sales.
So like, I'm not going to put a lid on where some of these
things go. We said that, said that before
and that will just draw in wealthy people who want to, I
think. So other bees are doing like a
windmill sale already, Like, well, they.
Are. I mean they they saw the shrooms
there already for for quite a lot.
Like Johanas. Bohanan's working, bro.
Devil works hard. But Michael Bohanna Sotheby's
works harder. Let me tell you that he's grand.
He's grinding all chains, bro. You know, I mean, I love.
I love to see that honestly. You know over you strike me as
someone and then I just saw the time.
I'm gonna end the show here. But you strike me as someone who
would buy, like a rare sat. And I mean that in a great way,
by the way. Like you, you strike me as the
guy to look into like like an inscription number.
Like fucking crazy, like mint inscribed on satoshis.
Like, I don't know. That's kind of, you know, you
got autographs. You got, you know, I mean, I'm
in a good way. It's a compliment.
Yeah, I do. I do.
I think that stuff is interesting for sure.
I would agree with that. You know I I.
Personally think. Really crazy.
Call me crazy. We should talk about this more
like we should go next season talk more specifically that's
what the people want. But like when you tell me that
like a sub 1000 subscriptions or something like if that's what
like the thesis that's they're trying to validate on there half
a beat the .7 up to one bit Bitcoin.
I could take a risk. I don't have any but when I look
at that but then like if the thing of it is gonna suck like
first thousand, there's a lot of people say 10,000 cause of Ethan
if he's cryptos and stuff that culture.
But think sub 1000 would be the one I try.
What do you think? It's going to be something good
on Sub 1000, right? You can't just pick some random
ship, someone inscribed, in my opinion.
I mean, we should think toilet paper roll that was running
around. That was glorious.
Like, that gift was crazy. Two elements that make an NFT or
a piece of art or anything really very valuable.
One is having historical value and the other is having cultural
value. And I think only having one of
them doesn't get you to crazy heights.
So like just because it's sub 1000, but it's just like a piece
of shit. Not even a piece of shit.
Something a bit better than a piece of shit piece of shit
could be. Quite matarazzo sexy dance, but
a head butt in two. 1000, Something like that.
Like, unless someone was able to really meme that and make it
funny and make it very cultural, it's not gonna be that valuable
compared to something where it's like ohh wow.
Like for example if someone like puts a pixelated board ape as
one of the sub 1000 things, right?
Like that's not really, you can't pitch that to quite well,
yeah. Inscription #232 BTC.
Yeah, that's cool like that. I reckon that's probably worth a
lot. 32 Bitcoin and I think once it received and they like half
of that in in a. Bit see what's interesting
though is like it to some degree is it does matter what is is
inscribed at that level. But also you could take it even
further like if you end up owning inscription #2 for
whatever price you can then re inscribe whatever you want on
that on that sort of same set as well as as you know that could
be the parent to your collection.
So like maybe if you do buy inscription #2, which I think is
the parent or the parent, yes, you know, maybe you do a whole
parrot collection and I think that maybe people value or end
up valuing that because the parent is isn't doing.
Maybe you can give away that #2 inscription to one of the lucky
holders. I don't know.
I I think that there's a lot more value in it than than you
know, than just the number as well.
Yeah. I I do agree with Ovie, though
that sorry OF that, I do think the art will make a difference.
I think it's going to be a mix of both.
Now, I'm not saying that someone cares and sometime kids will
run. I think that just because the
nature of how we're all degenerate mocks here that it
will. But I think that for what Ovie's
talking about long term and like having that real value to it, I
think that the art matters. That's why, again, I like if you
asked me if I'd rather have a shroom or Iraq, it's not even a
question to me. Shrews are created, the arts
new, it's fresh. It's ever been done before.
You know, I have a moon burden description like under 4000 it's
just a copy of a moonbird. Like, yeah, I mean like I I
agree with that. Be like I can't see how that is
exciting. But, you know, I, I.
But I do think the bottom line is that just don't.
And I keep saying this, just don't fade this.
That's all I'm saying. Like don't, don't, don't be in a
situation where you're just like hating on something and then not
not like taking taking the time to understand it.
Just like dive deep, like there's artists that are doing
this. I know that there's plenty of
artists that are coming out with stuff that are that are doing
this the right way and they're using utilising the Bitcoin
narrative and chain to make this even cooler.
So that's that's the most important thing.
And last thing is puppets bring World Peace again.
There's nothing more important right now that we need than
World Peace. I love that.
And you know, you're absolutely right with that.
You know what? That is a great way to end here
because we did well over time, You know, pray for World Peace.
Pray for, you know, the ETS to finally get approved so we can
stop, you know, going back and forth on it and ping pong and
see, you know, Bitcoin wobbling in the words of the Great Mando
around this. And with that, with that, with
that, we'll see you tomorrow morning, 10:30 AM Eastern
Standard Time, 7:30 AM Pacific Standard Time for another
episode of formal hour on Rock Radio.
Let's go.