B (3:07)

Yeah, I know we have Bolivia stepping into the space as well, but yeah, you're totally right. I think people really comprehend the scale of the US and how powerful something like just Texas jumping in can be. And I think once this really scales and maybe this trickles into pension funds and the average worker in those states, state workers can actually see the tangible returns of holding Bitcoin as a, as a reserve currency. I think that'll be really powerful. And you know, it really fascinates me how honestly, Florida wasn't the first. I know July next year we're passing a law where you'll be able to use silver and gold to do everyday transactions, which I don't even know how that's going to be a thing or work.

A (3:57)

Definitely bringing my gold coins to public.

B (4:00)

Exactly. So we'll see what happens there. But overall it's nothing but, but amazing news and it's great to see that they're doing at a time where there is a lot of hesitancy in the space and not just buying the pico top.

A (4:18)

Yeah, you mentioned this Bolivia news we've got here breaking Bolivia to integrate Bitcoin and crypto into its financial system, starting with stablecoins. It's somewhat vague here, but I think just another data point along the lines of what we're talking about here. So we know that everybody's going to be using stablecoins. What that means for Bitcoin itself I don't know. But especially in countries in Latin America, countries in Africa, it's going to make a hell of a lot of sense to just denominate things in dollars, use Stable coins and these rails and move forward. This is the natural progression of things.

B (4:50)

Yeah, I mean a lot of countries over in Africa have been some of the largest users of stablecoins over the last few years. I mean all you need is a five dollar smartphone, really be able to have your own bank. So I think that's kind of always been my thesis, at least where I thought this was going to go maybe three years ago where, you know, we would see a really explosive, a lot of adoption in the second and third world countries where this type of technology is actually really, really valuable that honestly, people like in the US probably don't appreciate as much. And then it would kind of trickle over to the first world countries that would have really no choice but to get on board or get left behind. Obviously we have an administration that is pro crypto, so that shifted greatly, but I think we'll continue to see that. We'll see these, these smaller countries pop up here and there and eventually the, the larger first worlds will really have to have a serious conversation if they want to be involved or not. I mean, China alone has still kind of been quiet on the whole topic, so.

A (5:59)

Yeah, and we had Warren Davidson proposing legislation recently for Americans to be able to pay their taxes in crypto. And that money would become the strategic bitcoin reserve or digital assets stockpile. I have doubts that that would happen. I also have doubts that someone's going to actually use their bitcoin to pay their taxes. But at least even in the United States, we're getting novel ideas for how to accumulate it outside of just stealing it from bad actors. Seems to be really going to do it. Yeah, just go take it.

B (6:28)

That's exactly what I was going to say. Hopefully we find alternative methods than just going around stealing it out of other countries, not even just like seizing it from people in the United States. Yeah, I think that's what's really important next for this bitcoin strategic reserve is figuring out how can we accumulate in a sustainable way that makes most people happy and really work towards that goal of. I believe it's a million million bitcoin to accumulate.

A (7:02)

Yeah, I mean, that's a lot of bitcoin. I'm not even sure I want the United States government to own 5% of the Bitcoin in the world.

B (7:10)

Yeah, it probably wouldn't be for the best. It might just be one of those blanket statements that that's the goal that never really comes to fruition. But it makes a lot of people happy in the short term.

A (7:22)

So you can't talk about bitcoin apparently anymore without talking about our very favorite institution, J.P. morgan. God, man, these guys are not our friends. I just like to remind people of that. But JP Morgan crypto is emerging as a tradable macro asset class. Crypto is moving away from resembling a venture capital style ecosystem to a typical tradable macro asset class supported by institutional liquidity rather than retail speculation. They basically just show Our market cap rising over here. But the idea here is that having and four year cycles matter much less now than global liquidity cycles and everything that's happening in macro. So listen, we always get J.P. morgan says there's probably some dude at J.P. morgan, but what do you make of the idea that the cycles are dead, that this is just becoming another asset class in the macro? I guess that's a more bearish way of stating it, but I think that's probably a positive thing.

