Good morning, good morning GMGM. Welcome to another episode of Cuomo Hour today. Today is Tuesday, October 15th, 20/20/20. Folks, it is a cooler fall morning here in Chicago today. We are actually in the 40s right now. Fall is finally here, but we are warming up here later this week. It feels like October is also warming up, folks. It was a massive day for the ETFs. Larry is bull posting Bitcoin, but taluk proposing changes. Folks, I don't know if you've
seen Bitcoin this morning. Bitcoin is pumping on the open. The memes have been moving. We've got some surprising FTS moving as well. We're going to break it all down on today's show. Farouk is traveling. He is over in Paris, so he's not here today, but we've got Mando on. What does Mando? GM, how you doing? Great day. Absolutely amazing. How are you? I'm doing well. Also. We love this kind of movement. This early in the day.
I feel like I was like, I haven't seen a candle like this in what feels like months, months and months. So that's been a nice, nice start here, folks. It's going to be a quicker show. I got to rant to my son's field trip here in about 30 or 40 minutes. So we're going to give you a a tight 30 minute show. What are we going to talk about topics for today? It's a big day for the ETFs. Plus Larry thinks bullish Bitcoin comments. We're going to talk.
Vitalik publishing a new blog proposing major changes to Ethereum. Kamala releasing a very strange crypto framework. The Trump token went live this morning. It's already seen $5,000,000 in sales. Aiden Ross potentially building a kick currency in the Stream to Earn model. We've got Hyper Liquid announcing its token, and then we'll catch you up on all the latest in meme, memes and NFTS,
plus a lot more. Before we start, quick shout out to our partner Galaxis. With seamless built in monetization tools, Galaxis enables the development of sustainable long term communities, fulfilling Bitcoins vision of decentralized freedom and independence from centralized control. Shout out to Galaxis as always. All right, Mando, if you're ready, let's get into it. Oh, you have it GM everyone so big big day.
It looks like Bitcoin hanging towards and towards was it 58 K right now 68 K it's very huge, huge move. Looks like Bitcoin out performing Bitcoin dominance is heading towards 59, nearly 58 1/2 right now. And it had been a little bit of a weekday. I say before that most old coins were down, most meme coins were
down. There's a few ETH memes that had a bit of a move, but but this is a Bitcoin LED LED move and it feels like it's mainly around Trump and Trump's odds, I feel like is what most people are saying for this Bitcoin performance. I would say that going into that election, Bitcoins probably one of the the top assets you want
to own. If you think Trump is going to win, I think you'd probably pick Bitcoin, Tesla, maybe Trump media, you know, if you think he's going to win, I think those people have a good day One second. Tesla's an interesting 1. I actually hadn't quite thought about that. But it does feel like Elon is so tied in to to Trump at this point.
A lot of folks are are pointing to the the rocket capture how how they caught that as actually a pivotal moment for this election because it's almost a vote on like if you think that the Democratic administration would kind of slow that kind of progress down. So it's like progress versus regulation. I feel like it's a new thing. I mean, I think, you know, there's a big Tesla trade there. I think he's obviously going to do well.
He's even saying publicly, you know, like if it doesn't go well for me, it's not going to go like they can put him in jail, all this sort of stuff. Like they've already there's already been some rumors that they're like throwing regulation at him. And yeah, who knows. But I think I think if Trump wins, Tesla could do could go up like 30% over the next few weeks. Over those few weeks, I think Trump will probably caught Elon
post election as well. So everything will be made a little bit easier for him on the regulation side, probably with all those chips stuff that we were talking about as well, like the restrictions. So I think that's the I think that's what's moving the market now. You could talk about a lot of other stuff. It's been a cold spring for a long time. You know, five shift under what's the term underwater beach, beach ball, beach ball, underwater. It's felt like that for a little bit, right?
