← The Wolf Of All Streets
The Wolf Of All Streets
Ethereum CRUSHES Bitcoin With 10x Inflows! Wall Street's New Favorite?
00:32:06
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- [00:01]
A
Even on this correction, Ethereum has been wildly outperforming Bitcoin, both from a price perspective, but also from the perspective of ETF inflows. All of this while there's a burgeoning narrative that Ethereum is the Wall street token man. When Ethereum was dead and over and finished just a few months ago, some of us were still screaming that this could happen. But it has happened a lot faster than even I expected. Maybe that's not the case for Matt Hogan, because he's been bull talking about Ethereum alongside me this entire time. We're going to dig into that and everything else happening in the market right now. Let's go, let's go, let's do. Good morning, everybody, and welcome to Thursday's show. Iago is not here today, but I do beg and plead of you, something I haven't in a very long time. But my producers say I need to, to like and subscribe because there's going to only be like a thousand of you here live, and there's 160,000 maybe AI bots or people who have completely washed out of crypto over the past four years who are subscribed to the channel. And so we need those ghosts and bots to be outweighed by the actual humans that are here so that people will continue to see our content. So thanks for that. As I said this morning on X, I've realized that this show has just basically become me. Hanging out at 9 o' clock in the morning with a bunch of friends. I count one of those to be Matt Hogan here. From bitwise, literally every person who comes on the show now is like somebody I've spent meaningful time with in person.
- [01:51]
B
It's fun to be here. That sounds like a good way to start your morning.
- [01:54]
A
It could be worse, man. It's, it's, it's fun to banter with friends to start my day and, and call it work. So listen, our title here, Ethereum crushes Bitcoin with 10x inflows. Very triggering to Bitcoin maxis, I'm sure. But I mean, it's based in, at. It's based in actual facts. I mean, right here.
- [02:15]
B
Yeah, exactly. Right. You could have made it worse. You could have gone from August as infinitely more inflows, because bitcoin has outflows in August. Look, there's a relentless bid for Ethereum ETFs. They've pulled in $4 billion so far in August alone. That annualizes to close to $50 billion in a year. Right. For context, Bitcoin ETFs did 36 billion in their first year. It's just a flood of money into a relatively small asset, which is why the chart looks so good. And I think it's going to continue for the rest of the year. It is the instruction, institutional, attractive asset. The other day I was on with a multi billion dollar advisor. They didn't love Bitcoin, they wanted everything else besides Bitcoin. And they ended up just buying an Ethereum ETF because that's all they can access. I think this continues for the rest of the year.
- [03:07]
A
Wait, that's curious. I haven't heard those cases. So you and I have talked about this quite a lot of times where people get the bitcoin exposure and then either they get antsy or they start hearing about this other thing and they want to diversify. But usually it's a smaller position in Ethereum than Bitcoin, kind of the same way many people approach their portfolio. That's the first time I've heard you say somebody skipped Bitcoin entirely and went all in.
- [03:31]
B
Yeah, well, the thing is, if you think about professional investors, most of them don't own gold. Gold is like a niche asset. Maybe 15, maybe 20% of them own gold. The other 80% just own stocks and bonds. And I think there's a lot of people who look at Bitcoin are like, yeah, it's digital gold. I don't own gold, but I do own technologies. And so we're hearing, yeah, we're hearing a number of people skip right past it and go straight to eth. And I think again, you know, the tokenization story, the stablecoin story, the cash flow story, it all fits a professional investor framework. So I think we're going to see these flows continue.
- [04:11]
A
Yeah, we pushed that narrative for so long that they would eventually get it, but it was hard to believe that they would eventually get it, I think. Is it fair to say that this is largely sparked by Tom Lee? I mean, I know that the fundamental narratives are there, but nobody cares about fundamentals when price is going down. And nobody cares about fundamentals when price is going up. The same narratives flip on their head and all of a sudden, on the way down, or you can even say on the way down, it was dying because ETH was slow and expensive. It's not really so much anymore. And now it's going up because it's slow and expensive. Nothing's changed for the network.