B (8:20)

Yeah, I mean overall, I think with traditional finance, you know that that overall statement's pretty accurate. I think Tradfi is starting to wake up and accept and appreciate and understand that crypto's here to stay and it is just getting started. We have a long road ahead. But overall, I, like you said JP Morgan in general, I don't think they're our friends. They haven't been our friends since day one. They've done nothing but slander the industry, treat people in our industry poorly. I actually had a massive, not a massive situation, but a big situation to me with them probably like eight months ago where I ended up closing my accounts because they wouldn't allow me to tell me that, yeah, they wouldn't allow me to dabble in crypto after I've been doing it with them for, since 2017. And then out of nowhere, oh, can't do anything. So I moved elsewhere. And then, you know, they just flip a switch, oh, now you can buy, now you can do this. They ultimately want to keep their, their average consumers poor in my opinion. They don't want them to have the opportunities that say people on the higher, on the higher side of, in their company get. And, and I think it's just not right. I think people need to do the only thing they can really do and that's move with their feet. Unfortunately, it's not like my voice is going to do anything over at JP Morgan or even Jack Mahler for that matter. But when you do, right, I mean.

A (9:56)

He'S a big customer, right? I mean that's what I was going to bring up next. I mean Jack's not like a, he's not a small fish, he's a big name, he's running strike. And even on top of that said, I think his father had been a private wealth customer of JP Morgan for decades. Yeah, they debanked him.

B (10:12)

Yeah, that, that whole situation's fascinating with how that all went down and maybe more reasoning behind it. But you know, Grant Cardone stepping in and deciding to move $20 million just the other day. Whether he did it or not, I don't know. But all those little things definitely contribute to the right direction. But it's just so exhausting when you see them flip flopping every other week. And I think the majority of people have woken up to that. And you know, whether you still bank with them or not is one thing. Just you gotta really take these oligarchs with a grain of salt with what they say because they, they don't have your best interest in mind.

A (10:57)

Well, we can see what they're doing. And J.P. morgan has filed to launch a bond backed by Bitcoin. So basically they're trying to go and steal the sailor playbook. Right. We've seen all this controversy even this week that they've been increasing margin requirements on MicroStrategy stock which caused a sell off. That maybe Max Kaiser says I doubt this. They're like massively short themselves on the stock. Have no idea. But this is from JP from Jeff Park. You know it's happening. JP Morgan files new Bitcoin note offering 1.5x through BlackRock's. I bet this is very similar to exactly what Michael Saylor and Strategy are doing with Bitcoin. So watch what they do, not what they say, I guess.

B (11:42)

Yeah, it's pretty obviously that obvious. They're trying to position themselves to strangle their competition. Potential competition. Yeah, it's a doggy dog industry, that's for sure.

A (11:54)

Yeah. And so once again, JP Morgan I just don't think is your friend. You have to take everything that comes out as research as a grain of salt because it's not like Jamie Dimon is sitting there writing research reports on how they view. But if you're watching what they've done over the years, as much as they've been dismissive publicly about it and he has called it, you know, a scam and all these things. I mean they were one of the first to send the tokenized bank deposit. They have JP Morgan coin which they've been using for a long time. They're now creating MicroStrategy products. They said two or three weeks ago they're going to start taking Bitcoin and Ethereum as collateral. So regardless of Jamie Dimon's emotional thoughts on this or whatever, they're full in as in as any institution and on the fringes of all the things that are being pushed. To me that is bullish in that it will help build the services, but very bearish in that like if you have a skepticism towards JP Morgan, it's probably so that they can do it and control it. Right.

B (12:53)

And it's, don't get me wrong, it's totally okay to have a view, have an opinion and change your mind. But when you do say the industry is horrible, stay away for I don't even know how long, as long as I've been in the industry, since 2017, all the way up till probably about nine months ago, you're on TV saying Bitcoin's a scam while you're simultaneously building out a blockchain team for your company. It's just, it's very, very tasteless.