Global liquidity going higher, stocks all hitting all time highs. But this move does I think is more of a an election move and he continues to pull ahead. And it did feel as though Kamala's attempt to court crypto yesterday was just a bit just didn't work basically. So let I just think I think that's that's what it is. I do think I've said for a long time, but it will be in or around all time high, I think around that election.
I think whether you want to own it on Election Day, I'm not sure because if he loses then then I do think that can unwind pretty quickly. And we could probably go back down to the sort of area are right now like low 60s, although I think you buy that dip. But but if he wins, I think we push on probably go to 80 K roughly I would say. And then I think we could end the year 90 to 100. So I think that's that's what we're seeing here.
Just in terms of Bitcoin, there wasn't much in terms of again, like other specific news there, there was this Vitalik doing a blog post about ETH, which is I think it was out yesterday. He's been talking just generally about the future of ETH like he he's just posed in questions imposing upgrade that could happen. These can take years to have have happened, but he's talking about reducing the validity limit. But the title it's a big
decentralization maxi. And I think he's he's seeing right now that there is some centralization in the in the proof of stake mechanism that he's that he he's trying to come up against. And mainly that's because of this whole restaking and staking protocols which which are clustering a lot of the youth together, which can be
dangerous. So I think he's trying to think of ways to reduce that, but I think that could be taken relatively positively as well like it would onboard more people to it to a certain extent. It does look like Solana is the only real one that's kind of holding up. I think most of the other L ones are actually lower. Most altcoins like Sui, for example, is lower on the day looks like now, which I think is
relatively interesting. Solana's kind of keeping well, not keeping pace with Bitcoin, but definitely not lower. But there was some movement back into ETH and there's been there's been some talk about the idea that this could be a little bit of a flutter again for each, you know, it's been a long time. I saw DC investor tweeting again yesterday. Like normally that indicates there could be a little bit of a little bit of a run, which would be nice. It would be good to see ETH go back to.
I mean, it is crazy where it's trading, right? 2600 Bitcoin's about to probably go close to all time high and it's still 2600. That's that is kind of nuts. So it's about 1000 less than I feel like I would have expected if you told me that Bitcoin's at 68 and knocking on all time high. Where did Bitcoin start? Where did Bitcoin start the year? Like 33? Yeah, something like that. Roughly. Yeah. Let's see, maybe it was slightly higher.
It was like 40. Mid lower 40s, maybe lower 40s, Yeah. So 42. So it's up 50%. Fifty, 60%. Yeah. I mean, I guess I'm talking about where was it the 1st of December? Where are they both on 1st of December? Yeah. That's where I think the bigger move came from. Yeah. Let's see. I mean, a full year ago Bitcoin was 28 five. And then let's see early. Yeah, the big move was December 1st. So it was 38, yeah, 38 back in December 1st.
Wow. Yeah. It just feels it's it's underperformed so much, which I think I think it deserves to be hard than where it is right now. I do still think with all the TDL and stuff going on on ether deserves to be higher. But let's see. And that there was obviously macro has been hitting all time
highs again. There was some bullishness again coming out of of China. The dollar, interestingly, has been hitting new highs though, which which I wouldn't have really predicted here, like Bitcoin's been really strong in the face of actually the dollar hitting A10 week high. Part of the reason why I thought Bitcoin was initially rallying was because the dollar, people were expecting rate cuts. The dollar came down and you know, but the dollar's actually
strong. The dollar's been very strong because there's been a lot more expectation now that they're not going to raise rates as quickly, sorry, cut rates as quickly as expected in the US. So this is a really good sign for Bitcoin that we are hitting, let's say a little bit of a local high here at the same time as the, as the dollar going higher. That's definitely not throwing people off, of course. What else do we have on crypto?
Yeah, I guess the, the other, the other big interview was the Larry Fink 1 and his comments that that were made about, I think people can kind of take this out of context, but he's basically saying this is like an absolutely massive bit of technology and, and could be the the start of something an asset class in itself, which it kind of already is. You know, we're over $2 trillion asset class.
