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A
Foreign.
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B
Welcome back to the crypto rundown presented by Gemini. Your future to or your bridge to the future of money. And we're excited to have everyone back here today. There's a lot to talk about in the crypto market and of course, man, things are staying volatile. This. They are moving back and forth. We're having just a lot of volatility in both directions. I feel like in recent weeks, we've seen bitcoin moving down and crypto moving down, and we saw a big spike back up. Now we're seeing it back to the downside. And so it's raised a lot of questions about what's going on. You know, where is crypto kind of heading from here? And there's a lot of catalysts, of course, that we want to talk about and break down. So welcome back, everyone. It's good to have you. No matter where you are coming from, you're s. You're certainly in the right place. And yeah, TiVo, how we doing on your end?
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C
Doing good, man. Back in the. Back in the saddle. I know we had a. Interesting week last week. We saw us live with the whole entire team on that one episode, and then this is an impromptu one. Good morning. We got Chopsy in there. Good morning, Chopsy. I know it's going to be probably a light live today because we didn't. We didn't kind of say a schedule because again, we were traveling, coming home, a lot of things up in the air. But we'll try to get back to our more regularly scheduled programming where we let you know when we're going live and all that stuff. We are going to have a live on Friday. So I'll post about that, about the time with Brian and Joe. But yeah, just. Just kind of a volatile time in the markets. Like you said. It's one of those things where the prey, and this is my opinion, we'll obviously go in and break it down. Just the volatility is. Is kind of outperforming what I see in the news flow. Obviously there's, you know, Trump tweets, the tariffs and all that kind of rock the market here and there. We already covered that, you know, last week or 10 days ago, but I don't know, there seems to be that leverage flush still might be cleaning up. I don't know. You're the technician. We're going to pull up the charts and see. But I've been seeing these, you know, moves in. In the bitcoin and altcoins and Ethereum even, you know, moving up and down, up and down. I'm not quite seeing the news flow that makes me understand the moves. So yeah, I don't know, an interesting time. But hey, that's why we're here. We're here together to learn and educate and talk about the markets.
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B
Yeah, I think that's been the biggest disconnect for me. We had someone internally ask us yesterday, like guys, you know, why is it behaving like this? Why is it performing like this? Why haven't we kind of gone to new all time highs and we've seen so much resistance And I think it's a hard answer, man. I think it's a hard answer. You're right in the sense that the volatility in the price action is not really matching the news flow. And you look at the, you know, all these ETF filings which we're going to talk about Today, there's over 155 crypto ETP filings for 35 different cryptocurrencies and digital assets, which is wild. But you look at the ETF and ETP filings, that's good. It keeps growing. You look at the ETF flows, you look at these treasuries buying, you look at like retail sentiment, you look at, you know, what's happening with regulation and the government stuff and the SEC and like all of it's positive, all of it's good and positive and it doesn't really match what's happening or the price action doesn't really match what we're seeing here. So there's a little bit of frustration and I think rightfully so. So we're going to dive a little bit deeper into this. I've seen a lot of people have different ideas, right? You know, oh, this is because of the liquidation event, right? That probably hurt a lot of people, right? The largest one in history by far. And when we look at that and how it was bigger than ftx, Luna and Covid combined several times over, you know, I think that that's probably what we're seeing a little bit here of, is lingering effects and all of those longs getting liquidated. And then I think, you know, other people have tried to attribute this to what's happening with like trade, trade war stuff again, right, between the US and China. And I'll tell you what, I tend to believe that it's not as much focused on that. I think that if it would have been trade war related, we would have seen more, we, we would have seen more volatility on the TRADFI side than on the crypto side because that's really what it affects. So I think we would have seen a lot more volatility in Nasdaq and so far we haven't seen that. So I don't really think that it is trade war related. And I think that we can rule out a scenario like that because it just doesn't make much sense.
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C
Yeah, there's. And that's exactly how we'll transition. Let's bring up the charts and I'll show you. I'm going to lead us off with a ticker that's not making much sense. And then again, I, I don't think this perfectly correlates to crypto in any way, Brendan. But bring up beyond meat. The meme stocks are back. Some of these speculative short squeezes kind of reminiscent of the Gamestop saga. Like literally just the last three days. Brendan. I think it's up 5, 600%. And again, I don't think this perfectly correlates to crypto, but again, when you're talking about price action, that, that isn't making sense. And the news flow and this volatility and flushing stuff out, there's, there's some things going on in the capital markets as a whole that aren't making a lot of sense. And I think that, you know, it doesn't always match, but maybe it rhymes. So what do you see in there and beyond meats in the charts?
