Oh yo-yo, what up? What up?
Good morning Good Morning GMG Birthday Main Second 2020
444-4444. Look at that.
Another beautiful day to have a beautiful day.
I got my clothes in the house. OSF Mando, How you guys doing
today? Good.
Trying to work out this fantasy top thing right now.
Check. You are not a hero.
It's OK. We can't all be heroes.
I don't. I only just joined SO and it
says I have nought .1 ETH. I see your account, so you oh,
you know what, If you were to open a pack, might as well share
a screen because it's fun. At the end of the show
yesterday, when, well, Obi and I ended up staying overtime, we
were just ripping packs on. It's a good way to get Ovi
engaged, honestly. Just make a segment about blast
for like 10 minutes a day. So now that I've joined late, I
can't. I can't get involved in the
Heroes. No, no, you.
Can they said you can send them a message?
We can. We can take care of that.
Let me send them, let me send them a message.
We're in a group right with them, aren't we?
I don't know. You guys had you guys, if
anything, Ovi's. The one there's a Yeah.
I just joined. Look at that.
Live on the air. Live on it.
This is how you do it. You see, this is how Kols get
what they want. You know we're.
Actually investors. In the KOL round.
Is that what happened? I think, oh, we got in way
earlier than that. I'm.
Playing. I'm playing.
I'm playing.
I'm obviously kidding. I hate that term.
I actually banded behind the scenes.
Anyways, like, true story. Yeah, I, I, I have advised our
team that we do not talk of our creators.
It's K Wells. And if you hear my team doing
that, let me know. Audience.
Anyways, it's true. Fuck this.
Wow. OK, hold on.
Is Mando's card about to go live?
Or we like should we be, like, on tilt here?
Holy shit. I don't have enough money on
there. Oh my God.
Hold on. Should we front row Mando?
I'm just kidding. I'm playing Mando's.
Mando's. Oh.
I launched something on a live stream.
It didn't go so well so. Mando's think goodbye because he
has he's Mando minutes every day so he probably gets a lot of.
I'm a value play. I'm a value play for being a
boomer. He's.
Got a good dividend yield. You're that, you're the you're
you're the 4% of your investment that we.
Just, yeah, exactly. We plow into and and and we know
that we're going to do well at the end of the year versus you
know the crypto folks going to round trip all their bags like
which is me anyways Speaking of round tripping today on the show
today today, daily market report as usual crypto macro and all
that good stuff, a lot going on. I mean nice bounce across the
board especially across meme coins and alts.
Hopefully that bounce is not finished by the time I'm done
talking. So we saw that Black Rock ETF
first outflow in 77 days. You know, in general, ETS has
been really bad, which leads me to actually ask you guys, We'll
have a conversation quickly after about what you guys think.
Like maybe we see Bitcoin just stay very weak, but does that
mean alts are going to get much, much, much weaker?
I mean, I I feel like we've seen like some pretty bad prices
across the board. So maybe we took and talked
about that. We have Coinbase earnings today,
which is pretty big. I'm assuming if Trad market's
been having a direct impact on the market, I'm assuming
Coinbase out of all will have an impact now.
I'm assuming that they've done well in Q1.
I like to think because the stock has been doing well and
they're like I think really they're helping 11 ETF issuers
or or nine of them at least. We got some Robit news also,
which is pretty cool. You know, Robit's our partners
definitely want to make sure we, we touch on that.
We're going to have Keith Grossman come in the show in
like 7 minutes. But for like two or three
minutes, just talk about actually the massive news that
PayPal dropped on people this morning.
Shout out to the decrypt article which is fire about that.
But that was actually, I don't see massive news honestly.
And then hot coins, Shark, CAT2, Kuramichi, Bowden, Popcat, epic.
I mean all these like meme coins are really just ripping.
Are we going to see a cat coin to 1 billion at some point.
Let's see. One thing's for sure is OSF does
not like the cats. You know what?
I don't like cats either so don't worry about that.
And then they scare me. They like literally there was a
straight cat. The guy like coming at me and
I'm pretty sure cat was blind and the shit was looking at me
like he wanted to like, murder me.
I'll send you the video anyways. Pack AirDrop 3 goes live Cube
exchange partnership with D Gods D Gods Bridge and Solana Fantasy
Top. We're probably going to talk
about this a lot because like the only thing there is to do in
this bear market. I joined District One OV.