He's basically saying it's going to be a 10s of trillions of dollar asset class, which I think most people in crypto agree as well. We saw massive inflows into the Black Rock ETF and in all ETFs, we've got 800 million inflows over the last two days just into the ETF products. And I think maybe those comments are linked together. But I also think again, that's, that's probably just to do with the, that's to do with the Trump trade. I think it's, people are looking for those.
If I was a trader right now, this is the time I'd start thinking about those bets, You know, three weeks out, what do I want to own? I think, I think Bitcoin would definitely, definitely jump out. I was trying to think what, what those other bets would be. And I think I think Tesla is probably 1. I think some maybe some of the US energy names could be other ones because he's been talking about, you know, opening up that that the industry Trump media, the stock. I don't know.
I don't know if you'd own the Trump meme coins, right? Like, like they don't even feel like a good play on that. I guess polymarket or or, you know, myriad doing a doing a bet. There will probably be a good way of doing it. And I just don't even know, like I think that's the point there's apart from just owning stocks at all time highs. It feels as though the thing you want to own into the event trade is Bitcoin. It honestly is like I think a lot of people will be like
Trump's going to get elected. We still own Bitcoin. That makes sense. I actually wonder if if that's actually like short term bearish for some like the other L ones, perhaps even that this meme cycle, like if we see a huge influx in the Bitcoin folks worried that they're going to miss it, right? Do we do we see some rotation? And I think personally, I feel like that would be a short term move and then it would it would come back that that part of the sector would would come back strong.
But I mean, you're right, It looks like it's it's a Bitcoin move right now. It's not really much else has been moving along with it. It looks like Bitcoin retracing some of that right now. I want to come back to Larry's comments. I feel like there's a bit of like a Tale of two cities going on. I think you've got some of the old guard on crypto Twitter and there's still like a fair amount of negativity about this cycle.
A lot of it's tied to like the prevalence of meme coins and folks just kind of just bearish on where crypto has come in 10 years. And then on the flip side, you've got Larry talking to all the Black Rock investors and, and talking about how this is the beginning of a brand new asset class that is, is just starting. He compares it to the early days of the mortgage market, the high yield market. Basically there, there's no tools there. There's not much analysis on
this. That's all going to come. AI is going to come. We're going to build that on top of this points to basically every country having their own digital currency and what kind of catalyst that will be for Bitcoin in crypto adoption. And I mean, he's clearly a long term bull and I feel like that contrasts with a lot of the takes I still see on this timeline when I show up every day, which is which feels so strange.
But I don't know, I feel like it's hard to be bearish on Bitcoin. You when you read Larry's comments here, I would agree that he seems more bullish than I would say 60 to 70% of the crypto market. I think. I think part of it, part of it is this, right. Everyone has listened to like the Murad speech and and they say, you know, this whole industry's a scam and you should just know means if you actually listen to Murad's speech, he doesn't say that.
What he says is that the use cases of crypto are digital gold payments and speculation. All the other utility based stuff is, is the stuff that's overvalued now. I think quite simply, I think that a lot of people in crypto, if they weren't only means for this cycle, they they actually owned a lot of altcoins. Like I would say, I mean, I own Bitcoin right now. I would say I'm honestly in the minority of people who turn up onto CTE today.
Like Bitcoin is my biggest holding, easily my biggest holding. I don't think that's that's true for like 90% of the people who who turn up because they're here for speculation and they they hit a hit a meme before that, that was altcoins. This, this cycle moved to meme coins. And I think people got bearish on that move that like they got rugged on all the altcoins and now we've got to move to meme coins and meme coins are just pure speculation down to their like their core.