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B
I mean, it's up 1300% since last Thursday, which is insane.
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C
And again folks, this isn't a meme coin. This is publicly traded on the stock exchange.
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B
Yeah, I mean its performance has been meme worthy since COVID I mean the thing's fallen. It fell, I mean 99% to the downside from 250 bucks to 40 cents or whatever it was at. And I, I did see this was trading at a crazy price this morning. I think it was. What was it? Was it an earnings call or some sort of news? I was trying to figure out the reason, but I didn't have enough time.
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C
I think, I think Walmart announced that they're bringing some of the products into more stores across the country. But it doesn't warrant that type of move. It's just obviously there's tons and tons of short interest on, on that stock slash company. And then a little bit of news. I know, you know, I know I have some friends that are plant based food people, but not really, I'll say this. And before we move on to the crypto, a little fun tidbit here. This is one of the stocks that I eyed up and I should have shorted. It was on my short list years ago when it went public. I had Beyond Meats went public, and I was like, man, nobody. I don't know a ton of people that eat this stuff. I should short this thing. And then it was Bumblebee. Bumble was one that went public during the. Yeah, yeah. Pull up, Bumble. So this is one of my best shorts ever. So Bumble goes public, and I'm living in New York City, and I never got any matches. So on IPO day, I'm like, I'm shorting this thing. Like, this thing sucks. I never get any matches. And it worked out. It worked out. And then obviously I don't get any matches because, you know, I'm ugly. But the speaking. Well, speaking of that, how funny was that comment the other day? It was like, brendan looks exactly how I thought. And. And TiVo looks nothing like I would have imagined.
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B
That's basically what there's two ways to interpret that. They could have said, brendan looks like the most basic finance bro that we've ever seen. Right. I'm probably just copy pasta off the Internet. And you actually have some character to you. That's the way that I could have interpreted it.
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C
Yeah, Definitely an interesting character. Yeah. Bumble was one of my favorite shorts because I'm not. I'm living in New York City, I'm not getting any matches, and I'm just like, this thing sucks. Why is this going. Why is this going public? And then obviously that. That wasn't a thesis for why the company would go down, but, yeah, I never understood how that would make a ton of money. So that one. And beyond, I missed Beyond Meat, but I got Bumble. So sorry, a little. Little fun tangent there to start the show, but take. Take us back on track, Brendan. All right, Crypt Nation, fam. Let's pause for one second and talk about an important issue going on right now, and that's sim swap attacks. SIM swap attacks are becoming a serious threat, especially in crypto. If someone gets control of your phone number, they can access your bank accounts, your exchanges, emails, and even your private messages. That's why the Crypto 101 podcast is partnered with Afani. It's America's most secure mobile service, offering a guaranteed protection against SIM swaps with added privacy. Since launching, not one single Affani user has ever been SIM swapped. And for some reason, if it ever does happen, you're backed by up to $5 million in insurance against financial losses. This is literally why we chose to partner with them. It is. Our favorite thing about Afani is the insurance policy of up to $5 million if it does happen to you. Afani runs on either AT and T or the Verizon network and you get to choose which one. There are no contracts and it is super easy and seamless to sign up so you also get a 60 day money back guarantee so there's zero risk in trying it out right now for our listeners. You get $99 off when you sign up at a funny.com/crypto one on one that's a funny.com/crypto One on one or check the show notes below for a link. These days your phone number is probably more valuable than your Social Security number, so make sure it's protected with Afoni. All right? Crypt Nation Fam Are you interested in effortlessly growing your Bitcoin portfolio? Because I know I am the the Bitcoin credit card by Gemini earns you bitcoin back on every purchase. Use it like any credit card. You buy lunch, you get gas, any of your weekly grocery expenses and you'll earn up to 4% back instantly in Bitcoin or one of over 50 other cryptos straight into your account. All that with no annual fee. And right now you can grab $200 of bitcoin. That's right, a $200 bitcoin welcome bonus with the Gemini credit card. It is the easiest way to start building your bitcoin stack. Go to gemini.com card to Lear terms apply. See the link in the description for more information regarding rates and fees.
