Good morning, good morning GMGM everyone.
Welcome to another episode of Homo Our Day, Friday our 7th
2025. And it is a huge day, absolutely
huge. Yesterday, it was an incredibly
important day for Bitcoin and the broader crypto space.
I don't want to take credit for it, but folks, I saw the sign,
the universe sent me the SBR sign, and then it came to
fruition. Trump dropped the strategic
Bitcoin Reserve executive order last night.
Now all eyes turning to his speech and the crypto summit
later today, the question on everyone's mind, is it going to
be sell the news or will it live up to the hype?
We're going to break it all down on today's show.
We've got Farouk on and off with us.
He's our boots on the ground reporter live from DC, so we're
going to try to check in with him.
But we've got the other Co hosts in the house as well, Manda and
Logan. Manda GM how you doing?
I'm doing great man. How are you?
Very good. It's a big day.
Yeah, I think we called, we called this Bitcoin Reserve
relatively well, I think, right, very well.
Yesterday's show basically said exactly what was going to happen
and the market freaked out and then seemingly is OK.
Market freaked out and then realized they were all being
idiots and that, yeah, maybe this is still actually a, a, a
bullish thing. So a, a very swift recovery,
which which you love to see. Then we've got Bessent coming
out and saying he wants the markets to break more.
So we're going to talk about that and, and how to balance
this. But before we get there, Logie,
you're on with us here today as well, just in case we need some
additional support with Froak in and out.
How you doing, Jim? I'm doing well.
The sun is shining here, prices like a little bit of green and
it's pretty good. Can't complain and.
We're in green today, all green. Just so happy to, to, to see it
on the board. Farouk, he's he's on with us
folks live from DC. How you doing?
Dude, let me take you guys through where I am right now.
Hold on, hold on. No, it's not the White House,
y'all. Not yet.
There's a look at the monument, man.
Look at that. Look at that beauty, America.
Proof of America. USAUSAI, I'm chilling man.
Just got off the phone with our girl Anne or Tourette.
We're gonna meet with her. She's like the goat cripple
rider. And then headed to White House
for noon to be fucking sick. How you actually are going?
Yeah, they just called. That's why I got off yesterday.
So I was meant to go there yesterday too guys and I ended
up waiting outside for an hour and a half and it was 3°C and I
lost mobility in my left hand for like 4 hours because I went
without a jacket because it was across the street.
And. And so basically the Secret
Service had my dates mixed up because on my passport it's
September 7th, but I'm French so it's set like 7/9/94.
So they had it July instead of September 7th.
And the Secret Service don't fuck around.
If the numbers don't match the front door, you ain't getting
in. So we're going today.
It'll be exciting. We don't.
Like you're going to get a second, you're going to get a
second look at yourself for a Iranian, Iranian origin guy
won't. You're fighting when you want to
be. I'm going to go fix those
tariffs, you know that's what I'm going for.
No, no. So, So what is happening?
You're you're going to the White House at noon today.
Yeah. So yesterday, I mean, we will
make a post about this later on, but I guess we can talk about it
on the show a little bit today. But basically we got a point of
the hard pass at the White House.
So I don't want to make a crazy claim, but I do think we're the
only right now as of today, media outlet in crypto that has
a hard pass at the White House, which allows for one of the
reporters to have full access to the White House for next four
years and to cover, you know, all things, all things media in
the White House. So we're going to be focused on
crypto as well. So I got to prove for that, but
given that I don't live in Washington or the area, and then
I'll probably be moving to Portugal soon, I don't want to
put that to waste. So Sander from the crypt is
going to be our White House correspondent.
So we have a White House correspondent on the crypt side
now that's going to be there all the time.
On my end, they offered me to get into temporary passes.
And so we've known for three weeks about yesterday or a month
even. But then so happens that there
was this tweet come out about the crypto summit being today,
which is like a coincidence. It's like divine timing.
And so, you know, we made a few calls, sent of two emails,
finagled our way in. So normally, please, if
everything goes well, I don't want to jinx myself.
We should be in the room. Not for the summit itself
because that's very private. As you can tell.
I don't think I'm of the caliber yet.
But there will be a point where President Trump signs executive
orders. As you get seen.
It's not even a secret anymore because it was posted yesterday.
And apparently there's a short list of people which could be
us, will be able to come in and like witness that and be there
for that and then potentially also be in the presser briefing
room for whoever wants to do interviews after.
So there's a chance we interview Beau Heinz.
There's a chance we interview David Sackler.
It's up to them if they feel like it, even like Brian
Armstrong, all these folks that are there, if they want to,
they'll be able to come to the presser.
So we'll be in the room, man, I'm excited.
Like we'll be in the room for this historical day.
Like it's crazy. Huge day.
I mean, one of the arguably one of the single biggest days,
right? I mean, it's Matthew.
That's why last night I didn't understand what went on, but I
know you'll talk about that. But yeah, it's, it's historical
day today. Definitely, it's a great day for
crypto. Well, we're so happy that you're
you're there. We're happy that you're taking
time away to, to talk to us folks.
What are we talking about on the show here this morning?
We're going to start with the market report jobs, the latest
comments from Scott Bessent, NASDAQ turning 24/7.
We're going to get into Trump signing the strategic Bitcoin
Reserve. What does it mean?
Buy the news, sell the news. Predictions for the summit
today. Texas passed its own SBR bill
through the Senate. New York drafting a bill to go
after rug pullers. Watch out.