And often the morals around them are a little bit more tough and well, they're just different actually. But I think that's what the bearishness is within crypto is like this, this realization that a lot of the dreams of crypto are probably going to be slightly cut short to being payments, digital gold and and memes. And I, I think Larry's, Larry's really in the payment side of this business and maybe in some of the tokenization bit of this
business. But, but I think you can still marry up those two views and that you can, you can see like massive holes in like what people have been sold for many years and that it's all like a scam at the same time as thinking that that this can still happen. The payments and tokenization of the business, I think can be, can be absolutely massive in the future.
But I don't know if that needs a coin that can kind of just be done on an L1 by, you know, a publicly listed company rather than something that has to issue a crypto coin. So yeah, I think to marry up the 2 views a little bit, increasing digitization of currency doesn't mean that every coin is going to go up, but it likely means that that Bitcoin will probably go up. In fact, that that, that is my read on it. I feel like there's been a lot
of folks have been questioning. So like what would drive like what's the driver for Bitcoin to go 70 to 100K? And I think that the. Trump election certainly is a factor right now. I'm not going to deny that even though Larry in his first comments he he does say that he thinks Bitcoin does well regardless. I agree. He's in office. Yeah, we, we both, we both share that.
But I feel like, yeah, he's, we said this back before the ETS launched that no one was ready for like the sales tour that he was going to go on. And he's doing it right now like like that. That prediction did play out like he is, is going on the sales tour right now for, for, for crypto. We still haven't seen that the bankers do it the the boots on the ground. I think that could be a big unleash in Q4 is when the, the Army of Morgan Stanley advisors start really pitching this to,
to their clients. So I think, you know, in my head, like what could actually move us up 50%, but that that could be a factor in play. So that, that is certainly one that I'm watching Real quick on the election. We, we've, we've talked about Trump's lead is as big as it ever has been on on Polymarket. It's up 57 to to 43. So, so a pretty, pretty big lead there. Certainly Kamala's comments yesterday, there's quite a lot. You look at this quite a lot. Like what?
Which states is it down to? I actually haven't gone into the state by state level. I saw someone said it's like actually down to like 15 counties because it's so like county lines are so either red or blue in terminally these states. But then there's a few like purple ones that are basically going to decide the whole race.
Yeah. I mean, for the longest time, they really felt like it was just Pennsylvania and and whatever happened and, and like to your point and really just probably a handful of counties in Pennsylvania because it seemed like Michigan and Wisconsin were likely going to go calmly, even though the odds here are are reflecting Trump, Ohio, North Carolina, you know, more going the Trump side. I need to dig into to the state odds and some of the polling.
I've been kind of tuned out from it here the last few weeks. I mean, I think Silver still has it. He, he still is talking about the money man. This is where I think you can make money, Tyler, you should be looking at on a state by state level. I feel like if you're gonna, if you're gonna make money on, on Polymarket or Myriad on the day of the election, it's gonna be, it's gonna be this. Yeah. This is where it makes sense because we're only three weeks
out. Like a part of the opportunity cost of, of betting on Poly and these other sites were just walking up your capital. Now it's a, a 2X in three weeks on a lot of these markets. Cause most of these are coin flips. That's not so bad. So I do think we'll see a a big spike in volume. Just quickly we got it was a very strange move from the Kamala Harris campaign yesterday. So she finally made her crypto comments. We eluded this on yesterday's show, but we didn't share any of
the detail. She she tied it to the the black motor base. So she released this document. They're they want to broaden access to banking and financial services. You want to make owners of investors in digital assets benefit from a regulatory framework so that black men and others who participate in the market are protected. I mean, just just this, this 5 words, the six words just so, so that people are, are protected. Like literally this all had to be I know like she was giving
this speech. I think it was that it, it was speech in front of a black voter base, but the whole crypto market had been like waiting for months for her to come out with what her platform was or at least some type of an overview. And then she pegs it to a specific race. It's such a strange move. And just it makes me question who who is on her campaign team and helping to make these decisions because these are just bad decisions. And we've seen some pretty negative feedback here already.