- [04:48]
B
Look, I think that, I think this bull run has a number of sort of forefathers I actually think it started with the beam chain proposal. When was that? Back in November, where the ETH community lost its mind about an upgrade taking place over a decade in a technology that moves minute by minute. And that sort of was the catalyst. And then we got the changes at the ETH foundation, then we got the rise of stablecoins and tokenization and then Tom Lee just poured rocket fuel on what was an emerging bull market and accelerated it dramatically. But I think that's actually the chain of events throwing the PETRA upgrade actually working and being relatively on time and you get this series of compounding events and then you have 4 billion inflows in a month.
- [05:37]
A
Yeah. And meanwhile back at the ranch, Ethereum is doing a record number of transactions, literally at a high, and they're still $0.70, not $70. So I, you know, I'm too dumb to understand the tech and that the upgrades worked so incredibly well. But BlackRock doesn't care about a 7 cent versus 70 cent transaction. And if this is truly going to be institutional with large pools of capital, it's cheap enough in my opinion.
- [06:00]
B
It's cheap enough. And there's also, you know, the old saying, you don't get fired for buying IBM, which was true in like the 90s. If you were a consultant and doing a computer installation, you bought IBM because if you went with another company you got fired. The same thing is true on tokenization. There's no risk for these Wall street firms, not just BlackRock but others building on ETH. There is risk if they decide to tokenize something on any other chain. And so I think people understand that. And that creates a flywheel, that creates a network effect. It's worth noting other stablecoin focused chains are doing quite well. If you looked at the chart of Tron recently.
- [06:38]
A
Yeah. I always kind of thought that Tom Lee's ETH will go up because of stablecoins thing was a great narrative that people would understand who didn't understand, because we all know that stable stablecoins are completely a commodity. Right. I mean they're going to be on every single chain. Tron does better than Ethereum, as you said. I mean aptos I think is third in tether. Nobody talks about that. And we know that Circle is going to launch their own chain. Right. So like they're going to be everywhere.
- [07:05]
B
They're going to be everywhere. And all of those will probably do well. Right. That market's going to 10x, 15x 20x. But I do think this stablecoin thesis is playing out on Multiple chains. I see you're lifting it. ETH just gets the headlines because it's the biggest, but you're seeing it lift Tron, you're seeing it lift other, other assets. I think it's a. I think it's a, like a long term trend.
- [07:27]
A
Yeah. I'm wondering when the United States is going to have a Tron strategic reserve.
- [07:32]
B
Can't be long, man.
- [07:35]
A
I don't think Lummis is going to propose that one. So listen, I want to play a very quick video of our mutual friend here, Jan Vaneck, because this one kind of went crazy, crazy viral yesterday. And I think it really speaks to everything we're talking about right now because he said it's very much what I call the Wall street token when talking about eth. So it's a quick clip, but I think it's worth everybody seeing here. I'm sure you've already seen it.
- [07:56]
B
Has suddenly reared its head and hit new records.
- [07:59]
C
It's very much what I call the Wall Street.
- [08:02]
A
For some reason, it didn't actually show it. It showed my other screen. So here we go.
- [08:06]
B
Has suddenly reared its head and hit new records.
- [08:09]
C
It's very much what I call the Wall street token. And what I mean by that is if you think that because of stablecoins now, every bank, and they are, and every financial services company has to have a way of taking in stablecoins. If I want to send you stablecoins, your bank has to figure it out or you will find some other institution to do that. So the winner is who's going to be building on these blockchains? It's going to be some Ethereum or something that uses Ethereum's kind of methodology, which is called evm. And, and so that's why ETH is because the Wall Street CTO is going to turn around saying, what the hell is this stuff? When am I going to build on? And it's going to be Ethereum.
- [08:50]
A
It's interesting. I mean, so that echoes what we said, but I do think he's parroting the Tom Lee, strictly stablecoin part, which I think, like I said, it works, but I don't think that's necessarily true. I think it's more what you said. I think actually a lot of them are just going to build their own chains for Stablecoins. JP Morgan's done it. We know Circle's doing it. The hidden, the hidden pitfall here for a company like a Circle or even a tether is that if rates go down, which we know they're going to. Their income is going to go down 60, 70, 80% if we start returning close to 1 2% interest rates, they're going to have to have their own chains just to make money.
