← CRYPTO 101
Loading summary
Transcript48 lines
- [00:00]
Brendan
Foreign welcome back to the Crypto 101 rundown presented by Gemini, your bridge to the future of money. We're excited to be back here with all of you once again. And man, the crypto market, it's volatile. That's a big reason why we're all here in the first place today, or I guess rather this week. And over the weekend we've seen some volatility to the downside. Crypto markets are taking a little bit of a spill downwards. That's going to be one of the main talking points of today's episode. We're going to talk about why the crypto market's heading down. Our thoughts, some different data points that'll probably help paint the full picture for all of you. And we want to talk about all the good that's happening as well. Because, you know, popular or contrary to popular belief here, there's a lot of good, a lot of positive catalysts that are happening in the background and we don't want those to get overlooked. But the few negative things that are pushing prices to the downside because again, just because prices move downwards doesn't mean that there's not a lot of other really good things happening. And although it might kind of take a lot of our attention in the short term, I don't think that it takes away from the long term term arguments at all. So welcome back, everyone. Good to have you. Of course, I got my good old buddy and co host for these and super producer, astronaut, philanthropist, billionaire, TiVo.
- [01:26]
TiVo
Good to have you. Oh, thank you, man. That was the nicest intro I've ever gotten. And good, good to be here. Good to see everybody. And if you are, if you're noticing a different background here, welcome to the new studio. It's been a hectic month of October, all positive things, a lot of travel. We were out together with the team in San Diego, if you remember. And then I had a big move. So I am in a new space. Spent all late week last week. That's why we didn't have a Thursday or Friday show setting up the new digs. But now we're in official, official office, official studio. We brought over the, we brought over the Mona Lisa. As you can see, there's another painting back there that I designed back in the day that I love. But we'll play around with it. I got a nice little fireplace mantle beside me behind me here. Brendan. Nothing like a fireplace in Florida, as they say. But we'll do some fun stuff with it. Brian McNutt is saying it looks Good. Well, thank you, Brian, and welcome to James and everybody else that's filing into the chat. Now that we're more settled as we head to the end of the year, I, I do owe the listeners and the community more, you know, more notice when we're going live because it's kind of been a fly by night October, but I do have a meeting scheduled to get a more concrete plan and we'll make sure to communicate that. So thanks everybody for joining. But the markets are volatile. That's why we're here. But Brendan, I gotta ask you, why is crypto down?
- [02:51]
Brendan
Well, that is the million dollar question at the moment. Why in the world is the crypto market going down here? Lots of mixed opinions. And so the big thing that I've been seeing online is like, hey, dude, we're coming off of October, right? October, October. It's supposed to be this big bullish month and it wasn't. We ended the month about 3% in the red, and now we're moving into November, which is historically the highest return month on average. Now, granted, it's pretty heavily weighted from what we saw back in 2013, which kind of skews that number a little bit. But, and actually, let me see if I, if I have this off to the side, I don't think I have it up right now. But regardless, that is one of the big kind of questions that people have is like, hey, this is seasonally the best time for crypto. Why aren't we doing this? You also look at all of the other catalysts. You have positive regulation, you have new altcoin ETFs, you have the Fed cutting rates, you have lower than expected inflation, you have trade deals happening. Fear seems to be kind of moving on into the past. And yet we kind of have crypto moving down here. And I think that's where people are starting to get a little bit confused. So the thing about this is that there's not just like a one size fits all answer, if that makes sense. There's not just a single thing that is doing this. I think it's a couple of different scenarios and I think the biggest one is that people have underestimated how much that largest liquidation event that we had a couple of weeks ago, I think that people have underestimated the lingering effects of that or the domino effect that that has had on the market. A lot of people, almost, I, not, I want to say everyone, but almost everyone who had a leveraged long position open on just about anything but Bitcoin, maybe a large cap or two were wiped out. Right. Many of those altcoins fell by 50% depending on the brokerage that you were on. And that means that anyone at 2x leverage or greater was wiped out if there was a 50% drawdown. So I think what we're seeing there is again some of the lingering effects of that large liquidation event.
- [05:03]
TiVo
And what, what chart were you looking for that you wanted me to pull up or post or something?
- [05:08]
Brendan
I think I was just looking at like the monthly returns for the past, like 10 years or whatever, but I think we showed that last week. So it's not, it's not like it's too pressing or anything.
