Yo-yo, yo-yo. What up?
Good morning.
Good morning, G. MG.
Deep Monday, January 8th, 20244444.
Look at that. Another beautiful day to have a
beautiful day, another historical week to have
historical week. Ladies and gentlemen, we are
coming off hot woo from the last formal hour that occurred last
Friday with the senior ETF analyst from Bloomberg, Eric
Balchunas. And and I mean we are off to the
horses. Welcome to the coin, Tucky.
Derby's final laps, ladies and gentlemen, Which horsing it is
gonna get through the gates first, we don't know, but we
know that our horses are gonna go through the finish.
Line. That's one thing.
Not sure sure yet, you know, don't tell me that.
But but one thing's for sure is that it's going to be a
phenomenal week here in the land of cryptocurrency and especially
Bitcoin. Mando, how you doing this
morning ahead of ahead of a quite a quite a quite a fun.
Week we have ahead of us here. Doing great.
It's gonna be a big week. Imagine.
Imagine a lot of volatility. Good, good.
Time to set some low bids, set some high offers.
Just get ready. Uh, just ready to see stuff
move. Yeah, I mean, we'll.
Talk about that during the market update because last night
we saw quite some bleed out. Well, I think, I reckon you guys
were probably asleep during that time, but it was a nice little,
nice little nukes across all all coins and some nice little, nice
little. Golden opportunities in the
middle of bear market to go shopping but we're going to
we're going to we're going to get to that today on the show
today, today seems like he sent me the.
The link to the our topics and stuff and then then it opened it
cause AD is crazy up in here but mark market update as usual you
know moves obviously another ETF filled show that we got for you
all. On on formal hour.
But you know it is what it is. We we are in the heart of it.
We have to update you all of the moves day by day.
Plus I don't understand half of these acronyms like the S123,
the R2D2, the you know all this stuff.
So, you know, maybe sometimes. You're going to.
Mandolin hobby. And you know they got the answer
answers for us. So you know, we're gonna be
talking a whole lot of stuff about this.
Of course, altcoins is stuck. But the nuke, you know I put a
tweet out yesterday. Mandela, like, you know you have
another opportunity here to catch some little bids.
I know you just you really opened the show with that, to
which Beanie actually replied what are you looking at?
So you know, I answered to him. This morning I went to bed last
night slept the whole 8 hours. Mm-hmm.
But but you know, happy to go over this stuff today and talk
about the alcorn market cap and the BTC stuff that Ruth Kang
have been tweeting about a lot. Regarding dominance, seems like
cycles are cycling indeed here Mando And of course ETF approval
now raised to 95%. Which minds you?
We have another banger guest on the show this week.
Shout out to the Queen of ETF's. I mean, you've seen the Queen of
Fox Business, Eleanor. She's coming on the show on
Thursday so given the tests could get approved on Wednesday
would be an insane show. The back of that shot to Eleanor
Terret who's gonna be joining us on a Thursday morning.
And then on Friday we have booty Wertheimer.
So I know he, you know it seems like he's about to do some crazy
stuff on a timeline so let's see what that is all about.
So Bitcoin filled week for you all.
We're gonna talk about this today as well.
And NFT update for everyone important you know Zuki Zuki is
hitting up ripping. Like what?
Some dollars like ticker anime or something like that I saw on
the timeline some some speculation over.
There and and a lot of stuff going on a Polygon, Polygon back
in everybody's realm. Here with Gas Hero doing $10
million volumes top trending on Crypto slam the golden ratio by
harto big sales on Bitcoin side Bitcoin ordinals we're talking
10 art here so Jen are. Catching the bid on on originals
The Boys and I may or may not have gotten wrecked on the wrong
collection this weekend. It was hilarious.
We booked our first tax loss harvesting event of the year.
Let's go. Pee pee poo poo.
Anyways, and last but not least, Solana Saga users stay rewarded.
I mean, I have a homie let you pay like 3K for this thing last
week and he's already pretty much in the money like it's
crazy. But you know you absolutely love
to see it. Planned trustors and dip buyers
staying rewarded in the words of the great bees.
So anyways, with that, this show is powered by Ledger as usual.
If you would like to partner with your boys, you know
definitely look up the link and buy you a formal hour.
We have everything out there including all our shows
everywhere, broadcasting shot to 230 people already on video with
us. We love you all.
We see. Y'all Whoop, make sure I caught
that. You saw that reflexes on.
Fleek. But make sure that you follow at
Fillmore work across all platform, follow your Co host
and of course subscribe to the Mando minutes because your voice
is 5000 subscribers and the goal is 5. 100 subscribers by the end
of. This cycle 500,000.
Having 1500 frozen, let's go, let's go.
That's a that's an easy 100X for my boy over here.
I wish I could long that coin if I could.
I mean, we kind of are by investing in each other.
So anyways, with that one we get this, this, this party started.
Mando is the man back on. Daddy, can you dig it?
GM Yeah, look for majors. If you just focus on Bitcoin for
the last few days, even for the last week, you would probably be
in a good spot. Bitcoin has got back up to about
45 K, which is kind of where it topped out and I think that's
the highest weekly cat candle it's had for for a long time.
But yeah around 45K member got up around there and then bill
away down to 40K and that one week and we slowly edge back was
that level. So Bitcoin feels healthy.
We'll go into what's going on with the ETF.
But the ETF, I mean Bloomberg just increased their chances of
having to 95%. We obviously got that that
feeling. You're currently seeing a bit of
an ETF war right now where all the different providers are
trying to undercut each other on the fees for the ETF.
Remember as he said this is a Vanguard free zone.
What does that mean? Well, Vanguard are traditionally
like the the they undercut everyone.
They they they they are the biggest ETF either because they
are so much lower than everyone fees.
Why are they not involved in in this?
