1 00:00:00,570 --> 00:00:05,140 Yo-yo, yo-yo, what's up? What's up? 2 00:00:05,670 --> 00:00:06,780 Good morning. Good morning. 3 00:00:06,790 --> 00:00:21,510 GMG Deep Friday January 5th, 2024 Four 4/20/24 baby Woo. 4 00:00:21,520 --> 00:00:25,610 Wow. Already one week into this new 5 00:00:25,620 --> 00:00:28,770 year, it's officially been one year since I had my last drink. 6 00:00:29,260 --> 00:00:30,550 Thank you. Thank you. 7 00:00:31,910 --> 00:00:34,520 Obviously just kidding here. Alright, that didn't land with 8 00:00:34,530 --> 00:00:39,760 my boys. I but I think Ovie was too was 9 00:00:39,770 --> 00:00:44,020 too distracted by by Gemini being in the audience right now. 10 00:00:44,330 --> 00:00:47,260 You know, we got some requests for you Gemini intern. 11 00:00:47,270 --> 00:00:49,520 We got some requests for you for sure. 12 00:00:50,970 --> 00:00:52,860 Know my shit coins? I mean, like, OK, wait, which 13 00:00:52,870 --> 00:00:53,450 ones? Which? 14 00:00:54,100 --> 00:00:56,010 Which one? What do we what are we chilling 15 00:00:56,020 --> 00:00:59,850 Gemini today on the show? Not just kidding, of course. 16 00:00:59,980 --> 00:01:02,150 That is definitely not what we're here to do today. 17 00:01:02,160 --> 00:01:04,349 It is a beautiful day to have a beautiful day today. 18 00:01:04,360 --> 00:01:07,150 You know I love my Friday because I love my Shabbat 19 00:01:07,160 --> 00:01:11,070 candles. You know, it is -20° outside in 20 00:01:11,080 --> 00:01:14,050 Montreal, Canada, where I'm tuning in from, but it is warm 21 00:01:14,060 --> 00:01:17,980 and cosy inside. Let me tell you that I got my 22 00:01:17,990 --> 00:01:20,490 co-host in the house. OSPF Mando. 23 00:01:20,580 --> 00:01:23,020 How are you guys doing today? Good. 24 00:01:23,030 --> 00:01:26,370 How you doing? I'm vibing I'm very excited. 25 00:01:26,380 --> 00:01:28,920 I I'm very excited. I can feel it. 26 00:01:28,930 --> 00:01:30,980 You know I can feel it coming. You know what I mean? 27 00:01:30,990 --> 00:01:35,440 Like it's it's about to happen. You know I'm I'm feeling it in 28 00:01:35,450 --> 00:01:38,280 my bones. You know like it's it's like I 29 00:01:38,290 --> 00:01:40,720 I'd go as far as saying as my my my boss tingling. 30 00:01:40,990 --> 00:01:43,040 I think you used to tweet that out often. 31 00:01:43,050 --> 00:01:44,440 Ovi. You used to say something like 32 00:01:44,450 --> 00:01:45,680 that right. Balls tingling. 33 00:01:45,810 --> 00:01:48,510 And she just like tweet that out very often and before the market 34 00:01:48,520 --> 00:01:51,120 were ripped in 2021 that was like your thing. 35 00:01:51,730 --> 00:01:54,840 So I, you know, I'm old enough to remember that, but uh, but 36 00:01:54,850 --> 00:01:56,960 look, it, it looks like we're getting closer every day, right? 37 00:01:56,970 --> 00:01:59,470 Look, there's only four businesses. 38 00:02:00,140 --> 00:02:02,430 There's only four business days left until we get to. 39 00:02:02,440 --> 00:02:10,000 We go to 12 K so. Just one one week straight down. 40 00:02:10,150 --> 00:02:10,600 Ohh. Which? 41 00:02:12,520 --> 00:02:15,050 Yeah. OK And then one week back up to 42 00:02:15,060 --> 00:02:17,680 all time high, right. Anyways, we're not gonna, we're 43 00:02:17,690 --> 00:02:19,350 not gonna we're gonna front run the topics today. 44 00:02:19,360 --> 00:02:20,250 We're gonna talk about that later. 45 00:02:20,260 --> 00:02:23,250 Amanda, how you doing today? I'm doing good, man. 46 00:02:23,300 --> 00:02:26,250 I'm doing good, Mark. It's not so great today, but but 47 00:02:26,260 --> 00:02:27,890 doing good. We just set it up. 48 00:02:27,900 --> 00:02:29,930 We we just sit on our hands. I made a promise to Ovi. 49 00:02:30,680 --> 00:02:32,130 I'm gonna try and fulfil that promise. 50 00:02:33,160 --> 00:02:36,370 And we just, we just sit, we just sit on our hands and we let 51 00:02:36,380 --> 00:02:38,650 the market happen. That's all we're gonna do today. 52 00:02:38,740 --> 00:02:41,230 But I can definitely feel it like it's one of those mornings 53 00:02:41,240 --> 00:02:44,360 where like I'm just like, you know that that scene in Wolf of 54 00:02:44,370 --> 00:02:47,310 Wall Street where during, like that restaurant. 55 00:02:48,710 --> 00:02:53,770 Hmm, hmm. Come on over. 56 00:02:55,970 --> 00:02:58,680 Ohh, come on over. I don't. 57 00:02:58,690 --> 00:03:01,240 I don't like, I don't like early, early. 58 00:03:03,420 --> 00:03:05,630 This is manifestation. This is. 59 00:03:06,720 --> 00:03:08,490 Ohh, I'm not stopping until you do it. 60 00:03:08,560 --> 00:03:12,150 I'm too superstitious. I just like to go about my day 61 00:03:12,160 --> 00:03:14,690 and hope, quietly hope something. 62 00:03:14,700 --> 00:03:18,650 Happens. We got crypto slam in the 63 00:03:18,660 --> 00:03:21,940 audience going like the fists in the air. 64 00:03:21,990 --> 00:03:23,770 So you know they're doing it behind their screens. 65 00:03:23,780 --> 00:03:26,400 I wanna see everybody's fist in the air, everybody in the 66 00:03:26,410 --> 00:03:28,300 audience. I want to see fist emojis. 67 00:03:28,370 --> 00:03:31,750 Today could be a big day and worst case is going to be 68 00:03:31,760 --> 00:03:35,180 Monday, Tuesday or Wednesday, but the ETF's are definitely 69 00:03:35,590 --> 00:03:37,370 coming soon. With that let's talk about 70 00:03:37,380 --> 00:03:42,120 today's topics today on the show today today, Market report 71 00:03:42,130 --> 00:03:45,880 updates and moves as usual. Let's see what is going on in 72 00:03:45,890 --> 00:03:48,630 the world of crypto. Seems like everybody's just flat 73 00:03:48,700 --> 00:03:51,070 waiting on the ETF announcement and see when that's gonna 74 00:03:51,080 --> 00:03:53,190 happen. Speaking of ETF announcement, we 75 00:03:53,200 --> 00:03:58,350 are super, super, super excited to host Eric Bakunas today who 76 00:03:58,360 --> 00:04:01,870 is going to be joining us at 11:00 AM Eastern Standard Time. 77 00:04:01,880 --> 00:04:06,900 So in 22 minutes a senior ETF analyst at Bloomberg in for the 78 00:04:06,910 --> 00:04:09,880 last 24 years. So we're talking to like I mean 79 00:04:09,890 --> 00:04:12,250 that was over that that told me that but we're like talking to 80 00:04:12,260 --> 00:04:17,290 the ETF Don here we're talking to the father of ETF analyst and 81 00:04:17,300 --> 00:04:19,769 I'm still here excited for this show. 82 00:04:19,839 --> 00:04:23,290 We called DM them on the show on Wednesday like really live on 83 00:04:23,300 --> 00:04:26,490 air and and it happened so shout to everybody counts for 84 00:04:26,540 --> 00:04:30,200 accepting to come and degenerate formal hour show which is gonna 85 00:04:30,210 --> 00:04:33,330 be super fun and talk to all the crypto Bros and sisters in the 86 00:04:33,340 --> 00:04:35,970 audience So that's going to be a good one so be on 11 we have a 87 00:04:35,980 --> 00:04:39,310 bunch of questions ready for him should be really good topic. 88 00:04:39,420 --> 00:04:42,050 Quick NFT check in what's happened in the world's we saw 89 00:04:42,060 --> 00:04:44,830 Logan Paul's buyback Crypto Zoo programme that obviously made a 90 00:04:44,840 --> 00:04:48,400 lot of noise. We saw Jack Butcher we mentioned 91 00:04:48,410 --> 00:04:49,210 yesterday. Is he going to do? 92 00:04:49,220 --> 00:04:50,990 It's not gonna do it. Right after the show Boom 93 00:04:51,000 --> 00:04:53,120 announced that the single check holder is gonna be able to claim 94 00:04:53,130 --> 00:04:58,310 an ordinal up to 250 and then lost Robbie sale 150th. 95 00:04:58,320 --> 00:05:02,170 Like who doesn't like a nice, you know, slab ham for $400,000? 96 00:05:02,180 --> 00:05:06,260 I mean come on. And then and then of course 97 00:05:06,270 --> 00:05:09,830 we'll be joined by by by Eric and we'll be going into a really 98 00:05:09,840 --> 00:05:13,320 good conversation around all things ETF for everyone. 99 00:05:13,330 --> 00:05:17,000 As usual this show is powered by Ledger so make sure you follow 100 00:05:17,010 --> 00:05:20,350 at for more on all platforms FOMO, HR and by the way we are 101 00:05:20,360 --> 00:05:23,400 live on X video and YouTube, Rugby, this YouTube and on here 102 00:05:23,410 --> 00:05:26,760 Chapter 300 people that are already on here video with us. 103 00:05:26,770 --> 00:05:28,690 We love y'all. Let's get this party started. 104 00:05:32,740 --> 00:05:35,160 Who is the man, Michael? Daddy. 105 00:05:39,270 --> 00:05:43,800 Can you dig it? Yet GM everyone, I think it's 106 00:05:43,810 --> 00:05:45,860 it's probably right to say just give it a little bit of macro 107 00:05:45,870 --> 00:05:47,050 view. It hasn't been a great start to 108 00:05:47,060 --> 00:05:51,240 the year like across the board bond stocks have all gone down 109 00:05:51,250 --> 00:05:55,730 quite a lot, definitely not been not been a very strong period. 110 00:05:55,790 --> 00:05:58,640 I think stocks are going to have their actually it's the first 111 00:05:58,650 --> 00:06:01,300 losing week in like 10 weeks, but it's definitely not been 112 00:06:01,310 --> 00:06:02,680 good. And also the bond markets 113 00:06:02,690 --> 00:06:07,660 definitely sold off US 10 year went back back above 4% briefly. 114 00:06:07,970 --> 00:06:11,200 Part of that is just a little bit of an unwinding in in 115 00:06:11,210 --> 00:06:16,020 sentiment and when the Fed is going to drop rates, people are 116 00:06:16,030 --> 00:06:18,310 increasingly thinking that can be pushed out slightly further. 117 00:06:18,350 --> 00:06:21,840 So we're now in this sort of backdrop of macro assets not 118 00:06:21,850 --> 00:06:26,250 trading as well. Crypto today again didn't really 119 00:06:26,260 --> 00:06:28,080 have that great day. What you've seen is a rise in 120 00:06:28,090 --> 00:06:31,520 Bitcoin dominance, really like kind of since the start of the 121 00:06:31,530 --> 00:06:34,260 year, Bitcoin dominance has started to edge back higher than 122 00:06:34,270 --> 00:06:35,940 today. It felt like that that really 123 00:06:35,950 --> 00:06:38,980 came to the forefront. Bitcoin is still hanging out 124 00:06:39,050 --> 00:06:42,800 kind of where it was yesterday. So 43.7 when we were doing the 125 00:06:42,810 --> 00:06:44,440 show is around this sort of level as well. 126 00:06:44,450 --> 00:06:49,300 Briefly went up to 45 I think and then kind of went all the 127 00:06:49,310 --> 00:06:51,720 way down to like 42 1/2 in a week as well. 128 00:06:51,730 --> 00:06:55,780 So little bit of, I don't know changing sentiment around the 129 00:06:55,790 --> 00:06:59,500 ETF, it's it's still difficult for me and I think this is 130 00:06:59,510 --> 00:07:02,720 something that Obi even tweeted earlier to work out what is 131 00:07:02,730 --> 00:07:05,240 priced in and what isn't. It feels like within crypto 132 00:07:05,250 --> 00:07:08,670 circles everyone assumed this is 100% going to happen and yet all 133 00:07:08,680 --> 00:07:12,840 the public polls I see seem to indicate that that broader 134 00:07:12,850 --> 00:07:17,320 sentiment has is kind of unaware that this is happening or or or 135 00:07:17,730 --> 00:07:19,470 I know doesn't believe it's going to happen. 136 00:07:19,480 --> 00:07:25,220 So I saw today something like only 38% of traditional finance 137 00:07:25,230 --> 00:07:29,000 investment advisors think that the ETF is going to happen or 138 00:07:29,010 --> 00:07:31,370 like the Twitter polls, I seem to put very high numbers from 139 00:07:31,380 --> 00:07:35,480 the fact that it won't happen. So this I don't know like I feel 140 00:07:35,490 --> 00:07:38,510 as though that's if this gets approved maybe there will be a 141 00:07:38,520 --> 00:07:40,730 bit of a bind just because it's being discounted. 142 00:07:42,130 --> 00:07:44,520 You've definitely seen a reduction in risk appetite 143 00:07:44,530 --> 00:07:47,680 across the board. Um the funding rates have all 144 00:07:47,690 --> 00:07:50,660 come well, they've stayed low. The premium on Bitcoin in 145 00:07:50,670 --> 00:07:54,440 particular across various different exchanges and for UH 146 00:07:54,450 --> 00:07:58,120 for the future spot premium has gone down to basically 0. 147 00:07:58,250 --> 00:08:01,520 So it's it's a cleaner environment there from a risk 148 00:08:01,530 --> 00:08:04,290 taking perspective. I would be surprised if we saw 149 00:08:04,300 --> 00:08:08,260 any big sell the news event here just because of how much that's 150 00:08:08,270 --> 00:08:10,620 come down, but it could it could still happen. 151 00:08:12,130 --> 00:08:16,660 But yeah also Alton and yeah anything that's not going have 152 00:08:16,670 --> 00:08:20,290 definitely come down. You saw some of the, the the 153 00:08:20,300 --> 00:08:23,680 really talked about stuff recently so like say was all the 154 00:08:23,690 --> 00:08:27,220 way up $0.87 and now it's back at like 72. 155 00:08:27,370 --> 00:08:32,299 Solanas obviously backed down at 98, it was at 106107 yesterday 156 00:08:32,309 --> 00:08:37,799 and obviously peaked at like 120 something men's ethos all the 157 00:08:37,809 --> 00:08:41,190 way all the way back down to to to basically just just north of 158 00:08:41,200 --> 00:08:44,830 2200. So that kind of puts you in an 159 00:08:44,840 --> 00:08:47,400 environment of of how things are feeling. 160 00:08:47,410 --> 00:08:48,610 It's just a little bit soggy out there. 161 00:08:48,620 --> 00:08:51,550 A lot of different narratives are taking a breather, whether 162 00:08:51,560 --> 00:08:57,970 it's meme coins or ones even the Yeah, paralysed, Paralysed L2 or 163 00:08:57,980 --> 00:09:02,080 Parallel Parallel lines. Size, right? 164 00:09:04,310 --> 00:09:08,370 L2's the only the only stuff that I think has has stayed 165 00:09:08,380 --> 00:09:13,310 relatively strong is is Tia which is the which is the the 166 00:09:13,480 --> 00:09:16,970 Celestia that the the data operability scaling solution 167 00:09:17,440 --> 00:09:20,030 which is kind of hit towards its all time high. 168 00:09:20,040 --> 00:09:23,130 And then Arbitrium is seeing this huge volumes going through 169 00:09:23,140 --> 00:09:27,670 its Defi ecosystem that again touched I think 2:00 it's 170 00:09:27,680 --> 00:09:31,300 hanging in and around that level it's definitely feels stronger 171 00:09:31,310 --> 00:09:34,030 than some of the others. So that's still just shy of to 172 00:09:34,040 --> 00:09:38,580 do and there's a lot of talk about the ecosystem, let's say 173 00:09:38,590 --> 00:09:41,580 various different plays whether it's liquid staking derivatives 174 00:09:41,590 --> 00:09:46,080 or what's going to happen with we staking with each each layer 175 00:09:46,090 --> 00:09:47,830 or Eigen layer, whatever you want to call it. 176 00:09:48,130 --> 00:09:53,220 And yeah some of the of the of the other two which are seeing 177 00:09:53,590 --> 00:09:58,110 huge volumes. So I would say yeah, ecosystem 178 00:09:58,170 --> 00:10:00,440 feels strong. Other than that everything's 179 00:10:00,450 --> 00:10:03,160 taken a breather. Slash is is looking pretty 180 00:10:03,170 --> 00:10:05,590 precarious to me. OK. 181 00:10:05,640 --> 00:10:06,350 OK. Yeah. 182 00:10:06,360 --> 00:10:08,650 I mean, it feels like, I know we're talking to chefs in a 183 00:10:08,660 --> 00:10:09,850 minute, so I don't want to go over it now. 184 00:10:09,860 --> 00:10:11,130 So we don't like lose time on that. 185 00:10:11,140 --> 00:10:13,490 But like it seems like everyone just waiting, right? 