So I'm going to need a TLDR because let me tell you, it is
arguably like some of the worst UI I've ever seen.
Like it's so much. District 1 UI is so good.
You cannot tell me district one UI is good.
There's there's two types of people.
There's two types of people in this world, people who like
discording, people who don't. And if you're in the if you're
in the last latter group, you will not like.
Worse than discord and you why wise you're calling this good?
You like easy? To where my UI is is incredible.
It just takes. It takes about a.
It takes about a day of using it to get used to it, but it's
really good. And it's fun.
It's like. It's rapid as well.
I'm in your chat, you know, you're the only chat I'm in.
But like why is there so much going on everywhere?
Like this is crazy. Like look at this I don't want
to do all these let. Me have a look at this.
I haven't even gone on. Those are just the other the
other spaces, but that's the same as discord, right?
Like you just have a little discord system down.
The side you know what, honestly it's not a good case that it's
the web three Discord like. It's not equalish like like.
It's not, not it's not the Web 3.
It's different to Discord, but there's some elements of like
similar layouts and stuff. I mean, I'm not going to, I'm
not even knocking. Like, I'm sure it's great.
I'm actually going to be active on it because I decided that I'm
going to go on this like Blast thing because I have no
exposure. And I said on the show, I don't
even know how to even ship it. My exposure to Blast is going to
be like these daps that you're talking about.
So fantasy top fucking if districts one is one of them, so
be it, this and that. So I'm, I'm not here.
I'm just saying, like when I opened District 1 yesterday, I
was like, whoa, it was 11 PMI was like, we'll keep that for
tomorrow. Like, even Dee's offered to
like, take me on a one-on-one trip to district one and like,
teach me everything. I was like, let's revisit that
tomorrow morning Dee. So maybe maybe later Mando, you
and I can get a a crash course. And then last but not least, end
the show. We'll be joined by today's show
partner Cypher Clans decided to talk about to them about what
they're building. Cypher Clan is actually a pretty
cool name. I'm not going to lie.
So let's see what the fuck they're on about.
How's that? And then last but not least, as
usual, this show is presented by Fair Site Network wallet
coverage for drain scams and all that bad stuff.
Not that good stuff. So make sure you check out Fair
Site Network. We had them on the show not long
ago. They're legitimate, it's good
shit, it's insurance for your wallet and I'm sure a lot of
y'all digens that make a lot of money need it, so make sure you
are covered anyways. Anyways, Anyways, Anyways,
without further ado, let's get right into it.
Can you dig? It GMGM Yeah, better day?
Well, I actually don't know. Net Net was around the same sort
of level, at least on Bitcoin yesterday.
But what we have seen is a bounce in the bags which we all
hold, which is Solana and Solana meme coins.
Definitely sort of a big, big outperformance of mean coins
after the Fed yesterday. Don't really know why in terms
of the correlation between mean coins and the Fed, but it's
definitely there they the Fed basically came out and they kept
interest rates unchanged. Interestingly, the main thing is
that they said they weren't going to increase interest rates
and the and their balance sheet just seemed more like the the
projections on their on their balance sheet seemed more
dovish. So generally you saw macro rise.
It hasn't gone like absolutely crazy.
You just sort of like a you know it it's I think U.S. stocks are
up slightly today. But what you really did see is a
kind of a bounce in crypto from that exact moment.
We did say yesterday that you know normally when normally we
have these big pivotal moments and there's been a trend,
they're normally seen as the reversal or at least like a
bounce against that trend. Bitcoin is now going up to 59 K
that is out or around. It's it's realized price which
is that key key moment where it offs and bounces off.
ETH went back to around 3K now and and it looks like Salon is
up to 138. So Solana bounced easily the
most and along with that all all the meme coins which have been
outperforming for for a few days.
A lot of them really haven't had a bad week if I'm honest.
Like Pepe with a lot of the Solana meme coins, they were
mixed at best. At at worst.
Sorry. Like a lot of them actually did
All right. Like you've had things like
Popcap Mitchy all hitting all time highs.
Yeah, not that bad in Solana meme coins if I'm honest,
compared to compared to a lot of other things.
So that was interesting to see. You've seen a bounce in
altcoins. A lot of people have been
calling for altcoins season off the back of this because Bitcoin
dominance has come down. It was actually.
It was actually the biggest outflow day ever for the ETS
yesterday, so about 500, I think 550 million odd and outflows
across the board. So even BlackRock for the first
time in 77 days sorts for an outflow.