Because they said publicly they do not want to get involved in
crypto. So this has allowed a lot of
other I would say more bespoke ETF providers to to get involved
and there are higher fees. So a lot of people got involved.
They are now proceeding to undercut each other anyway, so
it perhaps isn't as lucrative as they all thought.
I think it's gone down to around nought .2% I think I saw was the
lowest, but there's various different like bonuses and
freeway is so ETFs are definitely coming.
It looks like they're gonna be coming middle of this week,
Wednesday, Thursday period. So that's all going full steam
ahead. I think you already saw Black
Rock Seed part of their ETF already, so they bought some and
you're going to start to see I think seeding of these ETF's
relatively soon as well. So we are in a good spot when it
comes to Bitcoin. Everything else.
If you if you were inside CT you would have felt it wasn't really
trading great. ETH went down to 2160 area,
Solana hit 85 um, a bunch of old coins really fell out of bed and
you've seen quite a big dip in the old coin market having
having really had a a very very good period and caught up with
Bitcoin. Dominant caught up with Bitcoin
while it was kind of hanging out around 40K.
That has since reversed and Bitcoin dominance is headed up
to around 54% and it was at around 50% so that could
continue to go. Like I would be unsurprised if
Bitcoin dominance heads up towards 45464747. 57. 55 to 57%?
That would be unsurprising to me But then I think I, I don't know
all coins are down quite a bit so it's not been a terrible time
I think to go old coin shopping. Things on most things are
probably down about 30% from from their from their high ETH
is down about 10:15 but the rest of everything else is down 30 to
40. So it's been, it's been OK time
to look at some some of those coins and it got pretty nasty
yesterday evening slash in the morning if you're if you're in
Europe. I think that was like the the
local Lowe's and that's sort of the move and then that's kind of
extended into the other Mike more risky parts of the market
mean coins of generally being destroyed, things like which I
think are down like 60-70 maybe even 80% it touched from its
high and most other I mean points have have slightly
underperformed though the ones on earth seem to be doing
slightly better than the ones on Solana UM and pretty much all
the D5 narratives, a lot of the OL one narratives all really got
tested in this move. So yeah, it's been like I said
last night, I think was where it felt the worst.
Things like Solana, 85 and out just showed 95.
You had things like say which everyone was talking about.
I think it 50-5 cents. It's now back up to like $0.70
roughly or $0.65. So like a decent, a decent
bounce back and a bunch of different things and I don't
know if that that continues. It just felt as though also
moving lower in Bitcoin wasn't doing anything.
At least this morning Bitcoin has gone higher.
I don't know like it looks like to me like Bitcoin kick up
towards 50K. I don't know if alts will follow
but umm but it it it's definitely feeling better out
there today. And then in terms of general
risk sentiment out there, if you look at things like funding,
open interest, they're all, they've all been pretty much
down only for the last, for the last week or so bunch of other
liquidations over the last 24 hours, another 200 million of
liquidations, wow. And we've had a few big days
like that, a couple of 500 days and now 200 days just over the
last. Are the people.
Getting liquidated on Bitcoin? You're talking alts here.
Well, Bitcoin didn't really move lower.
No, it didn't. I mean last night when it like
everything moved. So I was awake because it was.
During your 44 1/2 right? Or 43 1/2 and half. 43 two. 43
three like it was. At some point it was, it went,
it was like around bedtime, so around bed around 11:00 PM.
That's when I was like, I bet like they just close the
computer and go to sleep, but but it was.
You can actually see the liquidations on on Coin
criminalise. And 43 years later, 43 one but.
That's it. That's it.
Barely a move down on. On the and the number of
liquidations in in things like Ethereum and liquidations
matched Bitcoin even though the the open interest of Bitcoin is
about three times that of Ethereum.
So it tells you that the vast majority of these liquidations
we're in, we're in altcoins. So definitely that bit of the
risk sentiment of the markets come out funding across the
board looks healthy to me. You're still seeing a premium on
the CME, which is where, like the trade futures exchange is
happening. Generally stuff feels slightly
healthier. Macro hasn't been that great.
Didn't it was OK on Friday. Today there's been a few like
jitters around what's been going on in in China.
There was like a big default of one of their shadow banking
science. Probably one of the biggest
actually. Uh yeah, well before it was in
the housing market, it was more the, the home builders slash
real estate developers that were that were under stress.
This is actually their shadow banking sector.
So a lot of, a lot of and what does that even mean?
It just means that that a lot of the the leverage in the system
is actually provided by less regulated entities in China and
the biggest one of those of which a lot of people actually
have like deposits in went went under over the weekend or I
think late on Friday as long as he.
So that that's generally that's some bad world sentiment and
there's a few obviously geopolitical risks are very high
right now Red Sea has meant shipping rates have gone up
quite a lot. So it's it's not been a great
start to the year across the board for most assets.
So maybe that's that's meant that crypto doesn't feel as good
as it may have and a lot of people are kind of changing very
quickly changing their view of of how quickly the the Fed's
going to cut rates. So yeah, that's that's generally
changing changing perceptions of of risk at the moment.
So I think I think we are set up with it.
It could have been a better macro, a better macro
environment. But I think we're set up here to
to to continue to go higher amongst.
That's my gut and I think old coins will still be shaky, but I
don't know some of the some of the ones now, now they're down
3040% I'm looking at. Yeah, so that, that, that, by
the way, you're fired today. This is like, that's dude,
that's a market report if I've ever heard one.
I need this every Monday. Through the Do the minutes,
dude, I know no at all. No minutes, but like you just
went off. Like, I did not even want to say
anything. I was texting the boys on the
side saying, yo, this man is on fire this morning.
That was a great report. And G MOV in breaking news.
I guess we got Gary Gensler. You know, Speaking of, you know,
Ovi comes in and we got. Watch out.
