← CRYPTO 101
CRYPTO 101
Crypto Rundown: Bitcoin $500,000?! The Predictions are in As The Bitcoin Strategic Reserve Gains Momentum
00:45:08
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TiVo
So check those out. Some fun stuff for a fun time of year. And yeah, you know, crypto's been up a couple hundred percent, so maybe you can trade it for some cool merch. But just too much, too much to get to and we got to waste no time. So I'm going to hand it back off to you, bring up those charts because I believe, if I'm not mistaken, we hit a new all time high just yesterday.
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Brendan
Yeah, you got that right. We have a new all time high for bitcoin here. And if we go, we actually take a look at this thing, that all time high is of $108,000 for Bitcoin. This marks the third consecutive day in a row where bitcoin has been able to make new all time highs. Starting on Sunday it had a new all time high of 100, 105K. Then on Monday we had a new all time high of 107.8 K. Then on Tuesday we hit a new all time high of 108.3 K on the Coinbase exchange. Now from this we started to see a little bit of turbulence come up over here on Bitcoin, around 107, 108. That is where we saw bitcoin see a little bit of resistance and just struggling around that area. So we have a little bit of a sell off coming in today. But what do you know, we're finding some support at that previous resistance zone of anywhere from 100 to 103k. And I think that that is the next kind of load zone for myself. And so, you know, yeah, we're having a red day. We're having a pullback. We can't always be going up. We can't have, you know, a month straight of consecutive higher high, higher high, higher high. We're going to get these red days here and there. We've seen that, you know, happen pretty frequently over the last month or two where despite us seeing this drastic move to the upside, we do have red days that are scattered in here periodically, some liquidation events. But it's from these dips that I get the most excited. And you know, this is the area of opportunity down here and this is what I'm looking at. So we're still very long biased on bitcoin here. We think that bitcoin can go a whole lot higher in this cycle. In fact, you know, maybe we're not bullish enough by saying, you know, we think bitcoin can, can shoot to new all time highs of maybe 150, 175, 200k before this thing's over. And, you know, we might be undershooting it with predictions like that. I know TiVo, we had our end of year video with our, our legendary pal Bryce. And you know, me and you are coming in around, it's coming out next week, so spoiler alert. You know, I didn't say that, but spoiler alert, you know, me and TiVo were given some predictions of 200k plus for Bitcoin and you know, Bryce was coming in a little bit closer to 500k. And what we've seen is that there's a lot of household names that are, you know, siding more. So with Bryce saying, Hey, 200k, 300k, 400k, it is not bullish enough and it's not accounting for some of the factors. And we're going to talk about all those catalysts and all those factors in today's episode. And you know what, I think it's possible and we were kind of chatting before this TiVo and I was saying I, you know, we might not be bullish enough. You know, maybe we're being too conservative with, with some of these estimates. However, you know, regardless of what either of us say, we're both saying, hey, bitcoin can, at bare minimum, we think that bitcoin can double from here. And that was the consensus across the board, is that everyone thinks that the, the price is going to appreciate and again, not only the charts, but kind of the fundamentals and some of these regulatory shifts and, and ideal shifts that are happening on both a, I would say like on an institutional and on a, on a governmental side of things. You know, both of those are making the argument that bitcoin can go a lot higher. So, you know, I won't chat too deeply about that because we're going to get into it all. But when we kind of wrap back to the charts here, watch for bitcoin to pull back, you know, maybe to the low 100s, high 90s and anywhere below where we're at right now, it just has a ton of support. You know, the cool thing about bitcoin being up in price discovery mode is that every single investor is in profit so long as they bought before the last, you know, day or so. And everything below us is all acting as support. So when we zoom out to some of these larger time frames and we kind of, you know, really zoom out on bitcoin, everything below us is going to be a support zone. And we have a lot of that towards the high 100 or the low 100s, high 90s and I'm not really too concerned about the short term price movements of Bitcoin because I think that we can kind of continue upwards from here. But you know, Bitcoin's not alone in this. I think if we look at a lot of these large caps, we have Ethereum coming up into its cycle, high resistance of 4k to 4.1k. We've seen this area act as a resistance zone once, twice, three, now four separate times over here, or Bitcoin has, or Ethereum has approached this, this 4k level and struggled and we've seen a rejection here, here, here and once again over in here. The cool thing is that, you know, Ethereum is holding this path of higher lows. And I think so long as we continue that while hammering at resistance, Ethereum has room to explode to the upside and maybe even make its way towards 5,000 plus. And I still think that new all time highs for Ethereum are on the table for the foreseeable future. Other key altcoins, if we look at some of these other ones, like Solana for example, came over here, hit a new all time high, tap that previous all time high level, barely pierced through it by about one to two bucks, but came up contested that all time high. We go over towards some of these other ones like XRP for example, coming up to that previous all time high right around three bucks, finding some resistance there