A (13:29)

So, yeah. So then the next news we have, and we haven't actually done the what is Cathie Wood buying and selling thing in a while. She is a local resident of Tampa Bay, much like us, so we should talk about her more often. But this is a list basically of all the things that she's been buying. But I'll give you a hint, is that they spent almost $100 million this week buying Circle, Coinbase, Bullish. There's another one. It was Circle, Coinbase, Bullish and Block. So four of the bigger name crypto adjacent companies and sizable purchases across the board. So obviously she believe that these are approaching a bottom. You know, we kind of saw bubble on a lot of these, not necessarily coin, but like Bullish had a huge ipo, came all the way down, so I'm assuming that she's interested in it now. Listen, she, you know, she hasn't been the most successful of managers over the past few years, but has a long track, track record of extreme success and definitely still worth watching.

B (14:28)

Yeah, Honestly, like, I kind of used to give Kathy Flack as well because she had a couple bad calls. I think Tesla was a big one back in the day. I, I hope it works out. And I, I, overall, I think all three of those picks are no brainers at this point. I think Circle's a great opportunity right now. They seem to really be positioning themselves for success. Bullish, I honestly don't know much about, but considering they.

A (14:54)

Nobody does. That's the beauty of it. Nobody knows, but it's provocative. Yeah. Yeah.

B (14:59)

Since they've dropped so much, I'm sure it's a hit, could be promising. And then obviously you can't go wrong with Coinbase.

A (15:06)

Yeah, Bullish is the best because it was basically funded by eos, which was the greatest IPO of all time that never did anything but buy a lot of bitcoin. Wow, I did not know that.

B (15:16)

Yeah, EOs, they actually got Delisted from Coinbase a couple weeks ago.

A (15:21)

I mean, it's the most like, it's gotta be the most like prototypical example if you look at it, of all the glaring problems the crypto has had over the years. Like, it's just wild. So they basically raise, I've seen 4 to 6 billion, however many billions. It was the biggest ICO of all time. Obviously they raised that money effectively built a ghost chain that nobody ever used, somehow converted all that money they raised into bitcoin. So block one is the company behind it still owns 140,000 or 160,000 bitcoins, some absurd number and then funded some of these other ventures. But there's a perfect example of, in crypto, at least in the past, you could launch something, become a billionaire yourself. You're company could be worth billions and you can never build anything. Last I checked, like Bezos and Musk had to actually build something before becoming billionaires.

B (16:08)

Yeah, yeah. And especially in those early days, it was definitely much easier to just launch something with a narrative, whether it's Neo, the Chinese ethereum.

A (16:17)

Remember Chinese ethereum? Neo. Oh my God. Man, I used to trade that thing like crazy.

B (16:22)

Yeah, yeah, it was definitely a lot easier back then to launch something and get some crazy evaluation than it is today. Today, unfortunately, or fortunately, probably it's probably best it's that.

A (16:32)

Yeah, I was gonna say it's probably for the best. I mean, I think the best example of doing it successfully and people get mad when they say it's obviously ripple. Right. They became billionaires and companies worth billions, but at least to their credit, they've stuck around and now they're using those that money to acquire things and try to build something. So I think they'll be the most interesting example of if something real comes from the ico. Boom. The next story we have here, SEC will host a meeting to discuss regulatory changes in corporate governance and the tokenization of Equity securities on December 4th. Once again, like, you know, I don't think that this is what a meeting that pumps anybody's bags, but clear, clear evidence that we're continuing on the path towards clear legislation and regulation and that they're actually focusing on the right things. Right. Like having meetings about how we tokenize equities and what the rules will be around. That means that they're taking real world assets and tokenization very seriously.

B (17:27)

Yeah, more clarity is nothing but a good thing. Actually, I think maybe two days ago it was kind of odd. Like two or three articles just randomly came out. Talk where JP Morgan BlackRock standard Charter they were all talking about tokenizing RWAS and how they really see that as the next thing phase of this entire industry. I know Galaxy as well just put out a report talking about RWAS and how they think Chain Link specifically is going to be leading that charge. So I think that's kind of the next phase of all this. If we have, if we continue to have these types of phases, RWAs I think are going to be huge. Tokenization clarity from the SEC is much needed for that. So that's definitely something on my radar at least.

A (18:20)

You're a link Marine, right? You're a linky. Are you a linker?