- [05:18]
TiVo
Find it if I, I'll try and find it, but yeah, keep going. 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 Afony user has ever been SIM swapped. And for some reason, if it ever does happen, you're backed by up to 5, $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&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. 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 afoni.com crypto101, that's afani.com/crypto 101 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 Afani. All right, Crypt Nation fam. Are you interested in effortlessly growing your Bitcoin portfolio? Because I know I am. 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 learn more terms apply. See the link in the description for more information regarding rates and fees. Did you know your calendar age doesn't always match how old your body actually is? I found that out firsthand when I took the Truage test from True Diagnostic and it completely changed the way I think about my health. With just a simple at home test you can find out your true biological age with no doctor visits or labs, just a quick painless finger prick. You mail in your sample using a prepaid package and in two to three weeks you will get a detailed online report about your aging and health. The test breaks down how fast 11 key systems like your heart, brain, liver and lungs are aging/75 longevity biomarkers covering things like metabolic health, immune response and disease risk. Your biological age how old your cells and organs really are is actually the number one predictor of your risk for serious diseases like heart disease, cancer and dementia. That's why knowing it can be life changing. And that's exactly what true age helps you do. They made it so easy to get my blood drawn, show me my results and give me the data so I could make the perfect action plan for me to better my health. If you're serious about longevity or just curious about what your body's real age is, head to truediagnostic.com and use my code Crypto101 for 20% off your entire order or subscription. That's truediagnostic.com, code crypto101 for 20% off your future self will thank you.
- [08:33]
Sponsor/Ad Reader
You hired a new employee. Time to get to work, right? Not quite. First you need to get a bunch of HR tools for payroll and benefits. Then you'll need to add IT software to manage their devices and app access. You also have to track their expense, so you'll need different finance software for that too. Oh, and none of these softwares work together. That's sad. Software as a disservice. Rippling is built to serve your business. IT lets you run hr, IT and finance on one unified platform. Rippling provides time saving automations and connected workflows across your departments so you can finally find time for the work that matters. And for a limited time, you can get six months of rippling free when you sign up at rippling.com podcast. That's R-I P P L-I N G.com podcast for six months of rippling free. Terms and conditions apply.
- [09:30]
Brendan
Yeah, yeah. But when it comes to this week, again, I think we are still seeing more and more liquidations and the amount of buyers that we had previously just aren't there. We are not seeing kind of the same levels of buyers and buying pressure and people willing to get levered up on the market because again, a lot of them were burnt. They were wiped out on that move. And I think what we're seeing now is a little bit of lingering effects, kind of a domino effect on the markets. So here's that chart that I was referencing earlier, you know, where people were saying, brendan, you know, you look at October and the average return rate is almost 20%. We haven't seen a red October since I think it was 2018. Right. We've only seen one red October in the last 10 years. And then we get one today or we get one this year, and then now we're moving on to November, which historically has the highest average return rate. But as you see from that chart, it's pretty heavily skewed by those 2013 numbers, whereas about 450% to the upside that month. So again, it's still pretty good. But we do see an increase in frequency. Whereas we only saw about one red month in the last 10 years for October, we've seen four of them for November. However, the return rates in those green months are pretty high, as you can see, you know, 37 last year, 9% the year before that, couple of red ones. And then we have a plus 43%, a plus 53% and so on and so forth. So again, seasonally, a pretty good time. But again, I think that the name of the game here in point number one is the lingering effects of that mass liquidation event, the largest one in crypto history. Bigger than ftx, Alameda, Covid, bigger than like all of those combined in terms of liquidations. And so it's a. It is a pretty big moment. I think the other thing here we actually have some articles to throw on the screen for these TiVo. But beyond liquidations, I think there's two other things. You have a little bit of sentiment shifting and you also have, I think, a tad bit of exhaustion. And there's two articles that I want to reference when it comes to this. The first one is the One that we have on the screen right now, which just kind of addresses this. And they're saying, hey know, bitcoin is falling and it could fall as low as $88,000. And they go on, and they go on to talk about like sentiment and a lot of the stuff that we, that we were referencing over in here. And I want to explain this one deeply, more deeply on the charts once we open that up. But keep in mind that number, because I think $88,000 is something that would be possible if we do see a drop to the downside. So I want it just like read this and be like, oh, there's no way we get to $88,000. Because I do think that it's a possibility if we start really cracking down below support, which it kind of looks like we're doing right now on bitcoin. So again, it's not like it's this end of the world scenario. But I also don't want to discredit this idea that bitcoin could see 10% to the downside. In fact, I think that there's quite a bit of evidence that shows like that is really possible and everything can still be okay. So again, we're going to explain this more once we get onto the charts. I just wanted to reference this article and let everyone kind of read through it before we do that. The second article that we have on the screen here is talking. This one's actually directly from Coin Glass. I'm pretty sure, you know, I'm sorry, not Coin Glass. This one's from Glass Node, Glass Node Insights. And what they were doing here, they were, is they're saying, hey, there's some weakening, weakening capital inflows, there's some fading profitability going on. We're seeing ETF outflows, we're seeing a little bit of slowing in terms of institutional demand. And there's a lack of sustained liquidity support kind of in these levels. And so when they go and let's actually scroll through this just very slowly and you can see that, you know, they're talking about