← The Wolf Of All Streets
The Wolf Of All Streets
Bitcoin’s Wild Ride: The World Is Quietly Adopting Crypto – Country by Country!
00:36:06
Loading summary
Transcript69 lines
- [00:00]
Scott Melker
Our time focused on the price of bitcoin and making wild predictions as to where it's going to go and focusing on what's happening in the United States. Cryptocurrency is actually being adopted slowly, country by country all over the world, with one notable country making a big move today that I haven't heard anybody talking about. Yago and I are going to break that down and everything else going on in the market and industry. And of course, Dan from chart guys on the back end. Let's go. That's dope. That's dope. What is up, everybody? I'm Scott Melker, also known as the Wolf of all streets. Before we get started, please subscribe the channel and hit that like button. Going to go ahead and bring on Yago now. Thanks for showing up. I know you're a bit under the weather.
- [00:57]
Yago
You know, it always lifts my spirit to see you, Scott, so thank you.
- [01:01]
Scott Melker
I've been compared to penicillin in the past, actually healing energy.
- [01:05]
Yago
You've been compared to a bacterial infection.
- [01:09]
Scott Melker
They've compared me to the COVID vaccine. Highly effective at stopping things. Anyways, here we go. We have this topic. Bitcoin's wild ride the world. Wild ride the world is quietly adopting crypto country by country. I would not have even seen this story unless my producer said it to me, Misha, this morning. And I think it's actually really interesting. Bolivia turns to crypto for energy imports amid dollar fuel shortages. So here you go. Bolivia state energy firm YPFB will use cryptocurrency to pay for energy imports amid a painful shortage of dollars and fuel in a landlocked South American nation. A company spokesperson and government official told Reuters on Wednesday. Listen, we've heard a lot about brics and people trying to get off the dollar and doing trade in other currencies or using crypto. But this is one of those cases of necessity, seemingly, right? It's impossible to get dollars, basically, in a country like Bolivia and they have a fuel shortage, and this is actually how they're going to solve that?
- [02:08]
Yago
Well, look, I mean, this raises a lot of questions. First of all, if you can't get dollars, how can you get crypto, Right? So why do they have greater accessibility to crypto? What crypto exactly are they going to be using? Usually when you have a dollar shortage, it's, you know, it's effectively a shortage of all assets. So it's very interesting that they're looking to do this and that this is being reported by Reuters. The other really interesting question is who are they buying energy from that is willing to accept crypto? And because, you know, in any transaction there are at least two parties. And so this is not just Bolivia making use of, of crypto. It's, you know, some other parties as well. And we, we know that, that other countries have been, some of them unsavorable, unsavory countries like Russia or Iran have been willing to contemplate the sale of petrochemicals and fuels for foreign exchange in crypto. We also know that there was a significant money laundering ring broken up a couple of weeks ago where Russian persons, mostly oligarchs, were purchasing stable coins on Russian exchanges and then selling them for dollars that were being accumulated by South American drug cartels. So there are all kinds of use cases here and how exactly these are integrating is interesting. Bolivia is potentially a country which is involved in the narco traffic trade.
- [03:59]
Scott Melker
On top of that, you mentioned Russia. So we have Russian central bank proposing wealthy individuals be allowed to invest in crypto. This is one of those sort of nation state stories, but I did a bit of digging. Russia's been one of those countries where if you don't keep up the news reverses every month like China and India, you never know what's going on. But Russia has a ton of mining. Obviously we know that there's actually mining likely by the government or control of those. They also, I know, have been using bitcoin and other digital currencies for international payments since December 2024. At least they announced it. So Russia could be the likely candidate here for exchange and crypto. Not a surprise that the countries that are probably on the outs with the United States would be most likely to use either stablecoins, Bitcoin or other crypto for this type of transaction.