186 00:10:13,660 --> 00:10:16,030 Like it seems like everyone's just waiting for it to happen. 187 00:10:16,120 --> 00:10:18,290 From what I've seen, you know, obviously follow a tonne of 188 00:10:18,300 --> 00:10:21,630 people on the spot in the space and the consensus amongst like 189 00:10:21,640 --> 00:10:24,670 all these like traders and what it's like, just like everybody's 190 00:10:24,680 --> 00:10:27,400 out of leverage. Everybody's waiting to see 191 00:10:27,410 --> 00:10:30,490 what's gonna happen. I saw this tweet from from 192 00:10:30,540 --> 00:10:33,850 Andrew Kang I believe yesterday. Yes. 193 00:10:33,960 --> 00:10:37,010 Well at midnight, yeah. So yesterday saying that he 194 00:10:37,020 --> 00:10:41,130 believes downside risk is muted to roughly 10% around ETF launch 195 00:10:41,340 --> 00:10:43,350 while upside risk is sidelined in 100%. 196 00:10:43,360 --> 00:10:47,290 Over the next 12 months, marked by PTSD from CME futures launch 197 00:10:47,580 --> 00:10:50,070 and Coinbase IPO, Crypto native traders are cautiously 198 00:10:50,080 --> 00:10:52,770 positioned with funding flat and BT CEO. 199 00:10:52,780 --> 00:10:56,650 I open interest at annual lows with five hundred $700 million 200 00:10:56,660 --> 00:10:59,610 of committed seed funding that needs direct that that needs to 201 00:10:59,620 --> 00:11:03,350 directly buy Bitcoin after approval and the biggest sales 202 00:11:03,360 --> 00:11:04,610 marketing campaign will ever see. 203 00:11:04,620 --> 00:11:05,930 There's no need to be fancy here. 204 00:11:05,940 --> 00:11:11,400 So I think this is like a good sort of like Greek, like TLDR of 205 00:11:11,410 --> 00:11:14,970 like the situation, which obviously seems like the rest of 206 00:11:14,980 --> 00:11:18,700 the corns are just, you know, waiting on big Papa Bitcoin to 207 00:11:18,710 --> 00:11:20,240 make a move. You know, it's kind of like your 208 00:11:20,250 --> 00:11:23,000 move now, right? Whatever, whatever Bitcoin 209 00:11:23,010 --> 00:11:27,180 decides seems like the rest of the market will follow here. 210 00:11:27,190 --> 00:11:30,780 Also regarding what you were talking about Mando on the 211 00:11:30,790 --> 00:11:34,290 theorem out two narrative here, there was a headline that I 212 00:11:34,300 --> 00:11:37,390 picked up from your minutes theory to total value locked. 213 00:11:37,400 --> 00:11:42,680 TVL hits $21 billion which is a new all time high which is which 214 00:11:42,690 --> 00:11:45,990 is quite impressive when it comes when it comes to a theorem 215 00:11:46,000 --> 00:11:50,760 and its ecosystem. So there's a lot waiting to to 216 00:11:50,890 --> 00:11:55,940 to happen on the on this front and the other news that we had 217 00:11:55,950 --> 00:11:59,660 on the on the token side on the coin side with Celsius also a 218 00:11:59,670 --> 00:12:05,860 theorem news here too on stake $466 million million Ethereum 219 00:12:05,870 --> 00:12:12,960 holdings and to ensure ample liquidity in their words for for 220 00:12:13,030 --> 00:12:15,480 for creditors. So obviously, you know, we're 221 00:12:15,490 --> 00:12:20,740 still waiting for for the Celsius repayments and also and 222 00:12:20,750 --> 00:12:24,540 also for for you know obviously so within the FTX stuff. 223 00:12:24,550 --> 00:12:26,860 But we got not so great news I think last week that they were 224 00:12:26,870 --> 00:12:30,620 paying people based on the price of Bitcoin ETH and Solana from 225 00:12:30,630 --> 00:12:34,060 when they crashed which was 16 K. 1200. 226 00:12:35,370 --> 00:12:40,330 That's the plan, right? Which kind of sucks, but what 227 00:12:40,340 --> 00:12:40,990 else? What? 228 00:12:41,000 --> 00:12:43,550 What can we do at this point? So that's really like the big 229 00:12:43,560 --> 00:12:47,110 headlines, Ovi, did we not get a figure? 230 00:12:47,120 --> 00:12:50,090 Were we not waiting on a certain figure that you were mentioning 231 00:12:50,100 --> 00:12:51,030 or? Yeah. 232 00:12:51,040 --> 00:12:54,190 We have payrolls today which actually came in high payrolls 233 00:12:54,200 --> 00:13:00,370 came in at like 215,000 I think versus consensus of 177. 234 00:13:00,380 --> 00:13:04,370 So that's a pretty big beat. Again, what does that mean? 235 00:13:04,380 --> 00:13:09,430 It means as less pressure for the Fed to cut interest rates 236 00:13:09,440 --> 00:13:11,930 because it shows that the economy is still strong. 237 00:13:12,600 --> 00:13:14,970 It shows that maybe inflation could still be a problem. 238 00:13:14,980 --> 00:13:21,150 Like the cause of that was definitely wage inflation is 239 00:13:21,160 --> 00:13:22,410 kind of weird. Actually. 240 00:13:22,420 --> 00:13:25,690 Interest rates like spiked a lot higher when that number came 241 00:13:25,700 --> 00:13:27,630 out. They've actually now rallied 242 00:13:27,640 --> 00:13:31,390 back like 10 year. When was that like 4.8%? 243 00:13:31,400 --> 00:13:37,200 Now it's like 3.96%. So that's been like a 5 to 10 244 00:13:37,210 --> 00:13:39,170 basis point whipsaw in in 10 years. 245 00:13:39,180 --> 00:13:41,280 I don't know what's happened in between. 246 00:13:41,480 --> 00:13:43,600 When I checked the number now, because interest rates are 247 00:13:43,610 --> 00:13:45,850 actually rallying, I would expect the other interests 248 00:13:45,860 --> 00:13:49,060 rallying stocks are up. You would have expected the 249 00:13:49,070 --> 00:13:50,690 opposite. So maybe it's positioning. 250 00:13:50,700 --> 00:13:51,460 I don't know. Maybe. 251 00:13:51,750 --> 00:13:55,600 Bloomberg ran a story yesterday which was that some guy put on 252 00:13:55,610 --> 00:13:59,200 like one of the biggest short bond trades ever in the auction 253 00:13:59,210 --> 00:14:03,160 market going into payrolls. So I think, I think there was a 254 00:14:03,170 --> 00:14:07,860 lot of just like there was a lot of like shorting I think ahead 255 00:14:07,870 --> 00:14:08,870 of it. So maybe this is a bit of 256 00:14:08,880 --> 00:14:13,710 positioning that that number I think is unequivocally bad for 257 00:14:13,720 --> 00:14:16,160 bonds. So yeah, I think it's. 258 00:14:16,170 --> 00:14:18,080 More you know exactly. You know exactly what happened. 259 00:14:18,470 --> 00:14:20,400 Number came out, the guy just gunned it all up. 260 00:14:20,410 --> 00:14:25,210 It was like, yeah, one last lap, I'm calling it here. 261 00:14:25,220 --> 00:14:29,020 Everyone's like and then he gets the sales guys like Ohh, yeah, 262 00:14:29,030 --> 00:14:31,130 like been chatting to BlackRock and they're really bearish 263 00:14:31,140 --> 00:14:32,320 interest rates. So where are you now? 264 00:14:32,330 --> 00:14:35,820 You're like, ohh, why that's why the is that two ways like yeah, 265 00:14:35,830 --> 00:14:41,530 it's like yours. Oh my God, it's. 266 00:14:42,350 --> 00:14:47,140 Like that, but yeah. It's gonna be it's it's gonna be 267 00:14:47,150 --> 00:14:49,560 it's gonna be interesting you guys are talking about about 268 00:14:49,610 --> 00:14:52,080 about traffic and all that. There's also another headline 269 00:14:52,090 --> 00:14:56,400 that I that I that we picked up on Mando which is March banking 270 00:14:56,410 --> 00:15:01,660 crisis rerun risks 40% Bitcoin price crash per Arthur Hayes. 271 00:15:01,910 --> 00:15:04,990 So Arthur is pretty much claiming here that Bitcoin 272 00:15:05,000 --> 00:15:09,380 dipping 20% would be healthy but up to 40% as possible depending 273 00:15:09,390 --> 00:15:12,610 on liquidity condition per the former Bit MEX CEO. 274 00:15:12,620 --> 00:15:15,670 What do you think here? So he's he's saying as of March, 275 00:15:15,680 --> 00:15:18,860 So he says he thinks this is the guy calling for $1 million 276 00:15:18,870 --> 00:15:21,360 Bitcoin, or I think it was 100K, definitely 100 plus. 277 00:15:21,370 --> 00:15:24,220 So he's not bearish on Bitcoin. Yahtzee. 278 00:15:25,450 --> 00:15:29,180 Bullish and he's he's specifically mentioned March 279 00:15:29,190 --> 00:15:34,330 because of that's after that the the halving and also after 280 00:15:34,340 --> 00:15:36,990 obviously the ETF. So he's mentioned that he's 281 00:15:37,000 --> 00:15:40,940 always had this view for a long, long time that it I guess his 282 00:15:40,950 --> 00:15:44,880 view is more like some of the other bitcoiners view that you 283 00:15:44,890 --> 00:15:48,780 know the world is heading to a banking crisis, sovereign crisis 284 00:15:48,790 --> 00:15:51,480 XYZ. Remember he was always talking 285 00:15:51,490 --> 00:15:55,310 about Yellen last year and and just like the collapse of the 286 00:15:55,320 --> 00:15:58,320 banking system around this time last year when when you saw like 287 00:15:58,330 --> 00:16:03,080 SB and all those all those Silicon Valley banks start to go 288 00:16:03,090 --> 00:16:06,460 down like First Republic. So he his view is that that is 289 00:16:06,470 --> 00:16:10,020 still going to be the case Now is that is that still the case 290 00:16:10,510 --> 00:16:14,630 Banking stocks have bounced back slightly but the balance sheets 291 00:16:14,640 --> 00:16:16,580 still look pretty precarious to me. 292 00:16:16,590 --> 00:16:20,600 Deposits have have have been rapidly leading banks 293 00:16:20,610 --> 00:16:25,890 particularly small banks in the US So there is still always an 294 00:16:25,900 --> 00:16:29,270 outside chance that that you see a banking crisis. 295 00:16:29,280 --> 00:16:32,380 The the big difference between now and this time last year is 296 00:16:32,390 --> 00:16:35,730 that rates are a lot tighter, sorry a lot lower. 297 00:16:35,780 --> 00:16:37,950 What does that mean? It means that like the we always 298 00:16:37,960 --> 00:16:40,990 talking about unrealized losses on bank balance sheets just by 299 00:16:41,000 --> 00:16:44,230 the nature of the fact that that interest rates have come lower, 300 00:16:44,300 --> 00:16:47,870 some of those losses have have started to to be less 301 00:16:47,880 --> 00:16:51,950 aggressive. So I don't know if I see a world 302 00:16:51,960 --> 00:16:55,270 where where we go to a banking crisis, you kind of need higher 303 00:16:55,280 --> 00:16:58,540 rates, much higher rates to really start seeing stress I 304 00:16:58,550 --> 00:17:00,920 think or serious stress again in the in the banking system. 305 00:17:00,930 --> 00:17:04,819 And remember, the Fed has got that already got that huge huge 306 00:17:05,390 --> 00:17:08,780 facility where people are borrowing hundreds of millions 307 00:17:09,150 --> 00:17:11,400 in liquidity to help deal with that already. 308 00:17:11,410 --> 00:17:14,980 So I don't know. I don't like, do I think, do I 309 00:17:14,990 --> 00:17:16,950 think there's gonna be a banking crisis by March? 310 00:17:17,280 --> 00:17:22,420 I'm a I'm a seller of that view. OK, OK well we'll see what 311 00:17:22,430 --> 00:17:23,800 happens. I may remember I wouldn't be 312 00:17:23,810 --> 00:17:26,180 surprised if we get some like major dip at some point on all 313 00:17:26,190 --> 00:17:29,030 crypto markets that we in 21 like we did he got that and it 314 00:17:29,040 --> 00:17:32,840 was remember Bitcoin lady dropped like 50% after running I 315 00:17:32,850 --> 00:17:35,950 think it was April and then same for Ethereum had it's it's like 316 00:17:35,960 --> 00:17:37,970 a like a collapse. I remember even like the the 317 00:17:37,980 --> 00:17:41,050 major like media mainstream media like calling for the death 318 00:17:41,060 --> 00:17:43,550 of the theremin NFT's like it was April and then we had the 319 00:17:43,560 --> 00:17:48,880 biggest summer ever with like a $4 billion uh month volume on 320 00:17:48,890 --> 00:17:53,550 NFT's alone on the back of those articles like that was wild. 321 00:17:53,600 --> 00:17:55,330 I'll I'll never forget. I wouldn't be surprised to get 322 00:17:55,340 --> 00:17:58,410 something similar here. There was something else that I 323 00:17:58,420 --> 00:18:04,770 wanted to bring up here is we got another ETF commercial this 324 00:18:04,780 --> 00:18:07,950 time from hashtags and you know I love playing my TF commercials 325 00:18:07,960 --> 00:18:10,730 on the show so I just that's the third one. 326 00:18:10,740 --> 00:18:12,890 It was 2 from Bitwise with the most interesting man in the 327 00:18:12,900 --> 00:18:14,690 world. We just got another one right 328 00:18:14,700 --> 00:18:18,150 before the show, so may as well play it because it's it's this 329 00:18:18,160 --> 00:18:22,760 is just a teaser of what's going to come all your long in 2024. 330 00:18:24,670 --> 00:18:28,120 What the home of the Whopper is offering cash or? 331 00:18:28,130 --> 00:18:30,100 Credit. I think it's pretty bad if you 332 00:18:30,110 --> 00:18:32,320 have to use a credit card when you go to a fast food 333 00:18:32,330 --> 00:18:35,590 restaurant. Yeah 334 00:18:49,260 --> 00:18:51,950 this is good. This is great cash or credit. 335 00:18:51,960 --> 00:18:54,890 So for those of you listening on on on audio and you can find us 336 00:18:54,900 --> 00:18:57,080 on video on on on ex. We've all been posted the 337 00:18:57,090 --> 00:19:00,470 broadcast already So it's on the page but it's it's also pins the 338 00:19:00,480 --> 00:19:03,150 top of this Twitter space. But you know this is this was 339 00:19:03,160 --> 00:19:05,450 hashtags and they were referring to that video famous video that 340 00:19:05,460 --> 00:19:08,640 went viral back then which is of people Burger King adopting 341 00:19:08,650 --> 00:19:12,000 credit card payments and people not believing in credit cards 342 00:19:12,150 --> 00:19:14,740 and saying that it's just never gonna happen and that cash is 343 00:19:14,750 --> 00:19:16,620 king. So it's a I think these are 344 00:19:16,630 --> 00:19:17,600 great. I I love. 345 00:19:17,610 --> 00:19:20,780 I love seeing these ads and and I'm just gonna keep on playing 346 00:19:20,790 --> 00:19:25,340 them but hey if if Black Rock or bitwise or hashtags or all the 347 00:19:25,350 --> 00:19:29,700 other issuers are listening. You know, feel free to hit us up 348 00:19:29,830 --> 00:19:33,370 you know this work but but but on that I think this is really 349 00:19:33,380 --> 00:19:37,260 exciting and we are back to what Rukan was saying about to see a 350 00:19:37,270 --> 00:19:42,380 massive marketing campaign around all things ETS. 351 00:19:42,390 --> 00:19:45,660 I'm gonna keep the ETF chatter for in 5 minutes because we do 352 00:19:45,670 --> 00:19:49,800 have Eric coming on any moment now So let's let's do a quick 353 00:19:49,810 --> 00:19:53,540 little NFT roundup here across the board. 