this. They talk about some of the sentiment numbers, they talk about the relative strength index, they talk about spot cbd. They talk about a lot of different statistics here. And they walk through and explain like, hey, this is why sentiment might be shifting. This is why there might be these potential signs of exhaustion and the referencing here with a lot of the data that they are talking about. So when we're looking at these, I think those are the three big things to understand. You have the liquidations and the lingering effects. You have a little bit of sentiment shifting and you also have some signs of exhaustion. And I think those are the three things that we're seeing here. Now there's one more graphic that I want to throw up before we go into the charts. And this is comparing the M2 money supply, gold chart, bitcoin chart. I want to reference Nasdaq as well. And so if we're taking, I think a lot of the, the big, the big dogs out there, right, the big players that people like to compare bitcoin in the crypto market to, there's a couple of things to understand because for a long time bitcoin has had this pretty strong macro correlation to the M2 money supply. And it's also had somewhat of a correlation at different points in times to gold and Nasdaq and other things. And so with the Federal Reserve cutting rates, I think there is this a little bit of nervousness in the air because what we're seeing is, as you can see on the chart, the M2 money supply has continued to hit new highs after new highs after new highs for months now. And then you go and you look at gold and it's been doing the same thing, new highs for months and months and months. And we don't have the NASDAQ chart or any of the index charts up here, but they've continued to do the same thing. So we see the M2 money supply, gold and the equities all continuing to hit consecutive new all time highs for months. And we've actually started to see bitcoin stall out here. And so I think that is where the fear is coming from in the sense that we are seeing kind of money come into those, but we're seeing a little bit of exhaustion over here in the crypto market. Now at face value, that looks, I think a lot worse than it actually is. So what I'm going to do over here is I'm going to go over and take a look at the charts now because we kind of painted the worst case scenario saying, hey, these are the kind of possible reasons that are contributing to bitcoin underperforming here. And then the other thing I think we have to understand is actually looking at the chart itself. So if we go over here, TiVo and we take a look at this chart, actually TiVo, anything to say? I mean, I know I just basically brain dumped on you and everyone else. What are your thoughts about all this stuff?
- [16:14]
TiVo
Yeah, man, I mean, I couldn't agree with you more in the sense that we're just brain dumping on everybody. But that's what you got to do. You got to find, you got to find the, you know, you got to find the reasons why and try to make sense of everything. And kind of like what I said is like, hey, when you pull up, you know, show us what you're seeing, but zoom out a little bit. It's like it's basically been a three month, you know, just kind of range and it feels like they're trying to tire you out. And when I say they, it's, you know, the big time whales, the people with tons of liquidity and you know, these exchanges and, and whale hunters. Your stop loss hunting at different levels. And it could be to the upside, it could be to the downside. But I think later in the show, as we see with all this macro level bullish news that we see across the space continuously, the price action hasn't really followed that per se in the last three months. But will it eventually in the long term? You know, not personal financial advice, we believe so. That's why we're here continuously multiple days a week. But it's all part of having a community. Josh said in the comments he's getting tired. You know, how much, how long is this gonna go, boys? I'm getting tired of all this. It's like, yeah, that's the point. That's what they're trying to do and that's, you know, the game of, of investing. Whether you're a trader or long term investing. There's, there's a lot of ups and downs to this thing. It's not straight up. And then again with that M2 money supply, my thought is traditionally bitcoin moves last, but it also, you know, moves the fastest. So you can see kind of gold up top there with M2 money supply. We've seen that story unfold, we've covered that and we do believe that, you know, eventually at some point bitcoin's gonna, gonna follow that trend.
- [17:49]
Brendan
Yeah, yeah, you know, exactly, man. And you know, even though we are seeing it kind of stray away here at the moment, there's two things I want to reference. Number one, that 88k price target that we talked about earlier and number two, what has happened historically when bitcoin has been in a similar situation. So let's talk about 88k first, because these two points kind of tie hand in hand with one another. It's very clear that bitcoin's at a critical level of support. Right. We are approaching and we're at those prior all time highs turned into support. We've been testing this level like this is a critical zone. It just is. There's no denying it. This is a critical level of support. Bitcoin really does need to close and hold above its prior all time highs. And so that's what we're seeing here is a lot of stress be put in, a lot of emphasis be put on this area. And if we crack here, then I think that is when the possibility of 88 comes. 88K comes in. Now, Brendan, why 88K? Why that number? Well, if we go back, this is something that we've shown before and you look at kind of the moment that Bitcoin broke its 200 day moving average to where it bottomed out. We get a little bit of a reoccurring theme here. And this has happened three other times since 2022. We saw it in 2023, 2024 and earlier in 2025, around springtime. So if we look at this, you know, from around the moment that the 200 day moving average broke to the bottom, this one was about 11%. If we look at it from over here, from kind of this moment to the bottom, it was about 19 to 20%. You look at it over here on this one, from kind of the moment that the 200 day moving average broke to the bottom, it was around 9 to 10%. So we were on 9, 10%, 19% and around 11% on these retracements all piercing around that double digit territory. And guess what happened with all of these? TiVo? Bitcoin broke the 200 day moving average, went down double digits and then rallied to new highs. And then it broke the 200 day moving average, fell double digits and then rallied to new highs, and then did it again over here, fell below the 200 day moving average, rallied to new highs. And so now we're kind of coming back to this possibility and we're looking at it once again and saying, hey, is it possible that we crack here? And if we do, could we see double digit downsides? The answer there