Against that you had Mr. 100 who bought I think over 2000 Bitcoin
yesterday, Something crazy like that.
You don't know this guy Mr. 100. So I've read about it but don't
I haven't looked into the lore so would love to know what this
Mr. I saw an article like it was on the crypt like later like
last month. Like who is this Mr. 100?
But I, I I I don't know. It's an unknown entity seeming
seemingly is getting funded via a Korean exchange.
I believe it's up bit, but people think that it could be
Qatar or a sovereign wealth fund and they are now now like
amongst the top 10 holders I think of Bitcoin or at least in
the top 20 and they are just buying every single day.
Yesterday they bought, it looks like they bought 2200 Bitcoin
yesterday alone. So yeah, just firing off
6,000,000 clips, 100 hundred Bitcoin is around $6 million.
So they are just they're firing that into Bitcoin to buy.
So probably a sovereign wealth fund to have that much money,
massively increasing their holdings recently.
So I mean, there's a lot of private people that also have
that much money, right? But you're.
Right there are, but that is still still.
They bought how many Bitcoin yesterday, 2000.
You said 2000? They bought 2000 Bitcoin, yeah.
Interesting look at this is I thought rcam Intel post from
last month and Mr. 100 is a BTC address that receives 100
Bitcoin at a time. Oh, that's why they call him Mr.
100. Yeah, he normally buys it in 100
hundred Bitcoin clips, but sometimes it's more, sometimes
it's less. It's normally around that sort
of amount, but yeah. So on the up it side, which is
the South Korean exchange, which is responsible for more volume
than all other exchanges, but it's private only.
You can't be having institutions on there.
You have to run through a personal like you have to run
through a person to use it, right?
The, the, the South Korean exchanges, and I know this from
Epic is yeah, they they are a different sort of league in
terms of it's very. Private You have to be Korean
national to actually use up it. Yeah.
They don't have market makers, they don't have the the
advertising laws are much, much stronger.
To get listed on an exchange like that is, is very, very
difficult. So I think with and Pepe got
listed on there recently and that on like OK, X for example
and that was like a big, big deal because it's not easy to
do. Yeah.
That being said, yeah, so this is an account being funded I
believe from upbeat but but it's his only wallet.
I think it now has about four billion of Bitcoin and it's
really been buying it mainly over the last over the last few
months. So big big holder of Bitcoin
now. I have by the way.
Can I jump in? I have a theory as to who it is.
Who is it, Keith? Here we go.
Bear with me. Bear with me.
One, I actually don't think Mr. 100 is a guy.
I think it's a woman. OK, I'm done with that.
Two, I'm convinced it's Vanessa. No.
Friend. Yes.
I mean dude, if if my girlfriend Mr. One. 100 And that she is and
that she is, she is slowly accumulating.
And if you don't propose Farooq, she's going to leave and be the
biggest Bitcoin whale in the world and rub it in your face.
Oh my God, bro. I swear to God man.
You know what? I'm getting this.
This is my theory. This is my theory.
This is not Nokia theory. I'm getting hit from everywhere.
Between Benny messaging me every day, Hannah, you sometimes the
boys listen. If if Vanessa is Mr. or misses
100, boy do I have a ring ready for her.
I'm scared. Here's a ring ready for you, it
feels like. Exactly.
I think Vanessa should just leave you right now.
If she's Mr. 100, OK? If Vanessa, my girlfriend is Mr.
100, just know there will be signs, there will be, there will
be signs, there will be signs of this.
Anyways, Speaking of another Mr. let's go, let's go to Keith.
Actually, since you're on stage right now, you had some massive
news and of course this is probably what you're here to
talk about. And obviously shout to the Crypt
article that went live earlier. I saw it quoted by a few few
people earlier, but PayPal expands crypto offerings with
Moonpay integration. PayPal has linked up with
Moonpay to offer its millions of users access to over 100
cryptocurrencies. This is AI mean.
This is a massive deal. This is so big and and I
obviously love finding out about it.
Today. Keith refused to tell me in New
York when I met with him last week, he was like, I have a
massive news, but I'm not allowed to tell you I'm like
what he's like, yeah, I'm not telling you.
I'm like, dude, come on. And he wouldn't tell me for the
life of him. And here it is.
So Keith, president of Enterprise at Muumpei.