354 00:19:53,550 --> 00:19:56,160 So the major news yesterday when it comes to NFT's was really 355 00:19:56,170 --> 00:19:59,140 just like the Logan Paul stuff that you've seen all over all 356 00:19:59,150 --> 00:20:02,200 over the timeline which is you know there was the Project 357 00:20:02,210 --> 00:20:04,840 Crypto Zoo that dropped last year. 358 00:20:05,430 --> 00:20:07,680 There was, you know, nothing came out of it. 359 00:20:08,110 --> 00:20:11,770 And then. You know a coffee, Zilla made a 360 00:20:11,780 --> 00:20:15,010 video, multiple videos I believe in multiple parts talking about 361 00:20:15,020 --> 00:20:18,050 that back and forth with Logan Paul blah blah blah and poor 362 00:20:18,060 --> 00:20:19,740 being. Yesterday we got the 363 00:20:19,750 --> 00:20:22,510 announcement from Logan in a long thread actually long tweet 364 00:20:22,520 --> 00:20:25,300 format explaining what happened saying that Logan Paul launches 365 00:20:25,640 --> 00:20:30,490 A crypto zoo NFT buyback and then files a a countersuit as a 366 00:20:30,500 --> 00:20:35,810 legal battle rages on for Kate Irwin of G branch of Crypto. 367 00:20:36,140 --> 00:20:39,600 So the famous YouTuber and influencer alleges two of his 368 00:20:39,610 --> 00:20:42,370 crypto zoo more creators engage in theirs trading activity. 369 00:20:42,420 --> 00:20:44,330 So there is a backpack programme. 370 00:20:44,340 --> 00:20:46,240 So the reason why we're mentioning on the show today is 371 00:20:46,250 --> 00:20:50,430 that if you bought those NFT's back, then you can get your 372 00:20:50,440 --> 00:20:52,450 money back. So don't, don't sleep on that. 373 00:20:52,900 --> 00:20:54,730 No matter how much you spent, like there's an opportunity for 374 00:20:54,740 --> 00:20:58,350 you to get to be made somewhat whole here. 375 00:20:58,390 --> 00:21:02,190 So I guess we love to see that. Obviously, we'd love to see more 376 00:21:02,200 --> 00:21:05,190 buybacks like that. So hey, if does that start a 377 00:21:05,200 --> 00:21:08,010 trend? Maybe, I don't know, but we'll 378 00:21:08,020 --> 00:21:08,960 see. I don't if you guys have much 379 00:21:08,970 --> 00:21:10,900 more to add on that, but that's pretty much it. 380 00:21:10,970 --> 00:21:12,690 Like that's really the top of the head. 381 00:21:12,800 --> 00:21:15,940 There's nothing really else to add on that other NFT headline 382 00:21:15,950 --> 00:21:20,970 here per Tyler did it here. It looks like Jack Butcher's 383 00:21:20,980 --> 00:21:23,550 orders announcement is starting to have an impact. 384 00:21:23,560 --> 00:21:27,020 So there you know you can get us build a single check using a 385 00:21:27,030 --> 00:21:29,350 bunch of other cheques and Jack butcher ecosystem. 386 00:21:29,880 --> 00:21:32,770 Actually I remember just a few weeks ago there was a single 387 00:21:32,780 --> 00:21:36,910 check sale for as low as 12 eighth or 12 or 15. 388 00:21:36,920 --> 00:21:41,530 Someone was was liquidating some NFT's but now I believe that you 389 00:21:41,540 --> 00:21:45,250 can get, you know the project which is announcement owners of 390 00:21:45,260 --> 00:21:48,450 single cheques will be the only ones eligible for ordinal 391 00:21:48,460 --> 00:21:50,310 cheques and they're gonna be maximum of 250. 392 00:21:50,320 --> 00:21:53,560 So again like the the the originals. 393 00:21:53,570 --> 00:21:56,870 I don't want to call it like height but ordinals because it 394 00:21:56,880 --> 00:21:58,130 maybe has a negative connotation. 395 00:21:58,140 --> 00:22:02,300 So that's how I mean it like the originals like you know, volume, 396 00:22:02,310 --> 00:22:05,700 energy, height, whatever like seems to you know continue and 397 00:22:05,710 --> 00:22:08,130 to keep on keeping on. Also with Node Monkeys just 398 00:22:08,140 --> 00:22:14,640 continuing to see a lot of sales and the mid in the mid to mid to 399 00:22:14,650 --> 00:22:17,500 top of the end range. I was looking at the old ones 400 00:22:17,510 --> 00:22:22,080 like this was selling like crazy aliens and whatnot as well. 401 00:22:22,090 --> 00:22:24,750 So something that you love to see on that front. 402 00:22:24,760 --> 00:22:27,640 Let me just go DJ's finance Bitcoin there we go. 403 00:22:27,890 --> 00:22:32,780 So you have there at .25 BTC. I believe they topped out a 404 00:22:32,790 --> 00:22:34,180 tweet. That's right. 405 00:22:37,480 --> 00:22:39,830 That's crazy. So that's another mint that went 406 00:22:40,600 --> 00:22:43,430 completely wrong and that then just like came back. 407 00:22:43,440 --> 00:22:45,470 It seems like the new meta, by the way. 408 00:22:45,620 --> 00:22:49,870 Bullish failed men. Like, I think it's like 409 00:22:49,940 --> 00:22:52,510 whatever. Every whatever man breaks up and 410 00:22:52,520 --> 00:22:55,270 everything goes to shit. It seems like everything rallies 411 00:22:55,280 --> 00:22:56,690 because that's what happened with no monkeys. 412 00:22:56,700 --> 00:23:00,810 Like No monkeys was born and moulded and food, right. 413 00:23:00,820 --> 00:23:03,590 Very early on there was a bunch of like fraud and crazy stuff on 414 00:23:03,600 --> 00:23:05,230 a timeline and then this happened. 415 00:23:05,680 --> 00:23:08,700 Obviously don't have any here, but love to see like everybody 416 00:23:08,710 --> 00:23:10,950 have fun with it. I think it's mostly that's just 417 00:23:11,030 --> 00:23:15,500 and having a tonne of fun on his timeline with these monkeys 418 00:23:15,610 --> 00:23:19,120 claiming that he just can't stop buying them because of how they, 419 00:23:19,650 --> 00:23:21,200 because of how they look. And he's been. 420 00:23:21,210 --> 00:23:23,340 I mean, this has really been like covering a lot of the known 421 00:23:23,350 --> 00:23:25,480 monkey sales and whatnot. So if you're interested in that, 422 00:23:25,570 --> 00:23:28,740 I know he's been, he's been enjoying that a lot and he's 423 00:23:28,750 --> 00:23:32,240 been talking about those monkeys saying I haven't seen a 424 00:23:32,250 --> 00:23:34,140 collection make me laugh this hard, maybe ever. 425 00:23:34,150 --> 00:23:37,430 If these go to zero, I will look at them with the same dumb and 426 00:23:37,440 --> 00:23:40,800 hysterical look on my face as I did tonight when I bought them. 427 00:23:42,010 --> 00:23:44,020 So these are that's what happens. 428 00:23:44,190 --> 00:23:46,480 That's what we're talking Bitcoin ETS is probably a bunch 429 00:23:46,490 --> 00:23:48,180 of people that not even familiar with our show right now, 430 00:23:48,190 --> 00:23:49,920 probably asking what the hell is going on right now. 431 00:23:49,930 --> 00:23:51,800 Well, that's also what's happening on Bitcoin. 432 00:23:52,030 --> 00:23:57,360 These are Bitcoin originals. Money in the new world, you 433 00:23:57,370 --> 00:23:59,310 know. Exactly, exactly. 434 00:23:59,320 --> 00:24:03,170 This is, you know, our ancestors fought in Normandy and then for 435 00:24:03,180 --> 00:24:08,090 for for us to be trading these monkeys on on from the comfort 436 00:24:08,660 --> 00:24:12,330 of of our home and us, I don't mean me, I mean, you know, the 437 00:24:12,340 --> 00:24:14,250 market. Participants because the puppets 438 00:24:14,690 --> 00:24:17,070 the monkeys, right? Sorry, sorry. 439 00:24:17,250 --> 00:24:18,990 I mean, they're monkeys, right? But they're puppets. 440 00:24:19,000 --> 00:24:24,160 But they're like most puppets. But yeah, anyways, so it's just, 441 00:24:24,200 --> 00:24:27,430 it just cracks me up, dude. Obviously be careful with media 442 00:24:27,440 --> 00:24:29,110 and stuff like we saw it happen with Therium. 443 00:24:29,120 --> 00:24:31,440 Doesn't mean it's gonna happen on Bitcoin, but hey, if you're 444 00:24:31,450 --> 00:24:34,970 gonna have fun, have fun. I ain't gonna be no boomer on 445 00:24:34,980 --> 00:24:38,220 here telling people not to do their thing on the show. 446 00:24:38,270 --> 00:24:44,060 That, that is for sure. And besides this, on the NFT 447 00:24:44,070 --> 00:24:46,790 front, we got two ringer sales, right? 448 00:24:47,570 --> 00:24:50,980 It seems like there's one very large collector that has been is 449 00:24:50,990 --> 00:24:53,070 the co-founder of Wealth Simple. Actually, I didn't even know. 450 00:24:53,080 --> 00:24:56,560 That's kind of chat and it's pretty pretty big in Canada. 451 00:24:57,250 --> 00:25:03,370 It's like one of the only arms. The ham traded The slab of ham 452 00:25:03,380 --> 00:25:05,710 traded for 450 grand. Yeah, exactly. 453 00:25:05,720 --> 00:25:09,630 So you have you have the ringer sign for 75 ether pop and then 454 00:25:09,640 --> 00:25:12,830 you have a slab of ham selling Lost Robbie. 455 00:25:12,840 --> 00:25:14,580 Do you guys have you guys have a Robbie? 456 00:25:14,640 --> 00:25:17,010 We have lost Robbie, yeah. You. 457 00:25:17,060 --> 00:25:18,890 I swear you guys have everything. 458 00:25:19,180 --> 00:25:24,020 It's crazy. Anyways, so Lost Robbie sold for 459 00:25:24,030 --> 00:25:26,990 150 Ether. I believe that was beanies by 460 00:25:27,000 --> 00:25:32,330 the way. So that one sold for 150 is 461 00:25:32,690 --> 00:25:33,870 yeah, I'm pretty sure it was beanies. 462 00:25:33,880 --> 00:25:35,780 I think these was talking about this, but we can just go check 463 00:25:35,790 --> 00:25:39,470 the chain for ourselves, um, and see whose it was. 464 00:25:40,970 --> 00:25:42,520 Come on. There we go. 465 00:25:42,790 --> 00:25:44,520 It looks like. Was it. 466 00:25:44,560 --> 00:25:46,580 Ohh, maybe not. Not generally. 467 00:25:46,590 --> 00:25:51,920 OK, no, it is, began Enjoyer. I'm pretty sure it's not it's 468 00:25:51,930 --> 00:25:56,900 not Beanie, but this sold, yeah, yesterday it was acquired for 469 00:25:57,190 --> 00:26:05,920 88177 K on April 3rd, 2021. So it's it's not a bad train, 2 470 00:26:05,930 --> 00:26:11,290 years, 100% return, you know not bad on in dollar terms, not 100% 471 00:26:11,300 --> 00:26:14,200 return on on, on in that terms. But anyways, that's about it. 472 00:26:14,210 --> 00:26:18,020 On the NFT front, I'm gonna hard pivot here and go to our special 473 00:26:18,030 --> 00:26:22,680 guest off today every Bakunas Senior ETF analyst at Bloomberg 474 00:26:22,690 --> 00:26:25,340 who was kind enough to to respond quickly and come on the 475 00:26:25,350 --> 00:26:29,040 show in the middle of a of a pretty crazy timeline. 476 00:26:29,050 --> 00:26:31,540 So Eric Balchunas, good morning, Welcome. 477 00:26:31,550 --> 00:26:34,000 How are you doing today? Good. 478 00:26:34,010 --> 00:26:36,020 Can you guys hear me? Yes, Sir, we hear. 479 00:26:36,030 --> 00:26:37,420 You. Alright, thank you. 480 00:26:39,250 --> 00:26:41,000 Good. I'm in our Wilmington DE office, 481 00:26:41,010 --> 00:26:45,440 so greetings from Wilmington. And where are you guys based? 482 00:26:45,450 --> 00:26:49,190 Looks like all over. Montreal over here, so we're not 483 00:26:49,200 --> 00:26:51,440 far out. Mandos and Lisboa, so in the 484 00:26:51,450 --> 00:26:54,490 beautiful Sun of Portugal, and over here is in. 485 00:26:54,500 --> 00:26:56,690 London, London. Yeah, Ohh, nice. 486 00:26:56,700 --> 00:27:01,780 All really great places. Anyway, yeah, no, it's this is 487 00:27:01,790 --> 00:27:03,120 actually the calm before the storm. 488 00:27:03,130 --> 00:27:07,280 There's not really a tonne going on but any minute. 489 00:27:10,200 --> 00:27:11,930 What do you think? Do you think we're gonna get it 490 00:27:11,940 --> 00:27:14,930 today or you get it next week? Well, I've I have a note coming 491 00:27:14,940 --> 00:27:16,130 out. I just bashed this note out 492 00:27:16,780 --> 00:27:20,540 basically saying that pretty much we approval imminent. 493 00:27:21,590 --> 00:27:26,960 Probably we see 19 V fours come in in their final form later 494 00:27:27,150 --> 00:27:32,380 today, if not Monday when the approval order is shortly after. 495 00:27:32,470 --> 00:27:36,120 But what we've been hearing is that the SEC has been working 496 00:27:36,130 --> 00:27:39,360 with the issuers on their 19 before basically they're going 497 00:27:39,370 --> 00:27:43,080 back and forth on draughts. So that's why we've seen as one 498 00:27:43,090 --> 00:27:45,900 to get updated. But the 19 B fours have been, 499 00:27:46,690 --> 00:27:49,380 the edits have gone right to the SEC, they haven't been refiled. 500 00:27:49,790 --> 00:27:53,340 So when we see those refiled, we'll know that SEC has signed 501 00:27:53,350 --> 00:27:59,150 off on them as being final. And to me that's almost, that's 502 00:27:59,160 --> 00:28:01,720 like 1 inch yard line because then it's just a matter of 503 00:28:01,730 --> 00:28:03,430 getting that formal approval from the SEC. 504 00:28:03,440 --> 00:28:07,620 So it sounds like the SEC just gave them comments yesterday on 505 00:28:07,630 --> 00:28:09,750 their final. So it just doesn't matter how 506 00:28:09,760 --> 00:28:12,590 fast they can turn this around and how many people are working 507 00:28:13,850 --> 00:28:16,740 and a bit of a frenzied situation I'm sure. 508 00:28:17,570 --> 00:28:20,860 So I would guess if you know if I had a ballpark approval order 509 00:28:20,870 --> 00:28:23,230 comes Monday for 19 before is maybe Tuesday. 510 00:28:24,260 --> 00:28:28,050 That is if so facto the SEC saying we've approved them. 511 00:28:28,220 --> 00:28:30,580 So even though the US ones aren't approved, if they approve 512 00:28:30,590 --> 00:28:33,850 the 19 before, they're not going to deny the S ones. 513 00:28:34,120 --> 00:28:38,190 The ones though is a different team and they're a slightly 514 00:28:38,200 --> 00:28:40,200 slower pace right now. So I think those could be 515 00:28:40,210 --> 00:28:45,200 approved Thursday, Friday and then maybe we see the launch in 516 00:28:45,210 --> 00:28:49,180 the week after MLK holiday weekend, the Tuesday or 517 00:28:49,190 --> 00:28:52,370 Wednesday after that would seem like a likely scenario. 518 00:28:52,380 --> 00:28:55,890 So imminent approval 10 days later the Derby begins. 519 00:28:55,940 --> 00:28:59,530 Wow that's the. I would say that's a high odds 520 00:28:59,540 --> 00:29:05,300 on that the only outside chance of something going wrong is a if 521 00:29:05,310 --> 00:29:11,430 they just can't get everything, all the T's and i's dotted, you 522 00:29:11,440 --> 00:29:15,830 know, and they might ask for a couple more days. 523 00:29:16,060 --> 00:29:18,290 That could involve ARC, you know, withdrawing. 