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B
I mean you got to look at some of the fun stuff. There's always something fun happening across the board here. But you know, bitcoin was seeing another leg down here over the last week or so. So we had kind of the initial drop. Then we came back up to the moving averages. Rejected, fell Lower. And after this, you know, we rose back up again. And yesterday was a really sharp rise. So we bottomed last Friday and then on Saturday, Sunday and Monday and Tuesday, we continued seeing pressure to the upside. Now yesterday was wild. In fact, I'm going to break this down on an hourly chart because what we saw yesterday was such a strange move where we kind of started the day by moving to the downside. And then after we went down to around 107,000, we went up to 114,000, then we came back down to 106,000. So it was just this roller coaster of a day where we were, you know, essentially starting out at 111, then 107, then 114, then back down to 106. And price action was just all over the place. And it was a very strange but large rejection candle again off of those moving averages off of a lower high in here. And it's not really, I would say the, the best look now this big support. And I think the main idea moving forward here is can we see this rough area around the prior all time highs which is where we've tested before, right. We've hit this and rejected, hit this and rejected, hit this and rejected a couple of times until we broke out. Can we use this general previous top as a new bottoming area over in here? And I think that's the main concept to kind of watch out for here. And so far, you know, we are doing it, but we're kind of teetering on the line of, of danger. And so what bitcoin needs to do here is it needs to hold this anchored vwap off of the terraflows, which is that orange line. It needs to hold this 200 day moving average. It needs to hold this prior resistance area. And we're kind of playing with danger a little bit here on bitcoin. And so I'm nervous that if we start to roll through this anymore, you know, there's a chance bitcoin goes under 100k. And we see a little bit of downside from an area like this. So this is a pretty critical level. I think people need to be paying attention to this one. We are for whatever reason seeing a bit more selling pressure in bitcoin than most other assets. You know, you look at what's been happening over the last couple of months, you know, pretty much since July, you know, bitcoin had its move up, but then it's been chopping sideways and as of recently seeing some downwards pressure. So I've been kind of analyzing this in comparison to some of the other markets. You kind of look at, you know, NASDAQ since July, and it's been trending up. You look at gold minus the past two days since July, and this thing's been trending up. And then you look at bitcoin and it's performance has again, just not kind of been keeping as, as well up. It was interesting because what we had was bitcoin overperforming most of crypto actually outperforming all other asset classes from April to July, and then from July to October, we've actually seen them start to underperform. Now, obviously it varies from crypto to crypto, but generally speaking, we had this big overperforming run where crypto again was, was blowing away with tradfi and equities and indices and metals and everything else was doing. And then in kind of the second half, we've started to see it do the opposite and underperform. So for the time being, I want to see a shift in that. And I know we have some theories about what can kind of cause that a little bit later on in the episode, but that's the main thing that I want to see over here is, you know, can crypto start to lead the markets again and start to outperform instead of underperforming? And so we need to hold this really big crucial level of support here. And that's one of the big things that I'm watching out for. We've also started to see a little bit of an uptick here in recent weeks with the rise in the strength of the dollar, which typically has a negative impact on, on crypto. You can look at bitcoin dominance and really since mid September, this thing's been slowly trending back to the upside, minus, you know, the big move here. But it, for the most part, it's kind of slowly been trending back up here. And so we've seen bitcoin dominance kind of rising. And the really key area of the crypto market that has been getting hit has been altcoins outside of the large caps. You know, you look at the others charts and things like this, and altcoins outside of those top 10 or so altcoins, that's really the area that we see getting, getting peppered here. So obviously, you know, there's always going to be these, these pockets of green. I saw Clear pool was up almost 14 on the day, and there's a few other ones as well. But, you know, that's what I'm seeing on the charts. So pretty important time to be watching what's going on because we really don't want to see a rollover kind of too far beneath this.