Watch out for guy boys. You know, Well, let me tell you
something. It definitely did not go the way
you thought it was gonna go over.
I didn't say. I didn't say I was gonna.
Go any particular race started. Don't get started.
We know.
He's gonna come after the. Don't even get started here OV
with your fucking very different comments.
Don't even bring that juju in here on this historical week.
Good morning. Over How you doing?
Good morning. Yeah, I'm good.
I'm good. It's gonna be a big week.
Big week. Big week equals big week.
I don't know. Let's see.
But we're already we're definitely wicked anyways. 8
minutes ago, Mando, as you were, as you were going off.
Gary. Gensler, let's see if this is a
concession speech. This is this a capitulation
thread. Let's see that.
So Gary Gensler thread. I mean, we could even just hit
the breaking news this just anytime I could play, I just.
Play. Breaking news.
It makes me laugh because Eric was like, if everything's
breaking news, nothing's breaking news on Friday.
I thought it was hilarious they had they still haven't used the
word breaking James himself, but I think they're they're
reserving that for when the ETFs are approved.
Anyways, the thread by Gary Gensler.
Some things to keep in mind if you're considering investing in
crypto assets. Wow.
So there you go, there you go. You know, he knows.
He knows it's coming. He knows people are going to be
able to buy that shit with their 401K's as early as like on
Wednesday or Thursday right after the approval.
So those offering crypto assets, investments, services may not be
complying with applicable law. We get that Gary.
Including federal securities laws, investors in crypto
securities should understand they made.
The the private key info and other important.
Protections in connection to their investment.
I feel like he has to say that investment in crypto assets also
can be exceptionally risky and are often of OK.
We know that fraudsters continue to exploit.
OK, so. He he just put a thread, did
just put a thread out saying be careful buying crypto assets.
Because, well, at all. Volatile.
Volatile, whatever it is over. How do you say it?
Ohh. Volatile.
Investment crypto can be, you know, not complying to
securities laws. That's why I say, and then
there's a lot of fraudsters like, you know, rising in
popularity. That's the only.
Thing good old Gary is telling you all here, so definitely
nothing new, but it seems to me you know if you read for you
that's a great reply. Let me get this CZ for tweet and
let me comment that as a reply. He got ahead with the four.
Yeah, but you know that's like Ovie's best friend right now.
Like Garry's like like Gary and and there we go, here we go,
here we go, here we go. Four.
Anyways, I. Mean what do we what are we
reading? In between these lines here, I
mean, is this him conceding, say, look like this is coming,
it's bigger than me. Be careful.
Is not conceding to be clear, like we had this.
Situation. A bit more like he's got
outstanding lawsuits against Coinbase, Binance, Kraken, BCG,
Slash, Dent, Genesis, and like a tonne of other wells, notices
against most D5 protocols that ever touched.
A lot of projects for it's worth, like the Wells notices.
This guy has not capitulated. I'm not, I mean, yeah, but like.
This is him saying he he's conceding the ATF like it's
coming, like he's just saying. Because he's backed himself into
a corner. His view on crypto, I mean we
were think about this over the weekend.
What has really happened here in the US, why this is causing so
much of trouble is that. He.
There is no, there's no crypto regulation right now in the US,
right? There's no specific crypto
regulation. What you've seen across the
world happening over the last two years, Europe's now got its
own crypto regulation called Mika.
The UK brought out a very extensive one recently.
Hong Kong is now moving to have its own crypto regulation.
Singapore is. The UAE is.
The US has not done anything in terms of crypto regulation.
What they believe is that the current securities laws are able
to deal with it, which seems ridiculous because this seems
like it's falling between the cracks of many different things.
It's a are they currencies and yet they have aspects of of
yield to them And Garry's caught there trying to claim that he
has the power to regulate over these and is losing in in court
again and again and again Now until the US actually brings
brings out a comprehensive set of crypto regulation which will
not happen under this under this current administration.
Garry's continued to just try and you know try and seize power
in this situation whether whether he wins the court cases
or not he's going to keep on bringing it.
So this is just caught Gary because he lost enough.
Remember he he only he's only doing this because he lost a
court case about it like he is being forced to do this.
So yeah, don't expect him to change, don't expect any change.
I think under under the current administration, there's too many
powerful people in it who do not want crypto to happen.
Yeah, I mean, look, this is definitely happening at this
stage. I was seeing some chatter back
and forth between James Safe and I think Eric and you know the
ETF crew and. It's like, you know, it's like
you know at this stage like they're like just like that.
It's so funny. It's like 2 accounts they can
eat the following notifications on.
It's like that that. It's like it's like the ATF
Cabal, you know, and I love them.
Ohh like I'm interacting with them, tagging them and shit.
It's just so. Fun to follow him at the moment
but anyways they were saying how you know like the again like and
he, I know he said on the show Friday.
The labour and the amount of people that worked so hard even
on the SEC side over the holidays to make this happen.
It's like it's a stab in the back if not punch in the throat
of his own like workforce at this stage.
So it's it's it's it's really imminent at this stage and you
absolutely love to see that. Anyways, so I think we're
looking good on the TV side. Look, there's nothing much more
to say on top of what you just already kind of went on about
this. The main news regarding DTS this
morning and over the weekend was.
You kind of mentioned it is the fees that are being charged by,
by the, by the issues, right. So Black rocks that .2% for the
1st $5 billion for me like I just met over like I wanted to
just highlight like just the amount.
So they're saying first to $55 billion, they already know
that's going to happen, right? You have Arcane 21 shares both
25 basis points up to first billion and or six months like
you know six months of the first six months.
Then bit wise that 24% it looks like we just got you know you
have the whole war going on right now.
So that's the other person Katie Greyfield.