I mean, boy oh boy, Talk to us about just how big this is.
So, OK, first, let me step back. I, I genuinely do think that
this is Vanessa before we jump into the news.
OK. And second, you know, OV and
Mando like I, I hope that you continue to deliver the great
perspective on on the space, even if Baroque thinks that it
is, you know, boring at times. You know, please continue to
push through this. But you know, I would be remiss
if I didn't jump on stage on this one.
And I know I've been absent. But we've literally the entire
team at Wunpei has just been heads down for so long in the
past year and a half or so, building and building and
building. And this is to me like one of
the most transformative announcements we could make.
And here's why. The biggest issue is not access
to, you know, the partnership with, you know, Paypal's 426
million people. The biggest issue is not the
access to the 110 plus crypto currencies.
The biggest issue is actually when people go to buy crypto
today and go from Fiat like regular cash into crypto and
enter into our ecosystem the way that the banking rails and the
structures are set up. Like there are a lot of
declines. And using PayPal and integrating
with PayPal actually enables us to reduce the declines and
increase the success rates not just for Moon pay, but like for
all of the partners that we also integrate into.
So, like, this is for me like unbelievably transformative.
It sounds so simple. But like, ultimately if we are
going to on board the masses into this ecosystem that
everyone in this space cares about and loves, like we need to
do it in partnership with players that have these
established rails. And there's no one bigger than
PayPal, right? And so they have.
I've known Jose for years. He, you know, supported me
immensely when I was at time. He is a friend.
He is incredibly innovative. And when PayPal shook up, you
know their leadership team and ranks right like new rails and
new approaches to their sort of business is a huge initiative
for their new CEO. So I I could not be more excited
Farook and I, because I love you guys and I love this show.
Like, no matter what we were doing today, I wanted to be here
to talk to you and talk to this community about it.
Yeah, I appreciate it. I mean, the news broke like an
hour ago and you're here right now, which is really cool.
So PayPal has 450 million users. But what I'm picking up from
this article Keith, that I really like a lot, which was I
think one of the most important parts of it all is PayPal.
Customers could previously buy Bitcoin Theorem, PayPal, USD,
Bitcoin Cash and Litecoin. With the Moon Pay Deal customers
will also have access to Solana, Tether, Dogecoin, Cardano.
I mean, maybe you could have omitted Cardano Matic and more.
It's one massive emission there as well, but we don't have to
get into. It.
Oh, epic. Oh.
Yeah, epic. Can can you buy Epic now on pay
on PayPal or what? Cardona.
Who the fuck owns Cardona? OK, OK.
We're not. I can't hawk coins, OK?
Like I like I I what I will or what?
I I mean, look. Give me.
Just give me a meeting. All right, I'll make it happen.
Good for Solana and therefore is good for Epic.
I I will say this is I I look, I really have unbelievable respect
for Mando and like anything he's gonna touch.
And so, like, it's amazing that Epic is is a testament to one
man's, you know, intelligence, respect by the community and
willpower. How's that?
Don't inflate his ego like that. Come on, let's have a meeting.
Let's have a meeting. Let's get.
Let's get this on the test tester of the next 100 tokens.
But no, look, look, it's it's huge in the sense that the, the
barrier to entry into our ecosystem still remains high,
right. And it needs to be simplified
over and over and over again like we need to be able to get
it down to essentially one touch right.
That is what took Amazon off like to the next level.
This brings us closer to that, right.
Like this being able to partner with a player like PayPal and
being able to allow users to use their existing PayPal accounts
and their existing sort of information to be able to, you
know, enter into our ecosystem fully, fully is is unbelievably
powerful, right. And like for me a like I I I'm
lucky I get to be the mouthpiece of this company from time to
time, you know, and Ivan's the mouthpiece of the company from
time to time. We've had incredible PED team
and engineering team and product team working on this day and
night for well over a year, right.
This was not like, oh like let's strike a deal two weeks ago.
This is like well over a year's worth of work that has gone into
this. And so like for us, like we are
so utterly excited because like we're not thinking about this
announcement today. We're thinking about like, OK,
like this announcement today is rolled out and live to 50% of
Moonpay users and partners today.
It will ultimately be in the US It will ultimately be 100% in
the coming week or so and in the coming weeks it will be the EU
and the rest of the world, right.
So like we are looking at this as like this is a unbelievably
transformative moment in the company.