Jido buyback proposal on the table.
Tucker Carlson interviewing SBF Marriott.
We're going to we're going to drill into those myriad money
markets, baby, because they are officially live and maybe a
little bit of meme talk at the end before we dive in.
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All right, Mando, if you're ready, let's get into it.
Who is the main macro daddy of the land?
Can you dig it? GM everyone.
So I think we already said we kind of called all of this
yesterday, right? Like we called, we called what
we thought would happen. We said that, you know, it'd be
very difficult for them to do anything other than just
confiscate. They can't spend and that's kind
of what we got. We got a a they're not going to
sell any of the confiscated Bitcoin.
Bitcoin seems to be slightly different than the crypto
stockpile. I don't really know how that's
going to work. In the past, I thought that
potentially those L ones could donate funds to the stockpile
and maybe like in return the US becomes a validator.
I don't know. But like there's maybe some
options down the line for that. And we got, we got commentary
that they were going to potentially look further at like
fiscal neutral ways of building this reserve.
And there are a few different things mentioned there.
The first one was like selling gold.
They haven't yet touched upon the mining stuff that I've kind
of spoken about. But it does seem like that could
also be on the table in my opinion.
But they basically are saying judicial, anything that is
compensated, we're going to keep and, and they're going to look
at fiscal neutral ways. So my, my guess is that they're
going to get into mining. That's, that's my guess here,
which I think will be bullish in general.
You know, we have some validation here of what's going
on, But but it's, it's not them going to buy at the same time,
the states I think will stop buying.
So you had Texas yesterday. Looks like it's very ready now
to, to, to, to go with a Bitcoin reserve.
I think we're going to see a lot of states do this.
I would, I would probably guess in the, in the realm of like 15
to 20 states could, could, could do something like this.
A few of them have been shot down already, but we could be in
a world where like half or nearly half of all the states
out there have some form of a, of a Bitcoin reserve policy.
And then I think the second order impact is, is, is
legitimizing this even more for companies and for starting that
sort of global, global game theory from other countries that
that, you know, might be easier to buy Bitcoin or, you know,
might be less reliant on like reliant on their own native
currency. You know, there's a lot of like
there's a lot of countries with with not great local currencies
and they have dependency on the dollar and they may choose to go
down the route of Bitcoin being their reserve asset.
So I think what you've really just started there is, yes,
short term disappointing versus what you may have had on TikTok,
but long term bullish for if you're like paying attention.
I think so, yeah. I think, I think it's generally
should be taken positively. What what we saw yesterday on
the back of it, Bitcoin has outperformed pretty massively.
We had a terrible damn stock market again yesterday.
And even today it doesn't look that great.
Like it's bounced slightly. NVIDIA was down 6% I think
yesterday. It's bounced up 1% today, but
they kind of look like relief bounces across the board.
And you have a NASDAQ. NASDAQ was down 3% yesterday.
It's only up nought .2% today. This has the hallmark to me of a
Friday sell off in macro. Again, people freaking out.
Obviously the commentary that that you've hinted upon, Tyler,
is there's been very, very direct commentary from various
people in the Trump administration talking about the
fact that they don't care about the stock market.
They've got a job to do here, which is which whether the stock
market likes it or not. And it, you know, it, it changes
the tone of Trump tweeting about the stock market every single,
every single week of the last administration.
Yesterday he went on, he was asked about it.
He said, I don't even look at it anymore.
So he said globalists have caused the sell off.
So yeah, I think he, he's not as focused on it this year.
And we've spoken about how that, you know, that may not even be
the worst policy for him from a from a general popularity
standpoint. You know, he might win over
short term voters with this sort of approach of like, you know,
looking after the future with trying to balance the budget,
that sort of stuff. So let's see, let's see it it
definitely might be in like an age gap in how his popularity
wanes. But yeah, macro is is really not
feeling good on the back of that.
We've had some weak economic data yesterday.
Again, one of the weakest jobs figures since 2020 yesterday.
Europe, Europe is currently going through this like semi
bond crisis because of what's going on in the, the fiscal
spending to to kind of everyone's talking about an arms
race now in Europe. So like all the Western Power,
Western European powers are talking about spending a ton of
money now to do that. It's definitely it's definitely
gotten people relatively relatively afraid there.
And I think this is just seeping around the world right now.
Like it just it, there's just uncertainty and that's causing
stuff to go lower in terms of crypto.
We had Bitcoin outperform really in particular L ones have held
up OK, you know, like Solana held up OK.
Pretty much all the L ones, they're within like 1% of where
they were yesterday. Like it's not been like a crazy
move, but the but the, the more risky bits of the market are
getting punished at the moment. AI memes, you know, whatever
attempts there were at rallies in in in in those have been have
been kind of smashed back lower. The strongest stuff I see is in
Defy and and in L ones. Yeah, there's a lot to unpack.
I'm the I was looking at the AI board.
My God, it is destroyed. Yeah.
ARC was basically 100 million. Virtual is now below half a
billion and The thing is like those are still pretty high
numbers. So sadly, and I I still hold
some of these like there there's more there's more room to fall,
unfortunately, and it's kind of hard to see what the catalyst
there is. Well, there's a lot to unpack
with the report. Thanks for going through that
Mando. Maybe as I want to quickly talk
about the the the Scott best that was the.
Other thing to mention if we can get into that.