as well. You know, we can go over to some other large caps like Sui for example. You know, this thing has been able to make its way up to around a 13 to 15 billion dollar market capitalization which is pretty sizable and large. And this thing's up at its all time highs, seeing a little bit of resistance in here. And so the list goes on. And we've seen a lot of these large caps really start to consolidate and put some pressure into these all time highs. And I think what we're seeing now is the consolidation kind of the, the breather before we make the next sprint to the upside. And so that's one of the big things that I'm keeping an eye on as we go into this week alongside bitcoin dominance which has been climbing in this breather. And we know that when bitcoin dominance is climbing, altcoins are, you know, tend to be a little bit on the underperforming side. And you know, as we start to see, you know, hopefully bitcoin dominance maybe curl a little bit back downwards here, I think that's when altcoins could really, really run. And when we look at what's been happening on you know the total two and the others charts these things are again are still pretty high up, you know, not at necessarily all time levels but they're getting up there. You know you look at the all time high for the total two or for the others chart, excuse me. And what this is is taking the market cap of every single crypto project excluding the top 10. So basically just looking at the altcoin a whole and we can see that this thing got really close to its all time high of 500 billion in market cap. It pushed up to around 450 billion in market cap the total 2 which is every single crypto's market cap excluding bitcoin. So another look at the altcoin market, its all time high is around 1.7 trillion and we made it all the way up to 1.64 trillion. So coming in just you know, 0.06 trillion away to just a fraction, just a really, really small percentage away from all time highs on the general altcoin markets. And I think a lot of this really does come down to large caps being at resistance here and I think that large caps will eventually break after this breather and that's when we're going to see a lot of love come back into these altcoin markets and probably new all time highs across the board. So dude, yeah, I mean lots of great stuff that's happening in here TiVo. You know I think that like I just said, you know, maybe we're not bullish enough on some of this and I think that there is going to be a big old squeeze happening here and a big old opportunity probably over the next couple weeks.
- [08:22]
TiVo
Yeah, I think that definitely a good plug for the end of year episode that'll drop next week. The to kind of hear the thoughts of the year in review and then kind of the forecast that Bryce and you gave and we kind of set the table pretty well for you know, what we think will happen next year. So that's going to be a great episode to tune into next week. But just kind of as you said, I think the thing that hit me the most was you're talking about you know, everything kind of kissing its all time highs around Ethereum and some altcoins and then maybe like you know, shying away from breaking through. But you know one of the things that I've definitely seen on the timeline has been the Ethereum ETFs picking up and just kind of a lot more you know, capital flowing into to that area of crypto which, you know, we covered on this show. You know, when the Ethereum ETF first launched, you know, it was really underwhelming and borderline disappointing to what we thought the initial reaction might be. But it's coming around and I think it's all coming around just purely because of all the absolute bullish good news in the space which we'll transition to now is basically we just gotta run down this list. And it's a long list. We got a lot of landing pages to show you, headlines to show you and videos to play you. But this is kind of the storyline that I think we're lining up for 2025, where, and you know, I'd love to hear your opinion, Brennan, but I think I said it before, is like this industry's kind of been battling the, especially in the US has been almost battling the US government, where it was, you know, the crypto industry versus the US government. And now we're kind of entering an era, you know, once inauguration day hits, that the crypto industry and the government, dare I say, are aligned and looking for growth together. Which is why all these bullish and wild price targets are coming out, because we've never seen this before. And so it kind of kicks off with what? Trump? Trump meeting the crypto.com CEO as firm drops its SEC lawsuit. So, you know, just exactly the first thing that we'll talk about is, is this. But it kind of goes to show that with the new regime coming in in the White House, the new regime coming in, the SEC and the cryptos are like these petty lawsuits are going to be a thing of the past is what it seems. Have you ever wanted to trade bitcoin but haven't dared tried? With Plus500 futures, you can trade crypto without the hassle of opening a wallet. With just a few clicks, you can register and start practicing with their free and unlimited demo. See a trading opportunity. You'll be able to trade in just two clicks. Feel ready? You can move to real money with as little as $100 once your account is approved. And the great thing is that in addition to crypto, Plus500 gives you access to a wide range of instruments like the S&P 500, NASDAQ, gas and much more. Explore equity indices like Energy, Metals, Forex and beyond. With a simple and intuitive platform, you can trade anytime, anywhere. Experience the fast accessible futures trading you've been waiting for with Plus500. With over 20 years of experience, Plus500 is your gateway to the markets. Visit us.plus500.com to learn more. Trading in futures involves risk of loss and is not suitable for everyone. Not all applicants will qualify and this is not personal financial advice. Plus 500 it's trading with a plus.