524 00:29:18,300 --> 00:29:20,210 I know there could be some scenario of like give us another 525 00:29:20,220 --> 00:29:22,360 week. That's one. 526 00:29:23,350 --> 00:29:27,840 The other is this sort of like Black Swan event where like the 527 00:29:27,890 --> 00:29:31,980 the president says to Elizabeth Warren this can't happen and 528 00:29:32,740 --> 00:29:36,610 that somehow there's some divine intervention, divine being the 529 00:29:36,620 --> 00:29:39,830 president. And they basically somehow it's, 530 00:29:39,940 --> 00:29:45,520 you know that that that's very, very, very slim odds because 531 00:29:45,530 --> 00:29:48,300 you'd think that would have already happened if if they were 532 00:29:48,310 --> 00:29:51,370 working on this for months, they would have been notifying 533 00:29:51,380 --> 00:29:54,020 everybody what we're doing and they would have already done 534 00:29:54,030 --> 00:29:57,670 this. So this 11th hour presidential 535 00:29:57,680 --> 00:30:02,730 intervention theory, I can't say it's a zero chance, but those 536 00:30:02,740 --> 00:30:05,370 would be. So that's those are the two 537 00:30:05,380 --> 00:30:10,220 reasons we're not like 100%. You know, I just think so. 538 00:30:11,560 --> 00:30:12,270 Yeah. Go ahead. 539 00:30:12,280 --> 00:30:15,570 Go ahead, Michael. I was just going to ask so like 540 00:30:15,580 --> 00:30:20,030 you and I've I've seen your your posts on on on X. 541 00:30:20,080 --> 00:30:23,910 You're believing that it will go live very soon after this is 542 00:30:23,920 --> 00:30:26,390 approved because a lot of other people are like unsure about 543 00:30:26,400 --> 00:30:27,550 that or like when it actually happened. 544 00:30:27,560 --> 00:30:30,420 Your view this this is these are ready to go as soon as this gets 545 00:30:30,430 --> 00:30:32,040 approved. Yeah. 546 00:30:32,090 --> 00:30:34,960 I mean, well, it's 19 before it gets approved. 547 00:30:35,270 --> 00:30:39,500 Then there's the S1. When the S1 gets approved, those 548 00:30:39,510 --> 00:30:43,650 documents Quote unquote, go effective and when an ETF goes 549 00:30:43,660 --> 00:30:49,500 effective at the prospectus, the launch every single time is 24 550 00:30:49,510 --> 00:30:54,610 to 48 hours after, so it would be odd if it didn't follow that. 551 00:30:54,620 --> 00:30:59,450 So I'm looking for a day or two after the ones effective. 552 00:30:59,460 --> 00:31:01,630 When will the ones be effective? That's the question. 553 00:31:01,640 --> 00:31:03,580 And we're looking at maybe the end of next week. 554 00:31:04,730 --> 00:31:07,610 That puts us into the following week for launch. 555 00:31:10,700 --> 00:31:13,860 Yeah, I mean, like I said, this is just my, this is my read on 556 00:31:13,870 --> 00:31:19,620 it now, you know, I'm working with the information I have, but 557 00:31:20,380 --> 00:31:21,920 that seems to be the most likely scenario. 558 00:31:22,790 --> 00:31:26,240 It's it's so refreshing to actually hear an educated 559 00:31:26,250 --> 00:31:27,740 opinion on this. I'm sure you're from the time 560 00:31:27,750 --> 00:31:30,320 you spent on Crypto Splitter. There's there's all sorts of 561 00:31:30,330 --> 00:31:33,020 garbage out there. And well, you know also keep in 562 00:31:33,030 --> 00:31:38,720 mind, well you know back in the day James and I were a bit of, 563 00:31:38,790 --> 00:31:41,020 you know, there was a couple of us, Nate, Tracy as well. 564 00:31:41,030 --> 00:31:43,700 We were a little alone in having this optimism. 565 00:31:43,710 --> 00:31:47,550 So we had to defend it. Now you've got a lot of good 566 00:31:47,560 --> 00:31:51,930 reporting from legitimate mainstream media sources that 567 00:31:51,940 --> 00:31:54,270 have their own independent sourcing and that is 568 00:31:54,280 --> 00:31:56,130 corroborated what I'm telling you. 569 00:31:56,200 --> 00:32:00,880 So I feel, you know, even extra confident because now we've got 570 00:32:00,890 --> 00:32:04,320 many people with their nose in this and finding the same 571 00:32:04,330 --> 00:32:07,420 information. Yeah, so the comments from from 572 00:32:07,430 --> 00:32:09,040 Eleanor from Fox and then the tech. 573 00:32:09,050 --> 00:32:10,510 Crunch. Yeah, she's probably. 574 00:32:10,640 --> 00:32:13,880 She's mostly the one I'm thinking of Reuters, although 575 00:32:13,890 --> 00:32:16,850 they put a story out saying that it would be done a few days ago, 576 00:32:17,160 --> 00:32:18,850 two days ago. That was wrong. 577 00:32:19,280 --> 00:32:22,930 I don't know who would tell them that and why not. 578 00:32:23,510 --> 00:32:25,250 Every. Yeah, every now and then you 579 00:32:25,260 --> 00:32:27,750 have to vet your sources because they have their own motives. 580 00:32:29,470 --> 00:32:32,780 But maybe somebody was just getting excited. 581 00:32:32,790 --> 00:32:34,920 I don't know. But that was not true. 582 00:32:35,010 --> 00:32:38,080 Seems like a lot of people jumped the gun on both ways 583 00:32:38,090 --> 00:32:41,940 whether it's our our it's my personal store nemesis now Eric 584 00:32:42,010 --> 00:32:47,860 Marcus or or or or or Cointelegraph a few months ago 585 00:32:48,010 --> 00:32:51,470 which was which was quite an interesting yeah yeah we've 586 00:32:51,480 --> 00:32:54,070 question ready for you here it's that we saw this thread 587 00:32:54,080 --> 00:32:57,660 yesterday from Bitwise you know saying that saying that it that 588 00:32:57,670 --> 00:33:00,820 about in a surprising development only 39% of advisers 589 00:33:00,890 --> 00:33:03,810 believe that a spot Bitcoin staff will be approved in 2024 590 00:33:03,820 --> 00:33:06,350 while you guys at Bloomberg have had that number at 90 percent 591 00:33:07,100 --> 00:33:10,830 2024 like for the longest time would you would you would you 592 00:33:10,840 --> 00:33:13,170 think that that would you what would what do you think about 593 00:33:13,180 --> 00:33:14,990 the price of Bitcoin being priced in here. 594 00:33:16,120 --> 00:33:20,930 Yeah, that tells me that advisors are not on Twitter. 595 00:33:20,980 --> 00:33:24,190 A lot of them, again, a lot of these advisors, I, you know, 596 00:33:24,200 --> 00:33:27,420 they have a nice life. They go golfing, they are 597 00:33:27,430 --> 00:33:30,930 looking for new clients, They're reading Morningstar. 598 00:33:31,030 --> 00:33:35,370 You know, they're not on heavily online people, so they wouldn't 599 00:33:35,380 --> 00:33:36,920 have caught us on Twitter and they probably don't have 600 00:33:36,930 --> 00:33:39,470 Bloomberg Terminal. Mostly institutions and asset 601 00:33:39,480 --> 00:33:42,440 managers have terminal, so they could easily have missed us. 602 00:33:42,450 --> 00:33:45,590 Now we have a podcast, but on my podcast we don't talk about this 603 00:33:45,600 --> 00:33:47,510 that often, maybe once every couple months. 604 00:33:47,520 --> 00:33:50,670 So it's possible they missed all this until now. 605 00:33:50,730 --> 00:33:53,430 Now it's in Fox Business, right? So now they're probably getting 606 00:33:53,440 --> 00:33:55,210 wind of it. So I would just guess that's 607 00:33:55,220 --> 00:33:58,480 more of a function of them not like being like tuned in. 608 00:33:59,090 --> 00:34:04,440 But that also I think tells you about why there is a potential 609 00:34:04,450 --> 00:34:07,200 here for these big asset managers launching these ETF's 610 00:34:07,210 --> 00:34:12,260 because that advisory market which has $30 trillion and again 611 00:34:12,270 --> 00:34:16,840 most of it is people over 60, they're advisors where khakis go 612 00:34:16,850 --> 00:34:20,199 golfing. It's not a world that the crypto 613 00:34:20,210 --> 00:34:23,020 people are familiar with. So I have to explain to them 614 00:34:23,030 --> 00:34:25,920 that's a lot of the big money in the United States operates that 615 00:34:25,929 --> 00:34:30,659 way. Those people, some of them, and 616 00:34:30,670 --> 00:34:34,500 some of their advisors will be interested in this simply 617 00:34:34,510 --> 00:34:36,520 because they totally trust the ETF format. 618 00:34:37,300 --> 00:34:39,570 They use ETF for everything. Advisors. 619 00:34:39,580 --> 00:34:41,670 If you take all ETF assets, there's a trillion. 620 00:34:42,060 --> 00:34:44,340 Advisors are about 70% of that number. 621 00:34:45,199 --> 00:34:52,330 They love ETF. They do because about 2010, 622 00:34:52,340 --> 00:34:55,739 twenty years ago, the way advisors got paid changed. 623 00:34:55,750 --> 00:34:57,780 It used to be they get a kickback from the mutual fund, 624 00:34:58,500 --> 00:35:00,560 but a lot of them switched to getting a percentage of the 625 00:35:00,570 --> 00:35:02,720 client assets. So if you're an advisor and 626 00:35:02,730 --> 00:35:05,010 you're managing like a rich boomers assets and you're 627 00:35:05,020 --> 00:35:10,230 getting 1% or 75 basis points of their assets, all of a sudden 628 00:35:10,240 --> 00:35:14,520 you're on the lookout for costs and for the best deal because 629 00:35:14,530 --> 00:35:15,590 now it's coming out of your money. 630 00:35:15,980 --> 00:35:19,710 Well that made ETS real popular because they're a great deal. 631 00:35:20,200 --> 00:35:27,070 And so over the years advisors have become very used to and and 632 00:35:27,480 --> 00:35:30,670 big users of ETF. So just having that in their 633 00:35:30,680 --> 00:35:34,480 preferred format almost like legitimises this asset class in 634 00:35:34,490 --> 00:35:37,090 a way, especially with the Black Rock and Fidelity involved. 635 00:35:37,100 --> 00:35:40,450 So this is a big deal, and I think that survey just tells you 636 00:35:40,460 --> 00:35:46,860 that you guys, in one way crypto is a is a frontier, but for you 637 00:35:46,870 --> 00:35:49,500 guys that is a whole nother. That's a frontier that has not 638 00:35:49,510 --> 00:35:52,000 been that. Those two worlds are really far 639 00:35:52,010 --> 00:35:54,040 apart. I would say the ETF is a long 640 00:35:54,050 --> 00:35:59,350 bridge between those those two worlds, which is again why it's 641 00:35:59,360 --> 00:36:03,010 so interesting and fascinating off And while we cover it so 642 00:36:03,020 --> 00:36:07,830 much, it's just you know, yeah, there's so many like subplots 643 00:36:07,840 --> 00:36:11,370 and and a lot at stake. That said, it might not, they 644 00:36:11,380 --> 00:36:13,600 might not all allocate on day one and they won't. 645 00:36:13,990 --> 00:36:16,480 This will be a long journey. Love that. 646 00:36:16,490 --> 00:36:18,100 We love golf here. We love ETF. 647 00:36:18,110 --> 00:36:21,710 Go on, Mando. You guys think? 648 00:36:21,720 --> 00:36:24,090 Offers over and I talk. About mini golf. 649 00:36:24,140 --> 00:36:25,890 I like mini golf. I I do chip. 650 00:36:25,900 --> 00:36:28,190 And Putt mini golf sometimes. OK, well, we'll take you out 651 00:36:28,580 --> 00:36:30,750 overnight. We'll take Eric and Mando out on 652 00:36:30,760 --> 00:36:33,450 the course one day and and we'll go, we'll go around. 653 00:36:33,460 --> 00:36:35,510 Mando, did you wanna? Do you wanna touch on that? 654 00:36:36,020 --> 00:36:38,110 Yeah, I love how you described them as now it's on Fox 655 00:36:38,120 --> 00:36:40,210 Business, so they'll know, they'll know it's out. 656 00:36:40,300 --> 00:36:46,730 But yeah, I wanted to say, but how big, how big do you see the 657 00:36:46,740 --> 00:36:50,000 ETF market being here? Like there's a lot of different 658 00:36:50,010 --> 00:36:51,830 estimates based on like what happened with gold, what 659 00:36:51,840 --> 00:36:54,390 happened with different industries, opened up the ETFs, 660 00:36:54,450 --> 00:36:57,640 What would be a good year, you think in terms of AUM for these 661 00:36:57,650 --> 00:37:01,140 ETFs after after like the first there's a year or first two 662 00:37:01,150 --> 00:37:03,310 years? Yeah, OK. 663 00:37:03,320 --> 00:37:07,580 We're talking X GBTC's 20 billion, yes. 664 00:37:08,030 --> 00:37:11,520 OK. So ex GBTC, fresh new assets, 665 00:37:13,120 --> 00:37:17,550 I'd say if you're looking for a solid new year for any new 666 00:37:17,560 --> 00:37:20,620 category, I mean a couple billion would be a solid new 667 00:37:20,630 --> 00:37:22,940 year. But given I'd be a little more 668 00:37:22,950 --> 00:37:28,000 optimistic than that I'd be like maybe 10 billion in year one. 669 00:37:28,150 --> 00:37:32,460 And then I think Ohh, but are it's a the short term is harder 670 00:37:32,470 --> 00:37:35,170 to predict here. Medium term, we do see this 671 00:37:35,660 --> 00:37:39,940 maybe in the ballpark of 30 to 50 / 3 years and then maybe it 672 00:37:39,950 --> 00:37:43,260 settles to where gold is at about 100 billion over 510 673 00:37:43,270 --> 00:37:46,300 years. That's 1% of ETF assets though. 674 00:37:46,310 --> 00:37:50,320 So but 100 billion for you guys is massive to the ETF and 675 00:37:50,330 --> 00:37:52,520 regular Crowdfire world, it's a penny. 676 00:37:52,590 --> 00:37:54,620 So it depends on where you're coming from. 677 00:37:55,190 --> 00:37:58,020 If you look at the Canadian and European markets, they have spot 678 00:37:58,030 --> 00:38:01,490 ETF and you extrapolate their size of their market to the US 679 00:38:02,180 --> 00:38:04,910 that gives you, if you use Canada, you get to 72 billion 680 00:38:04,920 --> 00:38:07,090 here. If you use Europe, you get to 681 00:38:07,100 --> 00:38:09,090 about, I think it was 40 billion. 682 00:38:09,620 --> 00:38:11,570 So we're kind of splitting the difference. 683 00:38:12,340 --> 00:38:15,010 So again and we're looking at gold. 684 00:38:15,060 --> 00:38:19,330 So our triangulation of where we get to 70 to 100 is but because 685 00:38:19,340 --> 00:38:23,130 of these other markets and gold, we're not just making the number 686 00:38:23,140 --> 00:38:26,310 up. That said, I would give, I would 687 00:38:26,320 --> 00:38:30,470 give us some openness for for you know up and down and 688 00:38:30,480 --> 00:38:33,470 especially short term. I think what we found in the bid 689 00:38:33,480 --> 00:38:38,600 O case when Biddle launched that launched into a mania, It was 690 00:38:38,910 --> 00:38:42,210 full FOMO. I mean, everybody's, you know, 691 00:38:42,260 --> 00:38:45,440 mothers and aunts and uncles were asking about this, right? 692 00:38:46,200 --> 00:38:49,550 So you can consider like a bunch of minnows, like a million 693 00:38:49,560 --> 00:38:51,290 minnows in a lake hungry as hell. 694 00:38:51,780 --> 00:38:54,730 And Vito launched and through their bait right into that. 695 00:38:55,080 --> 00:38:57,330 And it was like a billion dollars trading. 