Yeah, we'll, we'll have to get into the SPF interview hearing
about I did listen to about 30 minutes of that put myself
through the pain, but I feel like Bisson comes out every day
now. He just keeps telling us that
the markets need more pain. Now he's saying like there's
going to be a detox period. And I got I'm as bullish as
anyone and like I want to see everything like rebound swiftly.
But it's kind of hard to imagine that playing out like they're
based. It feels like they're, they're
telling us like we're going to keep.
You know. Breaking things here, like we're
going to drive this down, we want rates to come down and then
we're going to try to reset everything you like.
How long is it going to last? Like how?
Like how is anything going to really outperform in that
scenario? I think, I think they, we spoke
about this before like that they may be kind of sandbagging the
first half or the first year and then maybe that leads to like
more monetary stimulus down the line.
I think that's that's kind of the world we may be living in
here in that they don't mind being bringing this period of
austerity, focusing on the 10 year and then in a year's time,
they think the US will benefit from it largely, especially what
they're doing. There's certain things that are
happening here which are are kind of pro Trump getting down,
getting the like the budget balance, so to speak, is
bringing down bond yields in the, in the US.
Bringing down bond yields in the US has made the dollar weaker.
That's been one of Trump's number one things he wanted to
do alongside the stock market going up and the dollar weaker
means better trade balances, which is kind of a very core bit
of his, his belief system that he wants to kind of re re
energize the manufacturing base of the US and and get better
trade balances with all their major partners.
So, you know, there's, there's, there's a few things here, which
I think which I think he, he is happy to keep going for a while.
You know, like, as long as the economy doesn't like die and
it's just the stock market, he he won't particularly, you know,
he, he this is Trump anomics, right?
This is what he wants to do. So and I think they're they're
OK. They are broadly OK with that.
It's it's less, it's probably less friendly to like big tech
or multi multinationals. But the idea is that this could
this could maybe change the make up of the US in certain ways.
And you know, it's kind of like when a football manager comes
in, you know, they're going to shake stuff up at the start and
then he's got four years. So he's kind of like trying to
build a team for the future. Do you know what I mean?
And I think. He's OK to like destroy it at
the start and and kind of see what happens.
On paper it makes sense. I think conceptually a lot of
people would be OK with that. But then there's also just like
the like the near term pain. And if his approval rating
starts going down swiftly as markets are dipping, like are
they going to be able to hold the course for how long and how
long is this going to last? I think that's the that's the
big question right now. What has it like his approval
rating? I still the other day hit an all
time high right in in the start of February.
I agree. Look, if the stock market keeps
on going down, that's generally not a good sign for AUS
president. But I think we can all agree
that the stock market has been largely detached from life.
True. For people in the US and that's
been one of the main issues here is that like that it's been a a
years and years of fiscal and monetary stimulus, trillions of
that. And that's largely just led to
higher asset prices, which is which has led to this like
massive disparity and and perverse incentives.
I think particularly for like some of the bigger the bigger
companies out there. So I don't know if he'll lose
approval rates in doing this. Like, I really don't, I think it
like, yeah, it's not great to see, you know, Nasdaq's down
25%. But I think what you're really
just going to hurt there is people who have have blindly
just been like, yeah, own U.S. stocks forever.
Like that's the trade. Feels like that's going to be
slightly questioned here. I don't know.
But it could always come back. Like in a year's time, we could
be in a situation where you have a not, I wouldn't say like AI
don't know if I'll be able to balance the budget in the first
year, but like probably one of the best budget deficits the US
had in a long time. And you could be in a world
where monetary policy comes in because it's been very
restrictive for the last two years, 2 1/2 years now.
And then you start to see rates get cut.
You start to see maybe not QE, but QE by another name.
And Trump basically calls upon them to kind of to not bail out
the economy, but basically bail out the stock market.
I feel like that's, that's kind of my my base case.
It's just a matter of when and timing and how, how is it going
to play out. Logie, I'm, I'm curious for, for
your thoughts on all this boots on the ground in Pennsylvania.
Are folks OK? Yeah, nobody here in Central
Pennsylvania is talking about the stock market.
You mainly see the tweets about the price eggs type thing.
So nobody's complaining too much.
I don't actually know the approval rating or and haven't
been following the fluctuation and such, but nothing would
shock me if it it's not moved higher, right?
People don't, at least people I'm interacting with, they're
not paying attention to the stock market because they're not
really invested in the stock market.
But I think the, the larger thing for me, I mean, I don't
have much to share beyond what Mando has in terms of the, the
macro impacts. But the thing that's harder for
me I'm seeing on my timeline a little bit more is just trying
to rewire my own brain to understand that they are beating
us over the head with this thing.
Talks has been tweeting about it, about, you know, Besson's
comments like they're telegraphing this, they've said
this, Trump tweeted it or posted on Truth social or whatever.
There would be short term pain and we keep looking for reasons
for there not to be and want because we because we want there
not to be right. We want the prices to go up
every single day. And I'm just, I'm struggling a
little bit with myself just getting myself to rewire a
little, you know, to expect and and be OK with it.
And I do have a very, you know, try to have a much longer term
outlook on Bitcoin and things like that.
But it's hard when you log in here every single day.