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TiVo
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Jack Mahlers
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Brendan
I asked Stuart from accounting about his weekend. Even though I don't care.
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TiVo
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Brendan
Chumba life Prohibited by law terms and conditions 18 + yeah, and we've seen the Trump administration already meet with a lot of these big crypto executives. You know, there's been talk that he's met with the executives from XRP, from crypto.com from Coinbase. I have seen, you know, rumors about Robinhood in Tron and you know, the list goes on over here and I think that we're going to see more stuff like this. You know, he's not interested in really kind of harming some of these, these U S based companies or key leaders in crypto even that are outside the U.S. he said that he wants to simulate growth, especially for crypto based companies in the US but for the crypto industry as a whole. And I think what he is trying to do here is saying, hey, we know that the previous, you know, administration probably did you dirty, probably caused you some harm. We don't want to do that. And I think that he's trying to get off on the right foot and he's trying to, you know, hopefully keep this balance of keeping things regulated and safe, but also, you know, allowing them to do a lot more than they previously did. And so I don't think it's a coincidence that we see that, you know, he meets with them as they are dropping their lawsuit all of a sudden. I don't think that's random. Right. The two have to be correlated, in my opinion. And I think that we're just going to see a lot more of this. I think the lawsuits are going to go away. It's going to inspire a lot of growth and innovation. And that kind of growth and innovation within the space will ultimately or at least hopefully be reflected on prices. And that's the way that I look at this.
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TiVo
Yeah, I couldn't agree more. In that kind of transition. Just right into the next topic, which is this bitcoin strategic reserve. You guys saw it on the thumbnail, it's in the title. And the plans are in place. And I guess we'll skip to this one before I play the video, but, you know, I'll show you this picture of we have David Sachs, our crypto czar, meeting with Cynthia Loomis, who is the author, the head author of the bitcoin strategic reserve bill. And so as you can see there, they met yesterday at a meeting and they both kind of came out. I know Cynthia said it, you know, more than David. I don't think he tweeted anything other than it was a good meeting. But, you know, Cynthia came out and saying 2025 is the, the year for bitcoin. And it's just, it is rumors. I mean, we've talked about this for the last couple weeks. It's definitely was, I don't want to call it a far fetched idea, but definitely something where it was, you know, hey, wow, that would be a perfect world, but a low percentage of it getting passed. And then I thought, I really thought maybe the conversation would almost die down a little bit because there'd be so much other exciting news like the, the Wells notices getting removed in the new SEC commissioner and just listening to, you know what, what other bullish stuff might happen in the, in the space. But this, this bitcoin strategic reserve bill is not losing any momentum, dare I say it's gaining momentum. And you're starting to see clips of people talking about it starting to happen. And we have one of those for you. So I'm going to play it right now. This is Jack Mahlers. He's an awesome, you know, person in the space who's always on, you know, different shows, whether it's Fox or CNBC and just educating the people on bitcoin. He is a true, I believe, bitcoin maxi and has all his, his stuff, all his money in bitcoin. And he was on this podcast and dare I, dare I say the way he said it, it's like basically saying he's hearing things that this is happening. So, you know, I don't think even himself would say anything's a guarantee. But the way he's talking here, I want you to listen for yourself that, you know, the bitcoin strategic reserve bill is in play gold and you're going.
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Jack Mahlers
To build a bitcoin position with that. And it's a million. Bitcoin is the target. I also know Trump is looking at a day one executive order. There's, there's, you know, like, sorry, sorry.
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Brendan
Day one executive order for a bitcoin reserve for the United States.
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Jack Mahlers
Yeah, but, so I know that there's people looking at the Dollar Stabilization act as it gives the President wide discrepancy to protect the dollar and there's potential to use executive order to purchase bitcoin. It wouldn't be at the size and scale of a million coins, but it would be a significant position and it'd be a message that the United States. Listen, here's what I think isn't talked about enough about the strategic.
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TiVo
So there you have it. I mean this is things that he's saying he's hearing and I think that's interesting that, you know, the executive order aspect of it is not having to go through Congress and the Senate, which, you know, is leaning Republican as we talked before, or it's not even leaning Republican because there's people on both aisles, Democrat and Republican, that are now pro crypto. So we feel confident of getting these things passed in the Senate and Congress for pro crypto agendas. But the bitcoin strategic reserve, you know, I think would definitely take a while to get through there. There would be a lot of, you know, conversations around it. Whereas, you know, when he's saying here he's hearing that there might be a path to do it through an executive order of protecting the dollar, I think is something that I actually haven't heard before. So I thought that was interesting.