- [09:26]
B
Yeah, I think that's right. I think that is a fairly large risk to those companies that people aren't reckoning with and I think could rear its head pretty quickly. My view of investing, like, how do you invest in this is you assume the market's going to 12x, but anyone who tells you it will just be one chain or knows which chain it will be is lying. You have to sort of bet the field. I do think ETH right now, particularly because it's the only one with a normal ETF associated with it is getting all the institutional flows and that's lifting the price substantially. It's worth remembering the asset itself is not that big. It's half a trillion dollars. Right, right. So 4 billion inflows into an ETH ETF is I guess equivalent to 20 billion in a month into Bitcoin. Right. From a size versus market perspective. So it's capturing that. But I think you're right, it will be multiple chains. At least it could be. We don't know for sure and there's a lot of uncertainty around that.
- [10:22]
A
So what happens when Ethereum is not the only competitive ETF to Bitcoin then? I mean, I've been kind of. Listen, I'm obviously, I believe everybody as an investor, we can get into the Bitcoin maxi case, but I think you should own Bitcoin, some Ethereum, some Solana. Beyond that, take your choice. Nothing against any of them. I just think that should be the base of any crypto portfolio. Solana is going to get an ETF soon, I would assume. I mean, it's coming. I don't know at what point, but it's coming. And I start to look at the chart here and it kind of feels like Solana could catch the next major bid. I mean, you got Solana versus Bitcoin kind of at this most key level, Solana versus USD, obviously breaking out here, you know, is this. I guess the question is, can, can other things start to break out and it all goes up, or is it like, you know, as we've sort of seen you cannibalize Bitcoin on the ETF side. If Solana catches a major bid, does that maybe cannibalize the eth or is there just new inflows and new money?
- [11:20]
B
Oh, that's a good, that's a good question. I mean, first, it's worth the. The Solana playbook is very clear. We've seen it worth in Bitcoin, we've seen it work in ethics, which is ETF with flows, simple story and treasury company equals rocket ship like returns. Yeah. And it's. It's really hard to look at Solana and not see that in the near term future, one or two news stories about bank of America tokenizing something on Solana or jp, you get that and the price goes up substantially. And as you mentioned, the chart looks really good. I don't think it continues down because I think people will get tired of it. I don't know. My base case is that there's going to be so much demand for these assets in Q4 that it's going to lift multiple boats. I still think Ethereum will find a bid, but yeah, I think you'll see money rotate into Solana for the exact reasons we're talking about. Why wouldn't it?
- [12:15]
A
Yeah, I mean, people, we talked about the news. But worth noting that in one day there were three Solana treasury announcements and they weren't so sharp. Link Sharpe, whatever. That one with a medical company that was small, I think 400 million. When you see Pantera, who hasn't really made a notable play into the treasury market, to my knowledge, they didn't do Bitcoin, they didn't do Ethereum, at least not solely. Say we're doing 1.2 billion for Solana and then was it Galaxy Jump and Multicoin?
- [12:43]
B
Multicoin, yeah.
- [12:44]
A
They're gonna do a billion, like with Cantor Fitzgerald as the bank. So Cantor hasn't gone beyond Bitcoin, to my knowledge. This starts to get like. The Spidey senses have to tingle that they at least view this as what's going to be next. And if you don't think you can do 50 more bitcoin treasury companies, you have to start looking at these and.
- [13:03]
B
You get someone like Kyle or Tushar from Multicoin, could play the role of Saylor or Tom Lee. Right. They're exquisitely good communicators. They make a very strong case. Very simply, there may be a little bit more publicity shy, but they're probably willing to do it in this case. And then you remember the thing people forget because in our minds, Solana and Ethereum are the same size, but they're really, really not right. Solana is 1/5 Ethereum. We talked about ETH being 1/5 bitcoin. Solana is 1/5 ethereum. So a billion dollars into Solana, if that becomes two or three, that's a huge amount of money inflows into Solana. If that's a billion or 2 billion in a month, that's a huge amount of money. You have to do that multiple because the media coverage in crypto puts those at like 20% discounts, but it's 80% discounts. From a market cap perspective, like it's a really different scenario and I think people probably understate that.