696 00:38:58,400 --> 00:38:59,920 I think a lot of those minnows are gone. 697 00:38:59,930 --> 00:39:03,220 I think FTX scared some and I think some went to Coinbase and 698 00:39:03,230 --> 00:39:07,920 other exchanges that said the bigger fishes are in the lake, 699 00:39:07,930 --> 00:39:09,480 which is what these ETFs are going for. 700 00:39:09,490 --> 00:39:11,970 And the big fish, if you've ever been fishing, they don't, they 701 00:39:11,980 --> 00:39:13,920 don't bite right away. They're they're harder to 702 00:39:13,930 --> 00:39:15,840 please. They usually sniff around the 703 00:39:15,850 --> 00:39:17,120 bait. You don't get them right off the 704 00:39:17,130 --> 00:39:21,600 bat like you do the small fish. So I would look for that kind of 705 00:39:21,610 --> 00:39:23,880 a metaphor, like when these bites come, they should be 706 00:39:23,890 --> 00:39:29,000 bigger and more substantial. But I don't see a crazy feeding 707 00:39:29,010 --> 00:39:32,540 frenzy on day one simply because the retail investor, I think 708 00:39:32,610 --> 00:39:35,130 many of them don't have that foam that they did in 2021. 709 00:39:35,140 --> 00:39:38,740 They might get it later, I don't know, but I don't feel it in my 710 00:39:38,750 --> 00:39:43,620 own personal world, nor do we see it much in the in the sort. 711 00:39:43,630 --> 00:39:44,880 Of that's what I was going to ask. 712 00:39:44,890 --> 00:39:48,100 Volume numbers. How much, how much would it will 713 00:39:48,110 --> 00:39:50,520 be passive versus active? Like how much will people really 714 00:39:50,530 --> 00:39:53,750 even realise bitcoins being added to their portfolios versus 715 00:39:53,760 --> 00:39:56,070 it's gonna have to be an actually actively saying, hey, I 716 00:39:56,080 --> 00:39:59,730 want to add this to my to my, I don't know, 401K on my pension. 717 00:40:02,240 --> 00:40:06,520 You mean how many will be actively when you say pass me by 718 00:40:06,530 --> 00:40:08,820 passive though in this? Case I mean like will BlackRock, 719 00:40:08,830 --> 00:40:11,160 do you think BlackRock, Fidelity, State Street, all 720 00:40:11,170 --> 00:40:14,360 these all these big they'll just start adding it as a standard 721 00:40:14,410 --> 00:40:16,000 standard allocation to some of their. 722 00:40:16,070 --> 00:40:17,200 Bigger. Yeah, I see. 723 00:40:17,210 --> 00:40:21,130 OK. So yeah, this is where I think 724 00:40:21,140 --> 00:40:23,400 I'm more optimistic because BlackRock has these model 725 00:40:23,410 --> 00:40:26,190 portfolios and they have well over 100 billion. 726 00:40:26,430 --> 00:40:32,040 So if they put even 1% into this new ETF as an allocation, that's 727 00:40:32,110 --> 00:40:36,280 a billion dollars. So BlackRock uses IAU in its own 728 00:40:36,290 --> 00:40:38,590 models, that's the gold ETF they have. 729 00:40:38,600 --> 00:40:42,930 So if BlackRock were to get bullish on this and we've seen 730 00:40:42,940 --> 00:40:45,210 Larry Fink talk about it, I could see them being this being 731 00:40:45,220 --> 00:40:51,040 used in their models. There's also Fidelity have army 732 00:40:51,050 --> 00:40:53,880 of advisers. So if their advisers have a 733 00:40:53,890 --> 00:40:56,960 client who's asking, they now have a an in store brand they 734 00:40:56,970 --> 00:40:59,170 can use. And because they have an store 735 00:40:59,180 --> 00:41:00,690 brand with the advisor, start pitching it. 736 00:41:00,700 --> 00:41:03,550 Maybe because you have to understand one of the reasons 737 00:41:03,560 --> 00:41:07,290 all these issuers have such a motivation to sell these is that 738 00:41:07,660 --> 00:41:10,830 these are going to charge more than the average stock and bond 739 00:41:10,840 --> 00:41:13,470 ETF which has been whittled down to nothing by Vanguard. 740 00:41:13,560 --> 00:41:16,090 So we call this a Vanguard Free Zone or a VFZ. 741 00:41:16,500 --> 00:41:19,970 It's like a a town with a bunch of there's no Walmart there. 742 00:41:20,040 --> 00:41:22,890 So if you're selling something without Walmart, it's that much 743 00:41:22,900 --> 00:41:26,610 easier, isn't it? So Vanguard not going there and 744 00:41:26,620 --> 00:41:29,890 they're not going to go there is very appetising to these 745 00:41:29,900 --> 00:41:32,910 issuers. So even if the low mark is 39 746 00:41:32,920 --> 00:41:36,830 basis points, which is Fidelity, that seems cheap, RX-80. 747 00:41:37,710 --> 00:41:41,140 I mean right now you can get a whole 6040 portfolio of stocks 748 00:41:41,150 --> 00:41:47,040 and bonds for three. So 39 is over 1011 times and 749 00:41:47,050 --> 00:41:49,380 that's the cheapest one, right. You see what I'm saying? 750 00:41:49,390 --> 00:41:51,500 So if you're looking at a bunch of products that you're in the 751 00:41:51,510 --> 00:41:53,920 asset management business, you're definitely motivated 752 00:41:53,930 --> 00:41:56,580 maybe to sell the ones that have more revenue potential. 753 00:41:56,850 --> 00:41:59,460 So that is an underrated point here. 754 00:41:59,650 --> 00:42:02,680 That said, over the years I do think there'll be a fee war and 755 00:42:02,690 --> 00:42:07,390 we could end up with you know, sub 2010 basis point Bitcoin 756 00:42:07,400 --> 00:42:09,760 ETS, but that won't that that'll play out over a while. 757 00:42:09,770 --> 00:42:12,080 It won't happen on day one, although Invesco is already 758 00:42:12,150 --> 00:42:14,060 waiving their fee for the first six months. 759 00:42:14,160 --> 00:42:15,980 But I wouldn't count that as like. 760 00:42:16,130 --> 00:42:20,080 That's interesting and worth coding, but their fee is 59 761 00:42:20,090 --> 00:42:24,040 basis points, Fidelity is 39. I would call that this like the 762 00:42:24,050 --> 00:42:28,480 real low watermark. We could see not all of them 763 00:42:28,490 --> 00:42:31,540 have put their fees out yet, but we could see one at you know, 764 00:42:31,550 --> 00:42:35,840 below that for sure. So but over the years what what 765 00:42:35,850 --> 00:42:38,760 might happen is that somebody's losing a little mojo, they might 766 00:42:38,770 --> 00:42:40,810 cut their fee. We've seen this happen in the 767 00:42:40,820 --> 00:42:43,620 stock and bond area. So you know, 5-10 years from 768 00:42:43,630 --> 00:42:46,710 now, what you're going to look at even 2 years from now is 769 00:42:46,720 --> 00:42:49,550 you're going to have a really cheap, very liquid. 770 00:42:50,320 --> 00:42:52,110 You know, liquid. Meaning when you trade it, it's 771 00:42:52,120 --> 00:42:55,040 only one basis point, you know, So that makes coin bases, 772 00:42:55,050 --> 00:42:59,220 commissions look like highway robbery and the annual expense 773 00:42:59,230 --> 00:43:04,370 ratio is let's say 20 UM that is going to be very compelling 774 00:43:04,560 --> 00:43:08,450 versus any other option, especially because it's got the 775 00:43:08,460 --> 00:43:11,920 sort of SEC regulatory stamp of approval and some of these big 776 00:43:11,930 --> 00:43:13,370 brand names that are trusted on there. 777 00:43:13,380 --> 00:43:18,280 So that's where I think the to get that liquidity and to get 778 00:43:18,290 --> 00:43:22,070 you know trading for four or $500 million of shares a day, it 779 00:43:22,080 --> 00:43:25,950 will take a little while. You you've got a volume in 780 00:43:25,960 --> 00:43:28,870 particular, you can't like somebody could put a billion 781 00:43:28,880 --> 00:43:32,460 dollars in their ETF on day one, but that doesn't really mean 782 00:43:32,530 --> 00:43:35,270 organic volume. Volume is has to grow natural in 783 00:43:35,280 --> 00:43:36,460 the wild. You can't fake it. 784 00:43:37,140 --> 00:43:40,530 So whichever one or two get this really high organic volume, 785 00:43:41,020 --> 00:43:44,570 they're going to be set for life and they're they're that's going 786 00:43:44,580 --> 00:43:46,390 to be where a lot of the institutions start going. 787 00:43:46,820 --> 00:43:48,930 That's why this race is so intense. 788 00:43:49,100 --> 00:43:51,160 You really can only have one or two big winners. 789 00:43:51,760 --> 00:43:54,550 There'll be a middle class, there'll be one or two losers. 790 00:43:55,120 --> 00:43:57,510 That's how this will play out. But there's really, we've seen 791 00:43:57,520 --> 00:44:00,330 it time and time again. There's really usually only one 792 00:44:00,340 --> 00:44:02,760 giant liquidity stud. Then there's one big one that 793 00:44:02,770 --> 00:44:05,760 has a lot of assets that's cheaper but doesn't have quite 794 00:44:05,770 --> 00:44:08,690 the liquidity as the first one. And then there's a huge drop off 795 00:44:08,760 --> 00:44:12,030 to like three to seven or like middle class and then usually 796 00:44:12,040 --> 00:44:14,210 like the ones below that are struggling to stay alive. 797 00:44:15,820 --> 00:44:19,190 Do you guys have, umm you know, the focus has been purely on 798 00:44:19,200 --> 00:44:23,200 Bitcoin ETF and that situation is hopefully coming to a head in 799 00:44:23,210 --> 00:44:26,990 the next few days, if not today. Have you guys done any work or 800 00:44:27,000 --> 00:44:31,770 do you have any early views on whether the spot ETH ETF has any 801 00:44:32,040 --> 00:44:34,770 likelihood of being approved? And what would you say are the 802 00:44:34,920 --> 00:44:38,550 key differences between the Bitcoin ETF and the Ether ETF? 803 00:44:39,550 --> 00:44:42,340 I mean not a lot we're we're pretty optimistic on the East 804 00:44:42,350 --> 00:44:49,770 because simply because umm, if the SEC approved Bitcoin futures 805 00:44:51,240 --> 00:44:55,520 and then they got sued and said you can't deny spot because you 806 00:44:55,530 --> 00:44:58,800 approve futures. And so then they said, OK, we'll 807 00:44:58,810 --> 00:45:02,880 have to approve spot, then they approve ether futures will ipso 808 00:45:02,890 --> 00:45:05,760 facto you have to approve ether spot, are you going to get sued 809 00:45:05,770 --> 00:45:09,970 again for the same exact reason. So we're well over 50% that 810 00:45:09,980 --> 00:45:14,110 we'll see ether spot by May. Yeah, I wouldn't say we're 90 811 00:45:14,120 --> 00:45:16,640 yet because we need first of all, we're just our heads aren't 812 00:45:16,650 --> 00:45:20,150 there right now. But I mean that's it would be 813 00:45:20,160 --> 00:45:21,330 odd. I don't know what they would 814 00:45:21,340 --> 00:45:22,350 use. We'll have to look into it a 815 00:45:22,360 --> 00:45:23,790 little more. But James and I were both like 816 00:45:23,800 --> 00:45:24,870 talking should we give a percentage? 817 00:45:24,880 --> 00:45:27,140 I'm like no, just going to confuse people because we let's 818 00:45:27,150 --> 00:45:29,550 just stick to Bitcoin, get over this and then you know, later 819 00:45:29,560 --> 00:45:31,290 this month we'll probably start looking over there. 820 00:45:31,340 --> 00:45:34,670 But if you want me to ballpark it, I'd say 70%. 821 00:45:35,630 --> 00:45:39,620 And do you have any opinion on I mean this might be more of a 822 00:45:39,630 --> 00:45:42,040 cryptic question but I don't know like there's obviously 823 00:45:42,050 --> 00:45:44,660 there's there there is a lot of macro traditional macro fund 824 00:45:44,670 --> 00:45:47,070 investment in crypto. Are you do you guys have any 825 00:45:47,080 --> 00:45:49,830 view any idea if there are any investment mandates out there 826 00:45:49,840 --> 00:45:54,740 that maybe get activated if this you know wants this this Bitcoin 827 00:45:54,750 --> 00:45:56,720 ETF gets approved. Like I know some people are able 828 00:45:56,730 --> 00:45:59,380 to play it anyway but you know some mandates may require. 829 00:45:59,430 --> 00:46:02,540 I don't think a mandate would say we you need a Bitcoin ETF to 830 00:46:02,550 --> 00:46:04,980 do this. But like it may start activating 831 00:46:05,070 --> 00:46:07,380 funds from that standpoint that that can't. 832 00:46:07,390 --> 00:46:09,460 Yeah, speculate at this stage if that makes sense. 833 00:46:09,510 --> 00:46:11,590 It's possible. I mean, I think when you look at 834 00:46:11,600 --> 00:46:15,850 the institutional world advisors it, it's interesting, this is a 835 00:46:15,860 --> 00:46:19,220 really interesting point. Advisors really don't care about 836 00:46:19,230 --> 00:46:23,150 alternatives that they're going to see this as hot sauce, 837 00:46:23,540 --> 00:46:27,310 something to sort of spice up the portfolio and cure possible 838 00:46:27,320 --> 00:46:31,160 FOMO and to add value. Ohh hey, I got you the new 839 00:46:31,170 --> 00:46:33,420 Bitcoin ETF. I I can, I can get the new 840 00:46:33,430 --> 00:46:35,800 gadgets for you. That's how they'll see it. 841 00:46:35,890 --> 00:46:39,490 Institutions they they're going to look at this more as an all 842 00:46:39,500 --> 00:46:43,150 like is you know the way Larry Fink is like should this be put 843 00:46:43,160 --> 00:46:47,210 where instead of gold should we have a sleeve for the digital 844 00:46:47,220 --> 00:46:52,600 assets should you know institutions love the Yale model 845 00:46:52,610 --> 00:46:55,340 too which is all about alts and private equity and hedge funds 846 00:46:55,350 --> 00:46:58,840 and real estate. So yeah, that that could appeal 847 00:46:58,850 --> 00:47:00,640 to them. The institutions though, I will 848 00:47:00,650 --> 00:47:06,080 say they are only going to use the one that's really liquid, so 849 00:47:06,090 --> 00:47:07,850 that's why. Another reason if you are the 850 00:47:07,860 --> 00:47:11,460 liquid one, then you start to get the big big fish biting. 851 00:47:11,470 --> 00:47:14,620 Now, I'm not talking about the sizeable fish earlier in the 852 00:47:14,630 --> 00:47:16,160 pond. I'm talking about like giant 853 00:47:16,170 --> 00:47:19,510 fish. Like if you look at GLD, you 854 00:47:19,520 --> 00:47:21,080 know which is the biggest gold ETF. 855 00:47:22,090 --> 00:47:27,370 Some of the holders in here are like, you know, Harvard, um, you 856 00:47:27,380 --> 00:47:29,510 know, a pension plan from Michigan. 857 00:47:29,880 --> 00:47:34,060 A lot of hedge funds own GLD. SPY is owned by just about every 858 00:47:34,070 --> 00:47:36,810 kind of institution out there, and they use them for different 859 00:47:36,820 --> 00:47:42,880 reasons, like they may use it to complete a portfolio, um, they 860 00:47:42,890 --> 00:47:45,760 may use it as a liquidity sleeve real quick before they actually 861 00:47:45,770 --> 00:47:48,780 allocate it to maybe some kind of a direct crypto investment, I 862 00:47:48,790 --> 00:47:53,520 don't know. But a very highly liquid way to 863 00:47:53,530 --> 00:48:00,050 get beta to Bitcoin will be used by institutions you know, not 864 00:48:00,100 --> 00:48:03,320 heavily the one. There is one thing that I think 865 00:48:03,430 --> 00:48:06,100 also the crypto world misses about investing in general. 866 00:48:07,300 --> 00:48:09,260 Like do you got. I know a lot of people have like 867 00:48:09,270 --> 00:48:11,640 100% of their portfolio in this thing. 