So I don't think she's winning the crypto vote here. Just hilarious. Just absolutely hilarious. I thought like I saw the the document is the one that that got me because yeah, if she's making a speech, fair enough. Like maybe she's speaking to the audience. But I think basically there's clearly worry that she's not winning over enough male, black and Hispanic poses, right?
But and that that's been written with this as a lens, but within crypto is like crypto is most people are pseudonymous, right? You don't even know their race like it is it is not a well, you could say that there's obviously race racist elements to everything there. But like, I don't think being supporter of crypto has anything to do with your race at all. Yeah, that's what made this so, so shocking. It's it's one of the most race agnostic industries.
I think you could yeah, you could participate in. Everyone's got cartoon PFPS. Yeah, for the for the most part, so clearly out of touch that was not a a win for her quickly on the metallics of I mean you, you gave the, the headline here. I think the, the big changes are really in the, the ETH requirements to to validate in the stake. So reducing it from 32 ETH, which costs what nearly $100,000 right now to just one. So anyone who holds a single ETH
would be able to participate. So more access, more decentralization. There's another component of this with the finality of block times reducing from the 15 minutes to perhaps as low as 12 seconds. So perhaps the speed increase to this as well. All seemed pretty positive. But as you mentioned, these are things that are potentially years, years in the making. So it's it's hard to to get, you know, too ahead of ourselves
right now. In protocol news, I think the biggest news of the day, what was out of Hyper Liquid. So the Hyper Foundation launched yesterday. Their goal, of course, to grow the hyper Hyper Liquid blockchain and its ecosystem. They announced their token, the hype token. We don't really have many details about that tokenomics. They did encourage users to to sign up and accept their terms on their site by November 11th.
So that seems like a key date. So perhaps the the token may be coming in November. I saw some chatter on the timeline that it's heavily Geo blocked that that no one can use VPNs. So I saw some fun around that. I do personally I've had this experience where protocols will allow you to use AVPN to use the site, but then not to claim the token. It does feel fairly 2 faced.
So in, in general, that's kind of interesting what you've seen here actually, because I think Eigen and Layer got the same, got the same pushback, right, is that they often, they often have the VPN on for like the first few weeks and then they turn it off like a month in. So like when the regulator's having a look, they'll, they'll, they'll keep it on and then they'll just slyly turn it off like 4 weeks off. I think Eigen layer has the same thing, but I didn't know that.
Actually. That's interesting. Just watch out. It's, it's a common, it's a common move now. Yeah. We'll, we'll be compliant here for the first few weeks and then we'll, we'll let folks in the, the back door. Well, unfortunately, but for a lot of these tokens, they've sold off quite a bit for the first two weeks. I think Eigen perhaps is an exception. We'll see. Have you used Hyper Liquid or do you have much of A read on this hype token or where you think
this thing might launch at? I think it's been honestly, I think it's a good product. It's a good product, but I think there's, there's a lot of different perp Dexes out there. You can you can trade on I don't have some like unbelievable experience in hyper liquid versus some of the other things other than you have more liquidity there right now. But do I think that another perp dex could now come in and do this and just get some liquidity doing it?
Like people used to do this on GMX and then it was DYDX and then hyper liquid like money moves in these is, is that people just farming, farming for the for the air drop. So after the air drop, you'll get to see how how good the product is. I think following other things, but I think it's competitive landscape for these sort of things and it's a it's a good product.
But I, I think some of like the core CT crowd are like super bullish on it. Like a basic CNZ that guy and a bunch of other people always pushing liquid it it yeah, I mean, it's good. I saw that as well and then I feel like the first like AirDrop farming window closed and all all volumes dropped off fairly significantly. I feel like I saw less less bull posting after that event.
So certainly we will see. I think the other one, this isn't quite like a a protocol news, but Aiden Ross apparently and kick. They are working together for a kick currency for a stream to earn model. I honestly I didn't dig into this. I just assumed this was because this would be interesting like obviously kick is owned by steak the crypto casino so and they have never done a currency right?