- [14:02]
A
Yeah. You know there's the famous saying it takes a long time to turn an aircraft carrier. Well, Bitcoin treasury is now are kind of an aircraft carrier and they continue to turn and see to go up. But like these new ones could be speedboats.
- [14:12]
B
Solana is like a little dinghy. It's not going to take like a 25 horsepower motor, is going to send that thing on a rocket ship. It's, it is a small asset, right. Like, like imagine eth in April was a couple hundred billion dollars, $200 billion. And we saw what this strategy did to eth, right. Doubled, tripled the price. Solana is that, but even smaller. So I, I do think, I do think Solana is pretty attractive right now.
- [14:42]
A
Yeah. This market is so crazy. I can't. Like it should. August, we should be so dead. I mean there, the news I guess is somewhat dead.
- [14:50]
B
But it's, it's, it's summer, right? Like August is the worst month in crypto always. Maybe September is the worst month. But this is, this is the dull period of time. One more thing I'd say about Solana is part of its underperformance has been it had to digest the fallout from the end of meme coins.
- [15:09]
A
Trump. Yeah. Trump Token, the best and worst thing that ever happened to Solana.
- [15:14]
B
Yeah, I agree. But don't you like, I wonder if that has played through, right? Like there's no.
- [15:19]
A
Well, the Kanye token flopped to my knowledge. I mean I know it went to like 3 billion to 1 billion, but that's probably all washed. But nobody's even talking about that anymore. And to be fair, if you're going to get something that could have re sparked the meme coin and shown you it wasn't dead, it would be something like a Kanye token and no, that's gone. That's right.
- [15:39]
B
It's a good example. Yeah. If you had designed it abstractly, that's what you would have said. And I think that means there's no more like meme coin juice in Solana, which means that story has bottom, which means it can Build from a base from here. So it's a pretty nice setup I think.
- [15:54]
A
Yeah. So a couple more things. You had this Tweet, obviously global AUM and Ethereum ETPs reaches new heights fueled by ETH price all time high. So that was a few days ago actually before we had the correction. But you've got these looking at, I mean if you just kind of look over here, about 50 billion. Right. 100 billion by year end, does that translate to us seeing ethereum price at 8 or $9,000 by the end of the year?
- [16:20]
B
That's Tom Lee style prices. Yeah. If we get that kind of inflow, that does mean you're talking $10,000 eth. I think that's not unreasonable. If we really see this, get 1 2% allocations in professional portfolios. If we see month after month of $4 billion of inflows and we see Tom Lee racing towards his 5% of Ethereum, yeah, this is going to be a trillion dollar plus asset. That doesn't seem ridiculous. With Bitcoin at two and a half trillion for ETH to be a trillion dollar asset, that doesn't seem absurd to me or counter to the narrative. So I think there's every possibility we get that. No guarantee, but every possibility we get that.
- [17:01]
A
Yeah. This literally just happened kind of while we're talking. There's a relatively large announcement on link on the balance sheet. So we've obviously seen quite a few of these, but this one interesting. I haven't even gotten the chance to read it, my producers just sent it, but it's 2.9 billion. Real estate manager just announced they're putting link on the balance sheet, not just buying tokens, fully integrating Chainlink into their business. So I think the point, and I had Sergey on 2 Thursdays ago actually to break their announcement about their own Treasury. So this trend ain't stopping at Bitcoin, Ethereum and Solana and should play out very well I think in this environment, even for these others.
- [17:38]
B
Yeah, I agree with that. When you said you own some bitcoin, Ethan Solana as like the core link was the fourth one that I wanted to throw in there. It's a really critical piece of infrastructure. It's sort of one of one in the market. It appeals to a certain type of investor who wants to be really smart about crypto and say, you know, let's, let's ignore this competition at the infra layer and let's, let's, let's buy the service provider to that competition. I think it may be like the fourth, the fourth horseman of the, of, of the, of the crypto leadership in the, it's, it's at least possible that we'll see that.