- [04:47]
Yago
Well, the list of countries that are on the outs with the United States is growing all the time. There are tariffs being slapped on Mexico and Canada and Australia. It seems like we're starting from the US Traditional allies rather than from its enemies. But this overall is part of a bigger trend that we're seeing everywhere. And I think one of the powerful things of the Trump presidency is that it's sort of making all of this explicit, which is that the sort of post World War II international order is fraying. A big part of that post war era and that order was Bretton woods and dollar primacy, which if not disappearing is at least morphing. And dollar denominated stablecoins are starting to play a much more significant role. And so in an environment where sovereigns cannot trust each other and are not well aligned. And right now, Europe is not well aligned with the U.S. canada is not well aligned with the U.S. and they're not well aligned with each other. But the necessity to have credibly neutral systems of transaction becomes so much more important. And so you couple that with the fact that the US Is now effectively bringing Bitcoin into and stablecoins into the regulated envelope and even sort of canonizing them as crucial strategic assets. I think we're on the cusp of very, very rapid change where crypto goes from being sort of like this niche speculative alternative to becoming more and more central to the way everyone transacts, including governments.
- [06:38]
Scott Melker
It was either yesterday or the day before at the Bitcoin Policy Institute, I think two days ago that Lummis stood up and said she was refiling the strategic reserve bill. Obviously, you and I have not even had a chance to talk about the strategic Bitcoin reserve because it happened Thursday afternoon, last week after we had already talked. But that's an executive order. We all know that those can be reversed by the next president, depending on what happens. But if we actually get it canonized in the law, it would be very, very different. And she said that President Trump fully supported her bill, including the purchase of a million Bitcoin. I don't know if that's necessarily the case, but she said it. I mean, the United States is even talking about buying a million Bitcoin. The idea is even being floated. You'd have to imagine that's putting pressure on the rest of the world to consider this.
- [07:27]
Yago
Yeah, I think it's complicated. Right. I don't think that just because the US Is floating the idea that all of the countries in the rest of the world are immediately going to go and start buying Bitcoin. They have the same sort of bureaucratic hurdles that, that the US Has. That said, countries with existing sovereign wealth funds, countries that have autocratic leaders, they do have an advantage. They can move much more quickly. So, and we already know that they have been moving. Right? I mean, today, the, the news that comes out of, of Gulf states just on an increasing basis. I, you know, I don't know how much you've experienced this, but, but Dubai has basically become the new crypto hub. I don't think there's a city in the world right now, crazy. Which has more leaders and entrepreneurs in this industry than Dubai and Abu Dhabi. Now, I have announced a 2 billion dollar investment in Binance. Almost certainly this is in the lead up to Binance being floated on their stock exchange. They're going to be looking, they're going. It could very quickly become the, the largest publicly traded company on the Abu Dhabi Exchange and really put the Abu Dhabi exchange on the map. We could be talking about a $200 billion valuation. Likely they invested it significantly less than that and are going to see good upside. But you know, there's, there's more than one way in which this industry is starting to become crucial, critical and large enough to actually move markets. Right. It's become a major economy for a global finance hub like Dubai and Abu Dhabi. It's strategically important to them. That's a big difference.
- [09:18]
Scott Melker
That's right. That was going to be my next sort of comment and question is Binance obviously doesn't need $2 billion, right. They're the most cash flush, one of the most cash flush companies probably on the planet. So they're only doing this because of some sort of access or future plan. Now MGX is not the Abu Dhabi Sovereign wealth fund, but it is owned by the Abu Dhabi Sovereign wealth fund. So semantics. This is the government, right, to some degree effectively finding a way to put $2 billion in to Binance. That's a lot, a lot of money. And it was paid in a stablecoin which makes it obviously also one of the largest sort of crypto transactions lending to what we were talking about before with, with nation states doing that. I mean it's crazy. I interviewed Richard Tang, the CEO of finance for the first time on Tuesday and then this announcement came out right after and I didn't get to even like discuss it with him at all. But I mean you're, you're, I'm like right ahead of everything. Yeah, well, yeah, but I find this to be absolutely huge news. I really do.
- [10:24]
Yago
Yeah. And the thing is that this is, this is a really interesting thing, right? People, people are very worried about the price right now. I'm fact that we have bitcoin at around $80,000 is such a gift. I'm, you know, I've managed to scrounge out some more fiat to buy some more bitcoin. It's a huge opportunity because you just look at the, and, and I remember, I remember late 2020 felt the same way. You know, there was just one piece of news after another. It was very obvious, right? The, the fastest horse, you know, Paul, what was his name? Paul Trudeau Jones.