I'm actually going to go in like turn my notifications on for her
right now. But there is now, you know
there's an update with all the different fees here and you have
this stuff like, um, surprise you.
You guys obviously have the bigger background when it comes
to transferring everything. I find it funny, like scales at
1 1/2 points but. It just seems like it's already
a race to 0, doesn't it? Even though I read we heard
black was gonna be 0.8%, I read something today.
They're gonna be like 0.2% or something.
So I shared the Black Rock. Yeah.
So yeah, I think I'm it's it's. Already 0 for six months there
is like bitwise OR RK and Invesco or a zero.
It's it's really good. It's a really good thing.
The net beneficiary of all of this is basically us because it
is cheaper for for you know normally is to go and buy the
shirt and it also means like the only way these guys can make
money if their fees start to go towards 0, do more volume.
So I mean it's just like a land grab right now and fees, fees,
the fee war has already begun before these F has even been
approved let alone launch. So you can just tell it's going
to be like is this going to be doing big volumes And my view
here still is like we weren't seeing much remove on the
approval, maybe we get big quick up and available quick back
down. But I think we will see start
secret to move aggressively if they do a lot of volumes on day
one. And looking at what the
behaviour and activity is right now of all these guys, it feels
like it's going to be a very, very big volume down day one.
Yeah, it's a big, big, big. Day What do you what do you
think of volume wise volume like they want.
I mean this is this could be life as soon as like he said
what do you sell the show up to 10 days But also some people are
like some of the ETF like analysts are are saying that
this could go live a day. After day they're saying.
Right now the communication seems to be that they get
approved on Wednesday and it starts trading on Thursday the
11th. Also on Thursday 11th we get the
first CPI number of the year as well.
So it's going to be a big week. Like give me more, give me more.
God bless. Wait, hold on.
What just happened? But if you look at the if you
look at the, uh, the link I just sent you now.
Let me open that. Yeah that shows you the volumes
that all the different ETF so that on on day one.
So the record right now is day one flow of two $2.1 billion
which was ETF launched last year, Black Rock ETF climate
conscious and transition ETF which I don't think has done
much volume since then. So you know if Black if the
rumours are true that Black Rock are ready to pump 2 billion into
this thing on on like day one, then I think this is gonna like
blow that out of the water to be honest with you.
And I think we will maybe see two or three of these have
actually beat the number one spot.
If that happens, then I think and if it can, if that volume
continues, I think you're really gonna see like Bitcoin get back
to all time highs and that's just the space for a few weeks.
I think you're gonna that's that's gonna be the real like
everyone talk about mass adoption and the institutions
are coming, All that stuff in crypto for years and years and
years and years like this is literally it.
You can't get more mass adoption than this because every single
person who has a fucking stock brokerage account go can go out
there and get clean exposure to Bitcoin.
But they haven't been able to do before.
And I know plenty of people who I think are going to do that
straight away. Anecdotally, that's obviously
not great sample size in terms of the dollar amount coming in.
But that's the thing I think which that will really send
crypto and I don't know if it will happen or not.
That's I think we're at a point of Inflexion here because cults
have shown their hand where it feels frothy and people are up
big and wanna wanna take money, you know take chips off the
table. There's a big question of like
will we value, will we not rally when all this stuff happens.
And I think it comes down to the volume.
If you have big volume, I think Bitcoin morally I think also
will then catch up and follow it after a couple of days maybe and
the following disappoint then I think the whole market can can
come a lot lower to be honest with you.
It's over. It's.
Over. Gary Gensler.
He lost. It's over.
We have crushed our enemies. You guys understand what's about
to happen? We could go lower.
We could go higher. It's over.
You guys aren't understand. You survived.
You paid the price. And now this is the beginning of
everything. Stop thinking about things.
Stop thinking. Oh, I don't know what's going
to. Happen to come on?
It doesn't matter. I don't care if it's correction.
I don't care if it goes down $10,000.
It's over. We have brought mass adoption,
We have brought the banks, We have brought the people.
Now is the time for us to celebrate.
No, no, we're gonna get DMCA. I don't wanna hear.
I don't want to hear any of this.
I don't want to hear any of this, this, this, this nonsense.
This is the This is the greatest week of crypto NCA.
I got, you know what I got? I got better on stage because he
texted, he texted the boys and he was like, get OSF off stage.
He was like, get it, get. Negativity.
Ohh what happened to like bear market rally?
No I what? Happened.
I spent the entire bear market being the only person who's
bullish and. Post this on us like on.
The other one I'll be doesn't mean I'm bearish.
There's a difference between being bearish, being cautious.
It was a different time. You're cautious.
No, no, no. That was bad.
Wish I'd be selling Crypto All Star.
Lana hit 88. Go Armando.
He hits 2190, Bitcoin hits. I know it was kind of hanging
out. I go right, I'm gonna buy some,
I'm gonna buy some. Solana OS puts them a chat.
I think. I think you go 30% lower versus
Ethel. I'll buy it around there.
Gary Gensler could come after, the altcoins after.
I said that's where I would, I said that's why I convert my
Ether Solana. It's not being.
Such a target. You are being bearish.
You know what it is. It's not.
NOT like I'm just not tits out bullish anymore.
Like it's different. You know what?
This is Oh my God. This is there.
You know. You know.
You know what I'm holding right now.
You know I'm holding right now. Fictionally I'm holding a Uno
reverse card OV OK, let me fucking conviction.
You know what it is. Hold on, let me talk to him.
The words that are coming out of my mouth.
If there was ever for your kits. If there's ever kits to be out
right now. Right now is the.
Time on the crypt as well, not. Just.
If there was ever for your balls to be on the table, now is the
time. Do you not understand?
I've been here since a long time.
We've been talking about this ETF since the beginning for 15
years. This is all we've been talking
about. Another.