I saw something from Alex good about like, can there be an
obvious bear market? Like those types of thoughts are
just starting to permeate my timeline a little bit more and
I'm trying to just come to grips with it and, and understand, and
you not, not overreact in in either direction through the
bullish or the bearish. May have seen tweets from me
recently about, you know, it's our on crypto Twitter
particularly, like, you know, we are either overly bearish or
overly bullish. There's no in between.
And I'm just trying to put myself a little bit more in the
middle. And I know the mid curve is not
always the place you want to be here, but for the time being, I,
I think it, it might be a, a place where you want to start
drifting just at least for the time being.
So that's what I'm trying to do personally.
Logie, Max, Barish, you, you heard it here first, folks.
No, I'm with you. I feel like that's a logical
place to be. Let's talk about the the crypto
news. Mando gave us a nice summary of
it, but Trump did sign the executive order once again.
They're going to hold the Bitcoin that they have that
they've acquired via forfeitures.
It does not lay out, it does not mandate net purchasing, but they
are allowed to do budget neutral accumulation.
So I didn't have a ton of time this morning.
I was trying to kind of come up with like, what, what does that
look like? What are potential budget
neutral strategies where they could acquire?
I think that's where a lot of our, our, our heads went.
Amanda, you've been talking about mining.
I actually don't know. Is that technically budget
neutral? Because that would require.
Yeah, it would. Well, it would probably be done
alongside somebody. Maybe it'll be some subsidy in
some way in in response as well, like on electricity, let's say
there was somebody came out with a tweet potentially fiscal
fiscally neutral methods, continuing judicial
confiscation. We obviously know that selling
gold for Bitcoin, I think there's going to be almost a
zero percent chance of that happening using other fiscal
revenues. I don't know what that means.
Interestingly, I don't know if you saw, but Lutnick came out
yesterday and we were talking about the the sovereign wealth
fund and Lutnick said we will not be using any tariff income
to fund the sovereign wealth fund.
So I continue to not know how's. The fund.
How they're going to fund that apart from with debt and I don't
know how they would fund purchases of like other fiscal
revenues, whatever that means, mining Bitcoin with
underutilized resources. This would be the obvious one,
like in my opinion. So for example, we build a
hydroelectric dam or we are going to find some, you know,
we'll provide you with cheap energy.
We get, we get you pay, you pay us in Bitcoin.
You know, to these miners, there'll be some, there'll be
some deal. I I reckon down the line with
some of the biggest Bitcoin miners accept Bitcoin for tax
payments or fines, deposit in the reserve and avoid selling.
So yeah, this is this would simply be that.
So like maybe they'll just start charging taxing the miners in
Bitcoin or they'll they'll start charging crypto firms in
Bitcoin. So something like that.
That would be that would be an obvious one.
And yeah, that's it. So do you see what I mean?
Like in terms of the actual ones that are actually seem possible,
it's about mining or taxes being paid in some way by via Bitcoin.
Yeah, I think those are are two of the most likely.
The gold swap is an option on the table, but anything that
requires Congress approval feels like it's going to be a huge
stretch. And I think that's going to be a
tougher fight that the cheese swap is a very interesting 1.
So, so Matt Seigal shared that the US apparently has about two
to $4 billion of Swiss cheese in Missouri caves, which they're
able to sell. So the cheese to Bitcoin swap is
on the table folks. We should be shorting Swiss
cheese. 2:00 to 4:00. Billion, did you say?
That's what. That's their numbers.
I'm quoting the Ban Act. We've got £1.4 billion of cheese
in these Missouri caves, folks. US is a strange place this.
Could be a sick heist. This could be a sick heist,
boys. Hear me out.
I used to trade a company called Iron Mountain.
I don't if you guys ever had. Yes, I'm very familiar with Iron
Mountain actually. Yeah.
And they own, Yeah. Well, actually it's not close to
where you are, but Iron Mountain used to be a high yield bond
issuer, which I used to trade. And they own an Iron Mountain
essentially in the US and they hold a lot of the, they hold a
lot of the random storage of US assets in there.
This is also where I think this is where Elon's been complaining
about, you know, it's like to get into it is like.
It's like 3 times per day and it's just like this very manual
and time intensive process. Yeah, yeah.
Iron Mountain has underground storage facilities in the United
States, but most of them in storage location in Dighton, MA
was once a missile storage battery during the Cold War.
It's best known 1 is in Pennsylvania.
Yeah. So that's the actual Iron
Mountain itself. It's like literally in a, in a
mountain of iron. And I would be unsurprised if if
you do like you have random agricultural stores.
So like generally every major economy has like a emergency
grain supply, an emergency rice supply in case something
happens, at least like most of the like the G20 do.
And I reckon there's some pretty random stuff like Swiss cheese
that maybe the US holds. I I didn't know it had 4 billion
of it. Like that's, that is wild.
Who's the buyer That's? A good question too.
Well for for Oak, I know we may have limited time.
Like what? What are like?
What's the boots on the ground like whispers, What are people
expecting for today? Do you think?
Do you think we're going to get any surprises?
What's What's the read on what's going to happen at the summit?
I don't know, I'm going to try and find out in a couple hours.
I'm going to go there like a few hours earlier, but nothing right
now. Like so far.
Like I did it with Ivan yesterday night from Moon Pay.
He found Moon Pay and he was at the CFTC summit.
So basically like it's kind of like an NFT conference where
there's like a ton of side events, right?
And so yesterday there was like ACFTC side events with like
Paolo from USDT, Ivan from Moon Pay, etcetera.
