Transcript
A (0:00)
Wall street is making huge bets on bitcoin and crypto right now, both on the investment side and of course, on ETF flows. People are starting to talk about super cycles again, even though we had a very small retrace tomorrow. And one of the hottest topics right now is the newly minted debasement trade that everybody seems to be on board with, which could buoy bitcoin and send it to prices of unimaginable by the end of this cycle, whenever that will be. I'm gonna definitely tell you exactly all of those things on this solo show before Chris Inks comes on in the back half right now. Let's go, let's go.
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Let'S go.
A (0:56)
What is up, everybody? Fellow members of the Wolf Pack, happy Wednesday. I hope you're all having a wonderful morning after the bear market of yesterday. I hope that you all survived. Bitcoin price dropping as low as almost $120,000. $120,000. Unimaginable lows for an asset like bitcoin. That should be at a million dollars by now. I. I don't know if we're going to make it, honestly. I know some of us will make it, but I'm not sure if all of us are going to make it. It dropped to prices not seen since three days ago. I mean, really, truly brutal bear market. Of course, I'm being slightly sarcastic, which I can do when I decide that I don't want to have a guest. And I just want to talk a lot of smack with you guys before we get started. You are contractually obligated to like and the video and to subscribe to the channel. If you don't do those things, literally, just leave. I don't want to be your friend. I don't want you here. I don't want you in the comments because you're not contributing. I asked you one thing, one thing, and that's to help me boost the success of this video in the algorithm. And yes, at the end of the show, we will have Chris Inks, who's going to put on his Oracle hat and use his crystal ball and tell us exactly where prices are going. We have a lot of topics to dig into today, but first, I want to start. Start with something very important. It's this. The word of the day, kids, is debasement. Can you say debasement? Say it with me. Debasement. I can hear all of you saying it through, because this word. I don't know if the Grand Council of Bank Wizards got together and decided that the Debasement trade was going to be a thing as of this week, but everybody's talking about it. Here's the definition of debasement. The action of reducing the quality or value of something. It's funny because I actually thought it was where my altcoin portfolio has gone to debasement. Do you remember those jokes when we were kids? Most of you might not be my age but where you would take a word and there'd be a funny word. We're not allowed to tell them anymore. One of them which was very benign. I'll tell you as I'm looking at debasement where my, where all coins are living is that the teacher asked little Timmy to use a word in a sentence. She said well can you, can you spell the word first? Actually said before. And he said yeah, it's easy. B E F O R E. And she said that's right. B E F R E. And she said can you use it in a sentence? And he said two plus two. Before we used to have a lot of jokes like that. Some of them leaned a little more racist. But we're like that debasement trade. But here we are, the debasement trade. Let's go through it first. We got. Well that was on the right spot there. Fiscal fragility fuels long term bitcoin upside. Bitcoin advocate Paul Tudor Jones. Paul Tudor Jones said they're going to debase the dollar. They're going to print money endlessly. This will be good for bitcoin, this will be good for gold and this will be good for the nasdaq. They're going to debase which means debase currency, print money. Yeah, here it is. Very appealing as bitcoin heats up. But it's not just him. We have some of the biggest names all of a sudden coming out this week. Citadel founder Ken Griffin warns of run from dollar into bitcoin and gold as both assets hit new all time highs. Yes, that Ken Griffin, that Ken Griffin we're talking about right now. We're gathering together the like all of the leaders of the Galactic empire and apparently cheering for them because they all think bitcoin is going to go up the debasement rates. Not just them. JP Morgan. Yes, that JP Morgan sees Bitcoin hitting 165,000 by year end on retail led debasement trade. And listen, we have to report on this stuff. I'm super excited if we see these banks send our bags to the moon. But watching bitcoiners have a JP Morgasm over news about humongous banks coming in. And I won't say co opting so I got in trouble for that. But participating in our asset class, cheering for it when you know they really do want to co opt it and they can't. But they would love to co opt it and control it. Man, it's really getting hard for me to cheer for all of these people. But we do see the debasement trade in action whether in bitcoin or not. Look at gold. Look at that chart of gold. Gold. The most boring thousand year old pet rock that our parents talked about burying in the backyard. Because they've also been talking about the basement for the last 30, 40 years. Trading at $4,045 a rock. Gold wildly outperforming bitcoin. Let's be honest. Mike McGlone will point that out to you.