Like I think we will look back at this, this announcement, this
moment and say like this is a really, really big moment.
I love that. Congratulations, Keith.
This is a big moment and so I'm glad that you come here on the
show and explain it to the D Jans that are used to talking
about that. Want to talk about meme coins
and coins and all that. This is all good for your coins,
lads and lasses. This is good.
I I'm leaving now because I do not hawk coins.
I do not hawk coins. We don't do that.
But this is goodbye. Proud of you.
Proud of you.
This is good. This is good.
Keith Keith went over to Munpay and said, all right, all right,
no more buying board, Apes. It's time to like you know place
us and places. He's he's gone now so I can say
shit like that. But he's like all right, no more
giving French Montana a board 8 and it's time to get us on
boarded to 450 million users on PayPal.
I mean last we were talking about catalysts to get the
masses on boarded. I guess this is 1 good way.
And again, like honestly this is again pretty good news on the
Solana side boys. Because like the other day, we
didn't really talk about too much, but it was like Coinbase
Wallet decided to integrate Solana and therefore it's eco.
And now you have PayPal because PayPal already had Bitcoin in
Ethereum, but now has Solana and others.
So honestly, yeah, there's. A FOMO going on right now.
I don't know if you know this. So you picked up on it like
Coinbase integrated with Solana and Jupiter.
Really, they integrated with Jupiter?
Jupiter. Yeah, correct.
So similar to PayPal and Moon Pay integrate Solana.
It's like it's Jupiter being aggregated, yeah.
Moon Pay and and PayPal, Stripe. Stripe integrated right?
So all the different payment providers are now trying.
And then Phantom, on the same day of Coinbase's headlines,
said they had what was it, 700 or 800 million users?
7 million. So I think they're all now FOMO
ING in and they're trying to do deals as quickly as possible.
So this is this is this is another incremental big deal but
like it's in a month where pretty much every payment
provider, Stripe being like the behemoth is now FOMO in and
that's going to force everyone to to do it.
It's it's I I it's so big. Coinbase, PayPal and Stripe.
Like, it's it's just like my belief in this thing is like,
obviously, I'm so glad. I'm so glad.
As well right? Like all like all the credit
card providers are starting to do it like.
It's I wrote a dashboard about usage of USD of stable coins and
the prime example they use was Solara to show the activity of
stable coins on the Solara network which has skyrocketed
which is extremely bullish. I mean I'm starting to feel like
this is starting to feel more and more to me and OV isn't one
who touched on that Monday, but like that period in this in in
2021 of like where we had a huge downtrend before the summer but
then again like Visa but a punk and then remember crypto punk's.
But like we're talking about we're talking about similar
institutions here but this time around we have all the ETF
issuers and everything. Anyways back to the market I I I
want to shout out. I do have to shout out one coin.
I don't have to give one shout out because they're in the
comments and I fuck with them. I got to shout out Michi because
I missed this entire move from zero to 100 mil.
I don't have a single token. I'm not even kidding.
I'm deep in my soul with in my in my epic.
I'm very proud of it, of my positions.
But those folks just hit 100 mil right now and they've been all
over my comments and I kind of disregarded it because usually
when I have like 1,000,000 reply guys and girls in my comments,
it's not always good. But that's the one outlier that
decides that these made us kiss similar comment, right?
And I'm sure if they're in my comment, they're in you guys's
too. But one outlier that just
decides to go to 100 milk after spamming me day and night?
I mean, did you guys have any exposure to this one?
No, they they are actually a pumped up fun coin.
Popped off to pump. Again, out of the three pumped
up Fun coins, we're now third behind Mitchy and and Shotcat.
Shotcat also had a huge day. Rather, they got a license.
The license. The license for the the cat.
I know they were. They were not like apparently
Gnarla Cat was like, suing them or something.
It was a cat that was suing them, blah blah.
We covered it on the crib. We meaning like our riders and
they were like a lot of the comedian holder sounds like
attacking the writer. All he was doing was like
reporting on the news that that it was DMCA or something.
So I'm sure there's going to be a follow up on that.
But I thought that was funny. I like shark cats for a moment.
I was in all the cats and I just decided to go all in my duck to
a book. Anyways, my opinions, my own
Obviously there's a heavy back bias here on all on on all.
Oh it was a cat suing a cat. Yeah it was a cat fight.
See you can't trust cats. OV has a point, are we?