868 00:48:12,430 --> 00:48:16,180 Normal people are not like that and I I don't think this will 869 00:48:16,190 --> 00:48:21,020 ever eat into the 6040. What you have to understand and 870 00:48:21,070 --> 00:48:24,040 and I I would recommend reading my last book called The Boggle 871 00:48:24,050 --> 00:48:28,790 Effect. Stocks, our basic are companies. 872 00:48:29,260 --> 00:48:31,530 Companies are made-up of people who get up and work every day 873 00:48:31,540 --> 00:48:33,970 hard and create value and innovate. 874 00:48:34,040 --> 00:48:36,420 That gets passed on in the forms of earnings growth and 875 00:48:36,430 --> 00:48:38,740 dividends. That's cash sent back to you as 876 00:48:38,750 --> 00:48:41,220 an investor. There is nothing like that in 877 00:48:41,230 --> 00:48:42,600 Bitcoin. A bond? 878 00:48:42,610 --> 00:48:46,510 You get a coupon payment. So those two things are how they 879 00:48:46,520 --> 00:48:50,970 say your money works for you and you will never, you will never 880 00:48:50,980 --> 00:48:54,320 overturn that. That's said, a small allocation. 881 00:48:54,330 --> 00:48:58,400 On top of that, again, a little hot sauce bucket 10% people 882 00:48:58,410 --> 00:49:01,030 have. So I see 6040 still dominating 883 00:49:01,040 --> 00:49:04,310 the core with a little sliver of 10% for other things. 884 00:49:04,320 --> 00:49:07,190 Maybe it's arc, maybe it's Tesla call options or Robin Hood 885 00:49:07,200 --> 00:49:09,810 account Bitcoin. That's where you're going to fit 886 00:49:09,820 --> 00:49:13,670 for most normal people, this guy. 887 00:49:15,230 --> 00:49:18,630 Yeah, I'm sorry, normal. People, People. 888 00:49:19,140 --> 00:49:21,950 I know, that's what I'm saying. You're talking to people. 889 00:49:21,960 --> 00:49:26,210 That have. Been 8% of their like portfolio 890 00:49:26,220 --> 00:49:29,510 and like Solana and they're like 3 big. 891 00:49:29,520 --> 00:49:32,790 One like. You know, getting with the 892 00:49:32,800 --> 00:49:35,820 bitcoins, yes, I got my livelihood on Solana right now. 893 00:49:35,890 --> 00:49:37,380 So it's like. Yeah. 894 00:49:37,890 --> 00:49:43,340 But I would limit your, your visions, of course, to a small 895 00:49:43,350 --> 00:49:46,480 sliver of the portfolio. Yeah, Institution, advisor or 896 00:49:46,490 --> 00:49:49,500 otherwise. I know, I I know it's it's hard 897 00:49:49,510 --> 00:49:51,250 to hear, but. You know. 898 00:49:51,260 --> 00:49:53,550 What these other things give you money. 899 00:49:54,170 --> 00:49:56,800 Your thing is just based on what someone else will pay for it. 900 00:49:57,110 --> 00:49:59,340 Of course. We Mandi. 901 00:50:00,870 --> 00:50:03,850 Quality. Madonna actually we spent 10 902 00:50:03,860 --> 00:50:05,160 years working in traditional finance. 903 00:50:05,170 --> 00:50:08,640 We were piled credit traders. So we actually jumped to the 904 00:50:08,650 --> 00:50:11,910 dark side to go full crypto over my one counter. 905 00:50:12,470 --> 00:50:14,680 Like, did you throw away all your 6040? 906 00:50:15,250 --> 00:50:19,270 Yeah, completely 100%. Yeah, not for that two years 907 00:50:19,280 --> 00:50:22,380 ago. And the only stock I owned until 908 00:50:22,390 --> 00:50:25,660 recently was Coinbase, so which isn't really a diversification. 909 00:50:28,250 --> 00:50:31,460 And I I reckon a lot of of the normal people may do that once 910 00:50:31,470 --> 00:50:33,980 they start, when we when once we get to them. 911 00:50:34,030 --> 00:50:36,800 You know, all you have to have is a taste of Bitcoin, Eric, And 912 00:50:36,810 --> 00:50:41,100 then you want it all. We'll get you through. 913 00:50:41,110 --> 00:50:43,150 We'll get you to where? We'll get. 914 00:50:43,830 --> 00:50:45,580 We'll get you That was the first heart. 915 00:50:45,790 --> 00:50:50,100 No, I I spent three years basically doing research on Jack 916 00:50:50,110 --> 00:50:52,790 Bogle and Vanguard. I've been to bus. 917 00:50:52,800 --> 00:50:58,360 I've been too full of the Boggle DNA to ever get away from that. 918 00:50:58,370 --> 00:51:00,890 That said, I am a fan of the hot sauce bucket. 919 00:51:00,900 --> 00:51:04,230 I think you need stuff in there to get you excited. 920 00:51:04,360 --> 00:51:09,730 Scratch your FOMO which is cure your phone Cure your FOMO and 921 00:51:09,800 --> 00:51:13,350 and the little speculation and that hot sauce bucket sometimes 922 00:51:13,360 --> 00:51:18,370 keeps you you know it scratches your itch enough that you can 923 00:51:18,380 --> 00:51:23,160 wait for the 6040 to grow over 40 years in compound because 924 00:51:23,170 --> 00:51:26,460 compounding returns is where the magic happens. 925 00:51:26,750 --> 00:51:29,820 So I'm, I'm a fan of that and that's where I think that's how 926 00:51:29,830 --> 00:51:34,650 I view this asset class and I think most normal maybe we 927 00:51:34,660 --> 00:51:37,690 should traditional investors would agree. 928 00:51:37,700 --> 00:51:41,540 Yeah, I think my only, my only counter to that is I think what 929 00:51:41,550 --> 00:51:45,110 you said is true of Bitcoin. But I think in other ecosystems 930 00:51:45,120 --> 00:51:48,370 they are you know, foundations that actively hire people that 931 00:51:48,380 --> 00:51:51,030 create a lot of jobs that then go out there and put a lot of 932 00:51:51,040 --> 00:51:54,090 value and and create technological. 933 00:51:54,100 --> 00:51:56,590 What, you mean like a minor, like a company that does? 934 00:51:57,720 --> 00:52:01,670 Something like something like Solana or other ecosystems where 935 00:52:01,680 --> 00:52:04,980 you've had or if they've hired tonnes of developers across the 936 00:52:04,990 --> 00:52:08,730 world and they're building a decent size network that is used 937 00:52:08,740 --> 00:52:12,910 by many applications and entities and that creates jobs, 938 00:52:12,920 --> 00:52:16,090 it creates value. And it's not the same as a stock 939 00:52:16,140 --> 00:52:19,950 in, in, in in in that way. But there are, I think there are 940 00:52:19,960 --> 00:52:23,090 similarities that don't exist with Bitcoin but exist with 941 00:52:23,100 --> 00:52:25,200 maybe perhaps other tokens within crypto. 942 00:52:26,170 --> 00:52:28,860 Yeah, that's a fair point. I, I just don't think it reaches 943 00:52:28,870 --> 00:52:33,240 that level of what you get with like, you know, a big, a big 944 00:52:33,250 --> 00:52:35,500 large cap stock that has like 30,000 employees. 945 00:52:36,590 --> 00:52:38,410 Yeah, Yeah. Yeah, absolutely. 946 00:52:40,050 --> 00:52:41,820 I like that. This is a great conversation and 947 00:52:41,830 --> 00:52:43,290 I hope a lot of people learn from Eric. 948 00:52:43,300 --> 00:52:46,240 Look I know you stayed a little bit over time with us today and 949 00:52:46,250 --> 00:52:49,560 and we're we're we're we're coming in close to to 11:30 I 950 00:52:49,570 --> 00:52:50,900 guess like last question for you. 951 00:52:50,910 --> 00:52:54,340 I mean, I know James, you know, keeps you know, emphasising his 952 00:52:54,350 --> 00:52:57,500 like 8 to 10th, you know, dates for that. 953 00:52:57,510 --> 00:52:58,200 What? What are you? 954 00:52:58,270 --> 00:53:00,120 What are you? What are you, what are you 955 00:53:00,130 --> 00:53:03,620 thinking here with regards? To the James, James and I agree 956 00:53:03,630 --> 00:53:06,410 on almost. We're almost like sharing the 957 00:53:06,420 --> 00:53:08,440 same brain at this point. There's one or two things we 958 00:53:08,450 --> 00:53:11,600 differ on, but the dates and the timeline were on the same page. 959 00:53:11,610 --> 00:53:16,810 So the 8th to 10th I would just say you know again the next 960 00:53:16,820 --> 00:53:21,920 thing to watch is the 1st 19 before that is filed refiled. 961 00:53:22,250 --> 00:53:26,630 That should be in final form and if it is, that means the SEC 962 00:53:26,640 --> 00:53:28,130 signed off. As far as everything I'm 963 00:53:28,140 --> 00:53:32,120 hearing, they're doing back and forth with the issuers to get 964 00:53:32,130 --> 00:53:35,420 the 19B4's final. So if they if the SEC has said 965 00:53:35,430 --> 00:53:37,850 yes, we think you're 19 before is final and you see it filed 966 00:53:38,670 --> 00:53:41,560 that's that's a real that puts us to the one inch yard line. 967 00:53:42,310 --> 00:53:44,760 Then you just at that point you're waiting for the formality 968 00:53:44,770 --> 00:53:48,980 of the SEC approval which again probably next week but then 969 00:53:48,990 --> 00:53:53,510 there's again this S1 which is a different document and so that's 970 00:53:53,520 --> 00:53:56,220 the steps I would watch over the next several days. 971 00:53:56,230 --> 00:53:57,920 James and I are completely in concert with this. 972 00:53:57,930 --> 00:54:02,960 We we we have different sources, some the same but some different 973 00:54:02,970 --> 00:54:05,500 and we triangulate and compare notes all the time and that's 974 00:54:06,650 --> 00:54:10,520 that's the overlapping information I just gave you 975 00:54:10,570 --> 00:54:14,490 everybody sort of sort of what the chatter is. 976 00:54:14,780 --> 00:54:16,810 That's really cool. And no concerns about the fact 977 00:54:16,820 --> 00:54:19,230 that Gary Gensler seems to be quite anti crypto. 978 00:54:19,240 --> 00:54:22,210 And I mean, he's the most hated man on crypto Twitter. 979 00:54:22,260 --> 00:54:25,350 But, you know, no worries about Gary Gensler trying to pull some 980 00:54:25,360 --> 00:54:30,450 shenanigans last minute. Like I said it would be. 981 00:54:30,760 --> 00:54:34,110 It wouldn't just be a rug pull on the asset managers who spent 982 00:54:34,120 --> 00:54:36,580 all the time and money. And remember, a lot of these 983 00:54:36,590 --> 00:54:38,580 asset managers are where he's going to work when he's done. 984 00:54:39,440 --> 00:54:42,610 So like this is a revolving door between Black Rock and Fidelity 985 00:54:42,620 --> 00:54:44,970 and the SEC and the government. Like these people know each 986 00:54:44,980 --> 00:54:48,110 other. One guy from BlackRock who went 987 00:54:48,120 --> 00:54:49,970 to many of the meetings was at the SEC. 988 00:54:50,450 --> 00:54:54,470 So he know this is so. Not only would he be wasting 989 00:54:54,760 --> 00:54:57,860 time and money of these giant asset managers, he would be 990 00:54:57,870 --> 00:55:00,420 wasting his own staff synergy. They've spent a lot of time and 991 00:55:00,430 --> 00:55:01,880 a lot of them work great through the holidays. 992 00:55:02,580 --> 00:55:08,010 That would be like the ultimate jerk move to his own issue. 993 00:55:08,020 --> 00:55:12,620 I mean, his own staff, but what what made me think he is 994 00:55:12,630 --> 00:55:18,000 completely going to, you know, he's doing this and he's making 995 00:55:18,010 --> 00:55:21,380 it happen and won't do that is there's been two or three 996 00:55:21,390 --> 00:55:23,790 interviews now because you kind of have to read like I call it 997 00:55:23,800 --> 00:55:27,490 Gensler Ish. It's like code where he said. 998 00:55:27,560 --> 00:55:30,460 Sometimes we, you know, we do things that that are within our 999 00:55:30,470 --> 00:55:32,270 authority and sometimes the courts tell us. 1000 00:55:33,130 --> 00:55:35,200 He said that a couple of times in relation to grayscale. 1001 00:55:35,990 --> 00:55:39,010 So I think they're doing it, but they don't like that they're 1002 00:55:39,020 --> 00:55:41,820 doing it and that's why this sort of like saying hey, this 1003 00:55:41,830 --> 00:55:45,440 court made us do it and so all of his anti crypto rhetoric is 1004 00:55:45,450 --> 00:55:47,200 almost his way of washing his hands. 1005 00:55:47,730 --> 00:55:51,400 You know, like I don't like this at all, but the court made me do 1006 00:55:51,410 --> 00:55:52,960 it. If it blows up, it ain't my 1007 00:55:52,970 --> 00:55:55,480 problem. So I also think that's actually 1008 00:55:55,490 --> 00:55:57,560 good that he's being. So it's almost his way of 1009 00:55:57,570 --> 00:56:00,900 hedging from this like nasty thing he has to do in his brain. 1010 00:56:01,680 --> 00:56:04,170 So that's where I think all this stands. 1011 00:56:04,180 --> 00:56:06,730 That's why, because I heard early on this is a 10th floor 1012 00:56:06,740 --> 00:56:10,780 issue, meaning that both the everybody was the normal process 1013 00:56:10,790 --> 00:56:13,710 was out the window, everybody was going to report to the 10th 1014 00:56:13,720 --> 00:56:15,860 floor, which is where the commissioner sit. 1015 00:56:16,150 --> 00:56:19,630 And so he wouldn't have directed both departments to work with 1016 00:56:19,640 --> 00:56:22,400 the issuers for months at this point. 1017 00:56:22,710 --> 00:56:24,520 That would be just. Again, it would be like the most 1018 00:56:24,530 --> 00:56:30,450 sadistic. It would be like spectacularly 1019 00:56:30,460 --> 00:56:33,810 sadistic, so I think it's out of the question. 1020 00:56:33,820 --> 00:56:38,090 But wouldn't ask you we had, we wouldn't put it past him 1021 00:56:38,100 --> 00:56:40,770 personally like in this space we're like well, you know, but I 1022 00:56:40,780 --> 00:56:43,030 wanted to ask you for the reason that I think coming from you and 1023 00:56:43,040 --> 00:56:45,850 we have a lot of of course like large bitcoiners in the audience 1024 00:56:45,860 --> 00:56:47,190 right now. And you know a lot of people 1025 00:56:47,200 --> 00:56:49,420 that are generally interested don't necessarily understand the 1026 00:56:49,430 --> 00:56:51,660 whole ETF thing with, you know, it's the only thing we're 1027 00:56:51,670 --> 00:56:53,970 talking about lately on the show or even in the space. 1028 00:56:53,980 --> 00:56:56,770 So I think coming from you, it's good for the people that still 1029 00:56:56,780 --> 00:57:02,790 had that, you know, that 1% worry or doubt in their minds. 1030 00:57:03,020 --> 00:57:06,660 I you know, I I it's probably healthy and I also think 1031 00:57:06,670 --> 00:57:08,530 everybody's saying this is a sell the news event. 1032 00:57:08,540 --> 00:57:11,420 I think that's healthy. It's much more. 1033 00:57:12,570 --> 00:57:16,160 Umm, it's a more angsty bull run. 1034 00:57:16,870 --> 00:57:20,360 Whereas in 2021 I remember when video launched again, it was it 1035 00:57:20,370 --> 00:57:22,740 was like, oh this is going to like $1,000,000 in the next 1036 00:57:22,750 --> 00:57:23,760 month. Like everybody. 1037 00:57:23,770 --> 00:57:26,820 It was crazy. Everybody just seems much more 1038 00:57:26,830 --> 00:57:29,030 like this can't really keep going. 1039 00:57:29,660 --> 00:57:32,910 There's there'll be a sell the news event, the ETF one, there's 1040 00:57:32,920 --> 00:57:36,430 a lot more doubt that's probably healthy. 