- [18:16]
A
And there hasn't only been a bit, obviously for these pure Bitcoin Ethereum ETF plays. You guys had this announcement. We're humbled to share the bitwise crypto industry innovators. ETF. BitQ has crossed 300 million in AUM. So you know, who, who, we've talked about it before, but you can give the quick TLDR on what it is. But who's buying this instead of buying these pure play ETFs and how much interest is growing in these other sort of indexed, you know, side of it?
- [18:43]
B
I mean, this is a portfolio of crypto equities, right? So it's, it's everything from Circle to Coinbase to ancillary plays like Robinhood. It's being bought mostly by financial advisors who aren't yet comfortable owning Bitcoin directly. And Bitcoin is not fully approved on all national account platforms. You can't solicit it on some national account platform. But this is just equities. The incredible thing about crypto equities, which people I think overlook maybe two things I would say about them. The first is they're operating in a market that's growing at 60% per year over the last five years. Take this into any other area of the equity market and think of a market that's compounding at 60% a year. Would you want to own the companies building in that space? I think that's right. The other thing that I think people overlook and they wonder why Circle is so expensive is there's a huge acquisition premium for these companies. You have all of Wall street wanting to move into this space. They're never going to trade at fundamental values, like Warren Buffett style values, because they have this acquisition premia. If a Wall street firm wants to make a play, they could build or they could buy one of these companies. And I think that combination of the underlying growth of crypto and then the acquisition premia has made this like it's great returning etf. We're seeing a lot of inflows from advisors. It's part of a diversified crypto portfolio to be really boring. You want to own crypto stocks, you want to own crypto assets, you put them together and you wake up in 10 years and you're rich.
- [20:17]
A
Okay, but do you want to own crypto? Because that's where we get to start talking about alt season Right now, if you haven't, if you missed appears that altcoins outside of the major bitcoin eth and when you remove stablecoins are the most oversold on RSI here on the weekly chart that they've ever been as an entire asset bucket. Basically, relative to the market, when you take out the very big ones, they're the most wrecked that they've been. That's got. I mean, that, you know, that has me thinking the way we were thinking about Ethan 1400 not so long ago.
- [20:55]
B
Maybe, maybe. I think you're gonna get punctuated altcoin season. Look, I think there are a lot of zombie altcoins that are just straight dead.
- [21:04]
A
I know. I own. I own them all.
- [21:06]
B
Okay? The Scott Melker portfolio.
- [21:10]
A
You guys can sell that index. Help me out.
- [21:13]
B
Hey, short flows help us as well. So we'll put it together. Yeah, so I think it's going to be punctuated. I think there's going to be a class that probably is oversold and does really well. I continue to be really excited about some of the defi protocols, which I think people, I think they still overlook that, that they could change from a tokenomics perspective in a new regulatory regime to be more useful for investors. I think there's probably a play there, but I wouldn't. I don't know. Look, I'm an index guy. I create index funds. I'm not sure an index of altcoins will do well because I think they'll be just divergent. There's a binary performance. A class that does really well and a class that is wrecked forever. Right. Bitcoin cash used to be an altcoin. How many people are yoloing into bch?
- [22:02]
A
Everyone I hear on the streets. But it's hilarious that until Trump, until the Trump administration, when you'd see any listings for anything in crypto anywhere, it would be like bitcoin, ethereum, bch, bch.
- [22:19]
B
The greatest trade of all time.
- [22:21]
A
It's always there.
- [22:22]
B
Always. The greatest trade of all time is long bitcoin, short bch. It's like the ultimate hedge trade. It was free money for so many years.
- [22:32]
A
And people forget that BCH was also literally free money. That is true. That was the craziest weekend when I was really degenerate trading 24 7, 365. I'll never forget the weekend that you got basically airdropped bitcoin cash for holding bitcoin. It was literally just a fork there. It's free, like nobody bought. And it was swinging 200, 300% every two hours. And you could just short every rip and long every. It was the most fun trading weekend I've ever had, but it was literally free. I think people don't remember that.