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Brendan
Yeah, it definitely is interesting. And I like what you said about how this was really, at first it was like, hey, this is cool. It's probably a little bit far fetched. I don't know if we're actually going to see something like this. And we thought that maybe the hype or the conversation around it could probably fade off until maybe he gets closer to office. But we've seen the opposite effect. If anything, we've seen more validation that this is going to become a reality, more confirmation. I mean, his administration has talked about, he's even talked about it at this point saying, hey, you know, I want to do this kind of stuff for, for bitcoin. You know, I want to create a strategic reserve, and that's a big deal. And so as time has gone on, the conversation has only increased, leading to this point. More people are talking about, he's talking about it more frequently. And, you know, the odds of this happening are they just look like they're increasing. And so I think it's hard to be bearish on stuff. I also saw the other day, I think it was yesterday that the Bitcoin ETFs have now surpassed the gold ETFs. And again, you know, this is something that is exploding not just in conversation, but in activity and how much people are actually accumulating this thing. It is now five times larger than the second most successful ETF in history. So to kind of put that in perspective, the Bitcoin ETFs are the most successful ETF in history. And the second place is still, you know, the second place would have to do five times what it did in order to get back to where the Bitcoin ETFs record is. And TiVo has a really good graphic on the screen here that just shows where bitcoin is at in comparison to gold. And it's a night and day difference. I mean, it says it on the screen. BlackRock's gold ETF took 20 years to reach a $33 billion AUM. And Bitcoin's ETF under BlackRock has been able to do this in less than than a year. What this really makes me think, TiVo is has anyone checked in on Peter Schiff? Has anyone checked.
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TiVo
I saw that. Here it is right here from you this morning. Let's see how Peter Schiff is doing. Oh, no.
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Brendan
Oh no, he's not. Oh God.
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TiVo
Peter, you okay? Somebody get Peter some Tums and a ginger ale. That guy is. Yeah, I, I, we've talked about it. I know we talked about it earlier in the year where it was. Is Peter Schiff just kind of doing it for the engagement, kind of being a troll? I think that's definitely part of it because he loves the interaction on X now. But man, just, just, I mean, put it in the Louvre, it's, it's the worst take in history almost. I mean, the guy, yeah, he's been doing it since a couple hundred bucks, right? I mean, that's tough to not even have one bitcoin. But yeah, Peter Schiff is, he's going to be okay. Obviously he's very successful, but he's tough. Take tough Take for our guy, Pete, but we love him.
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Brendan
Yeah, yeah, no, he's, he's wildly successful. He's going to be fine. But we do wish he was on our team. And it's, it's a little strange because so many other gold gurus, if we can call them that, are big crypto fans. In fact, most gold and metals guys are crypto fans because they understand it. And he's just one of the, the few that isn't. So, Pete, we want you on our team. We want your team crypto, we want your team bitcoin. We hope that you will eventually convert now that we are over 100k.
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TiVo
Yeah. Come home. Well, it's actually a good transition. Yeah, dude, that would be great. That'd be great. But being on our team is a good transition for our next topic because what we have here. Let me share this one. So if you're not on the team of crypto, it appears that, you know, your run as the leadership in certain financial governments is going to be coming to an end. So we have Commissioner Caroline Crenshaw, who is going to be up for renomination for an SEC commissioner position, will not be nominated after the Senate Banking Committee cancels the vote, which is honestly, it's a great job. We, as a, you know, obviously everybody has different political opinions of what gets pushed and what doesn't get pushed and what gets done. I think this was a team of people on this Banking Committee that actually got together and was like, no, we're not going to do this renomination vote now. We're going to wait until the new administration comes in, which is basically listening to the voters, you know, because the voters, obviously there was a mandate, there was a popular vote. There was a, you know, and the new administration is going to be coming in. And this kind of was an under the table, like, oh, let's push this vote through before, you know, the new administration comes in and can get their fingerprints on it. And I think it's a, it's, it's justice was served by her. I mean, she could still run if she wants, but she has to run, you know, an affair against somebody else. And, you know, obviously it probably looks like she won't get in, but I think that's, it's a, it's a telling sign that, you know, when we talk about how we have all these senators and all these Congress, Democrat and Republican, that are pro crypto, like, these are the things that are underneath the surface that we try to bring to you guys. Like, everybody hears when Trump mentions bitcoin strategic reserve or something like that, but you might not catch this type of action. And so that's kind of why, you know, we're bringing it up, because it is, it is a significant result here.