B (18:23)

I am, yeah. Link's definitely the one that I have high conviction in.

A (18:29)

It's another one. I think it should do exceptionally well. They just haven't answered a lot of the questions of how the value will accrue to the token. But I do think Light Link should do exceptionally well. I mean the amount of partnerships and deals that they do and how much the technology is actually used, it's like outshines almost every other project.

B (18:48)

Yeah, absolutely. I, I think it's in this weird state where it's just not valued at anywhere close where it should be and.

A (18:58)

It'S one of the few in that.

B (19:00)

Position which is, it is a refreshing thing. It's a good spot to be at.

A (19:05)

All Right, so now we got to move on to prediction markets and I think you're probably well more equipped to talk about this than me. Robinhood to launch new derivatives exchange for prediction markets push Interestingness. Interestingly this is with Susquehanna and Ledger X which was the FTX adjacent exchange but derivatives. So to my understanding this is derivatives which means leverage on prediction markets. Taking the crypto and leverage side they'll be able to do crypto leverage and such as well. But all of that on prediction markets and this of course and I think they have a deal with Kalshi but they've said that as crypto was to Robinhood in the past their hyper growth and became a huge part of their business. That's how they view prediction markets moving forward that that'll be the next thing. And at the same time we finally have Shane Copeland here saying today polymarket US is approved by the CFTC for intermediated trading AKA letting people trade Polymarket through their brokerages. A key milestone for permeating the US financial system. So now Polymarket will be available in the United States. That's interesting. Does that mean you're going to go to like E trade and Schwab to do Poly Market. Yeah, we're going to do Polymarket through exchanges instead of on Polymarket. Like, I'm very confused by this.

B (20:16)

Yeah, I mean, overall I, I feel like this is a topic not talked about enough, but I think we're heading down a real slippery slope with all this predictions.

A (20:24)

Very dangerous.

B (20:26)

Especially, you know, my, my generation. I mean, there is gambling everywhere today. Before it was like, oh, you go to Vegas, you can maybe get on a couple websites online. Especially in Florida, everything was banned. But now like the, the prediction stuff I think is a very, very slippery slope. And I don't see us going down a, a good path with that at all. Yeah, I totally respect like the evolution of the tech and the industry and you got to appreciate that. And there's, I'm sure there's some good that can come out of it, but it's just popping up everywhere and especially with it just pretty much being legal anywhere in the US with it being a like poly market relative being, you know, decentralized. Any age can really pop on and do whatever they want on there. And then, yeah, you throw this whole derivatives aspect. Like, was it not bad enough? Like, now we're putting derivatives into predictions.

A (21:32)

That's bad. That is, I think that you shouldn't be able, like, listen, okay, so you should because of freedom. But we have a situation like, I'm a free market. If people want to do it, let people do whatever they want to do. But this is the lottery mentality. Right. It's not that the, like the wealthiest people in the world aren't going to go on a poly market and YOLO bet on what the weather is going to be tomorrow. Right. This is for the gambling generation, as you mentioned it, people who maybe feel beaten down by the word. We talked about this. I talked about this with James Lavish, actually at length, which will come out on Sunday. But the majority of people who are going to do this are the ones who are like, well, my job doesn't pay me enough. I'm living at home with my parents. I've got a thousand extra bucks. It's not going to move the needle for me in life, so fuck it, I'm going to go gamble it on the weather tomorrow and try to now, with leverage, you'll be able to say, I can 100x the weather bet right tomorrow as opposed to. So I think the predictive markets thing is really interesting and powerful because you have sharps, spending money to make a bet on something which probably gives you better information on a likely Outcome like they're correct on elections and things like that because you more accurate than exit polling and things like that. But do I think that everybody should be gambling on everything all the time? No. Somebody here says trading is gambling stock. Come on. Yes, I agree. I don't think people should be trading. That's why my content is now about investing and dollar cost averaging. If you're trading and you're good at it, great. But I don't think everything in the world should be a trade.