Area, but you're not. Take him off the stage.
You know what it is. You know what it is.
I'll tell you what it is. Don't have an idea of when
you're gonna think about taking profits.
You're never gonna make the actual.
Market like I'm not OK. I'm not saying it's now.
What did you do to him? What happened?
Barely even. Moved since bottom It's barely
even up two point 2.2 eggs, bro. It's like October 21 when
everyone was yelling at me, like taking kids on the table.
But it's not. I don't, I don't think 14 hours.
I don't think it is. But I'm not selling.
Ordinary though, myself. Don't worry, don't worry.
We we all decided in the back we weren't gonna have a go at you.
Because nothing has. For what it's worth, Mando and I
may have, but Benny did not. OK, Benny really just, like,
raged on because he felt the energy.
OK. But I'm gonna tell you, because
I was thinking about you this morning and I remember the
back-to-back to back-to-back speeches when he had
back-to-back 11 weekly week red candles in a row.
That was from May to June, right?
When we went to 15 K, $8 and fucking $800, right?
And you were out there providing the biggest speeches of all CT
You were fucking Mel Gibson and Braveheart out there, OK?
That's what you were for. You to be cautious on the cusp
on the most historical moment in the history cryptocurrency.
That's precisely when you need me to be cautious.
You needed me to be to give you that speech to get people to get
their you know get themselves out of the numbers and stuff and
and by by by risk now everyone's like ohh, we're gonna go to the
moon and etcetera, etcetera, which is fine like I'm really
bullish but if you're. Not thinking about.
What's going On? 1000 E to Blast.
Mando, what happened? What did you do?
You're not. Thinking about the next stage.
What happened? It cured it occurred a few days
ago and he just he just kept on mentioning Gary Gensler in the
chat. Yeah.
My word, my words. These guys got weekends.
Yeah, these. Team a few weeks a few nights
ago about Gary New Year's bags and and he's decided that
Garry's is is still coming for him.
I I did have a nightmare. At about 50 times since then,
so. Literally last night at like
11:00 PM sent a picture of Gary Gensler to Mando and I saying
that he's coming after a Solana. Like there's like there's like
like there's like it's crazy like this is like this is like
next level battery. Could come after.
You don't understand. They could come after Solana.
They could come after either. They could come after.
It doesn't matter. You know why we keep winning?
I was like. I don't.
I don't think that. He's been coming for it for a
long time, right? Like, who else is he actually
gonna file a lawsuit against? What is he gonna do, bro?
Lady like Lady Captain America AKA Brian Armstrong.
Is whipping him out. Right now based finance Kracken,
DCG, Genesis, every single D5 protocol that's ever faced the
US. Who else?
Who else is he? Is he going after Satoshi?
Is is that next Satoshi gets one?
Someone's approaching $1,000,000 to docks him.
Yeah, I've heard about that too. This is the new OSF intro song.
I I have to run because I got over run to school and teach
children about how they need to be ready for financial freedom
good by investing in crypto. But OV, when you're ready to
come back, I have to just fly to London and slap you in the face
because. What happened?
Was when you got, when you were boxing.
He hit. You won too many times.
I say like rattled brains. We need to get you back in the
ring. Rattle your brain.
Back because like. This is like like this is it?
This is the momentous occasion you were living in history.
All of us, right now this week is an historical mando tell him,
Explain this to him. Remind.
Him saying Did you see the see Chamath over the over on Friday
this podcast in the world he he was on there I mean these guys
back have gone back and forth on crypto a while it's it's three
of them who are smart and then one of them who isn't.
Two or smart one. More on.
And you know who's. IS is arguably one of the
smarter ones, although he had a bad period with Spacs.
But yeah, that's just what he had to say.
This is the most important year for Bitcoin.
Hold on. That has ever.
Existed we are probably look at. Jason's Blake from.
About about Bitcoin, for some reason the video audio is not
playing, so this may be yeah, you know what it is.
I didn't. I forgot to set my permissions
when I swapped on your computer. So we can't play the the audio
right now basically. I can do.
It if you want. Yeah, you don't know.
Has been in Bitcoin since very early, right?
Like he was in it from like 2014 thousand 15 I think and he's
always kind of said you know that there was a feature for it,
but then during the bear market they basically never spoke about
it. Jason on the podcasters has
always hated it, particularly because I think he probably did
some VC investments during the peak of the bull and just got
caught out with them. Can you hear this?
Being approved. Most.
Important, let me tell you. That has ever existed are
probably days away from a series of ETFs being approved.
And so this is the moment for Bitcoin to to use that old term
cross the chasm and really seeing mainstream adoption where
our parents and our grandparents understand what it is, can buy
it and then do buy it. And I think that if all of this
comes to pass, Bitcoin will be a part of the traditional
financial lexicon by the end of 2024.
So that is my most anticipated trend of the year.
Wow, so small. He's straight back into it.
Obviously they had some. They were.
They didn't invest in a few things like they famously were
on the podcast dumping Solana on retail, which they got a lot of,
a lot of shit for. But.
I think that David came clean about that and they really do
that right or they did. They did.
It was not too happy about me tagging him on Twitter the other
day. But but Chamakh, yeah, he's
always been a bit of a bitcoiner.
And yeah he's he's he's that's his biggest call for the year
for that podcast. Ohh they feel like big calls at
the start of the year. So yeah, be interesting to see
if that if that works out, but it it does feel like there is a
non zero chance, I would say like a 5% chance that you see a
really parabolic move here, like the crazy predictions of 500 K
like all that sort of Bitcoin, like there is a non zero chance
that you see like a 10X in Bitcoin here.
It's a $600 billion market cap or 700 billion.
Like, could that go to 7 trillion?