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Brendan
Yeah, it is. And you know, the, the way things are looking is it's kind of team crypto or team out. And a lot of these people who have been anti crypto people are fed up. And you know, we've talked about this before, but people have invested a lot of their hard earned money or time or resources for a lot of these people, it was their job to work in a related field and they were burned by this and people are just done with it. You know, just in the same way that people want to see their stocks do well. You know, we now have the crypto industry being a multi trillion dollar vertical and people want to see those do well. So. Well, I think when we look at it, it's something to understand is, yeah, you know, people are voting in their wallet.
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TiVo
Yeah, I saw some negative, you know, sound bites around the crypto momentum and they were, they were calling it like it was msnbc. It was like they were calling it like a crypto bailout. Like the crypto industry wants a bailout. It's like, that's not, that's not even true. That's like a bailout is when you fail and you need money, you know, injected into the business or the space to save it. It's like we're, we've never been better. And so there. It's not a bailout. And, and kind of to build off your point that was so good was like, listen, it's the same as when you have a stock of, you know, the S P500 or the NASDAQ or, you know, individual companies. You just want it to do good. And so, you know, attacking the industry like that is a thing of the past, honestly, with all the bullish news and stuff. So it's exciting to see. Exciting to see the momentum.
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Brendan
Yeah, it is, it is. And you know, speaking on momentum here, you know, one of the clips that you actually pointed out to me over the weekend was Matt Hogan talking about what kind of momentum could be created from the strategic bitcoin reserve. And so I wanted to just kind of circle back to this because I think he made some good points. And we said this earlier about, hey, you know, maybe we're not bullish enough because when we look at some of these price predictions, those price predictions have moved from 1 to 200k to now. Maybe 500k to a million. And you know, a lot of it hinges on this strategic bitcoin reserve. And so, you know, there's a clip of him saying, hey, you know, this could act as a catalyst to actually get us closer to 500k, maybe even greater than that. But I know we have a clip, so we can go ahead and listen to that and then circle back.
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Matt Hogan
If we do get a bitcoin strategic reserve where the government is buying bitcoin and there's a bill from Senator Lummis that had the government buy a million bitcoin, $200,000 bitcoin is going to be looking quaint. You're going to be looking at 3, 4, $500,000 bitcoin. It's just too big a story because governments all around the world would have to do it. When this initial idea was floated, I was somewhat skeptical of it. But over the months, it hasn't gone away. In fact, we continue to see leaders in the Trump administration suggest that they're open to it. I still think, you know, maybe it's less than a 50% chance, but it's not zero.
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TiVo
And again, I mean, was he listening to the conversation we just had? That's exactly our view. Right? Like, it just, it hasn't gone away. It really hasn't.
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Brendan
Yeah. I mean, we have a very, and you know, we've talked to Matt several times now over the last year or so, and we have a very similar view to him. We started out saying, hey, maybe we don't know if this happens. It seems a little far fetched, but the longer it's around, the more it's being pushed, the more we hear it come up in conversation, the bigger of a reality that this could really be. So, and I also think that he's right that if we do get this where the government wants to accumulate a million bitcoin, that could very, very easily send price closer to 500k. You know, even without that, I think 500k is possible. Maybe it takes us a little bit longer than a year. But if we do get that, I think that that could be a catalyst that sends us several fold higher than bitcoin's already at. And I think that it would shock a lot of people because what that does is it sets a standard and it sets a precedent where other countries would try to front run the U.S. if the U.S. says, hey, we're going to accumulate a million, well, one of the charts that we showed last week, TiVo, was saying, hey, there's only about, I think 3 million bitcoins circulating on exchanges at the moment or something like that. And if the US Gobbles up a million of that, you know, let's just say that, you know, Russia and China want to accumulate a million, then there's only, you know, maybe 1 million left circulating on exchanges and on, you know, obviously I'm making this a little bit more of a strawman argument than it. Than it probably is.
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TiVo
Right.
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Brendan
A little bit more simpler. But we get the bigger picture where if, you know, the US Buys a million, then we'll probably have to see Russia and China and Japan and Germany and the UK and a lot of these other countries also start to have to accumulate bitcoin. And then we'll have to see companies bring it onto their balance sheets because if it is a reserve asset, then they would need it for some sort of risk management. And then I think that the microstrategy like approach would become a lot more popular as well. Maybe not to that extreme, but I think that we could easily see a lot of companies add, you know, 1, 2, 3% of their balance sheet and their reserves into something like Bitcoin. And then again the snowball gets rolling. Then you have pension funds, then you have endowments, then you have states that are looking at it. And then that's, you know, not even accounting for retail traders or the ETFs or institutions or, you know, any of this other stuff that goes on. So it really is a snowball effect. And that's when that 500k, that $1 million Bitcoin really does become possible over the next couple of years.
