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CRYPTO 101
Crypto Rundown: Michael Saylor To Sell Bitcoin, The Clarity Act Markup, & How It Affects the Crypto Trade
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- [00:00]
A
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Whether you're uploading new products or trying to improve existing ones, Shopify is packed with helpful AI tools that write product descriptions, page headlines, and even enhance your product photography. Get the word out like you have a marketing team behind you. Easily create email and social media campaigns or wherever your customers are scrolling or strolling. And best yet, Shopify is your commerce expert with world class expertise in everything from managing inventory to international shipping to processing returns and beyond. Start your business today with the industry's best business partner, Shopify and start hearing. Sign up for your $1 per month trial today at shopify.com crypto101 Go to shopify.com crypto101 that's shopify.com crypto101. All right everybody, we are live. Welcome back to a episode of the Crypto rundown. Listen, the Sailor selling bitcoin headline have everyone asking the same question. Is one of bitcoin's biggest bulls actually preparing to sell sell? The guy that says never sell your bitcoin is now talking about selling the bitcoin. So today we're going to break down what he said, why people panicked, and what he clarified after to see what the outcome will be for microstrategy shareholders and the bitcoin community at large. But that's only half the story because at the same time, the Clarity act is moving towards a major May 14th markup this week. The American Bankers association is starting to get vocal as of today and the poly market odds are moving as Washington may be getting closer to defining the future of crypto crypto in America. There's some news on this stuff every day that we need to break down. The Clarity act is really heating up. So by the end of this episode, you'll know two things. Is Sailor actually bearish and going to sell bitcoin? And what is the newest news with the Clarity act and what are the odds as of today of it getting to the finish line this year? We've got Brian, we've got TiVo. Let's dive right into it. Brian, I know you saw last week that it came out that sailor on the earnings call there was a microstrategy earnings call where he mentioned selling bitcoin. So we have about a minute 30 clip here. Let's tee that up and listen to exactly what he said, the words right from the horse's mouth. And then we can kind of break down what that led the crypto, Twitter crypto community to start talking about. And then we can keep going down the rabbit hole because it was a week long saga of microstrategy selling bitcoin. Let's take a listen.
- [05:10]
B
The most important point here is there are occasionally some short narratives. People would say things like, well, you know, if they sell the bitcoin, that's bad for the business or proves the business doesn't work or something. But you know, we look at it as if you're a real estate development company and you bought land for $10,000 an acre and you sold it at $100,000 an acre and then you bought more land with the profit. No. You know, or if you sold $100,000 an acre to pay some interest expense on, on debt that you use to buy more land, nobody would say that that's bad for the. And no one would say that that proves business doesn't work. Real estate development companies literally exist to buy land cheap and sell it expensively. We're like a bitcoin development company. We buy it cheap, we sell it dear. Where do the dividends come from? Capital gains fund, credit dividend.
- [06:09]
A
So he's really leaning into this, all the different financial alchemy that they've set up right inside of MicroStrategy. And then me and you have talked about all the different preferred stocks that now he sells. Stretch is one of them that, you know, says it tries to pay this 11 dividend consistently keeping it at a dollar par. And so, you know, there's this now kind of verbiage that he has to use of where do we fund these dividends? Where does the dividends come from? And it says capital gains. Well, as we all know, capital gains are something that can go up and down. Just like, you know, a realized gain versus an unrealized gain or a realized loss versus an unrealized loss. It only becomes a realized gain when you actually sell. So now he's taught. So. So this whole, for the first time ever out of his mouth is like, yeah, we might sell some bitcoin. So there's a part two to this that we're going to break down. But Brian, your initial thoughts when you heard this? I was, I don't know, I was kind of a little shocked.
- [07:04]
C
Yeah, I Mean for the right reasons, because he's the ultimate gigachad with bitcoin. You know, it's like Michael Saylor will never sell his bitcoin. That's been the theme for as long as he's gone down the bitcoin rabbit hole. And then he comes out and he's basically like, well, we might sell under these certain conditions. I do understand where he's coming from. He's only going to sell to pay off stretch dividends or for tax obligations. You could even argue there that they bought all the way up to the top to 120, $129,000 bitcoin. And if you sold a little bit and you wrote it up correctly, tax wise, you could then buy back the exact same amount at a lower entry price. So I think it's good that if there's ever plans that they could sell bitcoin for this dividend, that you should probably announce it before you just blindly sell it. And everybody sees the wallet movement and that's going to cause a, a frenzy. And he's clarifying it. I'm not too shook up about it because it feels like that sailors still very bullish on bitcoin. They're still buying bitcoin. The stretch of dividend looks extremely interesting. I think it got to a par level today. I think it's right around 100 bucks. So anybody that's curious with that stretch dividend, anything over $100, essentially, that gets allocated to acquiring more bitcoin, anything under, it's essentially just people trading shares back and forth. So it's at par. He's going to have more firepower to fire at bitcoin. You know, I think actually as of today, I saw, I was looking at that stretch dashboard, they were like buying 300 bitcoin or something along those lines. So he's still buying. A little shocked at first, but I'm not personally too shaken up for it. It's more of a headline grabber for sure.
- [08:45]
A
Definitely a headline grabber. Especially coming out of the earnings meeting. I have up here for everybody on YouTube that we're live. We really appreciate everybody joining. Thanks for joining today on a Monday. But yeah, never sell your bitcoin. That was his mantra. He beat the drum with it and he said it in many different ways over the years. And now, you know, he's changing his tune as I guess you need to, to do this financial alchemy, right, and run all these products. I sent a screenshot to you. I. I don't know if you Saw it. I, I did buy for, for research purposes. I ended up did buying. I bought one unit for me. One unit of. As a gambling term of like a sizing port. One unit, one unit of stretch. I just want to see, I just want to keep tabs on it. I think it's. We talk about it enough again. We're, you know, the journey. I like to call myself a crypto financial journalist in the space here for doing this podcast in this educational entertainment year that we do. And I want to be involved. I want to be involved and see. You know, I totally, I kind of said hands up. Like I don't totally understand the, the, the alchemy of it, but I want to be involved and see, see what, what comes of it. Obviously we'll be selling some bitcoin, it seems like in the future to, you know, fund this dividend. And then he did have to clarify this. People were going crazy. Consensus was last week. I didn't even put consensus on the sheet. We might have to tie some knots at the end there. Got a little, got a little exciting. I could see why your smile that you saw was going on down to consensus. We might cover that at the end of the show. A little teaser there, but sailors down at consensus doing a bunch of different interviews and, and you know, this was clearly the topic of conversation. So let's see how he clarified of the selling of the bitcoin in this clip here.