I mean global assets are around 400 trillion to put it in
perspective that includes like a lot of real estate and and let's
say non traditional assets but in that ballpark, so 4 trillion.
I mean that's a medium sized financial market like sector.
I would say if if, if it got to that sort of level, it would
make it the most valuable asset I think in the world by market
cap. But at the same time as an asset
class, it would still be pretty small compared to like the US
stock market which is in the 10s of trillions, I think 30 or 3040
depending on on on how many stocks you include.
And then you have like the bond markets are in the hundreds of
trillions. So yeah, it could it do a 10X?
Could we could we see like a 500K Bitcoin here?
Maybe I'm not. I'm not.
There is an outside chance that you see something crazy happen
with adoption. Yeah, I mean, it's it's really
exciting. I mean, when when you have two
months saying that he's expecting, you know, Bitcoin to
be fully in the financial lexicon by the end of 2024,
those are small now, regardless of what people think of
Hamilton, like his back era and whatnot.
Which back did you guys lose? Lose money on I lost money on
club. I was convinced that it was the
future of of health and. Yeah, that's great.
I lost my own club. It's OK.
It was not. In the arena.
That's the famous in the arena line.
We are literally in the arena, all of us, every day.
You know, doing things, trying things.
You know where where you are, you are.
The man in the arena anyways, so that's I think, I think this.
I didn't even realise it's 11:15.
Talking about this stuff for so long anyway, so it looks like.
I don't know if we got some more updates.
I mean it's like. Updates are raining in right
now. You gotta be careful also with
all this, like you know it's just raining news right now.
It's pretty crazy. You have Pentoshi weighing in on
the Gary Ginzer tweet saying and so many people thought the BCTF
wasn't coming and continue to expect denials despite the fact
that every sign pointed towards this coming.
And then you have also something that I saw from what is it
Walter Bloomberg here that that's the one guy saying
looking like Wednesday now for Bitcoin ETF decision expected to
be approved per Kate Rooney on CNBC.
So we know that Thursday's show is going to be a banger uh, with
the with the Fox business correspondent here on the show.
So that's about it. On the market talk, I'm sorry,
y'all that's heavy market, but it's probably gonna be heavy
market all week long because that is literally everything
people want to talk about and hear about.
But this is probably good for all our you know, corns and
lunches quickly we didn't talk about we we went quickly into
the alts conversation. You know there was some major
dips across the board last night Eastern Standard Time a lot of
the major ones just like lost a lot went down a lot and so on.
I think bottom around 85 dollars like you were saying earlier
saying the 60s and the the usual suspects also were all done
between 15 to 30 points. I think link was down a lot file
coin other big runners from from the from the run up expecting
some strong Bitcoin dominance. When you guys expect to see some
sort of like, uh some sort of rebound in the altcoins, are we
are we bound to really obviously bitcoins?
You know, running the narrative for all crypto right now And
from one of the research and read about like previous cycles,
it always starts with heavy Bitcoin dominance with all
getting crashed and then like some followed up by all catching
up. But what do you think though you
seem to you seem to. Have you made a face here?
Like what? You don't think this is similar
to? The reason why I think this is
different is because this is Bitcoin specific flows.
So like would I be surprised if Bitcoin dominance went to 60%
for the next couple of months? No.
Like there's you're going to see Bitcoin specific flows come in.
Do you think that you could see that eventually catch up, but
there could be a period here where people continue to FOMO
into Bitcoin and they realise they're all coins aren't going
to be like the best risk risk asset there was.
There was definitely possibility that that happens.
I don't think this is just like we're going to see old coins
catch up with Bitcoin dominance could stay elevated for a while.
There's again, that's a very, very real possibility here.
Yeah if it if down the line you start to see a you know as the
Bloomberg ETF guys at ten $20 billion ETF form over the next
over the next couple of months. Yeah that's that's Bitcoin
specific but yeah then then I can imagine you're seeing an old
catch up. So I think playing the alt is
good in terms of maybe risk reward here for because like
some of the top ones because they're down.
I mean I'm looking, I'm looking on like Coin Market cap, a lot
of these are down like 3040% just in the last just last
month, right. So some of the top ones, yeah,
can you, I think you can you can start to level into but I don't
know if you you can expect that trade to just like reverse in
the next week. No.
That, that that may be. What do you think?
Of yeah, I don't know. I think I agree that Bitcoin
dominance is likely to go up. It probably goes up this week.
I think the way that I view it is when when the market is
rallying and when it's risk on, I think Bitcoin dominance will
drop because I do think you'll see the the way that I view it
is that that every non crypto person is going to be fucking
buying Bitcoin ETF and that's going to be going high and all
the flows going to be coming in there.
But then remember there is already a lot of crypto native
capital that exists and I think all those guys are gonna be like
fucking buying 8 so other roles and stuff like that.
So I do think when the market is risk on, I think people will
actually pile into alts very aggressively.
I think we'll have a bit of a delay.
Londoners goes up fast, but I think people were very
aggressively buy alts and I think when the market sells off,
alts will actually sell off quite a lot.
But Bitcoin will stay strong and and I think that's the way that
I view it. I think you know Bitcoin is
going to start to lose volatility because it's going to
have effectively a lot more flow than it ever has had and it's
gonna have a lot more demand. It's going to lose a lot of
volatility but the volatility will remain and also everything
else. But I just, I think I I struggle
to see like a a multi week period where Bitcoin goes to
like 70K and dominance goes to like 60% and adults just don't
do anything. Like I just think there's too
many people who are going to be like you know what, fuck it like
this happened, Bitcoin, I'm gonna buy ether.
That's why I'm getting my soul Now I think retail is a big part
of mark the market momentum and there's a lot of VC's, a lot of
crypto hedge funds and all those guys I think will be doing the
same thing. So right now the big trade has
been Bitcoin. And I think the next big, I
still think the next big trade will be ETH.
