← The Wolf Of All Streets
The Wolf Of All Streets
Bitcoin to $745,000?! This Billionaire Says It’s Inevitable!
00:57:37
Bitcoin to $745,000?! This Billionaire Says It’s Inevitable!
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- [00:01]
Scott Melker
According to Pantera CEO Dan Morehead, Bitcoin is going to $745,000. Why are we discussing that? Because it might get you guys to watch the stream by putting a huge number in the title. That's honestly, that's the reason there's so much more to talk about. Like the absolute political circle jerk yesterday that was passed off as a press conference about crypto. Of course, XRPL going down for 64 minutes and what that means. Everything happening with the SEC. We've got a lot to talk about. Luckily, I've got Josh Frank here from the TIE to unpack all of it. Let's go. Let's dope. What is up, everybody? I'm Scott Melker, also known as the Wolf of Allstreets. Before we get started, please subscribe to the channel. Hit that like, button. Gonna bring on Josh right now. Josh, do you want to get in trouble at the very beginning of the stream or should we skip the Ripple thing?
- [01:10]
Josh Frank
It's up to you. It's your stream.
- [01:12]
Scott Melker
Yeah. So I have a team, obviously, that tweets news and they had the audacity to type this headline, ripple restores XRP ledger after 64 minute network outage. So the XRP ledger, XRPL was down for 64 minutes. The XRP army eviscerated me for the claim that Ripple restores the ledger because it's decentralized and these are nodes. I did go ahead and correct it and it was the validators, they blew on the Nintendo cartridge and they brought it back up. But how are they missing that? There's a story here that this ledger wasn't working for 64 minutes.
- [01:48]
Josh Frank
Yeah, I mean, it's also what's interesting to me too is in any other market, things go down. Like things just don't always work 100% of the time. And to think that things in crypto are going to have to work 100% of the time, especially when they're emerging technologies, I think is a little bit of a ridiculous idea. Like, for example, our database provider, it's a major database company, went down and that impacted like hundreds of thousands of businesses around the world. AWS has outages in some parts of the world.
- [02:18]
Scott Melker
Dude, Cloudflare crashes half the Internet like once every six months.
- [02:22]
Josh Frank
Right. So I think, I think to think that, to expect that. And obviously, look, the goal is to make sure that things are up 100% of the time. But I think we have an unrealistic expectation of digital assets that we expect things to work 100% of the time. I know that's not the story here, and I know you're looking to get me to shit on somebody, but I. I'm not.
- [02:40]
Scott Melker
I'm not. Actually. I totally agree with you. Like, I think that that's what I was hoping you would say. Like, things happen. Yeah, it's really, really not that big. I mean, it's because bitcoiners freak out about anything that's not, like, truly decentralized in their mind. And it rehashes those debates. But if you view these things as tech companies, which I do, like, they're going to have some issues.
- [03:04]
Josh Frank
I mean, I think. I think decentralization was part of the initial ethos of crypto, but it was a lot of it was a facade to avoid the SEC under. Originally, Clayton, obviously, he was more. More pro crypto than Gensler. But still, they were, you know, they had attacked crypto. I mean, the ripple lawsuit started under. Under Clayton, not Gensler, the securities lawsuit and Gensler. But now that our president can launch Tokens two days before he comes to office, I think that this, the securities or the decentralization facade or theater that we've been playing, I think is going to. Is going to wean away a lot. I mean, I'm not saying it's entirely going to wean away, but as we've seen with decentralized governance, it's not necessarily the most effective way to govern an organization.
- [03:54]
Scott Melker
Yeah. Speaking of which, should we just launch a pump fund right here, like Josh Token or something?
- [04:00]
Josh Frank
I think we should launch Scott Token. We were talking about this before the episode. I was like, scott, at this point, you should just launch Token live on air.
- [04:06]
Scott Melker
As long as I don't sell any, it'd be fine. Right?
- [04:08]
Josh Frank
Don't go on pump. Scott did not launch a Token. Don't try to pump something that has the name associated with.
- [04:15]
Scott Melker
Was definitely not me. I mean, but listen, you just hinted kind of at this changing regulatory environment, which we've talked about endlessly. We know that the minute Gensler was out the door, Hester Purse obviously formed a committee, a crypto task force. They reverse SAB121. Well, now they're not slowing down. They basically laid out 10 priorities for the new crypto task force. I don't think we need to dig so deeply into them. But it's very clear that she's trying to get a handle on this. Put out rules of the road that are less contentious and more favorable to the industry. I mean, at the same time, we had news that that ain't it. I don't know that the US SEC scales down crypto enforcement unit while task force gears up. So they like moved 50 people that were focusing on crypto out of there. These cases against Coinbase and such are probably going to go away. I mean, how much does this matter?
- [05:07]
Josh Frank
I mean, I think it definitely matters a tremendous amount, but I do think it was priced in. I mean, and I think you see that yesterday getting a sell off after the David Sachs press conference. And he doesn't, you know, there's no crypto strategic reserve finalized or announced yet. Right. So I think part of it's prep priced in. I mean, I think part of our narrative has been, hey, you know, the reason the industry hasn't succeeded is because of the Biden administration. But now that that's gone, what's the next narrative becomes the question. I think it's a good thing, broadly. I do think we need protections for investors. I think, look, as much fun as pump fun is, and launching meme coins and bullshitting is, and gambling is, at the end of the day, if we want the pie to grow, if we want the, you know, if we want the market cap of crypto to grow overall, you know, people's first introduction to crypto shouldn't be getting rug pulled by the President. Right. Or I have rug pulled as the right. Right word.
- [06:05]
Scott Melker
Come on, man. Yeah, you know, it's decentralized.
- [06:08]
Josh Frank
It's decentralized or going on pump fund and losing their money, you know, 90% of their money, it's just not a good way to grow the ecosystem. You need to grow the ecosystem by bringing people in, giving them reasons to use the ecosystem. As we've seen with, you know, stablecoins and developing economies, as you've seen with, you know, potentially some of these lending protocols and other reasons to use digital assets, the challenge is if you just introduce people with, with crap that they're going to lose money on, they're not going to stay. Right. And so I think we, I think moving to this, this direction where we have a more friendly regulatory regime is a good thing. I think there needs to be guardrails, you know, some reasonable, reasonable guardrails. I'm not saying that, I'm not saying that we need to attack tokens as being securities. I'm not saying that we have to. The SC needs to sue issuers. Just saying, maybe, you know, let's stop, you know, you know, I'm saying maybe.