is, yeah, it is a possibility. But number one, we haven't fully cracked yet. It's looking a little bit weak, it's looking a little bit scary, but we haven't fully cracked yet. And number two, even if we do, it isn't the end of the world. We have seen this every single year since bitcoin has pivoted. It pivoted from under the 200 day moving average in 2022. We saw that pullback happen in 2023, 2024, 2025 already this year. And now we're looking at it once again. And there seems to still be this idea that, oh, but like, this time could be different. And that's everyone's favorite saying is this time it could be different when statistically, like that just is not the case. So when we go and we look at this over here, what would that 10% pullback be from the 200 day moving average here? Well, about 10% would bring us to 8K. But we have seen bitcoin on some of these pullbacks go down 20% and that would bring us to around 87K. And I think that's where they're leaning to this time is saying, hey, to the worst end, a 20 pullback, which we have seen before would bring us to around 88, 87k. A 10 pullback would bring us closer to like 97k. So regardless here, it's kind of this idea that if bitcoin breaks here, it's pretty possible that we go in and we see bitcoin somewhere in the 90 thousands. That is where I would actually be much more excited to be a buyer and I would be really, really stoked to be able to look at some of these opportunities. Because if we see a 10% pullback on Bitcoin, that could be 20% or 30% for alts, because they typically move at around two to three times the volatility of Bitcoin. So again, a 10% move on Bitcoin could be 20 to 30% for something like alts. And that's something to kind of keep in mind here as well. So those were kind of the big ideas. Again. I know in recent months we have seen some exhaustion and the stats are there. There's, you know, data to kind of to show that. But we've, we've been in similar situations before and dare I say we've been in much worse situations before and things that look much more doomy and gloomy.
- [22:21]
TiVo
And let's do just an exercise of something we say on this program all the time. Let's zoom out. Let's go one year, Brendan, to the day if possible, because election day was November 5th and we were doing a ton of episodes exactly one year ago saying, hey, you know, this could go either way if, if, you know, this, this person wins. They haven't been very friendly to crypto and, and we see, you know, some, some struggles ahead possibly. And then, or the flip side is if this, this person wins, President Trump and his administration has been campaigning at bitcoin conferences and we think we're going to absolutely rip. So give us, give us top to bottom one year from November 3rd, I believe election day is November 5th or 6.
- [23:01]
Brendan
Yeah, right in here, around 67K. You know, now we're at 107K. Yeah.
- [23:07]
TiVo
And we hit 120. Right. So you're like, you're approaching that, you know, 85 to 100% returns in one year. You know, that's something that I don't think anybody should be complaining about in the space. And I know a lot of us like to play in the, the altcoin markets and especially with the momentum money makers. There's a lot of opportunity there. We got Brian chat today. We're going to get him on the show later this week again to kind of COVID that. And he's got some interesting points about bitcoin as well. Actually he's thrown in the chat there for everybody that's live with us. But yeah, I think it's a zoom out. Like look at that chart. It's, it kind of looks, I mean you're the chart master, Brandon. That looks like a beautiful chart to me.
- [23:44]
Brendan
Yeah, exactly. Again, like we talk about some short term stuff happening and like, yeah, like there is a chance that we do break. There's a chance we see more downside still. But again, TiVo, what do we say? When in doubt, zoom out. And you're right, you look at this and it's like, oh, this isn't the end of the world. So you know, hey, we're still looking at this. Again, is there the chance for some more downside? Yeah, I think if you're a short term trader then this is going to be a much more big deal. But again, if you're like a long term investor, I've talked to quite a few long term investors and they don't care. They're like, oh, bitcoin drops to 90k. They just kind of shrug it off. That's whatever. Yeah, it's not a big deal to them. It's only to, I think the traders or to the short term people that feel like this is bigger than it actually is.
- [24:33]
TiVo
Well, everybody that's leveraged out of their mind. I think the great thing about us is and we talk, you know, on air, but also inside the community. Again, if you're interested in joining, always check down below. We got a $1 trial for you. I also have the link for, for Brendan's trading course down there as well. If you want to get more in tune with the charts. But it's like, obviously, you know, we talk about our leverage and our trades and you know, there's times where me and you're like, hey, we're gearing up. Hey, we're, we're kind of taking some leverage off. But that's again, when we talk about that stuff, it's a small percentage of our portfolio compared to what we just have, you know, in some of these blue chip long term investments that we don't touch. And so, yeah, do I get upset about some of my leverage trades working or not working or especially when they don't work? Yes. But I also kind of, to your point, when I, when I stare at, when I stare at bitcoin, I'm just like, oh, it might go down to 88k. I'll be like, yeah, I'll buy it there. Brian said that in the chat earlier. He's like, I'm a buyer at 80k. I'm like, yeah, anytime that thing dips below 100 at this point I'm going to start, you know, loading up again. And I, I feel like that would be, you know, you never know how much you're going to get tested, whether it's 85, 88 know, 70, whatever it is. But you know, I don't know, I feel like we've seen this playbook before in, in the long term, whether it's, you know, whatever, pick whatever, you know, S and P gold. And now bitcoin is, is kind of that new, new kid on the block. And that's kind of the, the story we've been trying to tell is like, hey, what, you know, percentage of market cap. Can bitcoin get to gold? Is the conversation that we've been talking about in this space for years, but it's now starting to get a mainstream conversation and this stuff takes time. So again, anybody that feels like they're panicking or anything, sorry, last point is like, I just think you're in the right space. And that's why we do this stuff. It's community, it's educational. But we're here together and again, we have a lot of fun at times. And then there's a lot of times where it's not as fun. And this seems to be the not as fun, boring price action. You're not feeling healthy and happy. But again, the second half of the show, we're gonna give you all this bullish news. So I don't know why, why you'd want to exit the space now.