B (23:02)

Yeah, no, I completely agree and obviously I wanna like us, us in technically investing in speculative assets. We can only talk so much but you know, I'm a strong believer at this point that leverage trading has kind of ruined this industry from what it was. And you know, again I get it, markets evolve, but it's taken over this, this industry and the, it seems almost like the, the, the price fluctuations flow based on leverage constantly. We'll never know if that's true or not. But yeah, I mean I, I think it'll probably come down to some sort of unfortunate scenario a couple years down the line where some real regulatory clarity needs to come into play for this. The prediction market. I think ICE with the New York Stock Exchange getting involved with polymarket is insane. Like that's just crazy. And the reality is like this obviously would only really happen with a Trump presidency which again there's nothing wrong with that. But yeah, people need to just really, really be careful.

A (24:16)

Yeah. So we got a couple other stories here. We've got, let me bring it up. We've got 14 billion in Bitcoin options are set to expire on Friday. Interesting because this is kind of a holiday week and weird but we tend to see those expirations at least cause volatility. I think we're likely to stay pretty flat through the holiday, I don't know. So I think this is going to be one of those non stories to be honest. And then of course we got a little microstrategy funds strategy tweeted. If bitcoin drops our 74k average cost basis. We saw 5.9x assets to convertible debt which we refer to as the bitcoin rating of our debt. At 25k bitcoin it would be 2.0x. So I think he was just pointing out that like we don't have to sell and we're going to be fine no matter what happens, so shut up. But of course people are then jumping in and being like, oh, he's coping, he's nervous.

B (25:03)

Yeah, yeah, I know the the liquidation talk was really spreading around the industry. So they're probably just trying to alleviate that pressure and let people know, like, hey, we're good, everything's fine. Yeah, I guess we'd have to see if we ever got down to that price if they would actually be good to 25. That would, that would, that would be crazy.

A (25:25)

We can't, we can't. Mike McGlone, you right now. Those are, those are Maglone numbers and Maglone. We can't do that. So we also have, we have a NASDAQ listed Reliance Global consolidates entire digital asset treasury into zcash, citing privacy architecture as ideal for institutional strategy. So listen, zcash is so strange to me, right? We have obviously like the Winklevoss twins launched a Treasury company. You had VanEck CEO, which got me absolutely roasted just for posting the news headlines who said that basically Bitcoin OGs were going to start buying Zcash because of privacy. And quantum questions. Every bitcoin maxi apparently thought that I was saying that I think is nonsense. But we also have some evidence like Mark Moss showed a letter that he had gotten asking if he would promote zcash from the zcash Foundation. So we know that people are getting paid obviously to some degree to push it. I think privacy is really important, but I don't think anyone cares about it. I think they care about the number going up. I don't think people are actually buying zcash because they care about privacy. Let me put it that way. Same reason people weren't buying NFT is because they deeply believed in the art. Right. They wanted the number to go up. Most communities die when the number doesn't.

B (26:41)

Yeah, no, I think that's pretty accurate. I mean, at the end of the day you definitely have to respect the pump because that thing pumped, man.

A (26:47)

But in a terrible market.

B (26:49)

Right, right. And it's been holding, holding up really well with this volatility, everything else falling. Yeah, no, I agree. I think with this treasury stuff, I think it's relatively a nothing burger. It's some company just coming out and jumping on the, the current train. But will zcash be a thousand dollars in a couple months or next cycle? It's possible. But yeah, if we're looking at fundamentals from privacy coins perspective, I'm surprised Monero is not getting more love than it deserves. Maybe because it's obviously already up pretty high market cap. But I kind of kicked myself for this because a couple months back I was. When the perp Dex trend was going around, I was really trying to think, like, what could be the next narrative. And I came to the conclusion of privacy coins. It's something that never really took off in the past, and to a degree, we had a few good privacy coins do really well. I didn't get involved in any, so I guess it doesn't matter. But I, I, people need to definitely, I think, be cautious jumping in at these levels. Obviously this is something like if we do enter a bear market in the, into 2026, you know, Zcash might, might hold up, but it might kind of trickle down a slow, slow meltdown.