- [11:06]
Scott Melker
Right.
- [11:06]
Yago
You know, and then Paul Duty Jones and El Salvador and, and, and, and Tesla, you know, were all strong indicators. And, and the mark, the market hadn't really become over exuberant yet at that point and very, very quickly after that did. So it just feels to me very similar to what we've seen in the past. But the things are bigger now, they're more real, they're vastly more significant and the beat just keeps marching on.
- [11:39]
Scott Melker
Yeah, I mean a few other countries here with news that just kind of went unnoticed. Vietnam pushes for crypto adoption. Colombia is eyeing a new bill. Brazil to regulate stablecoins 2025 in Georgia. Crypto is used for payments in Georgia, not to get rich. Tbilisi Crypto City Guide it's talking about the small time crypto exchanges that are essentially money changers with a Binance account. In my conversation with Richard I was mind blown. It was either 240 or 260 million customers that Binance has. I mean think about that, 260 million customers on the exchange. And so I asked him are these traders or are these people that are doing exactly this? They open a Binance account because they to send their friend 10 bucks. And I think most of it is probably the last.
- [12:25]
Yago
It's probably the largest financial and probably most profitable financial. I don't know if most profitable. Tether might be the most profitable financial company in the world right now.
- [12:34]
Scott Melker
Certainly per employee and then in terms.
- [12:37]
Yago
Of volumes, Binance is certainly one of the largest in terms of customers, it might be the largest in the world. And so think about that, right? We've got these, these, they're still privately traded, but these are companies that should be larger than any bank or probably are already larger and should be valued as larger than pretty much any other bank or traditional financial system institution in the world. And so you know that, that people say crypto hasn't created anything but it, it is creating some of the largest and most profitable companies in the world and certainly the largest and most profitable companies in the financial space. Binance is larger than Stripe.
- [13:19]
Scott Melker
It's crazy. I mean it's just crazy. And people don't realize it because it's not US based or publicly traded. Right. But I have a feeling it may be publicly traded. You mentioned the probably bigger company which is Tether. I found this article amazing. First, most traded Cryptocurrency emerges from shadows during US Goodwill Tour and I was like wow, what a clickbait. Great title. But then I dug down into it and there's been pictures of Paolo all over Washington at the summits and at the meetings, but I had no idea this is his first trip ever to the United States. Yeah, he at no point before this, felt he could come to the United States without the threat or fear of being arrested. He said in a statement talking with Cantor Fitzgerald. And now he's literally on the roadshow with, you know, the treasury, the, the Secretary of Commerce as his backer. I mean, this is crazy.
- [14:11]
Yago
Yeah, yeah, it really. I mean, that's another thing. Like, you know, I, I left the US 10 years ago, and now I'm thinking of going back. Same same reason. It's like, it was terrifying. If you were working in this industry, I don't know how you did it. Right. But being in this industry and, and, and, and, and visiting the US Was scary. Despite not having done anything, you know.
- [14:40]
Scott Melker
I still don't know what we're allowed to do or not do, to be quite honest. So obviously the environment, the environment is exponentially better because they've erased, basically, because the SEC has erased all of the ridiculous enforcement actions. But we still do need clarity on what's okay. Right? Like, I, I still don't think that I would feel comfortable like launching off a Meme coin personally, you know?
- [15:02]
Yago
Yeah, well, Meme coins actually are probably pretty safe, but depending on what happens.
- [15:08]
Scott Melker
After you launch it and where the money goes and the structure. But I'm just saying, just because Trump did it to me is not like legal clarity on I. Everybody can go do everything.
- [15:16]
Yago
Oh, no, definitely not. I think, Look, I think the way most smart players are treating this right now, from what I'm seeing, is that people are willing to be a little bit more relaxed about doing business in the U.S. but most of the sort of like the common sense restrictions have not abated. Right. So US Exchanges are still not listing projects that have recently raised. Most platforms are still doing KYC and denying US Participation. Obviously, people are trying to avoid issuing obvious securities and, or participating in fraud unless they're, you know, all in on crime season. And so I think while the fear is somewhat reduced, most of the cautionary activity is still. The behavior within crypto of entrepreneurs or builders and of projects hasn't changed that much and is unlikely to change until there is some degree of regulatory clarity.