But that narrative of a cat to a billion is being pushed heavy
this cycle. OV like GCR, the real GCR, not
the different versions of the GCR, called for that.
Called for what? Like 1 cat going to the.
Cat coin hitting a billion. A billion dollars like way back,
like in Europe. Yeah, I mean, sure, but there's
like 10 cat coins like. I know.
Look at this duck. There's only one there's there's
only one duck coin. Like, I don't know.
Why don't you just play the odds there?
Yeah, there you go. There you go.
You guys are so funny.
This is true. This is very true.
Anyways, it looks like the question for you guys.
Two questions. First question, it could go to
either of you. First question is Bitcoin
obviously like could go higher, could also go much lower, like
back to the 40s. Does that mean they're also
really going to go lower? Because you talked about some
people calling for alt season. And on the back of that
question, is alt season, alt season, or more of a meme season
continuing on the back of that? But I mean, it's tough, tough to
say about Bitcoin, right? Like Bitcoin hit it, broke
through 58 K and then reversed on the back of this Fed thing,
the outflow figure from ETF. Like you can't kid yourself that
it's a big outflow again 500 million on on top of the whole
of April seeing around that by about 400 million I think was in
the April and we had that in one day yesterday.
So a big, big outflow day now it's always bit backward looking
and I've said before like I'm going to wait to see some
stability. I I I get the feeling that we're
going to range here for for a bit.
I'd be wary of just like seeing AV shaped recovery by any means.
I still think that we could go in down into the low 50s there.
There is clearly some support around that that realized price
figure which is around 5758 K right now.
So maybe we continue to bounce off that for a little bit.
But I'm I'm sitting here. I didn't I didn't buy back in.
I didn't like hugely buy that dip like I bought some Solana.
But that was that was it and I thought I'd have a chance to buy
more if I'm honest. But now it's at 100 and 39140
like I'm good. Like I've got a big big bags
already. I I I think this dip is going to
have another dip basically is what I'm saying and I don't.
I think you can chop yourself up pretty badly here actually if
I'm honest. I think if you stop FOMO into
different things. So I will be prepared for a bit
more of an extended period here of of chop is it chop, but not a
bad one. We're not going we're not going
to 40K. In my opinion that that was like
that was that's KVM being overly bare.
It's like we'd have to have a real meltdown, not.
Just kid Yang, though. Who else was saying that,
though? Oh, my favorite traders.
All my favorite. Sorry, sorry, sorry.
All my favorite astrologists are calling for the 40s.
Like all the people that talk about golden crosses and and and
like. And like.
Not the technicals. I'm just looking at the
fundamentals. You'd have to see massive
sustained outflows. I think from the ETF for us to
go down to 40, you'd have to see.
And I just, although we had a very, very bad day yesterday.
My my feeling again, you saw yesterday that BlackRock came
out with a foolish note saying a bunch of different types of
institutions are coming out to try and buy the ETF now I think
you'd have to obviously a complete macro meltdown, which
after the Fed yesterday seems less likely.
My guess is that the Japanese, the South Koreans, the Chinese
all in their ear being like you can't raise rates or we're going
to smash the US Treasury market. And so I don't think we're going
to see a macro meltdown. And then for for crypto it's
it's more just about the flows and yeah, the flows haven't been
great, but I don't see them accelerating to the downside.
That's basically where I'm at. So I think we could we we'll
have a few more sell offs in my opinion.
I think we could hang out in the 50s.
We broke this 60 to 70 range if we were in for about 60 days and
now it feels like I can imagine like a 50 to 70 range being
being more likely. OK.
Well, we'll talk about that when
when time comes. Meme coins, meme coins and
Solano, I think could do well. I'm not worried.
About that is a bit more mixed, but I do think, I do think
you're still going to have great stories here.
I'm not. My only thing was should I move
my some soul meme coins into soul itself and never thought of
like just like just outright selling the soul.
I mean what are you going to chase, right?
OK, worst case we work down more like we work down to like 115
during the the whole Iran thing that weekend with Israel.
So it's like. I kind of got a feeling the
market's going to bitcoin's going to push about 60 K here.
Like I think no one is, no one is expecting it now.
Like every I think everyone has gotten themselves quite bearish
because of the price. Price.
Actually even me. Yeah, everyone is bearish like I
had like not one person's bear is bullish and I think.
Are they not? I think everyone's bullish.