And everyone's bro honestly, like it's weird because I texted
that to Mendo. I think like yesterday there was
like Max bearish timeline, but like around me was like Max
bullish like events and people like I'd just gotten off dinner
and like Ivan was like he's he was extremely bullish about the
future of like the United States and crypto with regards like the
CFTCDSCC, etcetera. So I don't know what's going to
happen today, but it's, it's I, I wouldn't like have crazy
expectations, right? Because you guys have talked
about this over and over again, like we knew that they can't
just buy Bitcoin, but for some reason yesterday some people saw
that bad news that they're holding 1% of the Bitcoin of the
total Bitcoin supply. So I don't know, I wouldn't
expect anything other. What's interesting though, is
that they did say last week, I think David Sacks that to expect
news at the Digital Asset Summit.
And we all thought that it was going to be the executive order
for the reserve, but that happened last night.
So I just wonder what happens today.
Yeah. There's a headline in the
headline in the sense right now saying there'll be no tax
benefits announced at. This so it could be the yeah
which? Again, you said yesterday they
can't do so. I don't know what we're talking
about, but. Yeah.
I mean, I don't know what to expect from a roundtable
conversation like this is And Davis actually doubled down that
saying like, yo, we're not inviting a lot of people because
it's like a roundtable closed doors conversation about the
future of crypto America, right. So I don't know what.
So yeah, I don't know. With L ones, like I don't know
if you know, but like Google is a validator on on Solana, right?
Google never bought any Solana. Google was given Solana to be a
validator on the node. And that's the case.
You sometimes see that with a lot of big tech companies.
They are given validators, given enough to be a validator
essentially. I would be very unsurprised if
this with the L ones, it was more like the US is going to be
a validator on AVAX. I don't know if that's bullish
or not, but I think that would be the, that would be a very
easy thing that, that that would be possible because they would
all these L ones kind of know how to do it and they've done it
alongside, you know, big tech companies in the past.
There could be as you said, Tyler Sunlight.
I don't think anything concrete. Some light concepts of we are
going to going to work alongside these boxing companies for doge
efficiency stuff or think about ways to partner them with
financial institutions or something like that, Something
vague but but there. But I I can't see much concrete
coming out of this. Yeah.
Yeah, maybe I'm wrong. I think that's fair.
Part of me thinks we're going to get a surprise today, but in
general it is just a round table.
It's an order being signed at three.
I know for sure that during the summit, there's a 15 minute
period in the middle where Donald Trump's coming to speak
because that's the period where I'm allowed to go in and like
some of the rest. So there's a summit.
There's a 15 minute break in between where Donald Trump's
coming to speak, obviously because he wants to speak to
these founders, right? And then yesterday night there
was a three years of alpha breaking news that like there's
going to be at 2:45 or 3:00 PM today an executive order, right?
Trump does an executive order at 2:30 PM on Friday, then Trump to
deliver remarks at the White House just summit at 3:00 PM.
So maybe that's not it. All of it's yet.
Maybe not. We will be tuning in at 3:00 PM.
That is a a must watch event at at this point in time.
I also just want to quickly, I'm sharing this Alex Bell Belidus
tweet here that David Sacks also reposted.
And one of the reasons why I really like the announcement
yesterday is that it's basically flood proof, right?
They're not using taxpayer dollars.
They're going to keep what they have and then evaluate ways to
potentially accumulate it. That's not going to cost anyone
anything. And like, like, how are you
going to flood that? Like, unless you just hate
Bitcoin in general, But even if you hate it and don't believe in
it, like it's not impacting you in, in any way.
And they also addressed the other assets, which was the the
biggest reason why a capital CT turned Max Baer on Monday 'cause
it was crony capitalism. And they said, hey, no, we're
not going to buy any of that. And yes, we're going to have a
stockpile if we seize it, if anyone forfeits it, we're going
to keep that. But but hey, we're we're not
going to go out and buy it. I am curious what what that
means for some of those other assets like XRP.
I would short the bucket of XRP and ADA like yesterday there was
like the best OP like people are trying to short Bitcoin, like
Bitcoin is like the most strong asset here to own, obviously
because of reserve, but XRP and ADA that have been paying their
way into the the White House. But that's a fact, right?
Like through lobbying and and XRP especially etcetera, it's
those coins, they're not specifically said we will not be
buying tokens in the stockpile. And what people miss is saying
that the treasury could potentially buy Bitcoin.
So it's like So what? So we were bearish on Monday we
meeting timeline because it was going to be a stockpile of
multiple assets. Then we got confirmation to
executive order that Bitcoin is going to be held and can be
bought and that other assets will not be bought and were
still bearish. Like honestly like it's starting
to piss me off. Like I just don't understand
anymore. I'm so confused.
I, I had, I had to write, I had to come out and write a post
yesterday. Like I, I saw people bearish on
the concept of the reserve and how it diminishes Bitcoin or or
or perhaps changes the initial vision.
So I shared some thoughts. I don't understand it like ADA
is a great looking short here. Like why?
Why would it not just reclose the gap from from 60, especially
we talked about the bears tailwinds from Besant.
So like if you already think the market's probably going to be in
for a period of chopping decline anyway, then shorting some of
the assets that pumped on what is effectively fake news seems
fairly interesting here. And I'm not really a guy who
goes short too much, but that's something that I'll take a look
at for sure. I don't know how much longer we
have you on, so I want to make sure we hit the myriad news,
huge news, myriad money markets are live.