1041 00:57:36,760 --> 00:57:39,570 So I would say it's good to have a little dose of that. 1042 00:57:39,640 --> 00:57:44,670 In my opinion, even with all the things we're hearing, I think a 1043 00:57:44,680 --> 00:57:46,960 little tiny bit of doubt is OK. Yeah. 1044 00:57:46,970 --> 00:57:48,730 I mean, we all got liquidated 2 days ago, Eric. 1045 00:57:48,740 --> 00:57:51,530 So we're all a little, you know, sitting on our hands here 1046 00:57:51,600 --> 00:57:57,200 waiting for a but ohh, I mean me but waiting for, uh, waiting for 1047 00:57:57,210 --> 00:57:58,440 a for the. Big guys. 1048 00:57:58,510 --> 00:58:01,340 Did you guys, were you part of the people who sold when that 1049 00:58:01,350 --> 00:58:06,270 Matrix report came out two days ago we bought. 1050 00:58:07,360 --> 00:58:12,580 We bought slash, got liquidated. We only buy like we are. 1051 00:58:12,590 --> 00:58:16,280 We are believers, believers. That's all we do is buy. 1052 00:58:16,750 --> 00:58:19,360 I just know how to press the green button and we but 1053 00:58:19,370 --> 00:58:21,280 thankfully you know we've been doing this on the show for for a 1054 00:58:21,290 --> 00:58:23,920 minute now and and you know we bought those dips at 15, you 1055 00:58:23,930 --> 00:58:27,820 know 12 whatever. Did you ever, like, question the 1056 00:58:27,830 --> 00:58:31,580 whole thing, You know, say like the month or two after FTX blew 1057 00:58:31,590 --> 00:58:33,580 up? Did you have like a existential 1058 00:58:33,590 --> 00:58:34,860 crisis? Or you were like, Nah, no 1059 00:58:34,870 --> 00:58:37,550 biggie. I think we still believed in it 1060 00:58:37,560 --> 00:58:39,250 all like it was things like that. 1061 00:58:39,310 --> 00:58:41,440 They're a big hit to the industry, but they're not, You 1062 00:58:41,450 --> 00:58:43,210 know, it's not the first time the exchange is blowing up or 1063 00:58:43,220 --> 00:58:45,040 you've had a thing. And I think they seem to 1064 00:58:45,050 --> 00:58:48,050 corroborate with crypto cycles, which kind of corroborate a 1065 00:58:48,060 --> 00:58:49,570 little bit with market cycles too. 1066 00:58:49,580 --> 00:58:52,990 So, you know, if you have the liquidity and ability, it's 1067 00:58:53,060 --> 00:58:55,970 obviously the best time to buy. But it's, you know, it takes a 1068 00:58:55,980 --> 00:58:58,900 toll because you come just like, oh shit, like I'm triple levered 1069 00:58:58,910 --> 00:59:02,250 to the entire industry and now people think it's going to go 1070 00:59:02,260 --> 00:59:05,910 away, so. You have such parallel 1071 00:59:05,960 --> 00:59:09,260 behavioural science test to the Bogleheads, which is so ironic. 1072 00:59:09,310 --> 00:59:12,420 You just do it with Bitcoin. They do it with stocks. 1073 00:59:12,710 --> 00:59:16,040 They look at selling a market correction as a buying 1074 00:59:16,050 --> 00:59:18,480 opportunity. They're just they just buy. 1075 00:59:18,540 --> 00:59:20,380 They do it long term and you cannot shake them. 1076 00:59:20,390 --> 00:59:22,980 That's why the flows when a stock sell off happens, the the 1077 00:59:22,990 --> 00:59:26,080 Vanguard flows are relentless. It is interesting though. 1078 00:59:26,090 --> 00:59:30,530 I've found a couple. So this is also this sort of 1079 00:59:30,540 --> 00:59:33,850 like populist vibe in the Bogleheads and in like. 1080 00:59:33,860 --> 00:59:35,710 Ohh yeah, we're, we're sticking it to Wall Street. 1081 00:59:35,840 --> 00:59:38,410 We're not giving them any of their money you guys have there. 1082 00:59:38,470 --> 00:59:41,250 There's an interesting parallel between those two worlds. 1083 00:59:41,260 --> 00:59:44,510 Yet they would be, they would be. 1084 00:59:45,520 --> 00:59:47,760 What's the word? Like they would find it 1085 00:59:47,770 --> 00:59:50,940 grotesque to sell their 64 and go into that's the one big 1086 00:59:50,950 --> 00:59:53,380 difference. Like they just they're as big of 1087 00:59:53,390 --> 00:59:57,260 a believer in the 6040 as you are in this and in terms of like 1088 00:59:57,270 --> 00:59:58,960 sell offs, you cannot shake them. 1089 00:59:59,770 --> 01:00:02,280 I love that. I love, I mean 6040 for us like 1090 01:00:02,290 --> 01:00:04,960 64% majors and 40%. Chicken, There you go. 1091 01:00:04,970 --> 01:00:07,580 There you go. That's my personal 6040. 1092 01:00:07,590 --> 01:00:09,080 Sometimes it goes the other way around. 1093 01:00:09,170 --> 01:00:12,230 Bogleheads is what we should be calling our ourselves from here 1094 01:00:12,240 --> 01:00:14,320 forward. So I'm going to take that Eric 1095 01:00:14,330 --> 01:00:16,550 and I absolutely love it. Personally speaking I don't 1096 01:00:16,560 --> 01:00:18,200 think ever had doubt in the industry. 1097 01:00:18,210 --> 01:00:20,340 I mean have no choice when you're founder in the space like 1098 01:00:20,350 --> 01:00:22,850 we have to keep on keeping on especially given that we're in 1099 01:00:22,860 --> 01:00:26,180 media here on our end. But definitely was a moment in 1100 01:00:26,190 --> 01:00:29,260 time where As for FTX, like I was really scared. 1101 01:00:29,930 --> 01:00:32,530 Like it was a like when that happened I was like wow, like 1102 01:00:32,580 --> 01:00:36,460 seeing a lot of our best friends lose everything they had and you 1103 01:00:36,470 --> 01:00:39,110 know millions, 10s of millions or the companies go bankrupt. 1104 01:00:39,120 --> 01:00:42,390 And it was my personal 2008 where I was too young. 1105 01:00:42,400 --> 01:00:45,650 But remember seeing family, family, friends, like get 1106 01:00:45,660 --> 01:00:49,780 completely like obliterated? Like, for me, it's like I was 1107 01:00:49,790 --> 01:00:53,500 like, wow, is that how, like might, you know, people felt 1108 01:00:53,510 --> 01:00:55,020 back then. I'm not trying to compare the 1109 01:00:55,030 --> 01:00:57,630 two, but just saying like, that's like emotionally, like, 1110 01:00:57,680 --> 01:01:01,010 it was a scary time. But instead Mandovi and I, you 1111 01:01:01,020 --> 01:01:04,720 know, agreed behind the scenes to just like not become doomers 1112 01:01:04,730 --> 01:01:07,990 and just like kind of try and carry, you know, the energy 1113 01:01:08,000 --> 01:01:09,670 forward. And we came here every day and 1114 01:01:09,680 --> 01:01:13,030 we hosted every, we host every day, just like the 400 and 5500 1115 01:01:13,080 --> 01:01:16,790 episodes, for what it's worth. But we, you know, never, never 1116 01:01:16,800 --> 01:01:19,710 lost conviction, never had more conviction in my life that, you 1117 01:01:19,720 --> 01:01:21,510 know, I think I'm at the right place at the right time. 1118 01:01:21,520 --> 01:01:24,310 But Mandel, did you ever lose any conviction in this space? 1119 01:01:24,320 --> 01:01:27,170 I don't think you did. It's a time. 1120 01:01:27,180 --> 01:01:29,390 It's a timing thing you just these things set back. 1121 01:01:29,460 --> 01:01:32,890 But yeah look we're we're of the full belief that this is this is 1122 01:01:32,900 --> 01:01:35,530 a bit of an economic revolution. Like we think this is more than 1123 01:01:35,540 --> 01:01:40,920 just just a slice like we we think this asset class 1124 01:01:40,930 --> 01:01:43,300 realisation and all this sort of stuff can move quite quickly 1125 01:01:43,310 --> 01:01:47,700 into into tokens and it's not just about the currencies 1126 01:01:47,710 --> 01:01:50,350 themselves like they as I've said I think you can end up 1127 01:01:50,360 --> 01:01:54,950 having having full financial ecosystems move onto the it's 1128 01:01:54,960 --> 01:01:56,010 just a letter at the end of the day. 1129 01:01:56,020 --> 01:01:57,980 So they can they can move on to blockchain technology. 1130 01:01:58,330 --> 01:02:01,730 So yeah we we we've been believers for a while FTX 1131 01:02:01,740 --> 01:02:07,260 definitely, definitely changed the timeline of that but yeah it 1132 01:02:07,270 --> 01:02:09,410 feels as though this is just this is going to be another 1133 01:02:09,420 --> 01:02:10,800 step. It might disappoint it might be 1134 01:02:10,810 --> 01:02:14,580 good but in five years there'll be five more steps of like I 1135 01:02:14,590 --> 01:02:17,540 think this is becoming a bit more accepted and being used a 1136 01:02:17,550 --> 01:02:20,380 bit more. So yeah, we're, we're, we're, 1137 01:02:20,390 --> 01:02:22,960 we're still super bullish no matter what happens after the 1138 01:02:22,970 --> 01:02:26,260 CTF. I like this set up by the way 1139 01:02:26,320 --> 01:02:29,700 the The Brady Bunch look ohh yeah, probably don't remember 1140 01:02:29,710 --> 01:02:31,630 that show but. In different countries as well. 1141 01:02:31,640 --> 01:02:34,690 So Hollywood Squares, whatever. Because me and my team are, 1142 01:02:34,700 --> 01:02:35,790 we're going to do something soon. 1143 01:02:35,800 --> 01:02:39,240 Except we're going to discuss ETF debatable ETF topics. 1144 01:02:39,250 --> 01:02:42,520 But I like this with the names and the way you're able to flash 1145 01:02:42,530 --> 01:02:44,930 up comments. We'd love to help you, Eric. 1146 01:02:44,940 --> 01:02:48,170 I mean we have a full you know we have a big staff we're 32 1147 01:02:48,180 --> 01:02:53,070 people at decrypting rug radio the best you know they actually 1148 01:02:53,080 --> 01:02:57,180 booked one of the largest trade in NFT history a last year 1149 01:02:57,190 --> 01:02:58,940 actually the beginning of last year. 1150 01:02:59,410 --> 01:03:02,760 So we're we're definitely here to to to help in in any way we 1151 01:03:02,770 --> 01:03:07,640 can if cause that we we're we can big big TF guys lately. 1152 01:03:10,050 --> 01:03:12,860 Yeah, and by the way. You so I'm just waiting for the 1153 01:03:12,870 --> 01:03:16,540 BTC ETF. The the one thing with the ETF 1154 01:03:16,550 --> 01:03:21,400 is you won't get an SPF. Even if someone lost their minds 1155 01:03:21,690 --> 01:03:25,140 and went full SPF, that they they can't steal the money. 1156 01:03:26,000 --> 01:03:27,370 That's the beautiful thing about this. 1157 01:03:27,380 --> 01:03:29,360 So that's why I was. I thought the SEC should have 1158 01:03:29,370 --> 01:03:31,970 approved these, you know, right off the bat they would have 1159 01:03:31,980 --> 01:03:35,910 helped prevent some of the intermediaries from doing bad 1160 01:03:35,920 --> 01:03:38,790 things, which is all that was. It wasn't the currency's fault. 1161 01:03:38,800 --> 01:03:42,790 It was the intermediary. So I think that's a a good sign 1162 01:03:43,440 --> 01:03:46,710 for people because ETF investors, they don't really, 1163 01:03:46,940 --> 01:03:49,080 they know things go up and down. What they don't want is the 1164 01:03:49,090 --> 01:03:52,590 potential to have their assets gone or for it to not track the 1165 01:03:52,600 --> 01:03:54,350 price, which is the problem with BTC. 1166 01:03:54,660 --> 01:03:58,430 And so ETF's are really good at just tracking the price and make 1167 01:03:58,440 --> 01:04:02,960 and in a safe way. So anyway, that's why we're 1168 01:04:03,020 --> 01:04:06,390 we're generally more just this should be ETF eyes than like pro 1169 01:04:06,840 --> 01:04:09,570 Bitcoin per se. We're more pro ETF. 1170 01:04:09,580 --> 01:04:11,690 So anyway, good talking to you guys. 1171 01:04:12,280 --> 01:04:14,280 Thanks for coming. Thank you very much. 1172 01:04:15,940 --> 01:04:18,340 Forward to the breaking news tweet saying it's been approved. 1173 01:04:19,270 --> 01:04:21,830 No, When it gets approved, that's worthy of a breaking in 1174 01:04:21,840 --> 01:04:24,190 my opinion. But hey we're watching for 19 1175 01:04:24,200 --> 01:04:27,520 before you know there's otherwise you're if you breaking 1176 01:04:27,530 --> 01:04:29,800 everything then like when you there really is something 1177 01:04:29,810 --> 01:04:32,120 breaking. Like, no, nobody pays attention. 1178 01:04:32,130 --> 01:04:33,200 It's everything. Breaking news. 1179 01:04:33,210 --> 01:04:34,560 You're gonna destroy the word breaking. 1180 01:04:34,570 --> 01:04:36,240 Yeah. Anyway, alright, see you guys. 1181 01:04:36,830 --> 01:04:39,900 Guys. That was fun. 1182 01:04:39,910 --> 01:04:42,910 That was that. I have to say kudos to shout out 1183 01:04:42,920 --> 01:04:46,890 to shout out to A to Eric here for for staying 40 minutes 1184 01:04:46,900 --> 01:04:49,310 rather than the 15 minutes that was planning boys. 1185 01:04:49,320 --> 01:04:51,890 I love I love the second-half which was which was him 1186 01:04:51,900 --> 01:04:55,630 convincing us that that that the 6040 was good takeover he's he's 1187 01:04:55,640 --> 01:05:02,370 a he's a 60% pay 40% with. We should have told him exactly 1188 01:05:02,540 --> 01:05:06,630 singling obese portfolio 60%, Pepe 40% with and then you have 1189 01:05:06,640 --> 01:05:09,270 Eric Calculus telling us like yo, you gotta be sisters, dogs. 1190 01:05:09,280 --> 01:05:11,790 Like imagine you imagine you sit down your show, Eric, like your 1191 01:05:11,800 --> 01:05:13,790 portfolio on how much like dollars you have in it. 1192 01:05:13,800 --> 01:05:15,310 The guy have a fucking heart attack. 1193 01:05:17,980 --> 01:05:21,800 You what? Yeah. 1194 01:05:21,810 --> 01:05:23,910 What's the note, Mike? Wait till you tell him that you 1195 01:05:23,920 --> 01:05:27,830 sent the 1000 needs to one way. Yeah. 1196 01:05:27,840 --> 01:05:31,330 So I put 1000 leads into this thing that I don't have access 1197 01:05:31,340 --> 01:05:32,670 to. The wallet. 1198 01:05:32,680 --> 01:05:35,210 I've got five guys, probably just one guy controls at all in 1199 01:05:35,220 --> 01:05:37,920 his bedroom and yeah, like I should get it back in a couple 1200 01:05:37,930 --> 01:05:39,370 of months, but I'm not really sure. 1201 01:05:40,630 --> 01:05:42,400 Alright man. Well my Pepper ETF, that's what 1202 01:05:42,410 --> 01:05:45,400 we should have asked right. But anyways so that was that was 1203 01:05:45,410 --> 01:05:47,680 great that was our honestly that was best short of year. 1204 01:05:47,730 --> 01:05:50,500 I mean we're all four days into the year but that was one of our 1205 01:05:50,510 --> 01:05:53,160 top ten guests here and I think it was extremely insightful and 1206 01:05:53,170 --> 01:05:54,920 I'm glad that a lot of our audience here are still 1207 01:05:54,930 --> 01:05:57,120 listening both on spaces and on audio. 