- [16:24]
Scott Melker
Yeah, I agree. If you came back, would your behavior change in any way, shape or form, or would you just come back because you believed it was totally safe to do whatever you want?
- [16:35]
Yago
I don't think it's safe to do what you want. I think everything we've seen over the last two months has been by executive order, which is basically by fiat. Right. That is the original meaning of fiat. And I don't Put more stake into that fiat than I do into any other fiat.
- [16:51]
Scott Melker
Yeah, that's my fear is everybody wants to come back. But like if the midterms go a different way or if Elizabeth Warren becomes president in a few years, everybody will be running for the hills again. That's why it's important that these things actually end up as law, even though those obviously can get reversed as well. I found this pretty enlightening. I don't know if you saw this, but the SEC filings containing blockchain terms hits all time high in February. So that tells you everything you need to know about. Exactly. What we're discussing is that people are coming back. People are certainly coming out of the shadows and filing. I think there were 5,000 keyword mentions of blockchain related terms and SEC filings. We probably had zero by the end of the Biden administration. And now everybody who wanted to do things in crypto is actually following the in and register that Gary Gensler always talked about.
- [17:42]
Yago
Yeah. One of the interesting pieces of information that I've seen is that the year 2024 saw the same amount of institutional buying of BTC as all of the years, twice as much as all of the years before 2024. And in January and February of 2025, the purchasing by institutions of BTC exceeded the entire year of 2024. So there's this massive acceleration of BTC purchases by institutional players.
- [18:19]
Scott Melker
Yeah. I mean, are there any countries on your radar that you think could be the next for adoption? We had this period a few months ago where everyone said Qatar and Saudi Arabia there, There was some evidence that those two nations were doing this. I mean, we know it's a very small nation, but I do have it. Obviously Bhutan, you know, tidy, but they have strategic reserves of multiple crypto assets.
- [18:43]
Yago
15 and a half thousand bitcoin. They have, they've been mining for multiple years and they've managed it very, very. It's not a. It's a pretty poor country, but it has significant BTC wealth. And now on the basis of sales of crypto, they're actually building a new and pretty gorgeous airport.
- [19:07]
Scott Melker
Is that true? I didn't know that that was on crypto related. I mean, it's been so clear to me like what these small nations can do by simply having some sort of bitcoin adoption. I mean, El Salvador obviously is now like in the throes of a war with the IMF over their $1.4, $1.3 billion loan. However much it is clearly still buying bitcoin. Though they don't seem particularly scared even though it could affect their loan. But I mean El Salvador, it could be because of the leader or the environment. But since adopting bitcoin is a completely.
- [19:40]
Yago
Different country 100 it's completely turned around. It's not just the bitcoin. I mean there are other policy changes there which have significantly reduced crime and have allowed for greater investment in the country and I think have improved tourism in other ways. But bitcoin and sort of the crackdown on the gangs were the two primary things that really 180 degrees turned that country around. And if you're trying to think who's likely to do it next, I mean I think there's, it depends what you mean by next. I would be very surprised if there wasn't accumulation happening right now in Turkey and Russia in the Gulf states, possibly in China. But the Czech Republic recently passed legislation removing all capital gains taxation for, from bitcoin if you are a long term holder. So long term holder being a year plus and there's legislation to build a reserve floating around. From what I hear the Dutch, the Dutch parliament, I, I would suspect that we're going to probably Eastern Europe. Czech Republic is a good candidate for, for starting to see countries replicating or trying to front run the, the reserve goal. Argentina is another strong candidate. Israel might be a strong candidate. So I don't know. But certainly in Liechtenstein of course. Although Liechtenstein is very, very small. So still counts.
- [21:16]
Scott Melker
Still counts. I count them all, man. I'll count them all. Listen, so before I let you go, you got your bitcoin OS hat on with all of this in mind. Obviously you're basically building an operating system that will allow anyone to build anything that they want on bitcoin, right? It's kind of infrastructure. How much as that accelerates will that affect this sort of nation state and institutional adoption when it's not only buying bitcoin? Because that's amazing, we're all happy about that. But when they actually find ways to start using bitcoin, right. I mean it could be stable coins coming to bitcoin, yield coming to all these things that would make it a much easier sell probably as a financialized asset like most others.