We've got 33 markets out there. You bet with USDC on abstract on
the Myriad app we've got will pump funds cumulative revenue
exceeds 615,000,000 by the end of March.
Fear and greed index at 25 or above on March 10th and then the
UFC fight tomorrow night prayer versus on club, which is a pick
em. So very interesting fight to
start with. Fear and greed index was the the
market that I that I went after first.
So I have made my bet disclosure, I'm on the yes side
got in around 54%. So I'm up, I'm up and I still
30% here. I checked in on that fear and
greed index. Yes, generous line, huh?
That's the generous line on the 25.
Are you, are you on any of these broke?
I'm so I, I can't, I can't take the bets here right now, but if
I were to take them, I actually the fear and grid index.
I actually don't know about the 25 bro 'cause I know we went to
36, but that was before last night's mega bearishness like
that. That was before the dip that the
fear and grid index reset, so I wouldn't be surprised if we're
back in the 2025 range I'd like. It's very possible, yeah.
And markets may nuke and real quick rollback code is markets
today, folks. There you go markets raffle ball
dot XYZ get get we're doing 2 spins right.
I'm gonna I'll I'll stay for the for the spins, but basically
like I, I don't know I, I, I helped pick this market for the
reason that I thought 25 is the perfect middle ground.
So I have no idea. I I want to say over, but it,
it's so weird. It's so tough, you know?
I want to say I like my side, I like my side on the over, but we
have to fade a big market sell off today and like a total sell
the news event in the summit. What do you think, Logan?
What do you got? Yeah.
I so I also can't use the markets, but I think I would, I
think I would be on the over. I think I'd be on the over as
well. What already like healthily
above at this point in time, I can't imagine, I don't have
anything to support this, but I can't imagine the fear and greed
index moves that volatility on weekends.
But that's that's totally anecdotal.
I have no evidence to support that.
That's me making that up in my head.
So you have a few days. Remaining let's study last
weekend Friday last Friday was 10 and then it went.
I think guys, you're right Logan, usually if your reading
next is not supposed to be volatile by the way, it's not
supposed to be. But last week, remember we went
to 78. It was last Friday 78 K Bitcoin,
right? Fuck this market man it's
insane. I think it was.
So last Friday we went to YEAH, because the Friday before that
was 99. Yeah, March 4th.
Well, that was Monday, so we were 84 K like this time last
week and rebounding. Yeah.
So it was 10, the fear and greed index, and then it went to 30
something, then it went to 20, then it went to 15, then it went
to 24. Like it's been thinly volatile.
It's not supposed to be. But I think you guys are right.
I think I think the over is probably going to hit here.
Yeah, I don't know, man. It's an interesting one.
Jump 9 points in a day. I guess I was just expecting the
moves to be a little bit. More gradual you're.
Not supposed to be. It's not supposed to be like
this, but this is how fucked this market is.
These are very. I mean, we got the US signed a
strategic Bitcoin reserve yesterday.
So that that should alleviate fear a little bit like 1.
Percent of the total supply is owned by United States of
America and people are bearish. Yeah, it's it's absurd.
I like this pump fun line. I have not bet on this.
I'm I am going to bet it. I think I'm going to take the
under on this. So you're basically it's, it's
the line is will pump funds cumulative revenue exceed
615,000,000. I think it's already at like 580
or something. So you, you do the math, it's
basically are they going to come out?
Are they going to keep their, are they basically are they
going to underperform their local average or are they going
to over perform their local average?
Is this based on the price of Solana?
Because that's another wrinkle as well.
Because that's how they generate revenue.
Right. Yeah, but they would earn X
amount of soul. And if sold dumps $20 like that
matters, you know, So I don't, I don't know the math.
I'd have to look at the daily stuff.
But there's a little wrinkle in there that might be able to give
you an edge. Yeah, exactly.
Yeah. You're making, you're making a
million. They're making about a million a
day. Right.
They're making a million a day right now.
So you're betting, are they going to keep that up for the
next two weeks? So this market closes on March
25th, but the resolution is from what they make March by March
31st, like the whole month. The reason you closed it earlier
is because then it's too easy to game if you go to the end.
Yeah, people can like drain the liquidity and we're testing with
three different markets. So there's a reason why some of
our markets closed before just to keep some uncertainty.
Because we have to provide liquidity for all these markets.
It's crazy launching prediction markets in USDC guys is like
such a big lift. Like we have to provide, we have
to see liquidity those and but it's going to be you'll see
where it gets fun and people can read between the lines.
But there's going to be a world where like people are going to
be able to provide liquidity for markets with AP YS and different
things and all that. So this is going to grow like
this. This is just the beginning.
I'll take I'll, I'll take the over man, because it's the end
of March you're seeing. A little rebound.
They're making a million to million three a day.
There's quite a lot of days left to March 2124 days to 20 I and
all you need is 1 runner for them to really cook or like a
meme, like a please moment, right?
Like we're like there's a million of them.
And if the end of March, you said one of your quants is
seeing some pumps at the end of March, Tyler at some point or
something like that, but I don't know, I'll take the over.
My M2 quant says we're going to bottom on March 25th so.
If we the bottom, then you have a week of degeneracy left in
March. I'll I'll take the over.
Here, I'll take the over. Yeah, I like the over too.