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TiVo
Couldn't agree more. And speaking of microstrategy, the ticker is MSTR for the folks who don't know, but I don't know how you couldn't know it because it is literally the most polarizing thing I think, in the crypto industry. Bitcoin, you know, storyline right now is MicroStrategy and its price action. And then the momentum behind it got it added to the Nasdaq. We mentioned this last week. You heard it here. Well, you heard it first from our guy James Safart, your Bloomberg. You got to give him the credit. But we literally reported on it a week ago and told you this is, you know, the odds are the betting markets are saying that this is going to happen on Friday and it did. It was announced Friday after the bell that MicroStrategy will be added to the NASDAQ 100. That is going to happen on December 23rd. And so what that means is It'll basically enter into ETFs like the QQQ and passive flow from hedge fund managers. And big time investors will consistently go into these ETFs in the NASDAQ, the QQQ, and you're going to see, you know, hundreds of millions of dollars, if not billions of dollars passively flow into MicroStrategy now over the course of the next couple months and year. And you know, what is Michael Saylor going to do with that? We all, we all know he's going to issue, you know, 0% coupons in his mind and get the money and buy more Bitcoin. So it's, I think it's a historic day almost because now these big hedge funds are people that, you know, maybe they're playing bitcoin in their personal portfolios but they can't do it for their clients or maybe they're in the vanguard camp and they're never bitcoiners, they're never coiners. No, no, no. And now all those people will be buying into MicroStrategy. You know, it's, it really is, I think, a historic moment for somebody on the bitcoin standard as a company that Michael, you know, Michael Saylor has engineered this financial engineering product basically to make it into the NASDAQ 100. I think it's, it really is historic.
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Brendan
Yeah, no, it really is historic. And we're going to start to see that reshuffling happen where I think it's SMCI and I think Moderna are going to be getting removed from Nasdaq and it's going to be getting replaced by MicroStrategy and Palantir. So a big thing that's going to be happening over the weekend here, we'll start to see that kind of hit hard hopefully at the start of next week. And it's definitely something to keep your eye out on because now, you know, NASDAQ essentially has bitcoin exposure with MicroStrategy getting into the NASDAQ 100. You know, as we see bitcoin appreciates and MicroStrategy appreciate, we should hopefully see that really be reflected in NASDAQ as well. So it's definitely worth keeping an eye on.
- [31:33]
TiVo
Yeah, no doubt. And I got another clip for you because I mean, Michael Saylor had one of the hardest sound bites I have heard a long time. He, he was on CNBC with Sarah Eisen. She's a great reporter, but you know, she was, she was congratulating him on being added to the Nasdaq but also kind of Prying the questions that it is really polarizing. I posted this clip basically on our TikTok and it took off. It got like 50,000 views in eight hours, which, you know, for a smaller account like ours is. Is huge. And the comment section is unreal. It is either, you know, bitcoin bulls and microstrategy fans, and then it is no coiners and there's no in between. There's nobody asking, like, questions about, hey, what is this? Oh, interesting. It'll be interesting to see how it works out. You're either on one side of this that, you know, bitcoin is sound money and Michael Saylor is literally going to the moon, or you're on the other side and it's a. It's a scam and it's a Ponzi scheme. And so that was the question here that Michael Saylor was teed up with. So we're going to. We're going to listen. We're going to listen here because it is quite the sound bite.
- [32:48]
Brendan
So what do you say to people who say, well, it's just a. It's a Ponzi scheme, because every time bitcoin goes up, you issue more equity and debt to buy more bitcoin. It just keeps going and going and going.
- [32:58]
TiVo
Yeah.
- [32:59]
Brendan
Just like developers in Manhattan, every time Manhattan real estate goes up in value, they issue more debt to develop more real estate. That's why your buildings are so tall in New York City. It's been going on for 350 years. I would call it an economy.
- [33:15]
TiVo
I would call it an economy.
- [33:17]
Brendan
One of the hardest lines in recent history.
- [33:22]
TiVo
Yeah, that was. I saw that live and I immediately, like, got to my phone and clipped it. I was like, you know, it was like that. Not a rapper. Not a rapper Gif. I don't know if you know what that is.
- [33:33]
Brendan
Yeah.
- [33:35]
TiVo
Not a rapper. Let me pull it up. It's funny.
- [33:41]
Brendan
I love how he. He handles it, too, you know, because he has gotten a lot of shade thrown at him ever since that short position was announced from. I forget what group it was, but he's done a really good job of defending himself and being like, hey, this is why it makes sense, and it's a lot more logical than you think.