- [22:01]
Yago
Look, there's this old line that nobody gets fired for buying IBM, right. And the, the it there's no greater entity in the financial world than the US government. And so if the US government says look we're going to be utilizing this asset and this, this ledger as a strategic reserve, that's basically canonizing it as you know, strategically valuable, strategically trusted. Right. And at the same time, we're seeing this massive acceleration of purchases by institutions of BTC today, roughly 31%, based on most recent study I saw, 31% of BTC is held in the hands of institutions and corporations. And so it is becoming very much an asset, not just of uni and of sort of individuals, but also of institutions and increasingly of governments as well. And so when you think about a net, when you think about commerce, finance, moving funds around, right, that is a network and it has network effects. And so our assumption, I think should be that institutions are going to feel like the one place they can safely do real world assets, do bond issuances, do transactions, if it's available, is Bitcoin. Because no one's going to get fired for using Bitcoin. Right. Bitcoin is the new IBM. It's the IBM of money. And so I think we're going to see significantly more, more activity on the Bitcoin network using Bitcoin as the world's global ledger and settlement mechanism. Because no one's going to get fired for doing that. And I think that what we're going to see is for, you know, a lot of people are really interested in the next billion users, but I think as important is the next $10 trillion of use cases. And those are primarily going to get funneled by institutions and therefore are going to be primarily funneled into Bitcoin.
- [24:08]
Scott Melker
Yeah, I interviewed Sergey Nazarov from Link yesterday and that was basically, that ended up being the topic of almost the entire podcast. He was like, listen, you've got maybe 2 to 3x potential of people using crypto as it is, right? Retail users, people adopting it, sending payments, trading, whatever. And he was like, and then you have the other side, which is every asset in the world being tokenized and brought in using the technology, which isn't like me sending you 10 bucks in tether or whatever. It's literally tokenizing the entire world because it's better. Yeah, but we want that to happen on Bitcoin.
- [24:44]
Yago
Well, look, I mean, I think we will see it happen on a bunch of different places. One of the things that we're doing with BOSS is allowing other chains to basically become Bitcoin layer two, which I think is beneficial to everyone. Bitcoin doesn't have the execution environments and these other chains do. They can do smart contracts, but they don't have the security and they don't have the. They simply do not have the network effect or the degree of trust that Bitcoin does with users around the world, and in particular, institutional users. And so I think it's by combining those different elements of crypto and utilizing bitcoin as sort of like the hub for the rest of crypto, that crypto itself can become an Internet of value, rather than this disjointed island chain of isolated chains, none of which are big enough to have the heft to really replace the likes of Visa and Swift and the rest of our aging financial infrastructure.
- [25:44]
Scott Melker
I really do believe it's just a matter of time and so important for people to. Like I said, we can debate the price all we want, but for people to realize that it may be slowly but surely, but this will remain the technology of the future. This is where everything, the p, the puck is moving.
- [25:59]
Yago
I mean, look, in terms of price. Let's, let's end on a, on a. Because I was thinking about this. I, I, I did the calculation yesterday. Let's say we're conservative, and I believe this is conservative. Let's say it takes 10 years for Bitcoin to go to a million dollars, right? So 20, 35, Bitcoin finally hits a million dollars. I think that's a very conservative outlook. What would be your compound annual growth? It would be 38%, which is funny.
- [26:28]
Scott Melker
Because I just saw an article about how bad CAGR compound annual growth has been for bitcoin. All of a sudden, because of this dip when you go from a certain date to an exact certain date.
- [26:41]
Yago
So if you can anticipate sort of the bare minimum of how much you would grow your assets by just holding them in bitcoin every year for the next 10 years to be close to 40%. You're outperforming the stock market by between.
- [26:58]
Scott Melker
Like 4x4 and 6 times.
- [27:02]
Yago
So I don't know. I mean, screw all this trading. Just buy, hold Bitcoin for 10 years, you're fine.