A (28:17)

So, yeah, people were just asking in the comments about the Doji TF when it launched. It actually launched, I believe Yesterday, very quietly. 1.44 million in volume on the first day. I think it's fair to say that didn't exactly pull Salana XRP numbers, which were like 58, 59, 60 million on their first day of the trading. So listen, that's good. Good. Like doge ETFs are stupid.

B (28:40)

Yeah. Yeah. I hope people are waking up. And obviously people in traditional finance that are buying ETFs have the sense not to jump into Doge anymore at this point. Was a fun run. It'll, it'll probably be around. But if, if that's your high conviction play, I, I recommend you think twice on that.

A (29:02)

I know they're saying it's blasphemy. Doge is the best coin. Listen, I, I, I've told it many times. It was my first love. It's what got me into crypto in 2016. 17 was trading the Doge cycles against Bitcoin. Nothing against Doge, but I think it's good that it's not gaining like institutional adoption. I don't think that's a good signal of crypto maturing. I'd be pretty concerned if the Doge ETF was the most popular launch of the year.

B (29:25)

Yeah, that would honestly be exhausting.

A (29:29)

Yeah, I'm cool with Josh. I just didn't want that to be like $100 million launch, because that would be just ridiculous. So that's all the stories we got today. I want to do a little housekeeping. Since I got Ryan here and we have the audience, it's our last day, so tomorrow is obviously Thanksgiving. So we'll be off tomorrow and Friday, which I hate, because, you know, our momentum has been great and I don't like missing shows. So next week I'm also going to be off for a lot of the days, but we're going to have the Full schedule and we're going to have Dave Weisberger hosting because we're getting ready to launch Dave and we want, we want. I know you guys love Dave, so I just wanted to tell you guys, you're going to see a lot of Dave next week, hopefully.

B (30:08)

Yeah, I think Dave's going to be a nice addition to what we're doing here. He's going to bring a lot of unique takes, maybe a couple good rants. So stay tuned for that.

A (30:18)

Yeah. And like I brought in Dave as the co host on Crypto Town hall and I feel like I shouldn't even show up anymore. Everybody's just like, hey, Dave, what do you think of this? Hey Dave, what do you think of that? Hey Dave, what do you think of that? Yeah, Ben said, I don't know if you have the energy for a week of Dave. It won't be the whole week. It won't be the whole week. You know, he'll do like Wednesday and Thursday. We'll slap Andrew and those guys on Tuesday and macro Monday will be its thing. But yeah, I mean, I guess this speaks to the fact that we're looking to not just not on my channels, expanding channels and you know, love the feedback from, from the audience, you guys. But we're looking to kind of give you more of the things that obviously have worked exceptionally well on my channel outside of my channel and to build out more great content and give more information. I mean, that's the idea here.

B (31:02)

Yeah, yeah, we have a lot of, a lot of really promising things cooking into January of next year and throughout next year. So definitely everyone make sure you're subscribed so you can be aware of all.

A (31:15)

That's why you're the producer. You ask them to subscribe. How about a maglone day? Dude, I would love a McGlone day. I would love a McGlone day. We've talked to James about doing his own stuff as well, which he's very interested in. Yeah, I mean, we might in the future even start flying Dave up to do the shows in our actual studio. We're trying to improve all the quality but, you know, and it's going to all be step by step by step. But the plan is that eventually we're competing with the CNBCs and Fox businesses of the world to give you accurate content on where Crypto really meets tradfi. I think that's the direction that we're headed and we're excited to build that out. So, Ryan, thank you for your participation in all that. Obviously for helping to build it out. Thank you to our amazing audience here for coming in on a holiday and we were late to get the stream up today, so we appreciate that you guys showed up and we will be back on Monday for Back for Monday. Ryan man, thank you. And you're going to see more Ryan too down the road. So obviously, like I said, he was hosting on Data Dash. We're going to try to I think build out more like kind of altcoin crypto content on that side as well, which we've been lacking on this channel. But I think we've really found our lane on this channel and with the algo, you don't want to really mess with that.

B (32:24)

Yeah, absolutely.

A (32:25)

Well, thanks for having me. I appreciate it. All right everybody, have a great Thanksgiving tomorrow and we'll see you on Monday.

C (32:30)

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