- [26:33]
Brendan
Yeah. And I, I Don't think people, at least the vast majority of people, I do not think that people are concerned about bitcoin. I don't think that people are concerned about like anything related there. I think the big concern is altcoins is what will happen altcoins if bitcoin rolls over. Again, there's, there's very little concern from I think the average investor or even trader of like what if bitcoin spills over. People just aren't concerned about that. Like we've seen what happens in the past. Again, the big talking point here is the altcoin market because that's where you really start to see things draining. You go and you Look, Bitcoin's down 3% today. The average altcoin is down around 10%. I mean Solana's down 10%, Sui's down 10%. Aerodrome's down 11 and a half on those, down 10. 10 Avax is down 10. Ave is down almost 12%. Links down 11%. Near is down 11%. Penguins down 11. Like you look at these and they're down like almost three, four times what bitcoin is on the day. And so I think that is where people's primary concern is, is that like we were saying a little bit earlier, people are probably overexposed and over levered, probably overexposed to altcoins over levered on crypto. And I think that's where the pain is coming from and that's really where the big concern is because the altcoin season so far it's been good and there have been really, really big runners. But I would dare to say it hasn't been as good as some of the prior cycles and it hasn't felt as rewarding as some of the prior cycles. And then you get these big down moves and it feels like the down moves have been hitting harder than the moves up. And I think that's where people are a little bit more concerned with. And so that seems to be where a lot of the focus is. We're going to continue to talk about this. There are some more data points earlier, but I don't want us to dwell on, on some of the negative stuff too long. So we have plenty of good things to say and I'll handle stuff.
- [28:31]
TiVo
We got a couple quick hitters here and then we'll dive in on some, on, on the, the stat, not the stat of the day. I have the stat of the day at the end. The, the crypto person of the week is an absolute gem of a person. We'll get to him later. But again, just kind of around with this administration. Scott Bessant was tweeting out earlier this week celebrating these 17 years of the bitcoin white paper. Again, just kind of praising bitcoin again, this is the guy that we've correctly, might I add, have nailed that when we were doing the whole tariff things and breaking that down. I remember we were on the air and we pointed out it's like, hey, whatever. I would listen to whatever Besson says. I think he has the voice of the markets. He has the most trust from the Oval Office with President Trump. And there was, I think it was Peter Navarro and the Cantor, Cantor, Fitzgerald, Howard Lutnick, they were all mouthpiecing a little bit different things. And then eventually Besant came out on top and was the only voice and calm the markets down. And obviously it was a big rip from there. So him, him talking about it, I think it is a big deal. I don't think it's a nothing burger. I will say there was tons of action up front early in, in the administration. There hasn't been that much specifically around the bitcoin reserve. I think. I hope they're doing it, which would be the best thing is like they're doing it quietly and then they'll announce it. I also think that they know that they have our. And when I say are, I mean the, the space of like crypto support, they kind of have it in the back pocket. And so again, politics is all strategy. So they got us involved. You know, some might say it was pushing it over the line for, for a win for them. And then the fact that they know they have us in their back pocket, maybe they let us cool off now. They did a couple things. They're getting obviously the legislation there, but they'll let us cool off because again, election comes in cycles. So now we have a year until the Congress Senate cycle and then two years for the another presidential cycle. So it's like, you know, hey, we did some stuff, you're happy with this. But now we're going to put you on the back burner a little bit. That's a possibility as well. So what do you think about that?
- [30:38]
Brendan
Thought I have to inject one thing because I couldn't stop thinking about it after you. You brought it up. Number one, Scott Besson, a saint. You know, whatever this guy says, he's been amazing for the markets there. Did you see the tweet over the weekend of Trump getting up? I forget what it was for, but he's speaking on A podium and he goes, the quote was Scott Besant, you're doing a great job. How good is he on television? He soothes the markets. Me, I don't suit the markets. I sometimes disturb the markets.
- [31:12]
TiVo
Yeah, I know, I saw that.
- [31:14]
Brendan
It's my favorite tweet from the last month.
- [31:17]
TiVo
Yeah, that was a great quote.
- [31:18]
Brendan
But it's right, you know, it's right, it's right. So, you know, we don't want to, we don't want to glaze too much, but it's true, you know, historically, you know, like when that guy gets on, I think, you know, he really does like things.