- [06:59]
Scott Melker
You know, like when one party is completely in power and they've been Screaming from the sidelines for four years about how everything's wrong with the country and then they get in power and like completely botch it and can't get their shit together. That's the crypto industry. Now we got everything we wanted and now we have to actually prove that we're worth something. And obviously our once, you know, the lobby came together to get rid of Biden, but now it's a fractured lobby all over Washington and self interest and we have the president launching meme coins, and we're basically showcasing the worst of what this industry has to offer thus far. And by the way, if you want to know why I would never launch a token. What? Fucking clowns. You're just talking about launching a token. Made me unsubscribe this shit. We were kidding. We were mocking people who launched tokens. But thank you, thank you for that. But yeah, so I mean, now we have to actually prove it, right? Like we have to do something with this technology. Is anybody using it? You always have the data, like, are we using this more than we were? Are we still just gambling?
- [07:54]
Josh Frank
Yeah, I mean, there's definitely increased usage of different applications. I mean, I think as, as we've talked about before. I know you're an investor in them, but with Gonzilla, you know, people are actually using Godzilla. So there definitely is usage in pockets of crypto overall. There are definitely places in which there is not usage. One fun example, I went and I looked at the number of daily active users on Decentraland just as like a fun little throwback.
- [08:19]
Scott Melker
We're in the metaverse.
- [08:21]
Josh Frank
I mean, let me look at the number today. But you know, this is the problem with crypto, right? Like you have, you have, you know, narratives that, that, that pop up, right? And people get really excited about a narrative. It's thing pumps. But that doesn't necessarily mean there's going to be any users or traction. So do you know how many. And this is, this is according to DAP Radar, so I'm just pulling data from their website. How many unique active wallets there have been on Decentraland over the last 24 hours? And by the way, it trades at, if I'm not mistaken. Let me just pull it up. It trades at a $800 million market cap. How many users are using Decentraland today?
- [08:58]
Scott Melker
Six.
- [08:55]
Josh Frank
37. Six.
- [09:00]
Scott Melker
Oh, I exaggerated by six times. Yeah, yeah, 37 little avatars running around with no arms and legs in the metaverse trying to find Snoop's house. That cost in the last.
- [09:12]
Josh Frank
The more fun Question is, how many employees does the central end have on LinkedIn? They have 138 employees. So 101 of them haven't even used the application today, I was gonna say.
- [09:24]
Scott Melker
So they're not even using it. My God. Okay, so we know that we see these narratives come and go and die, but it does seem like we're making a lot of progress. Right? We had that. As I alluded to, the worst press conference I've ever seen in my life. Led by David Sacks, Crypto aizar. Listen, I think the problem is that we all of a sudden expect things. And if you went into these press conferences with no expectations, they're exactly like every other political press conference. It's a bunch of like word salad and guys like complimenting how great they all are. And, you know, hair leader Trump is like doing a great job. And whatever they did say to be fair that we are going to get bicameral, I believe was the term. Now I'm trying to find the article because I'm struggling today. I don't even know where it went, but. But yeah, bicameral committee on crypto assets. So we are basically going to get a push on market structure, a push on stablecoins. Hagerty actually put forward a stablecoin bill yesterday in the Senate for anyone who missed that cost called genius. So listen, everything that we want is happening. It's just not happening in the way that our little echo chamber wants it to.
- [10:32]
Josh Frank
Yeah, I mean we need to onboard new users. That's at the end of the day, we need new money to flow into the space. We need more users and we need more capital and it can't just be coming from us. And that's the most important thing. Hopefully. You know, I think the way that this plays out, and we kind of alluded to this, or we spoke about this, sorry, rather before, before we started. The live stream is with multi asset ETFs. The Bitcoin ETF has been an incredible way to onboard people into crypto. Both individual investors, but also institutions, also hedge funds that are doing the basis trade between CME futures in the ETF and getting exposure to the market, which is caused a tremendous amount of buying pressure for Bitcoin. It has not worked out quite as well for the Ethereum etf. But ETH has had other problems beyond that recently.
- [11:23]
Scott Melker
But I do think ETH is perfect. Come on.
- [11:26]
Josh Frank
But I do think, I do think as we start to go down the list of tokens by market cap, more and more assets are going to get ETFs. Hopefully that drives up liquidity. I think it will, especially if they're matching CME futures. The cme, for example, announced that they were going to launch Solana Futures. I think that that is going to be a really big deal. I think that's going to make it easier for people to get exposure to crypto. But I also think with the repeal of SAV121, I don't think that that should be understated how important that is. You can now have banks offering more services around digital assets. So I think, you know, I think the legislation change is going to enable more traditional financial institutions to come into the market, offer more trusted solutions and solutions that are coming from firms that have really strong balance sheets. Potentially that means they build technology, could also mean that they buy crypto companies. So I do think in the long run it's going to create better infrastructure that's going to enable more capital to come in and size capital to come into. The space point where I was making earlier though is just like, you know, the introduction of people needs to be more legit than what it is today.
- [12:32]
Scott Melker
Yeah, we actually, I wrote a newsletter about it this morning. There's some interesting ETFs that launched I wasn't even aware of in January, which from a company called calamos. They're CBOJ, CBXJ, CBTJ actually, which have 100%. Everything has risk but 100% downside protection, 90% or 80% meaning you can lose nothing 10% or 20%. They basically hedge it out, earn yield on USDC, do all these creative things to make sure that you can't really have much downside, but you also have capped upside. But it's really an interesting way actually for someone with a conservative portfolio to start to think about getting exposure to Bitcoin. I have no idea how successful they have been. But to your point, indexing is where it's going to matter. That's how everybody invests. Like a top 10 token index, DeFi Index, Metaverse index.
- [13:21]
Josh Frank
Yeah, I mean, I think where that's really going to drive value is once you start to get these larger indices right. So once you start to get top 25 top 50 asset indices, I think that's really where you're going to see value driven. The reason you're going to see value driven is twofold. The first is, as we know, when a new asset enters the S&P 500, it gets a tremendous amount of buying pressure because the amount of people that hold spy and other S&P ETFs. Right. And so it introduces a ton of buying pressure. I think you'll have an instance in which, you know, you could have these indices, potentially equally weighted indices. They could also be market cap weighted indices, whatever it is, but these smaller cap assets that get, get, you know, to be part of these indices that become ETFs. And I do believe sooner than you think you will see multi asset ETFs. I think it's going to happen relatively quickly. I don't mean necessarily in the next quarter, quarter, but I do think within the next year we're going to start seeing more creative products and we're already starting to kind of see the pieces come together. If the SEC's view is that these things are generally not securities and the Trump administration is trying to support the crypto industry, why not launch a top 50 asset ETF or a top 25 asset ETF? Right. So I think it's going to create buying pressure, but I also think there's going to be a lot of demand for those products from hedge funds that want to short them. And the interesting thing there is right now it's really difficult to kind of short the overall market. So like, imagine you are a hedge fund, you want to pick five or six or seven winners and you basically want to, you know, you basically want to say, hey, I think these things are going to win relative to the overall crypto market. Right now there's no way to really get that exposure. You have to pick individual assets to short. So what you could do is you could long an individual asset and then short the market, which I think also potentially could create a situation in which we're seeing more outperformance of certain assets than others as well.