- [10:20]
B
If I was being more precise, I say never be a net seller of bitcoin. It just wouldn't have been so viral or so catchy to say never be a net seller of bitcoin. I think that in these periods, even if we were to sell one bitcoin, we'd be buying 10 to 20 more bitcoin. So you're really talking about a situation where we buy 10 bitcoin, sell 1 bitcoin, buy 9, net bitcoin and continue to create bitcoin. It's. It should be a non issue after people understand it, but right now it's a colorful area of commentary.
- [10:51]
A
Is it possible for you to comment
- [10:53]
D
how do you sell on bitcoin and buy 10?
- [10:55]
B
Yeah. So the number one bitcoin accretion engine is stretch. We sold $3.2 billion of STRC in April. So we bought $3.2 billion of bitcoin. The dividend is about 80 to 90 million. So in the month when we're raising 3 billion, where we need to come up with 80 or $90 million to pay the dividend. So you would be, in essence you would be buying 30 bitcoin, selling one bitcoin. Right.
- [11:34]
C
Do you think sailor ever used a credit card to pay off a credit card?
- [11:40]
A
Yeah, yeah, I think so. I think he's talking about it. It's so funny because I think he kind of, he's also kind of like, he's kind of a troll sometimes, right? In the online. He knows, he's very, he's very aware of how to get attention. Right. He kind of said that like, oh, if I just said what I really meant, it wouldn't be as viral or catchy. So he kind of knows what he's doing. But these. And he's obviously a well respected person in the crypto and bitcoin community. So he does these interviews with people that are super happy to have him on. So there's always that like kind of respect of having him as a guest. And so, you know, I appreciate the questions but I don't think anybody really like really goes after him, you know, in the interviews unless he's kind of on TV and gets a anchor maybe that, that isn't a fan of crypto or bitcoin. But yeah, I, I don't, it's, it's a little bit more complicated of, you know, why would you sell one bitcoin? Why not just not buy as many bitcoins and then use that cash to pay the dividend? I don't, I don't understand at what, you know, what rate or where you're buying. What the. Is it all in one purchase? Is it an OTC desk purchases? Are you doing it every week? You know, I guess that's the specifics of it is like more or less the timing of it. But he wants to be a net buyer and so I agree with you. It's kind of a, it's definitely something that I think is planned on a, you know, on a, on a PR front of like, you don't want to see the microstrategy while it starts selling bitcoin. Like that's going to panic, panic, panic market for sure.
- [13:07]
C
Yeah, I, I mean he didn't, he didn't buy a tremendous amount of bitcoin last week either. So. And we actually grind it up. We have like a choppy, nice grind up with bitcoin. I really like kind of how we're setting up and we weren't like inflated by any of these Sailor buys. And obviously he's the largest buyer bitcoin, one of the largest holders of bitcoin. So we want him to support Bitcoin. But bitcoin's way bigger than Michael Saylor, you know, and where we're headed with bitcoin and the whole crypto industry and blockchain is way bigger than Michael Saylor. So like, as much as I love talking about this, we headline it and like, you know, he, he said these, says these viral things. The engine will go on no matter with or without Michael Saylor. But personally I'm not frantically checking his wallets or worried about him just completely flipping on bitcoin. He makes some interesting points there where the virality. If he just says never to sell bitcoin, I mean he's been banging the drum for a while. He's kind of flip flopping a little bit. But we're going to move on and things are going to be okay. I mean bitcoin's feeling pretty good right now. I'm on the upper end of the fear and greed meter.
- [14:17]
A
Yeah, we'll pull that. Let's, we can pull that up before we move on to our next topic. But yeah, I think it's something to monitor. Again we let off, we wanted to lead off this show with it because of yeah, it kind of took the crypto, definitely the crypto timeline by storm on that earnings call went and then it led into consensus. It was kind of talk of the town. So obviously it's Sailor putting himself back in the news and there's plenty of people buying and selling all of his stock preferreds products. So you know, there's a little bit of a PR note there as well. We could pull a point coin market cap before we move on to the, the clarity act just to see what's going on. Nice little, little 2% 7 day move for Bitcoin. Pretty, pretty flat on the day. There's some, oh, some seven day popular
- [15:01]
C
Solana, Solana kind of outperforming. I've been kind of bashing it a little bit any chance I can because it was just hanging around like 85. I swear everything was going up and Solana was just sitting at 85 bucks. But now we're closing in on that hundred dollar mark which I think is a pretty key psychological number for Solana. Hey, crypto is far from dead, I'll tell you that much. Yeah, we're starting to get out of that rut that everybody was in and I'm starting to get more questions about crypto just in my personal life all of a sudden. So that's always a really interesting sign is because some of my friends are as retail as Retail gets. And they're asking some questions again, like, hey, bitcoin, Bitcoin going back to 100 grand. And you know, in due time.
- [15:47]
A
Yeah, we've been so in a month, we've been one month in neutral now, which is nice because we've been down here and kind of, we've been covering it on this show. Our rhetoric was we're not really looking for that blow off top is what we've been saying, I know, for the last month. But we want to see that grind higher, which, which we've been seeing. I think a couple, a week or two ago, maybe two weeks ago, me and you were on when I was like, yeah, I think bitcoin wants to dance in the 80s. That was the quote. We want to do some dancing in the 80s. And here we are dancing at 82, having a little bit of fun. But yeah, you kind of like to see the tide slowly lifting and you know, I mean, obviously if you're going to rip higher, everybody loves that. But I think it's healthier to kind of grind, grind upwards right now. And then there's this huge AI trade that continues to just rotate whether it's, you know, first it was chips, then it was semis, now it's memory like there. It's, it's a crazy euphoric market over in the AI trade. But I think eventually that money we've talked about, the rotation of capital happens. And I feel like if you're somebody that has this long firm belief in the crypto markets and you do your research and you find your projects, you know, as we've seen, we covered on Friday, there was a, there's a, it's kind of a popcorn market, right? There's some absolute winners to be had. I know Bryce and Hunter have, have some. According the weeks, the momentum money makers have had some in their community. We were talking about the Venice token in our group chat, which, you know, was, was a big call. Maybe pull that one up on the chart, people.