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C
Yeah, man, it's a, it's a good point. I think technically, like you've just said, we're kind of approaching the, you know, the heavy support zones and, and people are always watching those especially, you know, larger whales kind of have, you know, stop losses and all that. So kind of around that point and you again, you know better than me, but I learned from taking your course. Course is like, you know, you're always setting your stop loss at certain points, but you can also get stop loss hunted, which, you know, a lot of these exchanges and you know, whales are going to start doing around these levels. So, you know, it's kind of on those levels where you can get the big shoot to one way or the other. You know, it could obviously bounce higher, but it could, it could shoot below these levels pretty quickly to go, you know, do some stop loss hunting. So it's definitely a time where, you know, as much as we were saying, the news flow isn't really giving us any too many, too many leads anywhere which one way or the other. But you got to stay vigilant, especially you know, if you're, if you're, if you're a trader, you got to be, you know, you got to be nimble during these times. But before we transition out of the charts, Brandon, could you bring up gold?
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B
Yeah, yeah, yeah, yeah. This has been a wild one recently here. So, yeah, I mean, here's that, here's the gold chart. Man, what a run.
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C
Yeah, what a run. I mean, you can't, you can't hate on the gold bugs. Congrats to the gold bugs. But interestingly enough, I think, you know, in this modern day of finance, you know, with different ETFs, and again, we talked about the tokenization of gold on the blockchain. It feels like there might be some leverage in there as well, which the traditional old school, old school gold bugs won't be used to. But what we've saw in the last two days. Can you give us a two day count there? I think I saw it was the largest two day decline for gold since 2013.
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B
It was. And yesterday's candle, I think was the largest one or the most volatile one that we've seen since COVID.
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C
So what's the two day total? Down like 8, 9%?
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Yeah, down about 8 and a half percent, which is wild because gold is not used to those kind of moves. Gold typically is not that volatile. Yeah.
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C
And then here I'm going to bring up this chart that I found now. So if you stop sharing your screen. There was something I saw online and it was about basically hey, when, when bitcoin flies once gold slides. So it was comparing kind of 2020 to, to what we could or may see. Now again, this is not anything that is for certain just and that's what this show's all about is kind of bringing you all the things around the news and the Internet that we're seeing in, you know, the traditional crypto markets and just kind of discussing it. So it's all kind of gold topped out here in 2020 at the end of the summer. And then bitcoin obviously went on quite the run down there in 2020. So it kind of kind of an interesting correlation there. Again, it didn't happen in 22 so that's why that's not on there. But 2025 golds went on this crazy, crazy run. Is it short term topping out? I think long term. We both agree that you know, any hard assets are going higher over time. But is there a short term top here in gold while you know, bitcoin has kind of lagged gold in the last couple months here. And is it time for. For bitcoin to. To make its fourth quarter run again? Just another tool in the toolbox of something interesting to. To think about. But any thoughts around it, Brendan?
- [19:17]
B
Yeah, it's interesting because for a while people have been. I've seen both sides of the argument. People are saying, well bitcoin should be following gold and bitcoin should be following the M2 money supply. And both Bitcoin and gold follow the M2 money supply. And now there's this idea that gold will bleed and its market cap will bleed into bitcoin some which I think can make a little bit sense. I think both can also be true. Gold's going on this really big run. And now there's this question finally where if. And I'm going to throw up the chart here one more time here, T val. Yeah. Where I can show what's happening on gold. And you know, for the longest time I'm going to bring this out to a weekly chart. But for the longest time, I mean dude, gold for, for years, I mean you go Back to like 2011 right where this thing kind of peaked at its all time highs in 2011. And essentially up until 2024 about a year ago, gold really wasn't breaking out to new all time highs for a 13 year window. And now what you finally have is people who are accumulating from 2010, 2011 all the way up to 2024. People who have been accumulating here, they're finally going on a run here and they're finally kind of in the profits beyond those prior all time highs. And now they're asking themselves the question, hey, after 13, 14, 15 years, I should, maybe I should take some off. And if so, you know, they've been so focused on not selling and holding because they've been kind of underwater underneath those prior highs. Well now they're at the opposite end where they're probably up double on their money. They're up twice as high as that prior all time high of around 2k. Now it's up above 4k. And people are saying, okay, well should I take some profits and if so, what, what do I sell into? And the thing that we know about metals, metal lovers, right, gold, silver, it doesn't matter, is that they tend to like crypto. The majority of them like and, or already own crypto. So they'll say, okay, well I'm up, you know, 2, 3, 4x on, on gold and silver and stuff. What should I sell into? I think the answer there is probably crypto because a lot of them like it. They're going to look at gold as being relatively high, they're going to look at bitcoin and crypto as being relatively low in comparison to where their highs are. And I think that there is a little bit of a conversation that kind of can be had there. The same thing could go with silver where if you look at a chart like this one, you know, this thing had been sitting under all time highs for, you know, it's finally just hitting a new all time high. It hit these levels back in the 80s, it hit this level back in 2011, and it wasn't until the last week or so that we saw silver breaking out to new all time highs. And when you adjust for inflation, it's not even there yet. So I think again, people are looking at this after being underwater for over a decade and they're saying, wow, you know, if I bought the dip, I'm actually up quite a bit now. When should I take profits or should I start to take profits? I think that conversation is coming around from some of the people that I already know that are, that are metals people. And the second question is, you know, where should that money go into? Because the thing about most metals people is that they don't really want to hold the dollar.