- [15:09]
Scott Melker
Yeah, I mean, imagine having been long Solana through this cycle and short the market, but yeah, short a, you know, basket of top hundred altcoins.
- [15:19]
Josh Frank
Yep.
- [15:20]
Scott Melker
It would be so rich.
- [15:22]
Josh Frank
I think, I think there will be a lot of demand for that product.
- [15:25]
Scott Melker
I think there'd be a ton of demand for that product. Do you think that that will be in ETF wrappers?
- [15:31]
Josh Frank
I do think it will be an ETF wrappers. I think it could not be an ETF wrappers, but I do think it will be any. It could be in both too. It could be the same index. One could be launched by. I mean, Coinbase did Launch a Coinbase 50 index through publish International. I don't think there's so much volume behind it yet. I don't think you can do size on that, but I do think we'll see more products that look like that, both within crypto native form and within ETFS as well.
- [15:58]
Scott Melker
I think Coin Market Cap has a top hundred. Something around you can also get exposure to somehow.
- [16:04]
Josh Frank
I'm not sure. Yeah, I'm not sure. I mean, there's a lot of these, there's a lot of indices that have been built. I'm not sure there's necessarily liquidity behind any product.
- [16:11]
Scott Melker
Yeah, that makes sense. Do you find it curious that every time these government councils basically talk about crypto now, they very rarely mention bitcoin. Now, David Sachs in the conference yesterday was forced to because they asked him about strategic bitcoin reserve, but it's like they're allergic to actually saying bitcoin. Not saying for better or for worse. He did go on CNBC after the conference and say that he thinks bitcoin is an excellent store value. Pointed out that it's never gone down. But it seems like they're very non committal to the bitcoin side of things and that they're probably looking at this more as a basket.
- [16:46]
Josh Frank
Yeah, I mean, I think the. That's kind of the opposite of what the last administration did, where the last administration was. I wouldn't say they were supportive of bitcoin, but they, you know, through, through litigation, the ET, the Bitcoin ETF, then the Ethereum ETFs got approved. I think, you know, the lobbying that came in was from the crypto industry broadly, it wasn't just from the bitcoin side of the crypto industry. Right. And so I'm not, I'm not necessarily surprised. I do think there is a difference between bitcoin and the rest of crypto, though.
- [17:21]
Scott Melker
Yeah, I think so too. And I think that will slowly become very, very clear. I mean, bitcoin already has regulatory clarity at etf and it's bitcoin. I'm curious as to what the next round of ETFs then will be, because we have Solana, obviously. XRP, DOGE.
- [17:40]
Josh Frank
It's going to be. Yeah, Litecoin, Solana, XRP. Like anything. Anything that. Yeah, it's going to be single assets and it's just going to, like, once it starts, it's just going to be everything. And look, a lot of these things are going to have zero demand. Right. Like, yeah, like. Yeah, because you can. Right.
- [17:58]
Christopher Inks
And.
- [17:58]
Scott Melker
Yeah, no, I agree. I'm saying nobody's going to buy them. Right.
- [18:01]
Josh Frank
Like if there's, if you're, if you're an etf, issuer and you've already done all the paperwork to launch a bitcoin etf, to change the word to litecoin or, you know, something else, it might not. And a lot of people are just going to piggyback on the work that the larger ETF issuers did. Like, you know, a lot of the legal cost that was bared on getting the Bitcoin ETF approved, that was on BlackRock and Fidelity and some of these larger issuers that invested a huge amount of money and then everyone kind of copy pasted what they had done and submitted it to the sec. And I think once you get, you know, once you get further down the risk curve, you start getting some of these altcoins approved. People are just going to copy paste those applications, submit a million of them, list everything, and hope some of them get a un.
- [18:42]
Scott Melker
I mean, if. If a few get approved and do actually, well, it would almost be like those are the ones to bet on as winners for the cycle. Just because there's institutional access to them. It becomes this kind of interesting. Have or have nots.
- [18:54]
Josh Frank
Maybe. Maybe. Well, as a spectrum. Right. So I think it just depends what what well means.
- [19:01]
Scott Melker
Yeah, absolutely. So listen, you showed me this on the tie, so I'm going to bring it up. Josh is the CEO of the tie, by the way, which is what I use for getting all of my information and data and everything. But you have this new news tracker, which is amazing. You literally just showed me. And I was looking at it as we were talking. I see one of the top stories here. Peter Thiel backed crypto firm Bullish Global considers ipo. So, first of all, like, I am impressed they're big enough to consider an IPO bullish. Obviously they now own CoinDesk, quite a few things. But is this the next other wave? Is these companies all IPOing now that it's sort of safe and we're not? I mean, IPOs in general forget, even crypto, have just died for the last four or five years.
- [19:45]
Josh Frank
Yeah, I mean, I think there was a lot of. Well, I mean, yes, IPOs have died broadly. You know, public markets haven't valued things as much as private markets have necessarily valued things. But I do think a lot of it has also been the SEC rejecting anything that looks like crypto. I mean, if you think about it, obviously you have a bunch of the bitcoin miners that have listed publicly, but outside of that, you really only have coinbase. I mean, keep in mind, Galaxy is a gigantic company that is still listed in Canada. It hasn't even had an opportunity to uplift to the US yet. And so I think you're going to see a massive or massive is a big word. You're going to see a wave of US based listings. I think Bullish is a good example of one. I think Galaxy will definitely uplist in the U.S. kraken will list as well. Not this year, but next year. And there are some other firms as well. I think, you know, once, you know, they're not, they're not yet quite big enough. But Fireblocks and Chainalysis and a few others will also go public. And I think it's an incredibly important thing. And the reason that I think it's an important thing is it's going to spur a round of venture funding into crypto. Because right now one of the problems that exists for equity businesses in crypto is they can't really exit because there's no buyer, right? There's no, there's no public market buyer of some of these companies. Companies can't raise a ton of debt to go out and acquire other crypto businesses. They can't be rolled up into public markets. You know, people don't necessarily want to trade their equity for somebody else's equity, which isn't liquid. And so what these companies going public means is I think there's going to be a massive, a massive amount of acquisitions of equity crypto businesses rolling into these public companies or roll ups of other crypto businesses that then go public. And so I think that's going to create an environment where you start to see a slew of acquisitions. You know, venture funding starts to come into the space. I mean, you know, we've seen, you know, kind of a move away from equity businesses in crypto raising capital to token businesses raising capital over the last few years. The reason being is because as an investor you're trying to get a return. And with equity companies, I mean, you think about like obviously Bridge was acquired by for 1.2 billion, but outside of that, if you look at some of the biggest acquisitions in crypto ever Curve by PayPal for $200 million, right? You know, like Kraken acquired, what was that, like futures trading platform in Europe for a couple hundred million dollars. I mean there's a few, I mean MasterCard bought cipher trace for I think a few hundred million dollars. I mean there have been some, but they're not gigantic acquisitions and gigantic deals yet. But once a few of these equity businesses go public, I think you'll be able to start seeing some of that these businesses are going to want to add diversified revenue, they're going to want to grow ebitda and so they're going to. I think there's going to be a lot of demand and competition to acquire companies beyond just Coinbase. I mean Coinbase has kind of been able to pick and choose what they want over time, but now there are multiple people that can be buyers of these businesses.