They're just not as. I don't think people are
bullish. I think people are holding on
scared. I.
Think PTSD came back? I think it's PTSD came back.
It's that no, it's not that people are bearish because we're
all turbo bullish over time. Let me play it this way.
No one is short term bullish. Everyone is like medium or long
bullish. I don't think anyone's short
term bullish. I agree.
With anyone, my entire fee and all my friends are short term
bearish. Fucking talking, by the way,
short term, you're talking like the summer, right?
Like June, July, like short term.
I am, I am. I I think we will range now
until the summer. That's basically my my view is
that bearish or is that just being like I think we're in a
period of consolidation? That's not being bearish.
OK, but that's. But it also means no one's
bullish like. I think we could easily go above
60 K, but I don't think that's bare.
I don't think that is that bullish if we go above 60 K or
is that just like oh, OK, we just stopped, we're not going
down to 40K. But I don't think anyone thinks
we're going to 70 K before the summer.
I yeah, I I would agree with that.
I I don't think. I don't think we're hitting 70K.
Right now, so the ETF, remember it was day before yesterday was
month end. So I don't know if there's any
sort of month end impact of the ETF flows from yesterday.
There was some stuff. So shit always goes down month
end man like. Well, a lot of people were
waiting for this Fed refinancing for like global liquidity.
It's something that that Ralph Paul keeps bringing up and that
was less bearish as well. So like, yeah, you could see
global liquidity going up. There's some weird, there is
some weird stuff going on in macro, right?
Like it's just a lot of the stuff that people were worried
about with things like Japan, they just for it to spiral.
This wouldn't have made any sense.
Like the Fed, although the Fed has power, they just don't have
the power really to raise rates in my opinion.
Like they were just the the, the, the treasury market would
just get absolutely hammered by all these these foreign
countries if they if they attempt to do something like
that. So yeah, I I can't really get
overly bearish on macro, but I can, I can imagine we were in a
range now like we need to see inflows, like we need to see
inflows to this ETF. In my opinion that's been the
whole trade. That has been the whole trade in
crypto since November, so maybe we see a big inflow week or
missed a bit, missed a 100 buys like another two grand of
Bitcoin. The thing is also, there's so
many sovereign states at some point that's going to be piling
into fucking Bitcoin. Like, if anything, dude, like
most like, let's have a second, let's go to the second wind of
the question I had. It's like alter memes.
Like, I'm, I'm not, if anything, I'm not bullish on Alter at all.
Like aside from majors and memes, I'm only in majors and
memes and I have been like this this entire cycle.
I don't think I've had one alt cycle.
I mean I don't counsel on as an alt unless you guys do it.
I don't know. You guys tell me you know better
than me, but I don't really treat it as an alt.
I treat it as a major given everything going on for it.
But I don't know it's it's it's kind of grim when it comes to
the alt. That's why people are so pissed
on the timeline, right? Like they're all positions are
wrecked. Yeah, I just yeah alts.
I just feel like you know with memes you have I tweeted this
earlier today. But with memes you just have
stubborn retail holder base that doesn't want to sell and you
don't have VC vesting schedules. With alts you have random people
have tricked themselves into thinking this is game changing
tech and you have VC unlock schedules and like of the like
that Solana was AVC coin. So like of all these like coins,
eventually you know, never speak.
Some of them will be good but a lot of them won't be whereas you
don't really have that with memes.
But the memes, you know memes like NFTS 2 years ago where
we're like 99% of these memes will go to 0 but 1% will survive
and become important and big. And I feel like we know what the
winners are with regard to the big memes of cycle.
And so I think you can just play.
It's the, it's to me, it's an obvious play.
Now you can play the obvious memes on the hope that they
could still be A5 to 10X from here if the market goes crazy
and they could. So it's like part means like you
know, I'd rather be in something like Whiff or Pepe where we can
we can be there with bigger money and more liquidity and
still pet play for a pretty good upside.
It's risky for sure, but you still have a pretty good upside
there. I think I'd rather do that and
spread, you know, loads of money across shitty memes.
Yeah, we'll probably get to zero 100%.
I made most of my We made most of my money in 2021 from holding
board apes all the way through the cycle.
Right. And that's how I'm thinking
about it now. Like I think I'll make, I've
made most of my money this year from holding whiff all the way
through the cycle and I don't think the cycle is over.
So I think I should continue to hold that for longer.