- [27:07]
Scott Melker
I wholeheartedly agree, which is why now we'll let you go and then we'll talk to a trader. All right, Yago, everybody. Give Yago a follow, man. Thank you. As always, I appreciate you showing up sick.
- [27:19]
Yago
All right, Cheers.
- [27:21]
Scott Melker
All right, man. Have a good one. And before, before we jump to Dan really quickly, obviously, we have an awesome sponsor here. Look, we got the ticker. Oh, I was gonna scroll. It's gotta scroll there. Watch. It's gonna scroll. It's gotta scroll. Come on. It's not working. My banner's supposed to scroll. Is it gonna scroll now? It's not scrolling. Anyways, we have A we're gonna just put the banner up there. I could edit it. Oh, watch this. I'm gonna do it. It's gonna work. I can feel it. It's not working. Anyways, LBank, as you can see, talk about trading. They are a no kyc, largest in the world and we're fortunate enough to have them as an incredible sponsor. As you can see, there's a referral bonus up to 250us DT with no KYC on the exchange. 20usdt bonus for signing up. You can get basically all your trading fees back by trading on there. They have almost every pair you could ever want. A thousand plus trading pairs and like I said, available everywhere in the world. I will figure out how to make that thing scroll. But check out lbank. You can see the link right down below. And now we've got Dan from Chart. Guys, we were just saying, you know, you just buy and hold it, but you're a trader both.
- [28:25]
Dan
You can do both. I do do both.
- [28:27]
Scott Melker
So why, why not both? It's the little Asian girl meme, you know, why not both? But, but while we're talking about that, we're obviously in the midst of a correction here, or seemingly nothing but good news for bitcoin, but uncertainty in other markets. And I think that that's obviously rocking everybody at the moment, not really knowing what to do.
- [28:47]
Dan
Yeah, Just a note on the theme of investment in Binance. While you were talking there, we got some headlines. Trump family has been in talks for stake in crypto exchange Binance.
- [28:58]
Scott Melker
So can you imagine? That's so funny. I literally asked the CEO of Binance. I was saying this on Tuesday. I was like, when are you coming to the us? He's like, we're not really thinking about that right now. It's not really on our radar. Come on, man.
- [29:09]
Dan
Yeah, he knew. Come on. And that's good for a little 6% spike in Binance. Nothing massive, but, you know, solid daily bounce going on in Binance right now. As we know in the altcoin space, you got to be really picky and there are a number of coins that have these solid bounces. And because the altcoin environment as a whole is so bearish, I do think that the, you know, US based ones are going to continue to get the attention and you can see that. Xrp, we'll. We'll go back to Bitcoin in just a second. But XRP has a solid daily bounce, continuing to vend $2. And XLM is a lead bull today. Up double digit percent so keeping an eye on the names that are are outperforming in the short term. But bitcoin big picture monthly. So last period of consolidation, the monthly EMA 12 held and it was six months of sideways and you know, I forgot how boring that was, but it was boring. And here we are on month three we'll call it of consolidation and we're testing that monthly EMA 12 again and bulls definitely want to keep it and keep that healthy. So as we know the upper 70s are being defended in the short term. But it's really simple. As we know an uptrend is a higher low and a higher high and we have not had that since the all time high. And so until that happens, nothing changes. And so right now in the current bounce anything under 92.8 is just a daily lower high. And so we have to see the bulls prove to us with a daily uptrend okay, something is now different in the short term than it has been in a while. And so really just patiently waiting for that. Aggressive bulls are positioning and you know, trying to grab some weakness. And if you got a long term horizon, you know, you're definitely dcaing in this kind of environment is way better than dcaing and euphoria. But still skeptical of bulls in the sense that I need them to prove something to me on the daily chart if we're going to start seeing an uptrend with some follow through and try and put in a longer term base of support.
- [31:13]
Scott Melker
Seen a lot of people that I highly respect telling me that the bull market's over for bitcoin. That was the high a lot.
- [31:19]
Dan
Wow.
- [31:20]
Scott Melker
Yeah.
- [31:20]
Dan
I mean I'm. I'm always open to it to the sense that if it is, I'm not going to get crushed. You know, my net worth will go down. I'll. I'll get back some gains. But you just got to prepare for both. And, and I definitely that that's what I'm doing. Obviously as you mentioned, you know what, what the NASDAQ has been doing when, when there's fear in markets.