- [17:12]
C
That's juicy. That's. That was a juicy. That was juicy. Like the whole company liked it. But I know Joe and I caught it pretty early and it's a cool project.
- [17:22]
A
So. Yeah, I mean, look at that. I mean the one one week alone's up 84. One month, 107 one year, 304%. You can go all the way down there, you know, huge run up since the beginning of the year on that February dip there. And that's the type of stuff that you're getting inside the community. There's it's, it's, it's that time. So. And I think that's kind of a foreshadow of what can happen when the rotation comes back and crypto is in the spotlight. You're going to be seeing a lot more of those. Obviously they're a little bit harder to find in the more recent months, but it's coming back. There's, like you said, crypto's far from dead. And so if you're interested in kind of that more access to our team and the private community and be getting these calls, check the link below. We have a trial for momentum Money makers. We're not going to spend too much time on that today because we're going to do a Friday spectacular with Brian and Joe. Momentum Money Makers Friday Spectacular. So we'll go over more like momentum money makers. Some meme coins, some NFTs. So something to look forward to for Friday. But as always, you know, if you're interested in getting more access and getting some of these crazy winners that our team's finding, check out the link below. All right, crypto 101 fam. A story I don't talk about at all is back in college, I played college football at a Division 1 level. Back then I could eat whatever I want, hit the gym, do the program and stay in great shape. I didn't even have to think about it. Now that I'm older, in my 30s, it's a totally different story. And nobody loves a good dad bod more than me. But with the summer coming up, I was thinking maybe I should lean out a little bit. And my friends and I started looking into how we could achieve this. And instead of going down this peptide route or testosterone route where you got to do all these needles and stuff, we didn't want to do that. We were looking for something more similar. 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Are you curious about the economic forces shaping your daily life? The Planet Money podcast from NPR makes sense of the economy in ways you'll actually understand and enjoy. Guys, you love listening to the rundowns. I get some of that information from this NPR Planet Money podcast. Especially recently with the war going on, the straight of Hormuz, you're just kind of getting those updates as they come from these guys. They put out a ton of awesome content. It's a different perspective from crypto101, but still a great listen. So go over there and check out the Planet Money podcast. If stuff like current events and the finance world interest you, each story on Planet Money starts with a question. Recent episodes ask why Pokemon cards are growing faster than your retirement count. Questions about the war. Just like we talked about recently a lot on our program. From the job market to the stock market to prices at the supermarket, Planet Money explains it all. 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- [22:24]
D
Hey, campers, it's Jan from Toyota. This summer we're headed to Camp Toyota and the fun starts now. We're kicking things off by kicking up mud. Jump in, campers. We're going off roading in a 4Runner. Next we're heading to the hot springs in Arav 4. And finally, park your tundras and Tacomas around the campfire because we're roasting marshmallows.
- [22:48]
B
Dealer inventory may vary so your participating Toyota dealer details and then ends June 1st.
- [22:53]
A
Toyota, let's go places. How's everybody doing in the chat? We got a decent, decent crew here for a Monday. Holy Whales is here, of course, living beyond measure. We oh, we love TiVo. You're too kind. We love TiVo and Brian as well. Matt Beaver's here. Who else is here on a Friday? Let us know where you're watching in from. I think we had, we had a worldwide viewership on last Friday. Let's see where everybody's from today. Let us know in the chat, give the video a thumbs up and obviously subscribe. If you're new. We got some Clarity act news we need to cover here. The American Banking association friend of the show, Rob Nichols out a member sending out a members note to all the American Banking association members on Mother's Day, let me tell you, Brian, if you're sitting down at your computer on Mother's Day and firing out a note to all the bankers, first off, happy Mother's Day. To all the moms receiving this email and I'm sorry to intrude on your Sunday intrusive thoughts for the American Banking association is taking over. This is how nervous they are, guys. The markup is scheduled for May 14th and the American Banking Association CEO cannot sit down and enjoy breakfast, cup of coffee, a nice brunch with his wife and family. He has to open up his computer and write a note to its members because he needs to reach out and say, I'm reaching out to make every bank leader in this country aware of urgent advocacy fight that requires your immediate engagement. And that immediate engagement was on Mother's Day. As you may be aware, the Senate banking community has Been working on digital asset legislation for several months. And late on Friday, the committee announced plans to mark up and vote on the Clarity act this Thursday. That's going to be May 14th. The markup is being done. To be clear, we want Congress to put in place digital asset rules and establish responsible guardrails for the crypto industry. The current version of the legislation, although improved from the earlier version, still does not adequately prevent crypto companies from offering interest like rewards on payment stablecoins. Without additional changes, we believe the current proposal would unnecessarily incentivize the flight of bank deposits into payment stable coins, putting both economic growth and financial stability at risk. So the ABA is not happy with the current markup. I thought this was a big an announcement in a way today that I saw because it got the Poly market odds moving. It actually dipped down. So Poly Market dipped down. Oh, it popped back up.
- [25:25]
C
Came back.
- [25:26]
A
It came back up. Look at. Let's go on this. Let's go on the, the one an hour ago, 65. See this dip? This came out May 11 this morning. The note, I guess was kind of, you know, nobody checked their email on Sunday.
- [25:40]
C
Yeah, nobody checked her.
- [25:42]
A
Classic bankers, by the way, only 9 to 5 job. That's classic banking protocol. Not looking at the Mother's Day email. They open up this morning. It hits the hits online hits. The news flow goes from 79, 80% yesterday down to 62. That's a pretty big swing, Brian. And then we're all the way back up to 74 now. What's your initial thoughts on this?