That makes sense. I may sell some, just heads up.
I may sell some if if I end up buying a house, putting, putting
through a few offers out there. So just if you ever seen me sell
some crypto, it's because I got hit on a house.
But I. Well, you didn't sell enough.
How big is the house? It's.
Not it's not. It's not.
Sometimes, but I thought. Bro's buying a fucking, you
know, English Countryside Home by Wentworth Country Club I.
Thought I'd be sensible. So I'd be sensible like dude,
how big is the fucking house that you have to sell more with
for it? God damn it bro.
Jesus, no, If you see if wicking down to $1.50 OV got hit on his
house, Obviously just playing here anyways, just quickly we're
talking alts and stuff and other coins.
I mean you have the layer zero first snapshot that was taken
ahead of AirDrop, so I'm wondering what that's going to
be like. But that's presumably going to
be a massive 1, right? Layer zero the end of the day,
I'm, I'm assuming for a holy pudgy Penguins we get something
out of that right? Because I think that team is
super bullish on Pudgy's and they've been using it for a
minute. If wormhole was big, layer
zero's probably bigger I'm assuming.
So that is a big one. Snapshot number one has been
completed and so, so we'll see what happens on that front, but
super bullish on like Pellegrino and that team.
Other alt news that we saw was Robit, our partners a Robit,
they fully migrated out of Solana it seems because it Robit
originally was launched on Solano and they've burnt a whole
lot of Token Mando. So they've burnt a whole lot of
token. Yesterday saw that news come out
from Lucky, one of the Co founders.
So they migrated 10 months ago and and they're done.
The migration's over. So if you had some coins there,
I think it's. Yeah, they've bought like 7 or 8
million of of a coin, $8 million worth of the coin.
It's worth a ton, right? Like if you.
Can still deposit on Solana, but the coin itself was multi chain
and now it's just on ETH. Yeah, I mean it, it definitely
makes it a little easier, but they've how much did they've
burn? Nearly half the supply already.
Yeah. They burn about like 1% a month
or 2% a month at the moment. Like it's it's kind of wild.
Yeah, that is that is actually pretty wild serious.
There was that on on terms of news that if you want to touch
on that and then one big news that one big headline that was
two big headlines yesterday now passed to our our partners to a
CYPHER client but tether record $4.52 billion in profit in Q1.
That is insane. Like, it's got to be one of the
most profitable businesses out there.
Like forget. Crypto they've they've nailed
it. Like the the businesses they
they pay, they pay everyone nothing.
They take dollars and they buy U.S.
Treasuries with it and they get paid 5%.
So what's the market cap of Tether?
It's like 80 billion, maybe 90 billion now, yes.
So they're getting 5% on 80 or 90 billion, dude.
And I think some of their assets are also Bitcoin now.
So like, yeah, tether, This is why.
The thing about this business though is it is really good and
you might be like it's the best business you've ever seen.
The Moat is not that high. Like anyone can launch a stable
coin. And my guess, my guess is that
the US is going to come after tether.
They're already. That's right.
But that's the thought for 10 years, bro Like.
Right. But they if they're going to
start promoting USDC or their own versions of stable coins,
like if you start to see the Black Rock stable coin or you
start to see JP Morgan stable coin, they'll just say anyone
who touches tether is, you know, it's illegal in the US and
that'll, yeah, that's how I'll go after it.
It's impressive, man. My summary tethers Q1.
So as of March 31st, 2024, four and a half billion dollars in
profit in Q11 billion in net operating profits probably
derived from UST bills, the remainder derived from mark to
market gains in Bitcoin and gold positions, more than $90 billion
in UST bills, bro direct and direct ownership.
And then $6.2 billion in excess reserves.
Like dude, they're swimming in cash.
Like swimming in cash, that is. That is one of the most
impressive business businesses I've ever read about in my life.
This is insane. I guess Shout out to them you
know though and they've been rolling with FUD for like 10
plus years like since Crypto's inception.
So, so it's it's impressive boys, it's impressive.
So there was that and I think I think that was about it.
On the on the news cycle side, we've covered quite a bit today.
Excited to see what happens later on the on the Coinbase on
the Coinbase earnings today, but we'll probably cover this
tomorrow. And whatnot.
And go over more tomorrow we can rip.
I talked to a fantasy top guy. Maybe we rip a couple packs on
there with them and and do a few fun stuff.
See, let's get Mendel sorted first.