- [31:31]
TiVo
It up, bro. Credit to us because that, that was again, that was a trying time of trying to figure out, you know, are you buying this dip? What's going on? There's so many mouthpieces coming out. And I thought we, I thought we gave, you know, sage education. It wasn't investment advice clearly, but it was just education of opinions and, and I think we nailed that one. And speaking of big time people getting involved with crypto, it's. Amazon is following the footsteps of IBM. So it looks like Amazon is now hiring a bitcoin and crypto ecosystem lead. So again, just a headline of news, just like IBM did last week and we covered that one. But you know, these major companies, you haven't really, you know, some people have been putting it on their balance sheets like, okay, we're going to buy some bitcoin and put it on our balance sheet or there's the treasury companies like MicroStrategy. But now that you're seeing some of these huge blue chip tech companies and you got to remember we've talked about this, I think on the show before is like comparing the, the bubble of, you know, the tech bubble of 2099 to today, it's like it's uncomparable because these tech companies have the GDP of countries. I mean they're massive, massively big. We've never seen anything like it. So hiring a bitcoin and crypto ecosystem lead sounds really interesting and we'll dive in and try and learn as much as we can. But I thought that was actually pretty big news.
- [32:49]
Brendan
Yeah, no, I would agree with. And that just goes to tell you, like these companies, the biggest ones in the world, they're making long term plays with these kind of decisions. These are saying these, this is going to be around for the long term. It's going to be a part of our company and we want to set up the infrastructure now to get everything else in line down the road like these are long term plays. And I think that crypto investors and blockchain enthusiasts should find this reassuring that we are moving in that direction. And that's what this, all of these kind of hiring moves mean.
- [33:26]
TiVo
Yeah, and it's not the only moves that big tech firms are doing. We saw Coinbase, Coinbase had a phenomenal earnings and they announced that Coinbase is long bitcoin. Buying some bitcoin, that was something that was definitely being tossed around especially on the X timeline is why doesn't Coinbase and Robin Hood as well and some of these exchanges, you know, getting on their case. But Brian Armstrong being such a leader in the space, it made sense for a little noise to be made and looks like they're, they've been heard, you know, increasing some bitcoin that will be held on their balance sheet. And then friend of the program, Jesse, Jesse Pollock for you know, building base in that ecosystem is also saying the increase their Ethereum holding as well. So you know, good to see these crypto companies adding some buys to their balance sheet. Not just kind of propping up ecosystems to you know, for trading and for profit, profiteering for the industry, but also leading the industry and holding the assets.
- [34:22]
Brendan
Yeah, spot on, man, spot on.
- [34:25]
TiVo
And then for, for our main event, let me make sure I didn't miss anything with Coinbase. It was just, just A final numbers, $299 million worth of Bitcoin in Q3 and you know, just be interested to keep watching, see if they keep adding. But the main event of the day, Brendan, it's, it's friend of the program, Jamie Dimon. Jamie, Jamie. Sorry, excuse me, I said his name wrong. Jamie, Crypto diamond has actually on a mic said that he is now pro crypto and crypto's building again. We just got to share this and listen to the, the horse's mouth here. Skeptical of crypto at one point. You're still gotten away with no damage so far. Crypto is real. If you mean blockchain stable coins, you have a JPMorgan deposit coin, you can move stuff. Smart contracts reveal all that stuff is real. It will be used by all of us to facilitate, you know, better transactions. And anybody skeptical of crypto, one more time, one point, you're still skeptical with no damage so far. Crypto is real. It can mean blockchain stable coins. You have a JP Morgan deposit coin, you can move stuff. Smart contracts are real. All that stuff is real. It will be used by all what you know, better transact. I mean if you just, if you just showed me that clip, Brennan, I would be like, I'd be like, wow, that guy is a big crypto guy. I mean, he's so pro on the technology and in the future of it, he must have a little bitcoin, a little ethereum, and obviously really bullish on the stablecoin story. Again, I think credit to us. I was taking a victory lap on X last week on this, but this show specifically, as always, try to just bring you the news as we see it, give you some opinions, have some fun. But something that we've consistently said, especially me, was like, hey, with this Jamie Dimon guy, like, you know, watch what they do, not what he says. And I think, you know, Blackrock and Larry Fink were the poster child of that for his old comments. And then doing the etf, and we see how successful that is. And the cat's out of the bag now because that was like a very, very pro crypto stance. Like not, not nothing said sounded nothing like what he used to say. And, And I just think I, I get that's how the world works, but instead of just a 17 second clip, I really think somebody needs to sit down and have a conversation with that guy about the future of crypto and technology and all that, because, you know, we, we reported on the show, we saw JP Morgan building, you know, crypto rails behind the scenes while Jamie Dimon was openly talking, you know, crap about bitcoin and crypto. So, you know, if you listen to here, you're definitely aware of what they were doing, but fascinating to finally see him, you know, basically have to be positive about the space.
- [37:03]
Brendan
Yeah, no, you're right, man. And it's. He was what I would say is probably like one of the last people who were holding out against bitcoin, against crypto, against all that. And he's finally come around, right? We're seeing all of those people and all those players all start to come around. Like even Schwab, right? For the longest time, they were kind of the butt of all the memes and JP Morgan and all these other people. I think the only other one that there could be is Vanguard. Who?