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C
Right.
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B
That's kind of the whole point that you hold metals and crypto and these other assets is because you don't want to have a ton of dollar exposure. So I don't really think it makes sense for those people to go out, sell all of this gold or metals or whatever it may be, and then go and hold a dollar that's kind of, you know, kind of. It's kind of counter to their whole stance in the first place. So I think it makes sense, man. I think that we, if we do see gold fall, kind of like the chart that you showed, I think that we could see a little bit of a rally here in crypto. And so, who knows, maybe it's this situation where the strength of the dollar falls and gold falls and some of these other things all fall, and then it allows crypto to see some more upside. But I could certainly see that fitting into the narrative here.
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C
Yeah, again, there's a lot of narratives out there, which is, again, why I always say you tune into the show and we try to break it all down. I did see something just came across the screen that kind of reminded me of a good thought was with the beyond meat thing, not to. Sorry to circle back on that, but it's like when that's going on and a lot of these, you know, speculative meme stocks and all that stuff is part of people with high risk profiles. And then obviously now there's this, you know, you know, crazy move and people are piling in and shorts are getting killed. And when all that stuff happens, there's kind of like a de leveraging event too, because all these people that are piling in or shorting and this and that, they're usually on margin. And so you're pulling. You're pulling out from other stuff that. That has, you know, margined up. And then obviously a lot of cryptos and bitcoin and gold. Like, it's just. There's a lot going on in the markets right now. So I think it is an interesting time where there's a lot of trends out there and, you know, just tune in with us. We're going to try to break them down. Even though a lot of them, you know, you might not know who's not wearing a bathing suit until the tide goes out. But it feels like there's. There's a lot of stuff going out here. But it's just quite interesting to stick to the heart of the program, crypto101. We still have a ton of bullish stuff going on, which is what we're going to, you know, do the back half of the show here and run through some stuff with you. Brendan, we got the. Still a lot of crypto ETP filings are tracking. 155 different ones. What did you see here?
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B
Yeah, dude, this is fascinating. So, 155 crypto ETP filings. Look at this on screen, everyone, when you get a moment. And again, if you're not tuning in on YouTube, you need to go over to our YouTube channel, which is the Crypto 101 podcast. But here it is. I mean, 23 for Solana, 23 for Bitcoin, 20 for XRP. I think that's a no. It's. I think a 16 for Ethereum, 10 for all these different baskets, 5 for Litecoin, 4 for Avax, and then you have Doge, Polka Dot, say hbar, Sui, bnb, Cardano, Near Chain Link, some for Trump, Injective Tron. And the list goes on. But you have all of these different crypto ETPs, you have all these different crypto ETFs, and, you know, as we scroll down, I mean, there's more and more and more and the list goes on. There are so many of these things that are waiting for approval now. What does this say? I think this says two things. Number one, retail wants this and institution. The institutional side knows that retail wants this, hence why they're creating these and why they're filing for these in the first place. They want to go through all the regulatory hurdles and time making them and doing all this stuff in the first place, setting it up. If there wasn't demand. So there's demand which is causing these, the institutional players to want to create these in the first place and they see that there's demand or else they want to be offering these. So the other part of this is that the reason we haven't seen these in really any of the spot ETFs first is that the government still closed, right? We've had three deadlines go past. We've had Solana, we've had xrp, and we have. We've had Litecoin. All of these actually should have been approved. However, since the government shut down, you can't get the approval of the SEC because no one's there in the sec. So the idea is that once the government reopens back up, you should see a lot of these ETFs get approved. And then I think that that kind of opens the floodgates for the rest of these altcoins and probably some of these ETPs to also get spot ETFs. So that's another kind of thing to think about here. But I really do believe that like, hey, once the government opens back up, I think the floodgates kind of open. I think that we have the opportunity to see a lot of other ETFs happen. And I would say that that's when altcoins really get their uptick. Once we start and we'll have to see, obviously you know, we don't have a crystal ball, but I would imagine that if these get approved, I think that that kind of acts as a catalyst for altcoins to see some more upside. So something that I'm watching out for here.