- [26:07]
C
Amazing that they sent this out on Mother's Day. Clip that entire segment you had and just run it on repeat because that was, that was as beauty as it gets. I love that the aba, the bankers are sweating a little bit. Banks have had a cozy racket. They give you tiny interest, big spreads for them, and now they're fighting tooth and nail to keep it. And stablecoins give everyday people actual returns on cash and a really pro consumer competition. It's not a threat to stability that they're saying. It's, it's essentially innovation wins. So I, I'm, I'm excited, man. I like seeing, I like to see the uncomfortableness out of the bankers. I think the clarity act gets done. I love our personal positions. When we gobbled this up. What was it in the 40s? We were talking about it like, and we were, I mean, there. I'm, I'm much more bullish right now because, you know, I think the markup's coming in just a few days, so. So things are looking pretty good for this Clarity act to happen. But I. You can tell the banks aren't happy, man, and they're just shooting that email off on a Mother's Day, which is beautiful.
- [27:15]
A
Yeah, that was a nice. That was a nice little rip there. The. The cartel. The cartel's nervous, I guess. The, you know, I think we kind of covered when it looked like it was going forward to markup. It was like, hey, it felt like a good negotiation. Not everybody got what they wanted on both sides. There's still some rewards on the table, but it's not, you know, idle rewards. But I guess Rob Nichols here, not. Not excited about it. So I guess the. I think this is getting. It's definitely getting down to brass tacks, which we've been kind of foresighting, is like, hey, this got to get done. Basically what we feel before August, because then there's the. The break for, you know, D.C. they kind of take their summer vacation. So we want to get it done before then, because then it's an absolute crapshoot going into midterms, if you can even get anything done. So I guess Thursday there's going to be some. Some big news. I don't really. I got to be honest, I don't really know what a markup, you know, what happens during the markup, and then it goes to a vote. So it's like the vote before the vote or final negotiations before the vote. So something to keep tabs on. And I think, you know, Polymarket's showing you what's going on here. It's moving around, but shooting back up to the upside, which we love, love to see. So you threw an article about the markup here. Anything specific to add on to that?
- [28:36]
C
No, I was just kind of putting it. Just making note that there's going to be this markup coming, you know, and it's. It's going to be good. I mean, I think the main. For. We talked about it with Tolis and everybody last week that the main structure of how this Clarity Act's being presented is essentially getting agreed upon. It feels like now they're gonna take it, they're gonna maybe make a few alterations, but the gist of it is kind of in place right now. What we hopefully are gonna get signed here. So I think the Poly Market odds are very telling. I. I do. I think this happens. I think this happens. I think we. I think once it gets to Trump's desk, I think he says they sign it the Day it gets to his desk. So this could happen very quickly. And that's going to be very bullish for crypto. It's one of those catalysts we've been preaching about for months now, for a year now, that, hey, clarity acts can give a lot of clarity and unlocked liquidity to the market. So I'm excited to see it happen. I think the government wants to get, I think the White House, I should say, wants to get it done. And for good reason. You know, there's a lot of good reasons here. I think it's better for the consumers, I think it's better for the people. I think stablecoins in blockchain technology is the future. There's no denying that. So we should be one of the leaders in the world and this gets us one step closer.
- [29:56]
A
Yeah, I'll put a little call out there for the people. Something to watch for because we like to do some calls from time to time. No, it's just a, just a little TiVo special as we like to do here on the show. We're gonna do. Well, I already bought it. Bought the Dip. It's a, it's a purely a, it's a clarity act play. And so I've been eyeing up, you know, a little short term, getting a little squirrely feeling it. I've been watching Coinbase and I think Coinbase has been a lot of negativity. They started firing people. We're going to kind of COVID that next. You know, what was going on in the Coinbase world of, you know, firing a lot of the staff. Then they, you know, they're like, coin AI is the future for Coinbase. And I went and I bought the Dip because I was like, it was a big sell off. Earnings were bad. You knew earnings were going to be bad because the, you know, price action was so bad. But I think that there's a nice little catalyst here for, for Coinbase to kind of break out of this three month range that I've been keeping track of. So. Bought the dip on Coinbase last week. Under 200. It's. And I think it's kind of at this little breakout point, not personal financial advice for anybody. Again, we're just having a little fun, a little short term play, a little short term gamble. But yeah, we're dancing with Coinbase into the Clarity act. So. Up 7% today. Don't hate to see that, Brian. Not gonna lie to you. Up 7%. About to kiss. 9% technically. Looks good. So let's, let's monitor that. We can Put that on my scorecard and we'll come back to it, you know, in a week or two and see what's going on with coinbase. But there's a lot of other stuff going on as well. And this was what you brought to this attention before we transitioned to the coinbase discussion. The US government crypto holdings added 4 billion since April 1st. Now this is news to me. Is there anything specific you can point to, Brian, and show why this is happening?
- [31:48]
C
No,
- [31:51]
A
no, we got some research on this.
- [31:55]
C
Yeah, we should do a little bit of due diligence. I saw that this was going across cointelegraph and I thought it was just super interesting going into the Clarity act why the US government is adding 4 billion since April 1st. So we should. Yeah, certainly. Let's fact check exactly what's happening here. But if that's the case, is the government front running? Front running. Again, is this something to really keep tabs on? Because I'll be honest, I threw it on the sheet because I haven't heard a lot of that as well. I haven't heard this being talked about. But I mean, that's a very interesting topic if this is their. I mean a lot of these people track their government wallets. So if they're. I didn't go down and go do the on chain metrics.