- [37:34]
TiVo
Vanguard.
- [37:35]
Brendan
Vanguard, yeah. Or maybe, oh, what's his name? The Gold Bug.
- [37:43]
TiVo
Oh, Peter.
- [37:44]
Brendan
Yeah, Peter Schiff or Warren Buffett. I think the day that those two come around, we'll be like, all right, all of the haters are gone. They've been, they've been annihilated. They've joined us and we'll see. I feel like those two are probably gonna die on their hill. But yeah, I mean I think, I.
- [38:05]
TiVo
Think definitely Warren Buffett's not coming around. He's got more money than you know, do you see the, the notice of. They have a record high like pot cash pile for, for his company.
- [38:16]
Brendan
Yeah. So 400 billion or something. Yeah.
- [38:19]
TiVo
Insane, insane amount of cash. So you know he could just clip coupons. He doesn't, he's got enough money for this clearly the rest of his life as he ages. But one of the goats and then Peter Schiff, I mean that guy has a bitcoin wallet address and accepts donation. So you know, he, he, we've talked about him and how he's awesome engagement, doing engagement and doing you know, kind of the media thing as well along with his gold views. But yeah, I think watching and, and seeing we've seen the headlines we reported on them of, of JP Morgan building crypto rails along with all these other big banks. So it'll be interesting to see, you know, again they're, they're giving loans on Bitcoin now. So if bitcoin was just a crap Ponzi and scam, like why would you be using it as collateral? That doesn't sound like a safe idea for a bank. So all these things are changing. It seems like the headlines are changing so fast and sometimes maybe the price doesn't follow it but that's, you know, that's the name of the game. As we continue on with kind of bullish sentiment, a fun little thing I saw pop up was Vitalik. A little quote from Vitalik. You don't, you don't hear or see much from him as much as some of the other people in the space. So when he has a quote, I like to pull it up. He says we need open source and verifiable self driving cars. And then I know kind of the. One of the things Tom Lee has said that Ethereum will be really useful for when it comes into the age of AI is we need, you know, to verify who are real people in the blockchain. And you know, I know he was kind of has a MoonShot investment through BMR and R for World Coin. Obviously bullish on Ethereum. And so I don't know, I thought the just tying those two together is like all right, Tradfi loves Tom Lee, Tom Lee loves Ethereum. Vitalik kind of saying something similar to Tom, Tom Lee about you know, verifying humans versus AI and using kind of crypto rails to do that is, is an interesting take.
- [40:11]
Brendan
Yeah, it is, dude. Could you imagine we have Ethereum cars driving around?
- [40:18]
TiVo
That was kind of trolling there. I was like, hey, eth car coming soon. Remember when Apple tried to. I think they announced they're trying to build like an Apple car and then scrapped it.
- [40:29]
Brendan
Oh yeah.
- [40:30]
TiVo
So who knows, maybe Vitalik's working on an Ethereum car. I do not believe. Yeah, I mean, just clearly that was a joke. I think some people I tweeted that from as a main quote tweet and people were just like, oh my God, he's not doing a car. You're an idiot. It's a joke, dude. It's the Internet. Take, take a breather. But let's finish off with I got a bitcoin stat of the day. As you can see here, I tweeted this, I said, I like this stat. Bitcoin dropped between 6 to 8% after the last three FOMC meetings and it made a new all time high. The next FMOC meeting. Will this pattern repeat again? So we had FMOC last week, obviously. Crypto, bitcoin, everything's down. Are we going to make a new all time high before the next one? We do not have one in November. The next one is December. So there's time here. I don't know. Brandon, what do you think? Bitcoin stat of the day? I thought it was pretty fun and it's kind of going to be that last push that everybody's been saying for the end of the year. You know, there's all the bulls were saying, you know what it was 150 to $500,000 price predictions we saw all year. So it's, it's the last push to kind of make that. What are your thoughts?
- [41:36]
Brendan
Yeah, I mean, I sure hope so. It is interesting that we, we tend to see these drops after FOMC meetings regardless of the outcome. Like some of those were nothing burgers, some of them were cuts. Right. The last two have been cuts and the one before that have been. Or yeah, two of them have been cuts and one of them was just no decision at all, no change. And kind of regardless of those, we see these decent sized pullbacks. So I do find that interesting and I sure hope that that kind of acts as a bottoming catalyst. And some of those examples we see that like we drop and then we rally and then we drop even more in like those last two examples. So I don't know, I think just looking at the last couple of months period, that's just kind of been the name of the game is like where we Rally and then we fall and then we rally and then we fall and we've been chopping. I think the number one thing that I'm looking out for here is when are we going to break out of this range? Are we going to break out of it to the upside or the downside? Clearly, we've been going sideways for about, what, I mean, four or so months now, basically starting for bitcoin when we broke out in July, and then for all of July, August, September, October, now November, we've just been going sideways from around 106k, 105k ish, up to around 125k. So there's this $20,000 chop zone that bitcoin's been in, and I think the big thing that people are trying to watch out for here is which one is going to break first? Is it going to be support breaking and we're going to have a spill or is it going to be resistance breaking and we're going to kind of sail to new all time highs? Ultimately, time will tell. Obviously, we're a whole lot closer to support than we are resistance. Right now, we're literally sitting on top of it. But that's the number one thing that I'm trying to keep an eye on.