I think we are at like near peak pump fund FUD and token launch
FUD and you know, just exhaustion.
And if there are still like close to on pace like Farooq
said, I think it takes just a few runners and we're starting
to see some right. You saw please, I mean it, it's
not the same caliber, but you saw please, you saw the grok
thing from last night like. Also, what if Frank just decides
to come back and stream? Well then like.
Get serious. Like that's what I thought about
when we were making this line. I'm like, what if like these
guys just what if these guys just like come out of of their
retirement in March and they start fucking Jakey and Gigi and
stuff. They're going to be daily runs.
I think someone was in this grot coin last night.
I don't know if folks saw this, this thing to $200 million in
volume. We haven't seen that in in
weeks. It got to about 30 million.
It looks like it peaked this morning.
So it traded all night during the, the demon hours and then
it's just been selling off because folks have been waking
up. I, I, I didn't touch this one,
but I, I was very surprised at the volume.
So they did this pool did 140 million.
This pool did 48 million, then another 30 million.
So yeah, I did it well over 200 million in a day.
It wrecked. Please.
So please was the, the, the recent darling, please go back
up. Is is the mantra.
Man, this is did you see the the senator that tweeted like I see
JD Vance's face everywhere. Yes, the the meme is everywhere.
In disclosure, I do hold some of this.
I don't know what else I do. I this is this is a good meme
man. It's a good.
The the it's funny, they're still out there.
It's light hearted. I have no idea what what's going
to happen to the coin folks. And I'm not saying anyone should
should go buy it. I'm probably dumb for having
some. I like the meme though.
This meme is going to stick around, I think for for this
term because I don't have any, but I just it's so funny, man
Sorry about. That Where is this coming?
From sorry. Fox, come here so.
Funny you're good Yeah, I can mute you from here Boom.
So far just so just some statistics base for you Logan.
Oh, you're back just some statistics for you while I'm at
it. I opened the Metabase and we
should go over the third market. Oh, it's the UFC.
So we don't really talk UFC. Ferrera and Unclev are pretty
good. But I can tell you as a bit
about what's next. But there's been 1095 traders
officially. So it's pretty big. 1000 people
have traded this market, $32,925.
USDC traded like that's that's a big deal for us like $32,000 of
volume in less than 24 hours. And there's been 1700 trades.
So it's pretty cool. Like 30,000 spent $2000 sold.
So people are holding on to their thing, which is really
cool. And the fear and greed 1 is
really like is the one that's getting the most amount of, you
know, individual traders because it's people love short term
market. So basically what we're going to
do is once the fear and greed market closes, we have another
market coming on on Bitcoin price short term 1, which is
going to be fun as well. And so we're just going to keep
running these like that, like weekly prices and weekly fear
and greed indexes and stuff like that.
And then we're going to try and do some fun sports ones within
line of what we can do. So then there's F1 next week and
what she thinks. So we're texting and it's a lot
of fun. So people should get on and and
try it. Was your experience good?
I hadn't tried because I'm not home, but was was your
experience good Tyler? Like the migrating to abstract
and all this stuff like was it easy to?
Yeah, so the. Whole thing.
So I, I, I bridged, I bridged capital and then made the bets.
Like you go through a few approvals like your first time.
So like there's, there's like the abstract approval messages
you kind of got to get through. But once you get through that,
it's, it's clean, it's quick, Make your bets in seconds.
So I was just saying we, we're going to be rooting it on for
sure. Wow, we're only a few minutes
left in the show. Wow.
We, we really, I'm, I'm happy we went here.
A couple other stories are quick.
You want to hit on Gito has a new proposal for buybacks that
that's the headline. That's basically what you need
to know. Buybacks are hot right now.
We know what what kind of impact that can have the tokens.
So, so keep an eye on that. Logan, you've been you've been
following this Solana vote that goes Live Today.
What's the quick TLDR on that? Yeah, it may have an impact on
Gito as well. So there is a proposal, it's
supposed to go live later today, but basically to change the
emission schedule of Solana inflation more or less, right.
So right now it's based on a fixed, it was set I think in
2021 or maybe even earlier than that.
But a fixed supply emission schedule, they're looking to to
move that to a more programmatic dynamic emission schedule, which
would change based on basically the staking participation.
So there's a lot of big technical words in there, but
more or less changing the supply inflation, you'll see plenty of
opinions probably if you're following.
Yeah, totally. And others about the pros and
cons on your timeline. So, yeah, but don't know too
much about exactly my read just based on, you know, consuming a
lot of this is that the support outweighs the dissenters.
But we, you know, we don't know for sure until the actual vote
takes place, which is expected to take place a little bit later
today. I don't think it'll close today,
but we'll get a better idea of if people want to reduce this
rate or not so. Seems like I'm I'm reading this.
It seems like Tolley's pretty for this.
Yeah, I think so, based on I actually reached out to ask him
for a very specific answer to that.
Not received a reply yet, but based on his tweets and
retweets, it does seem as if he is pro SIM.
It's called SIMD, which is Solana improvement proposal more
or less 228-0228. So I think he's pro.
One of the things that's written, you know, just to tie
it into the Jido thing and maybe why that's important in addition
to the buybacks is one of the the pros written by the authors,
2 folks from Multi Coin as well as one from Anza, which is a
Solana research and development firm.
One of the pros is that this this may increase Solana defy
activity. So if I activity, I mean Gito,
of course, major player there already.