- [27:30]
C
Yeah, I couldn't agree more. And I think again, with all the volatility inside of this range, if you zoom out on some, especially something like bitcoin, like we're still in that three month range where it's, you know, we've talked about it in years past. It's, it's kind of that bore out phase of, you know, just ping Ponging from 105 to 125 and just that range of trying to get people, you know, excited, bored over leverage, shake them out type of deal. It, it, I would say that, you know, with, with all the, with all the leverage in the system and there's so much volatility even inside this range, you could be like, oh, is it over? Is it over Again, we, we don't have that crystal ball, but I just don't think we have. We, we haven't had that like blow off top yet in my opinion where it's just that crazy euphoric. There's still a lot of negative sentiment out there in the crypto markets. There's still a ton of negative sentiment out there in the tradfi markets where we kind of, you know, go back to that. It's the most hated rally from, from those April lows. So yeah, I don't know, I, I don't, I don't see there, I don't see that like euphoric phase yet here. And my guess would be that if there was going to be one, it would be these ETP and ETF filings that might get us there in the sense that kind of sticking to the narrative that, you know, bitcoin and has kind of led us this bull market, right with the bitcoin dominance that we talked about so much at the beginning of this year into the summer, it's because these ETFs gave TradFi access to this. We've talked about how, you know, these big hedge funds and big money managers, they can't go on to coinbase or uni swap or pancake swap and go buy, you know, your favorite low cap altcoin. They just can't. It's not, it's against their rules. And um. And so once these ETPs and ETS go live. Yeah, again, it's never personal financial advice here, just a couple friends talking crypto. But like, yeah, I want to, I want to be around for that and I want to learn, you know, what happens to the flows of this. Because a lot of this stuff you'll be able to go and research and see like, okay, what big, you know, big investors and big funds, what are they buying? And so again, kind of like Bitcoin has led, you know, this bull market. Once these ETF filings go live, like, you know, hey, I like to hit the casino. I'm a betting man. My, my bet is there's going to be a lot of flows into these things and that, that, that's going to kind of lead kind of that quote unquote, altcoin season that we've been waiting for. Just the timing's been a lot different, I think, because, because it's a new era of merging this Tradfi crypto space together.
- [30:06]
B
Yeah, it, it is, man. And you know, I think the crypto, in my opinion, that's seeing the most kind of attraction and attention here is Solana. Hong Kong just approved their first Solana spot etf. And again, they're not going to get one in the US Isn't, it's just not the way that it works. So I think the US is trailing right behind this. And then kind of similarly along this news, Polymarket announced, I don't know if you saw this, but Polymarket announced that they're going to have a full Solana integration where people can place bets on Polymarket with Solana directly from their Solana wallet. So this is a big deal because it was always built on Ethereum, right? This is an Ethereum application and that's where it was built. But now they have this integration with Solana where people can just plug in their wallet, trade use Polymarket. And so that's a really cool thing. And we all know how big, like we talked about it a lot. I know between me and you and the other guys, but we've talked about how big the betting market industry is getting. You know, we're talking what, tens and tens of billions of dollars as to what it's being valued at. And we'll probably see this become, I would say like a multi hundred billion dollar industry, you know, probably. I would say, dare I say this might be bold, but within the next couple of years, if it's not already there.