1208 01:05:57,270 --> 01:06:00,170 Got the got the sauce. Listen everybody you love this 1209 01:06:00,180 --> 01:06:01,700 show. You love the guests we bring you 1210 01:06:01,710 --> 01:06:05,640 on we need your help. So follow from our FOMO HOUR 1211 01:06:05,650 --> 01:06:07,680 from our on Instagram. We actually, just so you guys 1212 01:06:07,690 --> 01:06:10,210 know, we actually are live on Instagram too, which is super 1213 01:06:10,220 --> 01:06:12,690 funny as of yesterday. Like you go on Instagram like on 1214 01:06:12,700 --> 01:06:14,830 from hours page and you could watch the show. 1215 01:06:14,890 --> 01:06:16,590 So I find that super cool. So we're literally live 1216 01:06:16,600 --> 01:06:19,450 everywhere and the the the episodes get uploaded every 1217 01:06:19,460 --> 01:06:22,100 single day on Spotify and all this stuff, Apple, blah blah. 1218 01:06:22,110 --> 01:06:24,850 So we're literally everywhere but most importantly on video 1219 01:06:24,860 --> 01:06:27,130 which is the most fun and we're going to try and get you guys 1220 01:06:27,140 --> 01:06:29,350 some more banging guests for next few weeks. 1221 01:06:29,360 --> 01:06:33,770 I mean boys could be today, could be Monday, could be 1222 01:06:33,780 --> 01:06:38,200 Tuesday, it could be Wednesday. But for Eric, I mean I think 1223 01:06:38,210 --> 01:06:41,230 this this kind of cemented our, our beliefs, right? 1224 01:06:42,090 --> 01:06:45,430 Are we leaving this bullish? Ohh, I'm reporting right now 1225 01:06:45,440 --> 01:06:47,520 like this is not good. I'm about to set. 1226 01:06:47,530 --> 01:06:49,100 No, I'm kidding. I'm not gonna send it today. 1227 01:06:49,110 --> 01:06:51,620 I like the comments on each. He was pretty bullish on the 1228 01:06:51,630 --> 01:06:53,160 Econ. I didn't think of that argument 1229 01:06:53,170 --> 01:06:57,100 that he made, which was if you have a futures ETF and you have 1230 01:06:57,110 --> 01:07:01,000 to be able to have a convert it into a spot, which is the whole 1231 01:07:01,010 --> 01:07:05,460 grayscale thing. So ETF by the first half of this 1232 01:07:05,470 --> 01:07:07,750 year be pretty like pretty bullish? 1233 01:07:07,910 --> 01:07:11,070 I mean if it is literally one of one of the one of the I saw what 1234 01:07:11,080 --> 01:07:13,510 was the DC sweet yesterday, it's like the one token, it was not 1235 01:07:13,520 --> 01:07:16,180 like considered like security, it was like more considered like 1236 01:07:16,190 --> 01:07:18,960 a commodity like which helps like this entire like ETF 1237 01:07:18,970 --> 01:07:23,600 narrative for Therium. So I think I saw FUBAR tag Eric 1238 01:07:23,610 --> 01:07:26,780 and James actually on the tweet yesterday asking when the ETF 1239 01:07:26,790 --> 01:07:28,650 stuff is happening. I believe like all these 1240 01:07:28,660 --> 01:07:31,840 deadlines are later this year like May and May and on right. 1241 01:07:31,850 --> 01:07:34,740 So that's obviously for later this year, but like these guys 1242 01:07:34,750 --> 01:07:36,420 are active even on the ETF stuff. 1243 01:07:36,430 --> 01:07:37,760 So they're good people to follow. 1244 01:07:37,770 --> 01:07:40,160 So it's it's Eric Vacunas for those of you who might not be 1245 01:07:40,170 --> 01:07:43,500 familiar, we've shared this at multiple times on our on our 1246 01:07:43,510 --> 01:07:46,520 socials and then it's Jay safe, right James that they were 1247 01:07:46,530 --> 01:07:48,720 saying that they shared different sources but they also 1248 01:07:48,730 --> 01:07:50,380 but they're very much aligned on everything. 1249 01:07:50,810 --> 01:07:54,780 So, Jay. The thing for me was how big he 1250 01:07:54,790 --> 01:07:59,630 thought it could be. Like he 100 billion like that is 1251 01:07:59,640 --> 01:08:02,210 huge like. Massive, yeah. 1252 01:08:02,220 --> 01:08:03,910 Numbers are. Big like people have been 1253 01:08:03,920 --> 01:08:06,310 because he did mention the European camp, like there are 1254 01:08:06,320 --> 01:08:08,990 spot ETF already in Europe and Canada right now and they don't 1255 01:08:09,000 --> 01:08:10,590 trade that much and they're not that liquid. 1256 01:08:10,600 --> 01:08:13,730 But, but his estimate is versus the amount of money in the US 1257 01:08:13,740 --> 01:08:17,779 and also versus what like what Gold had done 100 billion would 1258 01:08:17,790 --> 01:08:24,069 be absolutely massive. In the market, 100 billion is 1259 01:08:24,080 --> 01:08:28,210 like bigger than all tokens, all market caps of tokens. 1260 01:08:28,220 --> 01:08:30,760 Besides Ethan Bitcoin like that's the amount of volume they 1261 01:08:31,120 --> 01:08:33,649 coming into, right? Like if there is a 267. 1262 01:08:35,060 --> 01:08:39,689 People. Fine like 70% of people right 1263 01:08:39,700 --> 01:08:41,830 now is in is in long term holders hands right Like this 1264 01:08:41,840 --> 01:08:45,460 would be forced dying of of of with billions and billions that 1265 01:08:45,470 --> 01:08:48,540 is that is a huge huge figure so. 1266 01:08:48,590 --> 01:08:49,760 You know, and that's not the most and. 1267 01:08:49,770 --> 01:08:51,479 He's clearly not a crypto person, right? 1268 01:08:51,490 --> 01:08:53,439 He's not sitting there going like. 1269 01:08:53,490 --> 01:08:58,700 Yeah. Anything go ahead. 1270 01:08:59,970 --> 01:09:02,609 But the Bogleheads was crazy. Like, I kind of, I took that as 1271 01:09:02,620 --> 01:09:04,590 a compliment. Like he's like, you guys don't 1272 01:09:04,600 --> 01:09:06,359 care. Like you just fucking like. 1273 01:09:06,840 --> 01:09:12,580 You couldn't know what it was. Gonna head of bobble head thing. 1274 01:09:14,060 --> 01:09:16,050 In the end of you so hold. On. 1275 01:09:16,819 --> 01:09:20,370 Interview, the whole interview, he was saying Boggle head And 1276 01:09:20,380 --> 01:09:21,790 what did you guys think that was? 1277 01:09:23,319 --> 01:09:24,069 I don't know. I know. 1278 01:09:24,080 --> 01:09:26,880 I mean, I I I understood what it was from what he he what how 1279 01:09:26,890 --> 01:09:28,270 he'd explained it. But I was just like I haven't 1280 01:09:28,279 --> 01:09:30,410 heard that term before. You guys, you guys are trying 1281 01:09:30,420 --> 01:09:32,380 guys that made my living on fucking social media, dude. 1282 01:09:32,390 --> 01:09:34,550 I don't know what. You know what's incredible by 1283 01:09:34,560 --> 01:09:36,170 the way? Like, he just had that whole 1284 01:09:36,180 --> 01:09:37,569 talk from. He's obviously like almost 1285 01:09:37,580 --> 01:09:40,210 certain that we're gonna get this either today, like we're 1286 01:09:40,220 --> 01:09:42,890 gonna get indications of it today, or and wrapped up in the 1287 01:09:42,899 --> 01:09:46,670 next few days. For like edit like final like 1288 01:09:46,680 --> 01:09:47,990 when. You're not. 1289 01:09:48,000 --> 01:09:51,470 Yeah. 19 before is the application to file for a spot 1290 01:09:51,479 --> 01:09:53,220 ETF. So he's saying when they submit 1291 01:09:53,229 --> 01:09:55,550 it, if they submitted today, which would be theoretically the 1292 01:09:55,560 --> 01:09:58,330 final version of it, then they should either sign off it on it 1293 01:09:58,340 --> 01:10:00,950 today or next week. But it's amazing to me that 1294 01:10:00,960 --> 01:10:03,660 like, there's like, what, there's 400 people that maybe 1295 01:10:03,670 --> 01:10:07,490 listen to the space today. Like there's thousands of 1296 01:10:07,500 --> 01:10:09,950 hundreds of thousands of people out there crypto Twitter who are 1297 01:10:09,960 --> 01:10:11,810 not listening to something like this and probably not even 1298 01:10:11,820 --> 01:10:15,280 following Eric or James and just have no idea what's going on. 1299 01:10:15,490 --> 01:10:17,680 Who are like thinking about like, oh, this is going to get 1300 01:10:17,690 --> 01:10:19,540 approved, not approved. Like when you literally have 1301 01:10:19,550 --> 01:10:22,840 someone telling you were like extremely strong sources that 1302 01:10:22,850 --> 01:10:24,280 the likelihood is like almost certain. 1303 01:10:24,290 --> 01:10:27,400 Like, it's pretty insane to me that there are people out there 1304 01:10:27,410 --> 01:10:32,450 who still think this isn't going to happen based on nothing. 80% 1305 01:10:32,460 --> 01:10:34,260 of advice that things gonna happen like that's why. 1306 01:10:34,270 --> 01:10:36,040 Yesterday, yeah. But that that that survey was 1307 01:10:36,050 --> 01:10:38,720 not an accurate one because it was taken 8 months ago. 1308 01:10:38,730 --> 01:10:41,400 So it's a very different story. Like, I love this comment, 1309 01:10:41,410 --> 01:10:42,550 right? Like, most of these people are 1310 01:10:42,560 --> 01:10:45,420 just like golfing. And like, he was like, literally 1311 01:10:45,460 --> 01:10:48,820 what people don't understand. Like these Mfers, and he really 1312 01:10:48,830 --> 01:10:51,670 said that they're incentivized to sell ETF because they make 1313 01:10:51,680 --> 01:10:53,610 like they said what, 75 basis points on like the deals 1314 01:10:53,620 --> 01:10:54,430 they're. Being or whatever. 1315 01:10:54,440 --> 01:10:56,580 Yeah, 99 to 80, yeah. Right. 1316 01:10:56,590 --> 01:11:00,370 So they make money on on, on. They make money on selling those 1317 01:11:00,380 --> 01:11:03,420 ETF's to their clients and their, the rich clients. 1318 01:11:03,490 --> 01:11:05,300 And clearly Bitcoin is going to be up this year. 1319 01:11:05,310 --> 01:11:08,400 So by the end of the year, all these advisors are going to be 1320 01:11:08,460 --> 01:11:11,680 geniuses in the eyes of all these millionaires and 1321 01:11:11,690 --> 01:11:13,340 billionaires that they're selling these ETF's to. 1322 01:11:13,350 --> 01:11:14,860 Like people. I don't think people understand. 1323 01:11:14,910 --> 01:11:17,010 Like, we talk about the marketing of it and the ads and 1324 01:11:17,020 --> 01:11:18,830 everything is going to go live on national television. 1325 01:11:18,840 --> 01:11:20,930 Everything. Larry Fink pumping our bags on 1326 01:11:20,940 --> 01:11:24,270 Fox News everyday at Bloomberg. But like, you don't understand, 1327 01:11:24,280 --> 01:11:27,880 like, how much money's gonna be made on these golf courses. 1328 01:11:27,890 --> 01:11:30,630 Like, yeah, it's funny, but it's true. 1329 01:11:30,720 --> 01:11:33,170 Like for for eat, like either ETF business now is obviously 1330 01:11:33,180 --> 01:11:35,930 very low fees and zero fees just like brokerage like stock 1331 01:11:35,940 --> 01:11:39,710 brokerages and you know that's where crypto same thing with 1332 01:11:39,720 --> 01:11:42,690 crypto brokerage like the sexes can charge like such high fees 1333 01:11:42,700 --> 01:11:45,070 compared to like stockbrokers and that's why there's obviously 1334 01:11:45,080 --> 01:11:47,390 a lot of money in margin. But it's the same thing for ETF. 1335 01:11:47,400 --> 01:11:50,080 Like, it's exactly how he said, like you have a stock ETF, 1336 01:11:50,090 --> 01:11:52,060 you're basically making zero fees because of Vanguard. 1337 01:11:52,070 --> 01:11:55,870 But now you can charge, like he was saying, like 10/11/12 times 1338 01:11:55,880 --> 01:11:58,600 the amount you usually make. Like all these guys, especially 1339 01:11:58,610 --> 01:12:00,950 Black Rock, especially the guys who charge higher fees, they're 1340 01:12:00,960 --> 01:12:02,840 going to be like fucking putting in all their resources into this 1341 01:12:02,850 --> 01:12:05,400 because it's actually a genuine like, revenue generator for 1342 01:12:05,410 --> 01:12:08,830 them. So, yeah, like that's extremely, 1343 01:12:08,840 --> 01:12:10,900 extremely bullish, something I hadn't considered either. 1344 01:12:13,360 --> 01:12:15,270 Like do you understand that even at? 1345 01:12:15,280 --> 01:12:18,660 This. 1000 Bitcoin you're early to this space. 1346 01:12:20,090 --> 01:12:22,140 Who this is? Like, this is the beginning of 1347 01:12:22,150 --> 01:12:24,080 the institutions are coming, I think. 1348 01:12:24,120 --> 01:12:27,550 Because if you then get some of the bigger players, like you 1349 01:12:27,560 --> 01:12:29,770 said, like some of the pension funds and university endowment 1350 01:12:29,780 --> 01:12:32,550 funds who want exposure to crypto, they can go out there. 1351 01:12:32,560 --> 01:12:35,000 They don't have to worry about fucking ohh gonna buy like a 1352 01:12:35,010 --> 01:12:38,310 hard wallet and all this shit. Just go out there and buy. 1353 01:12:38,540 --> 01:12:41,680 You know, buy whatever. The ticker isn't what the 1354 01:12:41,690 --> 01:12:43,280 tickets are yet, but you bought the tickets. 1355 01:12:43,290 --> 01:12:45,250 And well, the ticker is Hoddle, actually. 1356 01:12:45,260 --> 01:12:48,930 No, the ticker is the. Ticker is mark. 1357 01:12:50,440 --> 01:12:52,660 There's multiple tickers. I mean that that ticker is great 1358 01:12:52,670 --> 01:12:55,740 too, but the ticker the taker is, is huddle. 1359 01:12:55,790 --> 01:12:58,420 One of them is is ticker is literally huddle for one of 1360 01:12:58,430 --> 01:13:01,360 those ETF. That's for Vanek, right? 1361 01:13:01,370 --> 01:13:04,640 I think my next one. Annex stickers Hoddle and Vanek 1362 01:13:04,650 --> 01:13:08,900 is out there like replying reply guy into people on CT like if 1363 01:13:08,910 --> 01:13:13,180 you don't see it like I don't know how to like there's too 1364 01:13:13,190 --> 01:13:14,700 much going on. I'm too bullish. 1365 01:13:14,710 --> 01:13:16,260 I'm going to run through a wall after this show. 1366 01:13:16,270 --> 01:13:20,180 It is 11:48 AM so let's let's get this party ended and or 1367 01:13:20,190 --> 01:13:21,870 started for what it's worth the 4th. 1368 01:13:21,880 --> 01:13:24,470 This could happen today probably not but cause you heard on the 1369 01:13:24,480 --> 01:13:26,150 show today. But it's gonna be an exciting 1370 01:13:26,160 --> 01:13:29,560 week next week and I'm really happy that we ended this this 1371 01:13:29,570 --> 01:13:33,710 week's back on formal hour with the Bangor guests. 1372 01:13:33,720 --> 01:13:38,790 So you know maybe maybe he can come on when ETF come around 1373 01:13:38,800 --> 01:13:41,570 maybe we can have another conversation about that was very 1374 01:13:41,800 --> 01:13:45,900 exciting. So boys with that I guess have a 1375 01:13:45,910 --> 01:13:48,690 great weekend. Enjoy your hot sauce bucket. 1376 01:13:50,670 --> 01:13:52,650 Seems like that was everybody's favourite today. 1377 01:13:52,750 --> 01:13:56,210 The hot sauce comment, you know I mean obviously swimming in 1378 01:13:56,220 --> 01:14:02,950 that hot sauce, sure that hot sauce that was that was great 1379 01:14:02,960 --> 01:14:05,850 character to Eric Buckler is one more time for coming on. 1380 01:14:05,940 --> 01:14:08,870 And of course our partners at Ledger, if you're looking to 1381 01:14:08,880 --> 01:14:11,110 partner with with the show by the way, you can always go to 1382 01:14:11,120 --> 01:14:13,550 our formal hour Lincoln bio where everything set up there 1383 01:14:13,560 --> 01:14:17,750 with that, with that, with that, that closes off another great 1384 01:14:17,760 --> 01:14:20,880 week off. For more hour on Rock Radio, see 1385 01:14:20,890 --> 01:14:22,480 on Monday, Peace Out.