- [32:35]
A
I threw it on for everybody. Live with us. We're just gonna throw it into super Grock here on X just to see what it spits out for. For a little fact check. But it could be because. Because all boats are rising right now. Right. Bitcoin's up, Ethereum's up. So maybe it's like the holdings that we have. It's not necessarily that says that might be a little mis. Misleading added. It's really, you know, it's what the. It's the actual gains of the. The holdings are bringing the value up. Maybe. Let's see what it says. Yeah, let's see. Include the chart. U.S. government, World Large crypto holder. The government. This is mostly passive gains, not active buying. The government doesn't typically purchase on the open market. So that makes sense. And there wasn't a big, like usually it'd be like a big seizure. Right. You know, I think they're looking to, you know, lock down some wallets from Iran. And obviously they're always, you know, taken. If there's a seizure that can add to it. But I didn't see any news on that. So that makes, that makes sense here. Not actively buying. Although we were waiting, we pulled that clip up from the bitcoin conference where they said, you know, some big announcements coming when it comes to the Bitcoin strategic reserve. Right. So that's something that we're monitoring, but I haven't seen any news of that either. So we'll, we'll chalk this up to the holdings are, are just, yeah, like they said, passive, unrealized gains, which makes a lot of sense. But as we move on, I think Coinbase and Circle are what I want to talk about next. We kind of already started with Coinbase. I said I liked it technically here I think there's a little bit of a breakout. So that's a little TiVo play we can monitor. And it's purely, it's a, purely, it's a technical play and it's a fundamental play. If the Clarity act goes through, I think that's a no brainer that Coinbase is going to go up and you buy it on a little weakness in earnings and see what happens. But I wanted to get your take on Coinbase last week because they had a, they had a rough week. They started off, you know, a lot of employees lose their jobs. We don't like to see that. And then Coinbase kind of has their earnings and the numbers were really bad, which you expect when, you know, crypto prices are down. There's not tons of trading going on. So that makes sense. But then there was this whole pivot to the future of Coinbase is AI and it's stablecoins and agentic layers and trading. They tried to pitch on this earnings call or they did pitch with Brian Armstrong was like, AI is the future of finance and that's going to live on Coinbase. And I think people were like, okay, this is kind of a little bit of a different direction you were kind of pitching than just pure trading. Right. Like an exchange. And then they came and announced that Coinbase was buying some bitcoin, which they haven't done in a while and they used to, or traditionally over the years they've gotten kind of a lot of, for where they, they weren't buying bitcoin. They have, they have a ton of cash on their balance sheet but they don't hold a ton of bitcoin. And so I, I kind of looked at it, we talked about on Friday, so I won't double give a double take. But I said it was like this is, this is just kind of like a PR stunt. Like it's not that much money. They have a lot of more money. They could start buying Bitcoin if they really wanted to. They've been kind of on the ropes with Price Action. They've been on the ropes firing people. That's bad pr, right? When you start firing a bunch of people. And now they're kind of changing their outlook of what the future of Coinbase might be. And so they had to do something positive. So they buy 88 million worth of Bitcoin. What do you think?
- [35:52]
C
Yeah, it's a really good take. I didn't really think about that angle, but it does feel like, I mean, $88 million, a lot of money to the average person, but the Coinbase is just dropping the bucket. So it does feel like it's like, hey, we, we need to, we need to get some positive news headlines out here, boys. You know, we fired some people. We're talking about AI a lot more and it's being the future. They had some server issues, but certainly this is, this feels like a little bit more headline catching than, you know, we're all in on bitcoin, but obviously they're big supporters of bitcoin in the crypto industry. But I like your take a lot
- [36:29]
A
of, yeah, and we love people on Coinbase. We have them on the podcast all the time and they're obviously leaders and innovators in the space. But as a journalist, I just got a call like I see it, just get a call like I see it, and I want to see Coinbase buy more bitcoin. I think that would be great, definitely as a vote of confidence for the product, like you said. I think when you're looking back and it's always Monday morning quarterback of this whole bear market take. Nobody was calling for a bear market in November and December of 25. Then we start 26. And you know, some people are hoping for the blow off top. And then all of a sudden this, this narrative's like, oh, actually we're in a bear market kind of comes out of nowhere. But you go back to kind of the, if you're taking that stance, you go back to the bull market and Coinbase was, you know, doing a lot of buying and they, they bought that. We talked about it, they bought that show. They were spending a lot of money doing a lot of things, and then now it's, hey, we're getting rid of a lot of employees. And, you know, you kind of, you're doing the math on how they spent some of their money in the last couple years. And it's just an, it's an interesting thing to gather all that information and give some Takes I think a little bit more of a PR move than investment. But we're always looking for, we're looking for more. And then I think it was funny, a lot of people did a little bit of dancing on them because their servers went down. I think it was quick. But Coinbase's servers went down and they blamed it on aws. So it was not the best, not the best week to fire a bunch of your employees and then the servers go down. The Twitter had a field day with them on that.
- [38:05]
C
Yeah, I saw that trending quite a bit and had some my own personal issues. So that was bad timing. You know, you get rid of your 700 people, then surfers go down.
- [38:19]
A
That's right. Coinbase to the moon we're riding. So all that said now, all that said, I just gave a call on Coinbase. Listen, you buy that, you buy. Hey, listen, buy the negativity, buy the dip. I'm a bit, I'm always a dip buyer. I love dips.
- [38:33]
C
Yeah, me too, man. I love big corrections because we, we know nothing's going on. Coinbase is not going anywhere. Bitcoin's not going anywhere. The ETFs are absolutely rocketing and one of the largest custodials of ETFs are for these institutions, Coinbase. But yeah, we call it the way it is, man. We like where the price is at and I agree with you on that. But you know, they, they, they made some interesting headlines recently, but the show goes on.
- [38:58]
A
It's, again, it's a what have you done for me lately market, no matter what you're trading. And that's why I stepped in on Coinbase was all right, they got beat down, the earnings came, they were bad. But I'm looking at the next, I don't know, six to eight weeks. I'm like, dude, this is, there's a lot of positivity. Bitcoin looks good. Some of the altcoins are moving. That looks good. So obviously Coinbase trades on that news. Plus the Clarity act kind of seems like a no brainer. And they have a huge stake, Coinbase has a huge stake in Circle and Circle keeps partnering with, you know, blackrock, stuff like this. And, and Circle has a, Circle has been moving on the Clarity act news as well. So Circle raises 222 million from BlackRock and some others for arc token free sale at a 3 billion dollar valuation. And it kind of made me think, it's like, okay, so here's, you know, Circle you can buy on the, on the stock Exchange as well. They're trading, but, you know, you can also buy Coinbase because they have a lot of exposure to Circle as well. And I thought, I thought this was interesting because BlackRock, this is a take from Anthony Pompliano, who. He got a lot of flack last week, too.
- [40:03]
C
Yeah, yeah, he was making headlines. I mean, it's very clickbaity. He's the. He's close to being as big permeables as us. And, you know, he was saying some interesting things.
- [40:15]
A
But I thought this was kind of. We'll tie this in. Let's listen to what Pomp said about BlackRock, because they think it's bitcoin specific, but it ties into the Circle conversation as well.