- [22:41]
Scott Melker
I mean, with a couple minutes left, sort of circling back to our original conversation, which is we just need people to use this stuff. Okay. You gave Godzilla obviously off the grid as an example. That's a game that people are actually playing. It was a top three game. Amazing, right? It's got blockchain base. I mean what else excites you? What else do you think can get people actually using this stuff? I mean we often talk about obviously stablecoins. We'll see how that legislation shakes out. But beyond tokenized US dollars in one video game, what's coming?
- [23:10]
Josh Frank
I'm not necessarily the expert at that question. So I mean I think there's so many different narratives now in crypto. Obviously you have AI you know, depend was a relatively large narrative, you know, a few months ago. You have gaming. I think it's a, I think it's a difficult question. I mean if I, if I knew, if I totally knew the answer, I'd be, you know, I'd be making a ton of money betting on those, those different areas. So I still think, and I know I talk about it a lot, but I still think stablecoins is, is just a really big thing in payment. Rails payment infrastructure. Anything that's kind of payment related, that allows for, you know, seamless cross border remittances. I mean like I, as an example I was at, so, so my wife, you know, has a, has a jewelry business on the side and I was at a gem and mineral show with her buying, you know, buying stones last week. And there were multiple vendors from outside of the US where it was almost impossible to pay them. They couldn't take credit card. They like, they couldn't, they couldn't use Zelle. They needed wire transfers but we were doing the transaction on a Saturday so the wire wasn't even going to clear until the Monday and we could cancel the wire on them. It's just like an, it's just not great. Like cross border payments are not good. The infrastructure that exists is not good, it's expensive. So I genuinely think anything within that kind of payment space and I think that can benefit a lot of different Areas in crypto, like I think layer ones that facilitate payments, I think will benefit because the native gas token is going to be used to facilitate those payments. You have stablecoins that I think are going to start offering yield to clients, which I think are going to be interesting. I think there's a lot that will kind of benefit out of that. But I think to me that's the biggest thing. It's, it's, it's, it's payments, I think is the most exciting thing still stable coins.
- [24:53]
Scott Melker
The answer is it's still.
- [24:55]
Josh Frank
I went broader. I threw L ones in there. I now I like it.
- [24:58]
Scott Melker
Yeah, I agree, I agree. The l ones now 2 is that have stable coins on them.
- [25:02]
Josh Frank
At least I'm consistent.
- [25:03]
Scott Melker
Yeah, I agree with it. I mean, that's been my take for a very long time. I'm just excited to see some other things show up. I mean, you guys, but you guys at the time, you've got a lot of crypto on the balance sheet, right? I mean, you guys are believers.
- [25:15]
Josh Frank
Yeah, look, I. Between my liquid and illiquid net worth, I mean, I'm very, very, very exposed, more exposed than probably all of your listeners to crypto. So I, I have, I have very strong exposure to the market. I believe in the market broadly. I think that the market is going to grow overall. I think if you look at crypto outside of bitcoin, it's maybe a trillion dollars, a little bit more, maybe a trillion and a half. Crypto broadly, if you remove bitcoin, is smaller than Apple and Nvidia and a lot of giant tech companies. And so I think betting on that market overall growing is a worthwhile bet. Personally, I take more of an index approach and we do on our balance sheet, we have exposure to a wide range of, of assets where, you know, we support all the builders in this space. I think there's a lot of great tech being built, but I think it's a rising tide. Lift all boats. If we build good tech, if we build good experiences to onboard users, if we take care of the users that are coming in, if we make it easier, I think that's one of the biggest things. Like we had to pay for a data set at the tie and in order to pay for that data set, I needed to get dye on optimism to pay a subscription fee and that go. It was just this incredible experience like bridging, bridging, bridging assets to optimism, needing to get eth to then bridge eth to optimism to then have enough money to bridge dai. Over to the chain. It's just an awful. It's just, it's just not a good user experience. Right. It's just, it doesn't create. It's just not like if I'm struggling to use it, no one else is going to figure out how to use it. Right. I'm not saying no one else. I'm sure a lot of you guys are more intelligent than me, but the broader majority of people that we want to onboard, you know, into crypto can't be told, hey, the only way to pay something is to bridge DAI to a different chain.
- [27:03]
Scott Melker
Guys. Like one button, man, you gotta. And it's. I mean it's all being built, but you just have to click one button and send money.
- [27:09]
Josh Frank
Yeah, that's it. That's it.
- [27:10]
Scott Melker
Completely abstracted away.
- [27:12]
Josh Frank
It's. That wasn't a dig on DAI or optimism or anything individually. It was a dig on the way that the product owner thinks about onboarding the user onto that thing. It just, it just doesn't work. Right. And so, yeah, it's building seamless interfaces where you can interact with it not knowing you're touching crypto. I mean, at the end of the day that's, that's the way we get users that Godzilla has done that. Right. Where you interact with the game. You don't even know that there's NFTs and things behind the scenes. Right. And so I think, I think there will be other ways. Like, you know, Stripe has the ability to pay invoices using stablecoins now that's great. Like anything like that, that's easy. I think is a great way to kind of onboard and on ramp users.
- [27:51]
Scott Melker
So. So you're more exposed, but they're more intelligent.
- [27:54]
Josh Frank
They'll take it a hundred percent. I. A hundred percent. That is, that is.
- [27:57]
Scott Melker
You're more intelligent. 100% to me as well. Applies 100% to me as well. Oh, I know you have to go, but I have because we did it in the title and people are very mad at our hyperbolic. I have to show you Dan Moorhead saying this. Okay, cash out here. Yeah, it's not going to zero.
- [28:12]
Dan Morehead
I used to tell people it could definitely go to zero to try and be, you know, conservative. I don't think it's possible now. 50 million people in the US own it, 300 million people globally. BlackRock and Fidelity are selling it like it really has reached escape velocity.