- [23:04]
B
It was an incredible time. Those were the solid days, for sure.
- [23:09]
A
As bitcoiners, we're very against money printing, unless, of course, they're printing money and sending it to us on the blockchain. That's right. So, speaking of bitcoin, we have Beau Hines, who's now the former White House crypto director, saying that he still thinks the Bitcoin Reserve act will be enacted in 2025. I have my doubts.
- [23:33]
B
But my only thought on that is it's not priced into the market at all. Everyone is 100% skeptical of that happening. Everyone is 100% skeptical that the US will buy more bitcoin. And I think the chance is probably greater than a. Greater than zero. It may be low, it may be 10%, it may be 15%, it may be 20%, but I think the market is priced it at zero. So when I talk to people about a question I get at conferences a lot is what could cause the price to go just haywire up and to the right. This is one of the things where you could see an announcement and the price could double.
- [24:13]
A
We bought a million bitcoin over the last four months while it was consolidating.
- [24:17]
B
That's exactly right. And then every nation in the world, I mean, it's unlikely, but I don't think the chances is quite zero. The Trump administration has shown that the chance of anything being zero is zero. So you never know. Right. What's going to happen. And I think there's some small chance that we'll see something like that. I'm not. I don't think so. But, but there's a chance.
- [24:38]
A
I mean, we've got a lot of Trump things, obviously, so we know that he had made the announcement a couple of weeks ago. I don't know that you and I have ever talked about, but about 401ks and that basically being able to buy and sell ethereum in your 401k. Ryan, your trustee researcher over at Bitwise. If crypto captures X percent of the 8,401,k market, I mean, these numbers are just astounding, you know, so this is just. I, I wanted to talk about too deeply, but there's just another one of those capital unlocks that seem infinite. Like all, all these new pools of capital that haven't had access that still could.
- [25:14]
B
Yeah, it is infinite. I mean, think about, you know, go back in history to when 401ks started. The PEs in Wall street were like 10 and today they're 25. Part of that is that there's a persistent bid from most American workers that every two weeks they buy US equities just automatically and without thinking about it. I do, and I wouldn't if I thought about it. Allocate.
- [25:37]
A
I'm not going to like wake up on Monday. I'm going to get lazy and I'm going to skip that.
- [25:40]
B
That's exactly right today. But I want coffee or I might buy something else. Right. Like I might buy crypto assets, but it's just automatically set up. Look, it's going to happen slowly. That market is slow moving, but it's going to happen eventually. It's going to happen in 529 plans. Right. People saving for their kids college are going to want some percentage in bitcoin and all of that is going to crush volatility and like do the equivalent of increasing the PE ratio of bitcoin. There is no PE ratio, but it just means price up. It means more inflows in.
- [26:17]
A
Yeah. And so I believe, I don't want to be misquoted, but World Liberty Financial launches the first September 1st. So that I have a feeling could be one of these crazy catalysts for the altcoin market in general. I mean, I. Regardless of your thoughts on any of this, we saw what happened with Trump Token and that was a pure play meme. And we know that World Liberty Financial has bought a ton of crypto assets and is actually attempting to build something like whether you want to participate in that or not, I don't know. But this should be one of those Lollapalooza super bowl events, I would say for crypto, if the timing's right and you can see it in the market CRO, which they just announced this treasury company with crypto, kronos with crypto.com. i mean, this thing's up over double, more than double and just rocketing on the Trump related news. I mean, for better or for worse. I've said this since the second of the Trump Token. I think I tweeted that day was not popular. I said, you know, whether you like it or not, Trump controls the crypto market. You know, there.
- [27:21]
B
There it is.
- [27:22]
A
I don't know if it's for better or for worse, to be honest at this point. I think like the policy side is incredible. The family side is very muddled. If the Democrats ever gain some steel team back in power. Like if Elizabeth Warren ends up as the chair of the Senate Financial Committee in a year at midterms, which is very possible because if the Senate goes blue, that's what happens. This is going to all be fuel for the anti crypto army fire.