Because if that Bitcoin ETF is so successful and brings in a
lot of flow and volume, all these and all these fucking
traffic guys are making so much money on it on fees, they're
going to be OK let's let's get to see ETF out as soon as
possible. And so we can start making money
on that. And that's where the next chunk
of flow will come. And I think that's where like
these big, there's obviously like big like Bitcoin, only
people who just own Bitcoin, who are like big macro guys and
institutional guys and do you really believe you'll see like a
rotation that Bitcoin into earth after this ETF is approved?
And I think also abated to it, But why wouldn't you like, why
would why would someone not rotate to ease from Bitcoin?
Because there's so many different narratives to rotate
into that probably will outperform.
If you're if you're someone who just bought Bitcoin for the ETF
approval, why would you not now swap your Bitcoin to ETH the ETF
approval? Why?
Because the whole into Bitcoin and also have alts.
But you like this. I think there's so much money
that's in Bitcoin, not because of ordinals, not because of UDI
or fucking Lightning Network. Whatever it is, people, people
are in Bitcoin and Bitcoin's done very well for this
approval. Like that's why it's
outperformed everything for for a few months.
So I just don't understand why if you're in it for that, why
you wouldn't rotate to ETH which is higher beta has a very high
likelihood of being approved as we found out when we had Eric on
the show last week and would be the next near term narrative in
in less than six months. There's no reason why you.
Wouldn't do that. I I kind of feel like that's
maybe maybe like it's not like that's not been clear for a
while now and it's still hasn't really happened so but part of
me thinks is post. Approval and I think.
Part of me, part of me thinks that, yeah, it's this is what a
lot of people are holding on to. It may happen, it may not
happen. I don't think it's like a sure
fire thing. I actually don't know what
happens for the next few months. Like it really depends on what
we see for the flows. I do think that if Bitcoin ETF
flows are strong, people will make some wild predictions for
ETF flows. So I can imagine that being that
being like a, that being a more aggressive trade at the same
time like honest, there's not a lot of faith I feel like right
now and that you like it's kind of lost that trust of a pump.
So maybe that's a great period, but also to make same time like
if I want to be a bit more D Jen like they used to be a period
like where if used to just leave the market day after day after
day after day. You know, like I remember that
from previous cycles and that hasn't happened I think for
about well 2 1/2 years really like it was 2021's, maybe the
first half of 22 briefly like it, it hasn't happened.
And I feel as though we need a period like that for people to
really get get on board with it. But every every time it like
breaks out and gets smashed down.
So I don't think he is obvious is just like Ohh easy has to
prove he's suddenly now outperforms the market.
I just don't think it has that, that faith that it used to have.
So I think it's gonna be a little bit more time for that to
come back. I think, um, it's definitely, I
agree with that. But I think, you know, over time
assets lose. That thing like Solana was stuck
in the mud for a long time until it broke out.
Eventually things break out and to me this is a clear Now it's
almost like I think you, I think you said it right.
It's almost like it's too obvious and I think because it
feels too obvious, no one wants to play it.
But I do think in a month or Two's time, people gonna look
back and think that was so obvious.
Why didn't I do that like I think?
It's one, yeah. I think, I think like if I were
to trade on a small stack, which I'm assuming most people
listening are like there's hundreds of people listening.
I play the Ethereum ecosystem like an arbitrium or an optimism
with very, very, very small stock towards like other maybe
on like the other ecosystem coins of East that are like more
higher risk like the, you know, the usual need coins and stuff.
But the ecosystem seems like it's going to do so well like
like you have you have like light oh like you know OP that
like perform like crazy. Arbitrium and OP are really the
two that are going to also win The biggest I think from the EIP
what is it 4844 is that is it 4844 the that that they're like
the biggest like these two are like to me after seeing like
their price action over the last few weeks like Arbitrium going
to all time highs with 2.1 and optimism smashing $4.00.
And also like both some extremely involved in actively
investing in culture like crypto and FT web three culture that we
know for fact, right. So I think these two could be a
win for us. We're like when I go like fully
like hey no that's not the rotation.
I'm obviously kidding I'll be with you but I just want people
to know that. But like, it's it's definitely,
it's definitely a solid, like, narrative, like there's gonna be
a point in time. Thing like that's one thing I
would ask like if ecosystem pumps, I know everyone's in it
for the price, but like that actually just proves the success
of it. At the same time like there was
someone actually said something very similar which is like what
happened with Cosmos where all the different Cosmos assists and
stuff like tea for example ripped um injective has has gone
up very high like a lot of people getting a Berry blush to
some of the like the Cosmos chains out there but Cosmos
itself Atom hasn't really moved. So like yeah you obviously have
the upgrade which can be very very badly for L twos.
You have to restating narrative which is getting people very
bullish on the the big like L1. Well like the the first taking
protocols like Lido, like if you can put all your Lido assets
into region layer or Egan layer whatever.
Dude, that's gonna be insane. And then you can get super
bullish and people get very bullish on that sort of stuff.
So that's kind of a that is actually a smart way to look at
it. Yes, he gets criticised because
it's it has pockets of liquidity in different places but that
doesn't mean that each of those pockets couldn't pump here like
could I see Lido do like a two or three X yeah could could I
see a bunch of other of those of those narratives move?
I think you could. So I think I agree with with
that as well. I think if if it does have a run
that's say goes to like OK, I reckon what you really see rip
there would be. The.
Ecosystem stuff. Yeah, yeah, there's absolutely
gonna in that situation. And also like it's hard to find
Bitcoin better. Like I know there are some
things within like the originals meanwhile maybe and like there's
something it's not you don't really have like Bitcoin beta
the way that you have ETA W you very obviously have L2 tokens
and stuff. But yeah, like that.