- [28:26]
Scott Melker
But you're 745,000. I mean, I heard 13 million from Michael Saylor the other day.
- [28:36]
Dan Morehead
I think it can go, it's going up three orders of magnitude since we launched our fund. I think it could go up a fourth. And that puts it at 15 trillion market cap, which still seems relatively small, versus 500 trillion of financial assets.
- [28:50]
Scott Melker
That that's doable. I mean I literally what's hilarious is that like I met Dan in Singapore maybe two or three years ago. I was like, I got to get this guy in the podcast. And as I was looking at that, I found because I'm an add like complete spaz, I literally like found his business card after all this time sitting here in a pile on my desk right under this Sheba thing.
- [29:14]
Josh Frank
He's basically saying it will be worth gold. I mean gold is at about 19, 19 trillion. So it's basically a little bit smaller than gold. If you think it's worth gold, it's.
- [29:24]
Scott Melker
Whatever, 900, whatever the math is 745,000. Great, man, thank you so much as always. I don't know why it's been so long since we've done this, but glad to have you back and we need to do it again more regularly.
- [29:35]
Josh Frank
Thanks for having me. Bullish. Stable coins.
- [29:37]
Scott Melker
Yeah. So bullish. Stablecoins.
- [29:40]
Josh Frank
Stablecoins are going to the moon.
- [29:42]
Scott Melker
Yeah. All right, man, have a good one. Speaking of stablecoins and we were, you guys know as we're talking about all these blockchains that working very closely with Aptos here as a very long term sponsor of the show. And one of the biggest stories obviously that they had of late was launching native USDC and cross transfer protocol. One of the big pieces of news for Aptos like literally in the last two months they've deployed AAVE integrated chainlink data feed, launch native USDC and introduced their Zaptos architecture on top of that also. I mean this is crazy. This is their monthly active addresses which are up hit 16 million. Looks like it's actually pushing towards 20 because it's a few days ago. And that was 3 million wallets added in the last week alone with 50 million total wallets. I mean, absolutely going parabolic. So the good news is that as Josh and I have this conversation, people are actually starting to use this stuff. Like we're seeing this with Aptos, of course, but we all know how booming activity is on Solana and others. I think that pretty wild to see the growth when you abstract away all the news and the press conferences and the White House people are actually using this stuff. So check out aptos. No affiliate link or anything. Of course. Check them out. And without further ado, Mr. Christopher inks here to talk about charts. Bitcoin to 745, 000 by next week.
- [31:08]
Christopher Inks
Next week? Yeah. Can you make us wait that long?
- [31:11]
Scott Melker
People get mad. Like, people are like, your titles are so hyperbolic. Dude, you clicked. You're here. Thank you.
- [31:16]
Christopher Inks
You know, and that's the thing, right?
- [31:18]
Scott Melker
My title should be Nothing's changed since yesterday, but please complain about it as.
- [31:23]
Christopher Inks
Far as the titles go. But they won't click unless the title is that right? So it's ridiculous. It's, ah, you can't make people happy. Dang it. It is what it is, right?
- [31:34]
Scott Melker
I said something bad about. I accidentally. One of my team members said something sort of maybe slightly inaccurate about Ripple today. And that was really bad.
- [31:42]
Christopher Inks
Yeah, I saw that. You know, you're gonna get some hate with that.
- [31:45]
Scott Melker
Yeah.
- [31:46]
Christopher Inks
But I mean, you know, at the end of the day, you know, people, I, I don't know, I, I, you know, I, you know that I trade based on charts, so I don't trade based on fundamentals, which means I tend to not get overly into whatever it is we're talking about. Right. Other than bitcoin. Other than bitcoin. And so, you know, but a lot of people, unfortunately, they buy and, and really they buy something that's really low value. So they low price, so they can feel like they've got a lot of it and then they hope that it goes to the moon and they start talking about all the nonsense about, oh, it's going to do this, it's going to do that. Guys, the reality of it is we're still kind of in this area where, I mean, your guests said it. You know, look at Decentraland. Decentraland has been around for how long and what, 37 active users. I mean, you know, maybe they'll pick up at some point in the future, but really that's still where we're at with most of these things. If you trade the charts, you'll be a lot better off, I think. But here we are with, with bitcoin. Right. And so anybody was following me knows I Talked about the S1 pivot here on the daily as a target.
- [32:54]
Scott Melker
Oh, damn, look at that.
- [32:55]
Christopher Inks
Just absolutely beautiful. Kissed it right on. Back up. Nice reversal here. And now we're just kind of hovering right here, you know, below that daily pivot. And so, you know, again, another higher low. We got demand showing up here. This, this is demand. When you have a candle that's got a smaller body toward the top of it, large, lower Wick and you have a big spike of volume. That means demand has shown up. That means demand is really there. And how do we know? Because if demand wasn't, you wouldn't have this much volume because it wouldn't take that much selling pressure to push it down. It's because it kept trying to sell and demand kept showing up and ultimately won out. And so I mean just absolutely beautiful move here if we zoom in here real quick. Really this is all we kind of need to look at at the moment here. Now I've also, I believe I posted this chart as well. We've got this descending channel. We've got you know, 1, 2, 3, 4 touches here. Let me move it down to the one hour. A little bit easier to say. There we go. And you know again at the top here, everybody trying to figure out why did, why did it dump. Oh, it was what he said on his, you know, his, his little speech thing. You know, he didn't say, oh, there was a bitcoin strategic.
- [34:09]
Scott Melker
Oh yesterday. Yesterday. That was the worst press conference. But like the fact that we expect anything from these press conferences is on us.
- [34:16]
Christopher Inks
Yeah, yeah, exactly.
- [34:17]
Scott Melker
They were. If they were like big announcement press conference on corn subsidies and like five guys showed up and like had a boring conversation that didn't really allude to what they were going to do, we'd be like haha, politicians, we would have never paid attention. I mean that was just a normal press conference that.
- [34:31]
Christopher Inks
Yeah, yeah, but I mean all you had to do, you didn't have to worry about that. You could just count five waves up. There we go. Boom. Right there at the, you know, if you had drawn in support here and pulled that channel up here and you're right there, I mean everything's screaming. Okay, well let's pull back the fact that we rallied on Monday, something like $11,000. 12 and a quarter percent, something like that. Yeah, there we go. Just over $11,000. Almost 12 and a quarter percent. Guess what folks, most of the time that's going to pull back a little bit after that. I mean so here we are, three waves back, potential throw under of this, of this local descending channel here. We pulled back as you can see here, just beyond 50 into the one hour fair value gap. I mean, you know, everything says there's a good chance we're going to see this pop back out. So as long as we break out above. And this is the as always like to say what chart it is. This is that bitcoin all time index chart. If it breaks out above that wave, be there at a hundred thousand eight, thirty three and eleven cents, we should be good to go. And if this is a one and this is a two, then we've got a minimum expected wave three up here at 115,710.