- [40:23]
B
BlackRock is now a bitcoin company. It's their largest, most successful launch in history. That's where their most profitable product is. And so why don't they get labeled as a bitcoin or crypto company? It's not a knock against them. I think they are incredibly big pioneers in an industry. And so it's just like it has now been so successful that it has become part of the man or the machine. I don't think that's necessarily a bad thing. That's what happens when you succeed.
- [40:48]
A
BlackRock is a Bitcoin company. I actually thought that was a cool kind of quote. And then you could kind of expand it with stuff like this. BlackRock is a crypto company. Crypto is becoming finance. And that's kind of circles back to what pomps. If you didn't see it, I don't know if we'll talk about it because it was very clickbaity. But his whole thing was crypto's dead. And it was the transformation of the old guard of, you know, buying all these coins that don't do anything is dead. That's dead. But also the. The industry's matured. And this is what we're talking about with the maturity of the industry is it's just kind of merging with the traditional finance. And so BlackRock is a Bitcoin company, I thought was a catchy phrase. But you could even expand that and say BlackRock is a crypto company. Ethereum, Circle, Bitcoin. What do you think, Brian?
- [41:36]
C
Yeah, it's a. It's an interesting take and he makes a really good point. It's BlackRock's largest product right now and they're massive. So I. I think that my take from this entire circle, blackrock is this is massive institutional validation. We talk about this a lot, but BlackRock and crew are betting on Circles stablecoin native chain as the rails for the next next wave of tokenized finance. So I'm bullish as heck for real adoption. BlackRock's at the front of it, Circles at the front of it. And Pomp's take saying that BlackRock's a Bitcoin company. I could be convinced into that. It is, it's one of the most profitable, one of the most successful products. It doesn't, it's not the only thing on their company obviously but it's becoming bigger eyeballs on it every single day. And BlackRock is not, you know, we know how big BlackRock is what $9 trillion in assets or something crazy. So they run a lot of the financial world. So it's encouraging to see. It's awesome news.
- [42:36]
A
Yeah, it's, it definitely is because again it's, it's non stop of these larger institutions are so involved. And again we've said this so many times but you don't get involved on this scale just to do it for six months, a year, two years. Like they've built these products, they've hired these people. We showed the last show how many, you know, big firms, classic Wall street firms continue to hire for crypto jobs. You know, this stuff isn't going anywhere and it's kind of, you know, the crypto is dead. It's really just crypto was a caterpillar and it's, you know, morphing into this, you know, financial butterfly. It's like converging with the space almost. Which is really interesting because again, the price actions, the price action as we inch higher. But man, these ETFs continue to just bring in money. The spot in ETF. The spot Bitcoin ETFs record six straight weeks of net inflows. That's $3.4 billion. It's the longest streak since August of 2025. It was the strongest week since April 17th. Last week was $622 million.
- [43:43]
E
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- [44:13]
A
And I saw another clip. It was people were thinking, you know, Morgan Stanley ZTF could, could start to really climb the ranks of holding because of the cheap fees.
- [44:25]
C
Yeah, the fees are, the fees are great there. So I think that's gonna, I think it's only natural that we're gonna see more interest in the Morgan Stanley one, especially if you're getting into it. And they have a team of financial advisors that's actively talking about bitcoin and crypto. So that's great to see. This was really interesting to me. TiVo this spot. Bitcoin ETFs was six straight weeks of net inflows and some long streaks there because we've had some red days as well. You know, this wasn't all just like massive inflow days in a straight line. We also, we've had some red days, we had some interesting days out there, but just overall net positive movement in the entire market. So great to see. I, I agree with you that crypto in the regular finance world are the caterpillar. I believe you said that it's gonna turn into something that's this hybrid approach and we're seeing it happen in real time. For goodness sakes. We had the CEO of the American bank association send out some crazy email on Mother's Day on a Sunday about like the threat to their industry. I mean this is, we're gonna look back on this and be like this was pretty obvious where we were going.
- [45:39]
A
Yeah, it feels, it feels like the. And as just this chart here, just for anybody watching on YouTube, is total crypto market market cap. It looks like, you know, a little red there like Brian said, you know, it's been good inflows and outflows. Overall, we're trending higher even though there's been a little bit of volatility as we climb for the crypto market cap there. But yeah, it feels like for the Senate Banking Community Committee going on Mother's Day or sorry, the ABA sending that out on Mother's Day is kind of comparable. It feels like this clarity act. It's like a seven game series, you know, whether it's hockey or basketball. And just like, you know, it's been a good back and forth series. There's been some wins for both teams and now it's, now it's fourth quarter, you know, all of a sudden, you know, the, the crypto team went on a little run, a little like, you know, 10 to two run. And now, you know, now the banking, the banking association has to start fouling. So the coach calls it out. Senator Warren's getting in there. She's like, what the hell's going on, guys? I thought we had this lockdown. We've been padding the pockets of the Senate and the Congress for decades. How are we losing this right now? And they got to start fouling and throwing out emails on Mother's Day to get this thing before the markup on Wednesday. So kind of, kind of an exciting time for the industry, which is, you know, that was one hell of an example I pulled out there.
- [46:59]
C
What an analogy, dude. But it's right. If you take this in basketball terms, It's a little 10 to 2 run in. The banks are just slapping hands get bringing people. They're hoping for a missed foul shot. Yeah, really, they're really, they're not feeling it. They're gripping the ball a little heavier. You can always have that miracle buzzer beater. But they're, they're in some trouble right now. You know, your cash out option on DraftKings isn't even showing up anymore. It's grayed out. DraftKings isn't even going to let you out of this one. So that, that's just that that email on Mother's Day gets me. So I think we're in a good spot here with the Clarity act, but fingers crossed things go well.
- [47:44]
A
First off, happy Mother's Day to all the moms out there. Sorry to bother you.
- [47:48]
C
We're under direct attack by crypto Bros. Unbelievable.