But yeah, I I encourage people do it to read the original.
I mean, it's not that it's not that crazy long.
It is a little technical, of course, which is a just waiting
for, you know, folks that may be just active salon of
participants. That's one of the biggest
questions that I've asked to these folks who have provided
opinions on it is like explain to me why this matters to me, a
non staker. You know, you should know that
of course if you're not staking, you're probably you're losing a
little bit to the inflation. I think most people recognize
that. But like why does this matter to
just the average Solana participant?
That's an answer that I'm trying to get from folks.
I've not received 1 yet. TPD but less self pressure.
Right, less ongoing self pressure.
Potentially, right. Exactly.
Yeah, things like that. But I'd like to hear it from I'd
like to hear from them so. Yeah, if you look outside of the
casino, there's some good stuff going on in Salon on the line
like Pith and Cheeto, and one of these teams are really good.
For sure. So that's going to be A and.
Solana's holding strong too dude.
Like I've been looking at Solana like daily.
Like every single time it goes down to the low one 30s it's
been up screaming by like I did it once and it paid well.
I missed the last one but I think I'm just going to keep
running this back. Like every time I see 100 and
27132 dollars sold. Just fucking Max bid.
Sadly you have to sell every time it goes to like this range,
you know. Yeah, it's like it feels like
buy, buy the one 30s, sell the 160 until we.
Kind of, yeah, like I'd say 150 bro, like with that one 5153
range is nasty. Yeah, kind kind of feels that
way. What else?
We're not gonna have time to give this justice, but this new
New York bill aims to protect investors against rug pools.
So it's gonna be very interesting how they define that
because it's a very murky world, to say the least.
So, like, what will have to have been promised?
What minimum actions are required to avoid a rock poll?
Logan, did anything come out of this?
Did you have a chance to dig in? So I looked, I looked at the I'm
sorry, I I looked at the bill real quick.
There are some wonky definitions in there as well, right?
There's some stuff about non disclosure, like punishing
potentially for not disclosing, you know, which I think most of
us are supportive of, right? Like not disclosing and shilling
basically is what I'm alluding to.
But there's some details in there about developers and how
much supply they own. And it'll be interesting to see
more come from it and hopefully a bit more clarity around
exactly what those details are, which I imagine will be sussed
out if this moves along. But I mean, I think most people
are all for all for protecting investors from things like this.
Like we, you know, we don't want the the on chain crime, despite,
you know, perhaps seeing pleas for it previously.
Well, the the the good news. Well, in this new digital asset
stockpile world, if there is crime and the US government
confiscates. They're going to want to fuck on
a Libra. Huh?
I saw that tweet from dude. That's like cackled bro.
Yes, that was that was a. Great, that was a great tweet.
So you know what the the move is, is you launch a token, you
commit crime, you have the government sees like 80% of it.
So it's low float, high FTV and then you let 20% trading and
then what you know, you, you go hang out with SBF.
Apparently Dee Dee is very kind to him, you know.
That's yeah, that that's the new meta.
And and Speaking of crime, SBF somehow landing an interview
from prison. It was a strange interview.
I listened to the 1st 30 minutes of it or so.
He, he apologizes, but basically he's kind of saying like we had
a good thing going. He blames the bankruptcy lawyers
for selling everything at the bottom basically says we we
would have had 90 billion in assets if they wouldn't have
done that versus 17 billion in liabilities.
Of course, that's like that's assuming that they didn't do
anything else shady or take any other bad bets over the course
of three years, right? So.
He said I, I believe I read the decrypt article Andre covered
for us. He said I'm not a criminal.
He's pleading what? Non guilty, right?
So he did say that specifically, though.
Tucker Carlson was like, the DOJ thinks you're a criminal, you're
in jail. He did say Denny's been nice to
him. Yeah, he said that so it doesn't
get looped up. After that interview, he.
Hasn't been beaten yet. Yeah, dude, that's crazy.
I didn't watch the whole thing. I watched a little bit.
I just, he pisses me the fuck off.
Like I'm sorry. Like I I was asked.
I was talking to Sandra yesterday.
I was like, have you ever interviewed someone that you
despise? And he said, of course, and I'll
have as well. But I wonder like, at what point
do you break that? And you're like, yo, fuck you.
Like I feel like if I were to interview, SBFI would do well,
but I'm afraid that I would like at some point just like
breakdown. Like I really despise this guy.
What's the problem right if someone listens to this who does
not have a deeper knowledge of the situation?
They think he's a good guy because he's so good at he's so
surprised. He.
Sounds very, he's weird. He sounds very childlike, like
he has this like, like if you don't know anything about him,
like he comes off as like this innocent poor little child that
was put in prison. He made the wrong like he made
the wrong mistake. But he's got good mommy and
daddy. But he's he's evil.
He's really evil, you know? And he like didn't.
And all of a sudden he's Biden. You were telling me that he
walked back all the Biden stuff, right?
He did, yeah. So he basically said yes I
donated to Biden but I was secretly donating to Republicans
and then the Dems threw me under the bus basically is what he
said. So he he's clearly doing this
apology tour to try to get pardoned.
Let's hope that doesn't happen. I feel like it's non zero that's
going to happen. For one, just the fact this
interview happened makes me think it's it's non 0 at this
point in time. So we'll we'll certainly see
it's 10 around the hour mark. Brooke, I know you've got a busy
day.