- [35:41]
Scott Melker
Yeah, but the title says 745,000.
- [35:44]
Christopher Inks
Well, this is just the, the next move on the way up. You know, you got to get to 115 before you can get to 745, right? Yeah, I mean that's the way it.
- [35:52]
Scott Melker
Is, that you're smart. I didn't know that.
- [35:58]
Christopher Inks
But anyway, once we get that breakout, that really sets up the move higher. Right. And so, you know, if you're looking this now, wondering what's going on, I mean it really is, you know, keep it simple. This is simple. You can count five waves up, it hits the descending channel resistance. I mean it pulls back into the fair value gap on the one hour. I mean this is all very, very simple stuff. I mean it's a lot of stuff to learn if you different things. But you know, throw under of the support here, everything. So we just need that breakout to kind of see. Okay, we're probably headed up to there. So I'm not overly concerned with it at the moment. Now this changes if we drop below the swing low here, below Monday's. When it was that Monday. Yeah, Sunday, Sunday night, Monday morning, kind of swing low there. If we drop below that, that changes things. But even then, you know, let me kind of pull us back up here to the weekly. I keep bringing this up. I mean, if we're above this weekly pivot here, if we're closing above this weekly pivot, I am not concerned in the least about, about the cycle at all. If we close down below it, I'm still not really concerned about it, but really we're well above it here. As long as we're above that, to me there's no reason to even consider that the cycle top may be in which I still can't believe people are actually talking about the dollar.
- [37:18]
Scott Melker
Like you just like you look at the bitcoin chart, it's just, it's going sideways, man. Like we went all the way up to like 108 and it's just like consolidating sideways between like 90 and 100 something. Who cares?
- [37:28]
Christopher Inks
And, and even here it's. It's a high, it's a low. It's a higher high. It's potentially a higher low. We have to get a breakout to a new higher, higher to get it in There. But, I mean, it's fine. Yeah. Daily stochastic RSI is almost reset into oversold here. RSI remains bullish above neutral, just below overbought. Overbought does not mean sell right away. Look, it stays overbought. It can rally. Look at this one right here. You hit overbought down here at, you know, 41 and a half, and it peaked out in overbought up there right here, around, you know, almost 70,000. So stop with the nonsense of thinking just because it gets overbought, you have to sell and it gets oversold, you have to buy. It can stay there a while. But I mean, it's. It's hard to get really, really bearish on this chart. And so the dollar, you know, I've been talking about the dollar potentially being topped out up over here. It looks like we've got 1, 2, 3, 4, 5 waves down. Looks like we got three waves up. It was. It was a deep retrace, I'll give you that. It went a little bit further than I thought it would, but big rejection on the rally. Coming back down. We're about to break down below here. So we've got a target down here. You know, this being a 1 and a 2 wave 3 would have a target around 104.69, by the way. This is that long term kind of support right here from that, just around 100. Come on up there. That we actually broke down through here and then got rejected at here. So I still think that looks like that top may be in and we're headed down toward 90, 93 at least. But, you know, again, we need to. Come on, we need to break down lower here. And then, you know, we need to pop these swing lows along the way. But the setup's there. The setup's there to continue lower. So if you're of the belief that a weakening dollar is good for risk assets, then guess what? Feel good, right?
- [39:17]
Scott Melker
I also saw. Yeah, I'm trying to. It's kind of similar, but now I'm trying to find the layout. But I think the 10 year. I mean, it faked out, but also was showing a potential kind of. Oh, it did not fake out anymore. It's breaking down. Let me look at this.
- [39:30]
Christopher Inks
Yeah, it was at four and a half recently. Yeah, there goes.
- [39:32]
Scott Melker
I mean, look at. I mean, that's a gratuitous head and shoulders with a very clear. Like the support also happens to be right around the neckline. And this is clearly breaking down.
- [39:42]
Christopher Inks
Yeah, yeah. And, you know, and that was what People were freaking out going, oh my God, it's going to get five, it's going to get five. And I was like it was up there about four, 4.9 somewhere up there. And I said no, I think this is probably the top. And again here we are. Big move down with that. So not hating.
- [40:00]
Scott Melker
It's crazy actually. I mean, you know, you would have expected on that that bitcoin or these things fly, but bitcoin really is, I just is not trading as correlated as people seem to believe it does.
- [40:11]
Christopher Inks
Yeah, yeah, exactly. And, and you know, I still see a lot of people, you know, they're still watching the, the bitcoin dominance chart. They're hoping bitcoin dominance drops so alts can go up. But again, you know, something I've talked about multiple times on here over the last year and it's this idea that, you know, because of the ETF inflows, because of of of fast fee, you know, companies can put it on their book, stuff like that. I, you know, I think alts are going to rally with bitcoin, you know and they have, you know, we had the meme coins last year. I think it's more of a sector by sector basis. I'm not sure we get the all season. Everybody wants you know and is used to we could still get it. But even to get it I don't think you need to have any kind of significant drop in, in bitcoin dominance because again you've got a different type of buyer that's coming in to the ETFs and into, you know, the, the. Because of the fast be bringing down other books and whatnot than just the hey, I'm going to ride it up and then take some out and cycle it through the other, through the other alts. So you know, again I, I think if you're just sitting there waiting for all season, guys, I think you've missed a whole bunch of opportunity already. Don't miss any more of the opportunity and just, you know, if you get all season, you get it, that's great. But you know, if you're just sitting around waiting for it and you don't get it, what happened then you just kind of screwed around for a few years, right? Don't do that. Don't do that. Too much opportunity here.
- [41:34]
Scott Melker
If you are going to do that, just be sitting in bitcoin while you wait.
- [41:37]
Christopher Inks
Be sitting in bitcoin. I tell you what, Dan, if you.
- [41:39]
Scott Melker
Are out there, people don't sit in stables. Not financial advice but like listen, if you're missing altcoin moves and you're freaking out and whatever, like, and you missed them. But you're sitting in dollars when you could have been sitting in bitcoin in this market. That, that's rough.