- [31:23]
C
Yeah. And DraftKings, I'm trying to find the price tag. I don't see it all the quick headlines, but DraftKings acquired rail birds, which is a smaller obviously prediction market. Man, we've been saying it that, you know, DraftKings has to draft Kings and FanDuel has to be kind of worried after seeing all the flows for polymarker, Kalshee for Robin Hood, you know, the. Yeah, I don't see it. But DraftKings just bought a prediction markets. I don't see the exact number for what they acquired rail birds for, but something we'll dive into more with Brian on Friday because I know he's our, he's our prediction markets guru and just loves that stuff as, as do I in the sense of like, I look at it as gambling. Prediction markets, you know, for me are not an investing type of thing, but I think it's where you can get a lot of information to help your investment decisions. You could also use it to hedge, but if you're, if you're making wagers on there, that's what I think they are, their wagers, their bets and, and not investing. It is, it is the future and it's, it's clearly. I don't know if it's the future as much as it's the present. It's here and that's something. Again, if people are more interested in that stuff. Brian and I have been talking about doing maybe some content around it, especially on the YouTube. So if you're interested in that, you know, leave us a comment, let us know in Twitter or YouTube and we can make. Brian and I are more than willing to make some more content for you on that stuff. But continuing on, where are we going next? Brennan, after the poly market stuff, Just a couple quick videos, I guess, to end the show or. No, go ahead.
- [32:52]
A
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- [33:53]
B
Yeah, no, that was it. I was gonna say, let's watch this video.
- [33:55]
C
A couple quick videos here. This is what I pulled from this week while we were gone. So the Fed we had Fed Federal Reserve Governor Christopher Waller was talking about kind of how cryptocurrency is going to be woven into the fabric of payments of the financial system. And so why I think that's important is number one, he's on the Fed, so you got to give him the respect. But this guy is actually in line. He's on the short list to be possibly the replacement for, for Jerome Powell. So this is somebody who again, has close respected ties to the White House. And he's talking about crypto. So whenever that happens of somebody who could be in the next position to be the Fed chair talking about crypto, I think we should take a look. So let's listen.
- [34:37]
E
This is an acknowledgment. Distributed ledgers and crypto assets are no longer on the fringes, but are increasingly woven into the fabric of the payment and financial system. Now, before we hear from these innovators, I would like to touch on roles that the Federal Reserve plays to support the private sector. These include serving as a convener to solve coordination problems and operating core payment and settlement infrastructure. We are also looking ahead, conducting hands on research on tokenization using smart contracts and the intersection of AI and payments for use in our own payment systems. We do this to understand the innovation happening within the payment system as well as to evaluate whether these technologies could provide opportunities to upgrade our own payment infrastructures and to enable us to have deeper conversations with the industry on these new technologies.
- [35:32]
C
Again, just another case of, you know, the world, the banking system, basically, you know, like I said, the world, basically everything's coming on chain eventually is where the puck seems to be going. And the most interesting part of that is, I think this guy is, is truly a top three short list to be the next Fed chair. So, you know, when he's, when these people of power are talking like that, you got to listen.
- [35:55]
B
Yeah, I would agree. You know, he's like one of the top candidates. And it'd be interesting to see a, you know, the head of the Federal Reserve and the head of the SEC and the head of the US Government, like, if everyone's so pro crypto, I think it's pretty hard to be bearish on it. So, again, you know, maybe going back to the original narrative of, like, the news is still really, really positive. Right, right. All the fundamental side, all the news, everything is still looking really good. And so I think it is hard to be bearish on the long term. You know, now listen, we're going to have our moves up, we're going to have our moves down. The crypto market moves around. It's volatile, it always has, and it probably will be for a very long time. So that's not going anywhere.
- [36:33]
C
But some breaking news out of Washington here. I'll share this tab. Breaking news out of Washington, Cynthia Loomis, who always, you know, has a tweet, seems like once a week, but says it's a big day in Washington for the digital asset market structure, which I guess implying is there's been some movement of, you know, whatever meeting she's having right now in the morning, she's tweeting out the big day, meaning today. No update other than that. But we'll circle back on Friday if anything kind of comes out to what specifically she's talking about. But to your point, Brendan, it's like, you know, again, where's the puck going? Momentum still on the side of crypto from, you know, the Fed to the White House to the sec. So, you know, I, I think, I know we both think you're in the right place being here with us and, and continuing to educate.
- [37:18]
B
100% man. And, yeah, we're going to continue to keep everyone updated with what's going on. I mean, you're having big players. Add some of these top cryptos. Bnb, for everyone who doesn't know, the Binance Token hit the number three spot, the third largest cryptocurrency, and it's kind of been fighting again with some other cryptos to us to keep that spot, but it hit it. And then we saw both Coinbase and Robin Hood list the token, which is a pretty big deal. And, you know, things are. Yeah, go ahead.