- [33:58]
TiVo
This was. This was like, going through my mind. For those. For those of you are deep Internet memers like myself, this was. This was the. The reaction I had. The. Not a rapper Gif. I was like, oh, my God.
- [34:10]
Brendan
Fantastic. Fantastic. Well, you know, in other news, TiVo, kind of unrelated to all of this, but it still made big headlines. The Pudgy Penguins NFT Group launched a token. And you know, this was a little bit unique because they are natively an Ethereum based project that has since, you know, launched their token or they decided to launch their token on, on Solana. And this is a pretty big launch. You know, it sold off a little bit after launch and stuff like that. But what really happened here is, you know, this is one of the first big NFT projects to launch a token like this. And so users have about 88 days to claim their tokens. And one of the cool things that stood out to me is that if they don't claim it within that window, those tokens actually get burned and removed from the supply, which is an exciting thing for a lot of investors. You know, instead of it just going to the owners or something else, they're being burned and the supply is being reduced, which is a good thing for the rest of the token holders as well. And so now people are starting to look at other NFT projects and say, hey, if this is successful, then this could happen to a lot of these other NFTs as well. And the other takeaway that I have from this is that, you know, even with them being native to Ethereum, what we're seeing is that Solana really has become the standard when it comes to meme coins and NFTs. And you know, even these Ethereum native projects are launching their tokens on Solana because that is where things are at at the moment. So yeah, I mean, big move. You know, I'm sure anybody who's holding Pudgy Penguins got a pretty nice airdrop and definitely something to keep an eye out as we go into the future. You know, if you are a holder of one of these larger legacy NFTs, then you know, there's a chance that your NFT group could be launching a token as well if this goes good.
- [36:06]
TiVo
Yeah, I think NFTs super dead. And that's, you know, always the sign of a bottom kind of just like what Ethereum was dead and all that. So yeah, what's old is new again, which we've seen in these markets basically, you know, for the last couple months here. So congratulations to all the Pudgy Penguins guys. I, I told Brian, I was like, I'm kind of mad because if I was ever to buy one nft it would have been Pudgy Penguins because I just think they're like the cutest and the funniest and I love the name. But yeah, congratulations to that Community, because that'll be, you know, a nice little, little payday. And obviously their value has skyrocketed the last couple of weeks, so congratulations to them.
- [36:46]
Brendan
I mean, speaking of making money, TiVo, did you see that Satoshi is now richer than Bill Gates?
- [36:53]
TiVo
I did. Congratulations to Satoshi. I think this is something that Bill Gates definitely is going to see and is definitely going to make him mad, which just kind of makes me laugh because, you know, it's almost poetic. Not that he's, you know, CEO of Microsoft anymore, but the week after Microsoft declined to be on the bitcoin standard, or not bitcoin standard, but, you know, to invest a little bit of their cash into bitcoin, this happened. So I think, you know, Bill Gates is going to be just fine and, you know, everything but Satoshi's wallet is making a run to some of the richest people in the world. And I think it'll be, you know, it's interesting, whether it's this or the market cap of bitcoin, you know, against all other assets, you know, being. I think it's number seven right now, is. Is stuff that the average person really doesn't know. Like if you sit down at the holidays this upcoming week with your family and you know, how many of them would guess that bitcoin is like the seventh biggest market cap by asset in the world and that this guy named Satoshi who created bitcoin is now richer than Bill Gates. These are things that I think the average person really has no idea.
- [38:12]
Brendan
Yeah, I don't think they do. And there's an opportunity here. And again, it's almost like a routine list of people that have all been anti bitcoin or against crypto, you know, now fast forward and it just their opinions, their kind of side with things just has not lasted the test of time. You know, Bill Gates, Peter Schiff, I always forget that guy. But the one that lives in my head rent free is the guy from the Joe Rogan podcast. One of the greatest anti bitcoin opinions that I've ever seen. Always been one that stands out to me. You even have Bill Gates, good old buddy Warren Buffett, who's been pretty anti bitcoin. But, you know, as the market continues to move higher, it can do it with or without them. And again, with all these people, we want to see them on our team. So, Bill, hopefully you see this and you'll let this be kind of the turning point and you get in on the crypto market.
- [39:10]
TiVo
Yeah. Come on. The pod, Bill. We'd love to have you, but there's a lot of people coming onto the crypto team. We got. I think we got two. Two new ones last night. This will be our last topic, a little fun. There was. I don't know if they called it the match. I know that's what it used to be called when they're pairing up, you know, a pro golfer versus a pro golfer for a special live event. So last night There was a crypto.com match, and the winners were Rory McIlroy and Scotty Scheffler. And the purse was $10 million in crypto. And so congratulations to those guys for winning. And here's a fun clip of them receiving their crypto as they. They definitely don't seem like they listen to the rundown every week, but we're gonna try and get in touch with our guys here and get them on, maybe help educate him a little bit because, you know, let's just watch this clip about them receiving their 10 million in crypto.