- [41:55]
Christopher Inks
Yeah. You know, bitcoin is a different thing. It's not that you can't trade it. You know, I do trade it, but I've got, you know, again, I've got bitcoin that I buy and I just hold and I don't ever touch it. And that's the key. I think if you're in the markets, that's the key. Because bitcoin is not just another crypto. It's not just another alt and whole, you know, buying and holding has proven to be very successful way of, of building wealth with it. And people now are scared to get in, like, oh God, it's a hundred thousand for one. Oh, that's. I can barely buy any of it. So I need to go buy this shitcoin where I can buy a million of them and feel like I'm holding a whole lot. You've got exponential risk when you're doing that. Right. You have to look at bitcoin. Yes. There's going to be more upside to bitcoin on top of it. It's working as a hedge against inflation. So that's two things in the, you know. And so the third thing is risk. Right. Risk adjusted return. This is, this is the least risky time in bitcoin's history, the least riskiest time to buy bitcoin, precisely because of all the tailwinds coming in. Are there headwinds? I don't, I don't know of any headwinds at all when it comes to bitcoin. Right now, everything's a tailwind and every day there's new tailwinds coming in. So I mean, it's, it's so simple. But people talk themselves out of it because they want to get rich quick. You know, they don't understand about protecting what they do have and what they may have in the future, you know, and so you guys need to be holding bitcoin. I. I can't say it enough. Again, not financial advice, obviously. Do what you're going to do. But it's my personal belief, which is why I do it. So I got a couple of charts here. This is Neon, man. Neon. We did really well with a few trades in here last week. Absolutely insane. Did really well. Got this deep pullback, just beyond 78. 6 here. It looks like we're on wave three, which has a target minimum expected up here at about just beyond 80 and a half cents. Breaking out above wave X here at 39.3 cents is going to add confidence to that, but looks really good at the moment here. So, you know, I just, I like it. It's one. It's one of my favorite potential setups. Right now we're back above the, you know, the hourly pivot here and whatnot. I do like that set up there. Shipping USD. Let me kind of pull this out here a bit. There we go. You know, this looks like a one and a two here. Now, what you're going to see, a lot of alts have this this Sunday night, Monday morning pullback with a large lower wick at the S1 pivot. And they're. They're either right on it or above it a bit that they close, but they've got the same kind of candle structure at the same support. This right here was a 70 and a half pullback. So if you see these charts that you have here, right. And you can just go up here to indicators and type in pivot points and just get the one that's up there in, in trading views, technicals area, just pop that on there. That's all this is right here. And if you're seeing, you know, a candle with a large lower wick support around the S1 pivot, you know, it'll dip through that pivot for most of them. If you're closing on the daily above the daily pivot, which I've got my blue in this case, but it just, you can't see here, it says P right there, so it's actually D pivot. If you're getting close above that, you should probably go long to the previous swing high at least. Now, most of these, they look like a one and a two on that pullback. But again, if we're doing that here on this one, it's right there about 0099. There's no reason why we shouldn't be looking at least to this swing high up here at 0.0189 up here and, and likely to break out higher. These setups look really strong at the moment. If we can get the daily close above the daily pivot, it really adds a lot of confidence to the idea that that that pullback's probably complete and we're going to break up beyond the most recent swing high there.
- [45:54]
Scott Melker
By the way, I agree with bitcoin dominance. I just have to say I agree that bitcoin dominance charting is silly. It's not a traded asset. And honestly, you need to take stable coins out of it probably to do it right, because historically they weren't. But if you were charting it that wick the other day and then this failure to get above that 61.53 level, maybe there's something coming for alts as you're saying, with all these setups. It's just good confluence when you see good setups.
- [46:22]
Christopher Inks
Yeah, yeah. You know, not surprised that it went hired and, and I think there's a good chance it continues higher as well ultimately. But again, to me that doesn't mean that alts can't move again. We're talking, you know, before we were talking about the same pool of players in both. Now we're talking about same pool of players in both and then additional players, big money players in Bitcoin. So, you know, again, if you ask me, I, I think, you know, you can still make a lot of money with alt here even with bitcoin continuing to rally. I, I understand we're not allowed to talk about Ethereum here because people are, you know, butthurt about it or something or they think it's the end of the world or whatever. So we'll talk about etc instead.
- [47:01]
Scott Melker
The original, that Ethereum, that Ethereum day the other day was crazy. There was, I just, I mean it was all, I mean that was all leveraged by the way. For anyone who was wondering. That wasn't like some fundamental, like on Ethereum that happened. It was insane though. I mean this was one of those things. A market maker pulled liquidity while people were selling and it caused a liquidation cascade. This is kind of like when bitcoin went from 6 to 38, back to 6 on March 12, 2020. Yeah, you know, like the liquidation engines were just firing into empty order books and just liquidating people with no buy orders. And it just, it's crazy. I'm not saying, listen, I'm not saying that like anything amazing about Ethereum here, but that's what happened.
- [47:42]
Christopher Inks
Well, what's amazing is a 25 drop, a 25 drop and round trip back up 30.
- [47:48]
Scott Melker
I think at one point it was like 36% depending on where you were looking at these first dollars because bitcoin was also going down.
- [47:55]
Christopher Inks
But that's, that's an insane round trip in less than 24 hours. I mean, I bought it. Absolutely.
- [47:59]
Scott Melker
I bought 2150. I bought 2150. Literally. I was on Twitter. Like I said, my rationale is very mature. I said, I'm buying Bitcoin in Ethereum because fuck this shit or something like that. But like it was so irrational and people were panicking so hard on tariff news and you're like, it's a weekend, people can't sell anything else. It's like when the, when brains start functioning again, it's going to go up.
- [48:21]
Christopher Inks
Well and, and for anybody you know that watches the beards of bitcoin show, you know, on Wednesdays here in a few hours, you know, I've got the same guys that you got on Tuesdays, Andrew and Tillman on there with me. And Tillman over a month ago said, hey listen guys, what I've noticed is every Sunday we're getting, you know, we're getting a drop into a Monday rally and it's happening, it continues to happen every weekend. So if anybody had paid attention to that, they've seen it now. I've mentioned it the last few weeks as well. So if you're paying much of my tweets and you didn't pay attention then maybe, hopefully you're paying attention there. But until further notice, you know, generally be expecting a, you know, a pullback on a Sunday, a drop on a Sunday and then a rally on a Monday. But you know, here we are again with Ethereum. Same type of candle, just absolutely insane candle. It's almost got a perfect descending channel here. So you know, I, I said, you know, if we're breaking out above the daily pivot in this case, it would be also this descending channel resistance. There's little reason to believe this thing's not breaking out higher up here and then heading up, you know, above this 41, 42 area. So you know, do with that information what you may, but I love the capitulation volume at the end here. Looks like three waves down on that. So if we can get that breakout here, that's our confirmation, right? That, that's, that's the, the big confirmation there. We do that we should be good to go hourly. You know, we're just kind of doing some sideways here right around the S1 pivot. So you know, you could even look here for the hourly pivot. In this case it's around $24 on, on etc as a potential indication that the lows likely in where to head up. But you know, again, Ethereum here or Ethereum there, etc here, same idea. We're looking for that breakout higher, remember? I remember ICP Internet computer.