- [43:22]
TiVo
Yeah, it's. It's well said. And just again, that was a fun little stat. It's definitely nothing scientific. Just like any little stat, it's all about gathering data, making decisions. But rest assured that you're in the right place for the rest of the year and for your entire crypto journey. Brennan, I appreciate you doing this on a Monday from the new, improved studio on my end. Guys, any final thoughts? Brennan, I'll toss it to you to wrap up, but just appreciate everybody being here. If you're watching the replay and you're new to the YouTube, give it a, like, hit the bottom right our logo. Subscribe and you know, if you're on the. We appreciate our audience over there as they've just been as consistent as ever.
- [44:00]
Brendan
Yeah. You know, my only other final thought here is that bitcoin dominance is probably going to be a big thing to keep an eye out on. I think we've mentioned this. I know I have internally with some of our groups, but I've said, listen, we've seen bitcoin dominance in an uptrend since September. Very clear, very steady uptrend. You had the one big liquidation event. Candle, cut that out. It's been a very consistent grind upwards since September. And when bitcoin dominance is trending up, I tend to not trade as many altcoins. So until we start to see a shift below, again, until we start to see bitcoin dominance pivot, I think you have to be somewhat skeptical or at least more conservative with the altcoins that you're picking. When bitcoin dominance is trending up, it's not one of those phases of the market where you can throw money into anything, make money off of it, get a quick return. It's just not that easy when bitcoin dominance is trending up. So, you know, I'm looking at it, you know, minus that big liquidation event, this is the highest level of bitcoin dominance that we've seen since early August and it continues to trend higher here back towards that 200 day moving average. So, you know, watch out with that, watch out with bitcoin. They're kind of leading the markets here as a whole. And yeah, again, the trend is your friend. When in doubt, zoom out. You know all the good sayings, that's all there is here. TiVo.
- [45:29]
TiVo
No, couldn't agree more. Appreciate everybody tuning in here on a Monday. We are definitely going to come back, whether it's with Brendan or Brian or who knows, maybe both later this week. I will post, yeah, I'll post in the, in the YouTube community there and on X for some times. But appreciate everybody tuning in. Have an awesome rest of your day and we've got an awesome interview coming out tomorrow. It's going to be opensea. You're going to want to tune into that if you haven't yet. Kind of hear about what's going on over at opensea and some talks about their token unlocks which is obviously really exciting for all. So great interview this week. Some more rundowns later in the week. We're gonna see everybody later. Thank you for tuning in. Have a great rest of your day. But that's all for now. Bye bye everybody.
- [46:20]
Sponsor/Ad Reader
You hired a new employee. Time to get to work, right? Not quite. First you need to get a bunch of HR tools for payroll and benefits. Then you'll need to add IT software to manage their devices and app access. You also have to track their expenses, so you'll need different finance software for that too. Oh, and none of these softwares work together. That's sad. Software as a disservice. Rippling is built to serve your business. It lets you run hr, IT and finance on one unified platform. Rippling provides time saving automations and connected workflows across your departments so you can finally find time for the work that matters. And for a limited time, you can get six months of rippling free when you sign up at rippling.com podcast. That's R-I-P-P-L-I-N-.com podcast for six months of rippling free. Terms and conditions apply.
- [47:17]
TiVo
If you're a maintenance supervisor at a manufacturing facility and your machinery isn't working.
- [47:22]
Brendan
Right, Grainger knows you need to understand.
- [47:24]
TiVo
What'S wrong as soon as possible. So when a conveyor motor falters, Grainger offers diagnostic tools like calibration kits and multimeters to help you identify and fix the problem. With Grainger, you can be confident you have everything you need to keep your facility running smoothly. Call 1-800-granger. Click granger.com or just stop by Granger are the ones who get it done.
- [47:48]
Brendan
If you're a podcast host, listen up. This one's for you. My name is Allie Jackson. I'm the host of Finding Mr. Height, a dating and relationship podcast that I've been doing for four years now, sharing my positive and practical approach to dating that's built on my own life experience. Experience. And I wanted to share another experience that I've had my secret behind monetizing my show. It's called Red Circle, and I was just telling my colleague about how much I love their platform. With Red Circle, not only am I getting a seamless hosting experience, but I also love the support I receive in ad sales. It's not just typical ad sales either. It's targeted opportunities based on my show and my life. And the platform is super simple. You just set your preferences and Red Circle matches you with sponsors that align with your show. You can vet every opportunity and their platform gives you great analytics. More recently, too, my Redcircle team has brought me opportunities outside of my podcast on social media to really augment the podcast partnerships. Bring them full circle. I just can't recommend them enough. If you want to give it a try, go to redcircle.com to get your free trial. That's redcircle.com for a free trial.