- [47:53]
A
Unbelievable. We got one more quick hitter here and then maybe we'll talk about the consensus fiasco. Anybody out there on YouTube. We appreciate everybody watching. Again, the chat's not super active but a ton of people are watching, which is awesome. Let us know where you're watching from and if you have any questions, throw some questions in the chat. Let's get the chat active. I know it's not Friday. The chat is always active on Friday. We got a little case of the Mondays in the chat, but let me. Let's know, let us know where you're watching from. Let us know if you have any questions. We'll answer them at the end. But one more point here on the quick hitter. Morgan Stanley is, is kind of going all in on. Not all in, but, you know, continues to go in on crypto, adding they're going to start rolling out crypto trading on E trade and they're undercutting Schwab 75 bips who undercut Coinbase who, you know. So again Morgan Stanley sees the green, shoots in Crypto, which continues from its, you know, first ever spot, Bitcoin etf to just continue to Rolling it out on its flagship trading platform, E Trade, which we all know. So again, tradfi's. Tradfi is no joke with crypto right now. And there it's, it's so, it is so interesting because kind of how we covered. It's like, how do you look at the old school crypto exchanges? You know, the coinbase is the Krakens, the Geminis, and like, I guess you throw Robin Hood in there, it's, you know, are you, are you crypto specific? Now they're starting, you know, they're adding equities, tradfi is adding crypto, everybody's adding prediction markets. It's like, it's, it seems like somewhere down the line there's gotta be some consolidation. I mean, obviously there's gonna be multiple winners and, you know, multiple people can run. There's never gonna be one exchange. But it is fascinating to see everybody reach and grab to add as many products as they can.
- [49:41]
C
Yeah, I mean, it's the future. We say it all the time and it's maybe cliche, but it's the truth. It's the future of so much of the world, of how we're moving forward. Tokenized assets and everything, utilizing blockchain and crypto rails. And a lot of these big players out there don't want to miss their shot. So I still think we're super early too, in crypto just to stay. For anybody that's like, recently got into crypto, I still think that the sky's the limit where we can go in this industry. We're just seeing it happen in real time and we're seeing major institutions and major players, millionaires, billionaires, countries out there, try to get some sort of a land grab here in the crypto industry, seeing it in AI as well. So it's, it's time to start paying attention. I say it all the time. We, we kind of, we took a knee, we ran the clock out a little bit there when we were in the bear market, but everything's waking up a little bit and there's going to be some really great opportunities and I'm gonna look back on this time and be like, man, it, it just looks so obvious when you look at the facts of it.
- [50:46]
A
I'm right there with you. The, as we go on the, the last thing that I wanted to cover was some viral anger on the timeline for the consensus after party. I think overall, people, I saw a great breakdown. Here's, here's the take on consensus overall and it, it got the bitcoin Conference in it too. So I saw a great breakdown. It was the bitcoin conference had a lot more old school bitcoiners, a lot more old school crypto. People who have been around for a while still believe where it's going and it's more of a fundamental belief in crypto and bitcoin. Whereas Consensus is now way more the, you know, the, you know, kind of, kind of just Wall Street s crypto conference. A lot more tradfi down there kind of speaking on the crypto rails meets tradfi. That was kind of what Consensus had to offer. So that's kind of the break that was a breakdown from somebody I saw that was just kind of the, you know, 30, 000ft of both conferences. But apparently, and I was this, I, I don't know how to bring this up because again we're a family show, of course, a true family show here. But there was a after party for Consensus at the wrap up party and it was held at eleven nightclub down in Miami. And for those who do know what eleven Nightclub is, my odds are you know how to have a good time. If you don't know what eleven Nightclub is, it is a mix between a nightclub and a strip club. There are, there are dancers there, there are strippers there. But it's also a nightclub and they bring in top performing acts, like acts you would see across the country. Top performing, you know, famous rappers, famous EDM artists that play it, you know, some of the biggest shows in the country. So it's kind of a cross pollination of the two, if you will. And you know, it's, it's a, in an institution down in Miami for sure. Along with like a club space or live. Shout out to friend of the show Harrison down at live. We love, we love our guy Harrison. And so you know, when you're in Miami, Miami is its own thing. Miami's is, is truly a very unique city in the United States. Every, you know, all the top tier cities have its own thing. Miami is truly its own thing. So there was this after party at 11 and then it tore people apart. It was why are we having our after parties at strip clubs versus hey, it's just, you know, it's a nightclub, it's an after party. You can go, you don't go. It's not like it was Consensus was held at 11. I, I thought it was fun. I, I think I thought it was a fun kind of squall I saw on X. I, I don't really, I don't know. I Don't know what my official take is. What. What's yours, Brian, is.
- [53:26]
C
Are we playing the video of the. Did you see the guy who was, like, really a little bit tipsy and you like.
- [53:32]
A
I don't want to get. I don't want to get a strike on. On the channel. I don't think we can. Yeah, yeah.
- [53:36]
C
Talking about, though. You know what I'm talking about? Talking about? Yeah, it's. Hey, people had a good time at 11. No one's forcing you to go there. It's. It's like you said, it's not where Consensus was held, but there were certainly some interesting events that happened. I mean, it's a crypto conference. You know, even though we have all these institutional bidders coming in and we're all grown. We've all grown up, we still get a few crypto bros out there that lurk in this.
- [54:03]
A
I think it was the official consensus after party.
- [54:07]
C
Oh. Oh, I didn't realize it was.
- [54:10]
A
I. Let's. I mean, should we fact check that with. With Super Crock again?
- [54:13]
C
Well, we fact. We fat. Yes, we should at least, like, rough fact check. You know, we can't rely on Grok all the time.
- [54:22]
A
After party officially, because I see a tweet that says it was. But that could also. You got to be careful because, like, like, there's a lot of people that. Especially because me and Bryce went to Consensus in Austin and there's the official consensus at the, you know, the. The convention center, and there's a lot of official consensus parties, after parties, meetups. But there's a ton of unofficial meetups as well. So people just know that all the crypto people are going to be there and they start saying, oh, you know, and. And this is any. Any type of event, they'll do this. But they try and piggyback off the bigger event to throw side events to get you to buy a ticket or come. And a lot of times they'll throw the actual logo in the name and hope that, you know, the lawyers don't see it and give them a CND before the event actually happens. That's huge in the music industry. Every nightclub tries to piggyback off of whatever, you know, big festivals happening in that town. So if you have an EDM festival, they're going to try and say, like, the, you know, the official after party of the festival is at this nightclub, even if it has nothing to do with it.