- [27:44]
B
That is definitely true. Yeah. On balance it's all net positive for crypto but yeah, that specific family aspect is net negative and it's a risk but it also, you know, it has impact on the market and supply demand has impact on the market. Right. Launching these treasury companies has impact, impact on the market. I think you have to take, I guess you have to take the good with the bad. I wish, I wish that sort of stuff wasn't happening. I do think it exposes us to risk. But, but on balance, right, it's part of the market now. It's part of. Look, I wish we didn't own 10 of Intel. That strikes me as sort of strange.
- [28:20]
A
Yeah. Can we talk about that for a second?
- [28:23]
B
It's weird.
- [28:24]
A
And we didn't buy it.
- [28:25]
B
We. And we did it post fact. It wasn't either.
- [28:29]
A
Here's, here's your 10 of our company, sir. Sorry for allowing. You criticized me and we want to be able to compete. It's very people cheering it but it's very China to me.
- [28:43]
B
It's, it's very China. I mean look, look, the balance of, of deregulation pro business, you know is, is, is great. I think it's great for crypto. I think it's great. You know, but that stuff is weird. That's a little as you said, it's a little China. I just wish it weren't happening. Maybe we shouldn't give them money. Maybe we shouldn't be you know, supporting industry directly. Maybe we should give them tax credits or other things. But wanting to own very much like.
- [29:12]
A
The government picking winners like how do you compete in that space with a company that is going to guaranteed get every contract because of the incentive of the United States government? It's very concerning.
- [29:22]
B
How do you launch a startup? Right? Yeah, I mean it's, it's. I don't know.
- [29:28]
A
You airdrop World Liberty Financial, 50% of your token supply like you people used to do with meme coins and Vitalik and you just say come on man.
- [29:39]
B
Yeah, that's not the.
- [29:40]
A
I'm sure that's happening to people by the way. I'm sure that their wallets are getting flooded with like scams and meme coins and tokens that people are just gifting to them in a Hope that they'll catch an Eric Trump tweet or something.
- [29:51]
B
And they might. Yeah, I know. Yeah, it's. That's, that's, that's unfortunate. From my view.
- [29:57]
A
Yeah, I think Solana's about to fly, by the way. I'm just looking at the chart as we're talking. Matt, I've kept you enough. I know it's still dark out there as I can see, man. Thank you as always for the incredible insight. I mean, quickly, is there anything else that I missed or anything that bitwise, you guys might have on the radar imminently? We didn't even talk about the amazing Bitwise report, but I did write an entire newsletter on it for anybody who missed it.
- [30:18]
B
No, I really appreciate the report. The only, the only other thing I would add is crypto is like free fretting about the market pullback. I will say I'm on the road right now, I think, doing eight of nine weeks of travel, talking to financial advisors. There is no market pullback for them. Bitcoin is up 70% over the last year. They still see it in a raging bull market. I do think crypto gets like, oh, no, we're down from 120 to 110 in the traditional world. We're up massively. And this is the most attractive asset on earth. And that's what that report said. It's going to be the best performing asset in the world over the next 10 years. So I would just, I would share that outside perspective for, for people who are inside crypto.
- [30:59]
A
As you're talking, if you're wondering why I'm typing, I'm like, Matt just said that there is no pullback for institutions. You got to clip that. Yeah, I was on fire with the clips we did when you said Ethereum was outperforming by affinity. If you go back beyond August, that one was highly the flame you talked about about you know, getting a ETF and then flows then treasury company.
- [31:22]
B
I can't wait to see my DMs and responses on that one, Scott.
- [31:27]
A
Matt Hogan, ladies and gentlemen, is undefeated. Also the man who told us the most quotable thing I've used last year, that recessions are illegal. Governments have made recessions illegal. We said on this show, and I have never stopped saying that it is true.
- [31:40]
B
Thanks for having me.
- [31:41]
A
Yeah, man. We'll be back tomorrow with the Friday Five. As always, Matt, thanks so much, guys. We will see you tomorrow. Bye. Let's.