- [31:45]
Scott Melker
Antivirus you gotta get, you're gonna get a virus, man. You're gonna be like Yago, he got a virus.
- [31:50]
Dan
For me when, when there is fear in markets, it's contagious. And speaking of virus and that's what we have. We have. I mean it's just the most significant fear we've seen in markets since really July and August. And so that's fairly significant.
- [32:07]
Scott Melker
Six months and justified. I mean it's like, you know, sometimes you can't really explain it away. You know, when it's 50%, 25%, 10% tariff all in one day, it's hard to know what markets should be doing. You know, I thought actually PPI came in today a little bit lower, kind of like CPI yesterday. So maybe that's good news, you know.
- [32:28]
Dan
Yeah, it's, it's, you know, the kind of thing where I'm, I try and not speculate, but what Trump's doing too much. But the fact that he wasn't on that giant drop day that we had on Monday, the fact that he wasn't tweeting anything to try and calm the markets was very telling for me. Just because he said, I don't care.
- [32:46]
Scott Melker
About the stock market, I'm not watching it.
- [32:48]
Dan
Yeah, he is so impulsive on the Twitter to just be like, you know, try and calm everything down. But he didn't do that. And so that to me means, you know, this is part of the plan.
- [32:58]
Scott Melker
We'll see. Yeah. So are you kind of sidelined? Waiting to get a little more certainty? Is there anything that you're aggressively trading? Because at least we do have volatility here.
- [33:06]
Dan
Yeah, I mean I day trading for sure. And again, Tesla's been going, you know, my wild back and forth as far as swing trading. I am definitely a bit more, you know, this drop was told me, okay, the market environment for the last six months is now different. And so that tells me, okay, pump the brakes with your trading. But one of the setups that I'm watching is the miners, the metal miners. I'm looking at this as a potential weekly cup and handle. This is GDX. There's also GDXJ and this is a 13 year high. And so I'm just keeping it, you know, gold's at all time highs. It's a weekly bull flag. So the metal miners have my attention right now in the short term for March. But other than that, it's just patiently waiting for the broader stock market fears to calm down a bit and at least put in a bottom where we can say, all right, that's our new key level to hold for bigger picture. And we just don't have that set just yet. We're trying to put it in right now, the last couple of days, not very convincing.
- [34:04]
Scott Melker
Yeah, this is one of those moments for me where I utterly confused and willing to admit that I don't really want to play take the ball and go home, sit on the sidelines because like, I don't know what news will do to the chart and I don't know when news is going to drop or what it's going to be like. It's so unpredictable. I'd rather just like I said now my full time strategy right now is figuring out what I can sell to buy a little more bitcoin and hopefully, you know, it's not the end of the bull market and take advantage of that. I mean that's really all I'm interested in at the moment. Just been hard.
- [34:40]
Dan
That's a good game plan. I mean there's. As I became, you know, a trader for longer and longer, I realized a lot of full time trading is knowing when to pump the brakes and be patient and not over trade in less than favorable trading environments.
- [34:55]
Scott Melker
Yeah. And this is, I mean it is like you said for day trading, it's great but I'm not at my screen 24, seven paying attention. So for me it's just, I have pretty high conviction that bitcoin will be a much higher price than it is at some point in the future. So I'm going to buy it. That's, you know, and if it's, it's I bought some at 77. If I could have gotten it at 74 at some point. Okay. I'll live. Right? It's fine.
- [35:18]
Dan
Nothing wrong with that game plan.
- [35:20]
Scott Melker
Yeah, man. Well, I gotta run and go on SiriusXM radio. Very exciting. Who knows how much coping I'll have to do on behalf of the crypto market there today. Because that's what happens every time we go on the media when the prices are down. But everybody give Dan Chart guys a follow. Always love what you do. He has so much, so much more content than the, you know, 10 minutes we spend here together. So please guys, check all of that out. Thank you, man. I really appreciate you being here. See you next week.
- [35:45]
Dan
All right, thanks Scott man.
- [35:46]
Scott Melker
Bye. Let's go. Let's do.