- [40:01]
Brendan
Crypto.com. we're super excited to be presenting you.
- [40:04]
TiVo
Guys the first ever crypto purse. Thank you. Thank you so much. What are you gonna do with yours? Thank you. Thanks, dude. Appreciate it.
- [40:13]
Brendan
Thank you.
- [40:14]
TiVo
Thank you.
- [40:14]
Brendan
Thank you so much. Thank you.
- [40:16]
TiVo
$10 million in crypto, Scotty. Where does that fit into the portfolio? You know, I. I don't know a whole lot about crypto, but this is.
- [40:24]
Brendan
Good motivation to do some research, maybe.
- [40:26]
TiVo
Ask Dave a couple questions, figure out what's going on. There you go. Perfect. Time to jump in and listen to the rundown, Educate yourself on some crypto. Thanks to my guy, Mike Lyon. He sent me that this morning. He's a big golfer, good guy, but also somebody who is on zero. And I'll be meeting with Mike next week, hopefully to maybe help, you know, educate him and get him off zero. Just like now, Scotty is $10 million of crypto richer. But I think as fun as it is in, like, you know, fun little clip there, but it's telling that, you know, this is, you know, the golf. Think about who's watching that golf event. You know, age is probably 30 to 70, and, you know, most. Mostly men, but, you know, I'd say the average person watching that event probably doesn't have crypto. I. Again, I don't have this true numbers, but you're thinking like, some older, older men that like golf, you know, maybe 30% of them have crypto. Would be, like, a fair estimate, could be a little higher, could be a little lower. But, you know, this is this is getting their ears perked up of like, everybody's definitely heard of the bitcoin price over the last couple weeks. Right. And now they're watching their favorite golfer get $10 million purse in crypto. And eventually it's just, you feel like the, you know, you can't not hear about it at this time. So I think, you know, that's again, one of the other bullish catalysts. As fun as that clip is, it's really telling of the times where, you know, culturally this is entering the fabric of American society. It feels like at a faster pace than, than it was in the last couple of years.
- [42:01]
Brendan
Yeah. And hopefully we get more stuff like that. It's kind of a cool idea having a crypto purse. And you know, hopefully as we go into the future as well, we get a little bit of a better reaction than maybe the guys not really knowing what to do with it or what it is. But that'll come with adoption. You know, we'll have them on the show, we'll make them aware of what to do with it all. And, you know, if, you know, any of these golfers, any of these athletes that want to accept or are accepting crypto, send them our way. We'd be happy to have them on, have a conversation with them on the air, off the air. But, man, what a time to be alive. TiVo. What a time to be alive. It is a big week here in the markets across the board. I know that at the time of recording this, it's FOMC week, so we're going to be learning more about interest rates and what JPOW and the Fed are doing and we got a whole lot of information coming our way. But the one thing we are chance.
- [42:54]
TiVo
For a cut today. Brendan just heard that before we recorded. So the market is expecting a cut. So if you're listening to this and they didn't cut, we're. We're looking at something probably pretty red, but 95% chance of a cut. And then we'll hear his, you know, his interview and press conference. But yeah, I think, I think that just, just a great year overall. This is our last episode of the year for, you know, the rundown next week will be the 2025 end of year show that we recorded, which is going to be great. You're going to want to check that out. But just a great year, man. It's been fun. I'm excited to, you know, continue on to next year. But thank you to you for being a fun co host and thank you to the listeners for tuning in every week because it's been quite the ride from January to now in December for a full year.
- [43:45]
Brendan
Yeah, it has been and we're looking at a great 2025 as well. So like TiVo said, with all the listeners who came in and have been a part of this every week for the last year, we appreciate you. We got a lot of really great stuff planned over the course of 2025. We think it's going to be a bullish year as well, so make sure you stay tuned. We're going to have a lot of great content coming your way after New Year's. We have a cool episode that me, TiVo and Bryce recorded that comes out next week. Check out the merch shop that TiVo just launched as well. We got a lot of great crypto merch that you can look at. And of course if you want to leave a review or get more plugged in, we got all sorts of links in the description down below where you can join our Crypt Nation community or you can hit that like hit that subscribe button and check us out on everything else as well. So thank you all for watching everyone. Appreciate everyone tuning in to all of these and until next time, we're going to see all of you at the same time, same place next year.
- [44:55]
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