- [50:20]
Scott Melker
Of course, man, people still mention it to me all the time in the chat. So they've still got a community for sure.
- [50:27]
Christopher Inks
Well it feels like I'm talking about the 1980s and Nintendo.
- [50:30]
Scott Melker
I'm sorry. I'm not trying to say, like, I don't know deeply about it, and I haven't. So. I know, guys. I know I haven't looked into all the tech on every chain. I'm sorry.
- [50:39]
Christopher Inks
Well, in this one, you know, we had this swing low back over here in September of 23. It looks like we've got a one up and three down here. We swept liquidity over here from July of 2024. And so potential bullish SFP printing there. Great volume on that large lower wick. Again, let me kind of zoom this in a bit, but again, it's that same thing I was talking about. You know, a lot of these alts have the same large lower wick, large volume, small body at the top, you know, dipping below the S1 pivot and closing to some degree above the S1 pivot. So again, if you're popping above this daily pivot here at about $10, $10 and 5 cents, this should be good to go and break out higher here and probably break out above up here at 21, you know, and continue up there. Because again, if this is going to be a one and a two, you've got some great upside potential on that. But, you know, locally, again, you can just look. Locally, look at the swing high, the swing high targets and go from there. So a lot of setups looking like this lit has to be one of the better recoveries, which didn't even really have. So this was the Saturday was the up, and then you had the pull down, and now you're getting ready to get up here. Right? But what it looks like here, again, as you can see, I've got on here, it does look like we've got five up. It does look like we've got three down a really deep dip. But then we broke out higher. So, you know, again, wave three here, one, two, three. Minimum expected target about $3 and 9 cents. Secondary target of $4.69.12 or so. But if that's going to be a one and a two, then this is going to be a one and a 2 here. And that would say. Or probably a one and a 2 there. And so that would give us five waves up on here potentially. So this three could potentially get up here around $7.82 and a half cents on this. So. But that, you know, big move up pullback, and, you know, here we go kind of doing some sideways after that. But we broke out above that third wave so we should continue higher now on all these, you know, if we're breaking down below this recent swing low here, that'll invalidate what we're talking about, you know. So if you're wondering where I put my stop loss, well, you know, no lower than here. Right. But like I said, the setups there and then one more here, I got a L, E, P, H, USD. Have no clue what it is.
- [53:10]
Scott Melker
Yes. Yeah, first letter in the Hebrew Alphabet.
- [53:14]
Christopher Inks
The more you know, well, look at that. I did not know that. But what I do know is look at this again. Large.
- [53:23]
Scott Melker
I love that candle.
- [53:25]
Christopher Inks
That is a beautiful candle. Large lower wick close up there at the top of the, you know, small body top of the candle. We got to pull back into the wick. S1 pivot still holding is support here on the daily. Big move up looking for a breakout here on the daily. A breakout and close above that almost 12 cent area. 0.1189. And you know, again, and if we're doing that kind of zoom out here to the weekly, there's little reason to think we won't at least get to the weekly pivot up here at 23 cents. Most likely we'd end up getting up here, you know, at least a 36 cents here at the R1 pivot, potentially up here around the swing high or around the all time high area at about 43 cents. And, and you know, getting up there really opens up the case to move higher. So I mean, you know, it's, it's an easy kind of trade. Just look for, you know, the once you're getting through and closing above the daily pivot, target the weekly pivot, you get through that, look up here at the R1 pivot on the weekly, look up around the all time high. And once you're through that, then you kind of open up a move potentially up through even the R5 pivot here on the weekly at, you know, almost a dollar. So there's a lot of really good setups. But we do need the confirmation. We do need the breakout, right? And so if we're jumping out to the daily and you've seen these candles looking like this around that S1 pivot on the daily. Look for a daily close above the daily pivot. And while nothing is guaranteed, that is about as close to guaranteed as you can get that that low is likely in and we're going to head up higher, you know, at least to the swing high, most likely above that.
- [54:57]
Scott Melker
So then we need to stop the BS because.
- [55:03]
Christopher Inks
I love, I Love when people.
- [55:05]
Scott Melker
He took profits. He's just here for the laughs now.
- [55:08]
Christopher Inks
Oh, my God. That's so funny when people act like that because they really are clueless. Right? You know, you know, social media really gives people this because they can be heard. They think that it's, you know, that their opinion is really valid. Right? So I've been doing this for 30 years, going on 31 years here. You don't do that unless you get it figured out, right? There's nothing saying that the top is in. Absolutely nothing.
- [55:30]
Scott Melker
No, he's.
- [55:30]
Christopher Inks
Does that mean the top can't be in? No, it could. It could be in. But that's why risk management is. Is absolutely the most important thing you do day in and day out as a trader. Right? But there's nothing happening on chain. If you like to use on chain metrics or. Or on, you know, the charts that say that the top is in. People can't read volume and price action.
- [55:50]
Scott Melker
And so anything could happen, as you said. But, like, this is the best our industry's had it ever so far. So it would be pretty disappointing, possible.
- [56:01]
Christopher Inks
If that's his real picture, man, I at least applaud him for, you know, not hiding behind a fake name and a fake picture and, you know, spouting nonsense.
- [56:08]
Scott Melker
Dude, I said this yesterday on. On X. I know we gotta go. Like, people who still have PfP, like, NFT avatars on X, like, from three years ago of, like, projects you've never heard of. Like, I love those people. They're so dedicated. And so I say it half sarcastically, but, like, imagine that they're committed, right? And maybe they just love it because they liked it and that's cool. And they weren't trying to, like, make a gajillion dollars flipping their thing. Pretty impressive, though.
- [56:34]
Christopher Inks
Yeah, for sure.
- [56:35]
Scott Melker
We're getting rugged. We can't read the room. Thank you, jb. I love this place. Okay, Chris, I'm. So you and I are going to have a huge announcement. I keep saying it every week. I'm committing to you. And I. I'm going to say it to my audience that by next Wednesday, we will announce it. Yes, I like that, because then I'm gonna have to. We have to, like, get things set up.
- [56:53]
Christopher Inks
I messaged you this morning, by the way.
- [56:54]
Scott Melker
Okay, I'll message you. I. I literally just messaged you back while we were talking because I'm a multitasker. Oh, check your what?
- [57:01]
Christopher Inks
Okay.
- [57:02]
Scott Melker
And everybody else, check out Texas West Capital and TX West Capital on X. Follow him. It's 1001. I gotta let Chris go, guys. Bitcoin to 745,000. Whatever book it, it's done. It's in the title. It's got to happen. All right, guys. Thank you. Thanks, Chris.
- [57:18]
Christopher Inks
Thanks.
- [57:20]
Scott Melker
That's dope. That's dope.