- [37:48]
C
No, no, I thought that was interesting because again, it's like BNB is a competitor with Coinbase and they always like, oh, Coinbase doesn't, you know adbnb because his competitor and Brian Armstrong was like, yeah, no worries, we'll add you. And then sure enough, Robin Hood was right behind it. So yeah, that was always, you know, obviously one of the largest market cap, you know, altcoins there is not on kind of the two biggest or definitely Coinbase, the biggest exchange, you know, in the us. So yeah, I just think that's, that's an interesting point. We talked about how all these issues were going on last was it last week and Binance had all these issues and the token didn't drop, you know, precipitously at a large amount. So it's definitely interesting.
- [38:28]
B
Not only did it not drop, it hit new all time highs afterwards. It was like the biggest liquidation event in history, completely caused by them in their systems and it not working on the back end. And the token went to new all time highs and it was like, all right, well this is like a bit ridiculous.
- [38:44]
C
Fascinating. I got one more video for us to play or no, sorry, go ahead. Before we play it. Go ahead. Final thought.
- [38:49]
B
I was just going to make a joke, you know, I can't complain. Like obviously I think it's completely ludicrous for something like that to happen and it's frustrating because a lot of people lost money. But I have exposure to bnb. So it's like as crazy and frustrated as it makes me, I don't want to fight the trend. And so I know that there's probably. Listen, I can't prove it. There's probably some shenanigans going behind on, behind the scenes of BNB to push it up to be that much. But I have exposure. I'm not going to fight it. We always say the trend is your friend and if you can't beat them, join them. So that's my stance.
- [39:22]
C
Yeah, no, couldn't agree more. But again, just an interesting time. Volatility everywhere. But again you have Vaneck, one of the, you know, one of the biggest firms on, on Wall street talking about bitcoin in the way that it does. They're not alone. You know, from State street to Goldman Sachs to now what Citigroup initiated coverage on bitcoin. It's just all those things from the Wall street bulls around bitcoin continue. But I saw this clip last week I thought was interesting where Vaneck is, you know, we hear all these million dollar predictions, $2.3 million to match gold and now we Got VanEck coming out $3 million bitcoins. Let's, let's hear what, what that's all about.
- [40:01]
E
Bitcoin becomes a reserve asset that's used in global trade and held by global central banks at a very modest 2% weight. And in that model, we arrive at a $3 million price target for bitcoin. Now that sounds extreme, but that's a 16% compound annual growth rate for a couple decades. That's not really that extreme. So into the millions over the medium term is high conviction call.
- [40:27]
C
High conviction call. Basically that's pretty similar to Michael Saylor's kind of long term outlook of that 16 to 18% compound over a long period of time. But still just fascinating, fascinating to hear that again. This is a channel, cnbc, Fox Business, these, these TV channels that you know, laughed a decade or less ago, even five years ago, right. Of bitcoin being, you know, a scam. And now there's segments talking about million to 3 million dollar bitcoins. So in my opinion, you're, you're, you're in the right place. You're still, you're still early in the, in the infancy of this, this journey to acceptance from cryptocurrency and bitcoin. But it's not the first inning definitely when you hear stuff like that on national TV and yet the possibly the new Fed governor talking about cryptocurrency and payment rails on the blockchain. So you know, I don't think we're in the first inning, Brendan, but I don't think we're also, we're not in the ninth inning. We're, we're early in this game, you know, maybe around the third, third inning. If we wanted to keep that, keep that, you know, the innings type of. Yeah. What do you call that? It's not a sip, it's a bad podcasting. There an example. But yeah, I think, I think we're like in the third inning, it's still early but that, that's why you're here.
- [41:44]
B
Yeah, it is. So lots of, of great stuff to come here everyone still again, a lot going on and we're gonna continue to cover it as everything's happening. So we appreciate all of you joining in here. If you did make, make sure that you hit the like and subscribe button. If you're listening on Spotify or Apple podcasts or anywhere over there, leave us a review. We love to hear from all of you. We love to get your feedback and we're going to continue to bring all of your content to you completely for free on the Crypto 101 podcast YouTube channel. So check us out and we thank you all for watching. But until then, we'll see all of you at the same time, same place, very soon.
- [42:34]
D
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