Stop the trade. Taxes, taxes.
Back Stack is one of the top daily gainers today, right?
Right now in stacked. Yeah.
And then you have of course, like, I mean obviously like I've
been that's why I've been piling into it, Mando, because of you
have been talking about it too. But like you know already that's
been like the like meme coin also on Bitcoin and they have
like a bunch of others on like on stacks and also on like
Counterparty and whatnot. So like, I mean it was really
Andrew Kang last night that like having like all he had up about
that was my day by personally last night when I was tweeting
about buying dips like that's what I did.
But he tweeted yesterday saying there is no potentially have
proven over the weekend to punish bears.
Also draining BTC USD would not be surprising.
Then goes nice we can flush long Bitcoin and already into
approval now. So that's what like Root Kang is
putting into. It's like there is some Espada,
but Bitcoin is not that many and it's.
Mostly post it when he posted it gets you fired up when I say it
in the. Chat.
Actually fired up my biggest clip before because of you.
Mind you, and yesterday I actually found a price to
average down. I'm very proud of myself not
only tweeting about buying this but actually doing it.
So so those are like, you know, I did.
I I also like last night just funny.
Like, dude, last night you guys should you guys would have like
what the hell Like everyone was so bearish on the timeline.
Like so I was in 85 and you had like people writing threads
about Solana being like a scam and going to 0 again.
Like dude, like it's so crazy to me.
And then like you made me look at the seven day percentages
right now man on the show so long as down 10 points in seven
days bro, it just ran like 1000%.
Like I'd Peaky was up 1400% And you out here like fighting on
the 10% like drawback like it's just wild.
Well, you you can see on the timeline sometimes when this
happens and I think that. But what I said was completely
right. To be clear, remember when
Solana was at 1:20 he was like look the risk reward here in.
Each 100%. Everything went lower kind of
movement. So did all the other alts, but
yeah, I do think that that relationship after a 30% move is
slightly different And you last. Night you had one earth back to
25 soul at the really like when it was really get starting to
like hit the fan because ETH wasn't aggressively dumping like
the rest of the market. And that's like, I know a lot of
people are probably waiting for that one to 30 to 1 mark on
solid, but it's you would really need like ether red because
someone seems to be holding that you know that line pretty,
pretty well up there. But yes, like he says, way many
much more. Narrative.
I also know this from previous, like previous cycles, or the
last cycle at least is that this is also where that glamorous
narrative that just like kept them going higher and higher and
higher. This is where stuff gets tested
from. Like a ohh shit is actually
anyone there with me? Like using?
Anything. There's a lot of hollow
protocols, a lot of hollow hype here.
So I'd be very, very wary buying dips still in alts where it's
still just a promise because that stuff is still pretty high
in terms of valuation here. And I I think yeah I think
airdrops might sustain that for a while but I I would still be
wary on on like which alt you're going to buy.
Like if you are going to catch the knife in Bitcoin versus
alts. I would still stick to in my
eyes some of the some of there were some old which are getting
used massive amounts particularly some of the ET 5
ones and like some of the ecosystem ones we've already
spoken about and there's some there are some there ones like
Solana maybe maybe Avalanche for certain extent.
But there are a lot of a lot of them where it's just like, wow,
like this could go down a lot and we have to wait for them to
build out the whole pain before it then pumps again.
Yeah, is a famous, famous Warren Buffett quote.
Only when the tide goes out do you discover who's been swimming
naked. And I think that's very true of
everyone holding these bolts and stuff.
And it's like, it's great When you buy them, the price goes up.
When the price goes down, you're sitting there like, what the
fuck actually is this thing? That's when you know.
That's when people's resolve gets very tested and you often
find people bumping into stuff, so.
Yes, Sir. I guess we will.
See more of this and what happens in the time coming.
Yeah, listen, y'all we're not gonna get to the NFT part of the
show, but you know, understandably so.
I think this was a this was good enough for today.
I just thought we we we hit the hour, but we'll talk with
Dookie, we'll talk gas hero, we'll talk ordinals and golden
ratio. Tomorrow.
We'll make sure that we really hit that NFT market report so we
can give you guys a run on what's happening on Solana, on
Bitcoin or knows and of course on, on the Ethereum NFTS as well
because there's there's still a lot of, there's still a lot
going on across the board here. So as usual just a reminder,
make sure that you follow up for more hour on Instagram where
actually we we broadcast the show live on IG and we post
clips YouTube where we have our shorts on rugby videos YouTube
where we we broadcast live and of course on X.
So at from our FOMO you are and if you guys go to, if you all go
to the highlights both on my page and on some hours page, we
post the broadcast every day. We record this live.
We also have the replays for you all to be able to enjoy the show
both on video and on audio across every single platform.
We upload to Apple Music, Apple Podcasts, so we upload us to
Spotify so you can find us there and subscribe.
If you're on the audio side, listen in the car or if you want
to put this on your TV or on the side, you can put that on.
We are live every Monday to Friday at 10:30 AM Eastern
Standard Time to 11:30 AM Eastern Standard Time with
Bangor shows this week with NR 3.
Umm this uh this this Thursday and Udi Wertheimer on Friday.
And I'm mistaken. We actually have the CTO of
Ledger, our sponsors of the show coming on Wednesday.
Actually send me a good one because I'm curious to see where
we're at right now with Ledger and what happened over the
holidays. So it's gonna be a good update.
So Wednesday, CTO Ledger. Thursday we have the, you know,
Fox Business. OK.
The queen of ETF coming on the show Eleanor Tourette and then
would be worth timer, founder of taper Wizards coming on Friday
should be a good one. So with that with that with that
we'll see tomorrow morning 10:30 AM Eastern Standard Time 7:30 AM
Pacific Standard Time for the episode form formal hour on rock
radio. Let's go.