- [55:25]
C
It.
- [55:25]
A
So I think that's an important thing. Let's see. Yeah, this is. Okay, we're Gonna, we're gonna quote this as a super grock on think harder mode. Yes. The official consensus 2026 after party or closing party was held at 11 on May 6, 2026. So that's what it was. It was hosted by the best event in partnership with consensus. Hosted by the best event. I guess that's the name of the part. The company in partnership with CoinDesk, sponsors include MetaMask, others. It was explicitly listed as the official after party on the consensus agenda and the event pages. It drew significant attendance, long lines, high demand, the biggest lines, the longest lines. It was huge, tremendous. But also sparked controversy in crypto due to the venue's adult entertainment vibe. This is confirmed across all consensus news desks. Okay, so let's, let's, let's toss it around as now saying that is the official after party. My take would be, it doesn't bother me. You can go if you want. You don't have to go. And you know, as a show, we weren't there. So if you're against it, credit to us as individuals. Some of us may have been to 11. We're cool. Who knows? So, you know, whatever side you're on, we're cool. We're the right podcast for you. Please, like, please subscribe. We're just batting around. I'll say one negative thing. If you're going to have an official after party at 11, you need to go get a top tier performer. There was no top tier performer. I don't even know who it was. It wasn't talked about. There were no photos, there was no mention. So if you're going to say, hey, this is what we do down in Miami. This is a Miami way of life. We go to 11 for the official after party. Well, we need to do it the right way. We need to have a top tier performer where the crypto industry, we're bullish. We're going to the moon. So as a promoter and somebody that, you know, has put on events before, I, I think a little bit of a money grab if you're going to say, hey, we're having it here and you don't live up to bringing that type of performer to that stage, I, I'll say that this is the type
- [57:31]
C
of alpha that we get on the rundown and really the rundown only I don't think there's another show out there that has a better, more interesting take on this consensus 11 after party. And you, you nailed it, dude. I even said, think of that. They, they, you know, everyone's talking about Getting their lambos. Just bring in an A list here. Let's bring in a great, let's bring in a great performer here. Get, buzz it up a little bit, get some pictures out there on the X show that, hey, might be a little bit of a bear market, but we're not down. That's Madonna back there, Donna performing.
- [58:04]
A
We need it. We need a top tier. We need a top tier A list performer for a top tier crypto conference. And I think you, I think you missed if you didn't go all out for that. That's, that's my, that's my final take. I love mine that it was there, but if it's going to be there, we need to live up to the events, the shows, the conferences, the after parties, any party. We need to live up to what that stage is. And it's a top tier stage for top tier performers. And if we're top tier crypto company and we're a top tier crypto event and we're top tier crypto space and we're going to the moon, why don't we have. Why don't we have a top tier performer?
- [58:41]
C
Couldn't have said it better myself. That's a, that's, that's exactly the truth, man. So consensus. You almost got there. Do a little better next year.
- [58:50]
A
Yeah, that's all right. I let. Book me. I guess this has all come down to book me and I'll, I'll book the party, I'll book the artist. That's what we'll do. Throw. Throw a couple shackles my way. I'm happy to do it. What a Monday. We got Verde Beach, Florida, Robin from Texas, Anna from sunny Seattle. Oh, you love to see some sun in Seattle from time to time. Ludington, Michigan. The crypto bull from Ludington, Michigan. Rob's from Wisconsin. All right, no international show. We didn't get a little international yet, but I think Holy Whale is in Canada, so maybe we'll check the box there for, for Canada. Any final thoughts as we go into the markup on Thursday, May 14? Ryan, to bring this back and tie a knot on it, any final thoughts for listeners out there?
- [59:35]
C
Gotta watch the show on Friday. I mean, Friday's show could be absolutely electric, dude. Not only are we gonna talk about some of the most fun things in crypto, but we might get some very interesting news on the Clarity Act. I don't know how long we have to wait for this markup or what the details are, but I'll tell you what, could be a super exciting show for Friday. I'm, I'm pro. I'm pro bullish on this Clarity act happening and I'm ready for it. Let's just get moving, get it done, mark it up, get it signed and let's get past 129 all time high.
- [60:11]
A
I like it. I like it. Yeah, Friday's gonna be a great show. I do have my parents. The tivos are coming in town today, which you love to see. So it's gonna be a little earlier than usual on Friday so I can entertain them in the afternoon. But we're gonna put on the community tab. I'll make sure to clarify what time that's gonna be and if there's any breaking news Wednesday or Thursday for, for the markup, maybe Brian and I hop on for 10, 15 minutes on Thursday and break it down is like a specific Clarity act update episode. And not that we won't touch it on Friday, but momentum money makers on Friday. So you're gonna want to tune into that. We're going to be talking about winners. We're going to be talking about future winners. We'll get an Update on the TiVo Coinbase call. Remember, it's never financial advice. It is just couple friends talking crypto, having a good time. We really appreciate everybody tuning in on a Monday. Almost 500 views on a Monday on YouTube on the live. We really appreciate and love everybody. One final call. Give it a like bottom right. If you're new, subscribe, have a great Monday and we're going to talk to everybody later in the week. But that's all for now.
- [61:11]
C
Bye everybody.
- [61:22]
D
Hey, campers, it's Jan from Toyota. This summer we're headed to Camp Toyota and the fun starts now. We're kicking things off by kicking up mud. Jump in, campers. We're going off roading in a 4Runner. Next, we're heading to the hot springs in Arav 4. And finally, park your Tundras and Tacomas around the campfire because we're roasting marshmallows. Your summer starts here.
- [61:46]
B
Dealer inventory may vary, so your participating
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A
Toyota dealer for details.
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B
Event ends June 1st.
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A
Toyota, let's go places.
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When you manage procurement for multiple facilities, every order matters. But when it's for a hospital system, they matter even more. Grainger gets it and knows there's no time for managing multiple suppliers and no room for shipping delays. That's why Grainger offers millions of products in fast, dependable delivery. So you can keep your facility stocked, safe and running smoothly. Call 1-800-GRAINGER click. Grainger.com or just stop by Grainger for the ones who get it done.