So may maybe they'll do this, but I mean don't read too much into it yet, but stream to earn just sounds like something that's going to 0 to me. But you have to you have to be careful with the with the tokenomics and how that's going to be sustainable. Certainly. So we'll, we'll, we'll see. We'll we'll put that one on that the back burner. I think just quickly going through that the meme board here, the big one turbo.
So like this is just kind of a it's a reflection on this AI meta that like the goat coin from from truth terminal, really again, the coin is not from truth terminal, but tied to the truth terminal. Kick this off. So the goat coin hit 160 million yesterday. It's back down to 120. We've seen tons of derivatives like so this is clearly that the meta of the day of the week right now. Turbo the the biggest winner. I mean this, this is at 900 million now.
And which of those stories do you like? Which of those stories do you like more of? Which stories in the AI meta itself or just across which? Like do you prefer the GOAT story or do you prefer the the turbo story? Because I think I prefer the turbo story. Like GOAT just seems like he didn't even make it. He just said, oh, I like this coin. I don't really get why I was going so crazy about it. Yeah, and that's why why I didn't personally buy it when I saw it at 2 million.
It was like this isn't even really the the AIS token. It just it just likes it and the meme is one that it talked about Clearly people have have have run with it from there. I mean, the thing about turbo, I think the turbo story is better, but I mean turbo was also dead until the you know, the the cabal pumped it and you know it's I mean the cabal, the cabal's done the nice job. I my read Is it probably going
to go higher? Yes, I'm not going to I don't like it at 900 million or gap like I'm not that in I'm not I'm not that desperate to to jump into an AII. Think we're starting to see more folks trying to do like the the archaeologist play. Like there's this WAAC token, which is apparently is the first AI coin on Ethereum. So now it caught some hype. This Medusa coin was the the runner of the day. It's it's zero to 28 million here in about 24 hours. Apparently this is the first AI
point on pump fun. So it's it it, it's a mover. We'll we'll see where it goes from here. I can't these AIS like start talking about the duck more often. You know, maybe maybe I should just tweet at truth terminal. Yo-yo at truth here's the thing. Once once all the gaming streamers come over and adopt epic from then we can we can start thinking about how it becomes an AI and and gaming there. So you've got a lot of options here in in the future.
Murad memes quickly going through this list red day not a huge surprise given the the huge run up. I think the biggest one is popcat not moving kind of along with the rest of the top of the board. So I think that's going to be 1 to watch. Mog had a big day, but it looks like it it gave back some of the gains. It's flipped SPX here. Bass had I believe the D Gen. Did you hear that? What? What was that Mog flip?
FFPX. Just cause Farrok is on the show, you can say it. Yeah, Farrok's not here, so I can give a Mog it's flowers. The reason why Mog flipped SPX is because of Mog auras log or is the number one mover on the ETH NFT board. It's at 0.69. Wow. So it's a a huge rocket. It's up 140% as the meme NFT craze goes nuts. But I just for some perspective, yeah, these things were 0.1 a week ago and then like 10 days ago they were 0.01. So you these are like literally a what did you say?
I said MOG or is the reason that why MOG is pumping here? Not before that. MOG did flip SPX so we all can victory lap it here for a day or so. The SPX reflips it later. Later this week probably as soon you just show up. You just show up when when MOG gets mentioned. Is that? It. I've been. I've been. Commenting and watching the show for like 20 minutes. Look, I've been commenting at you guys saying I've just been putting a bunch of unhinged
stuff in the comments. Let's look at this chart. I mean, the model chart looks good like I'm not going to, I'm not going to lie about that Looks like it could explode up for sure. I just think SPX probably goes a little higher or or it's a lower high right there. Now, now that I've seen it, I can't Unsee it. So we will. We'll certainly see the other story. Just we we went and. We went into Mimi. FT so I'll continue it. Sproto Grimm on set 4.2 yesterday.
So that's so they went 0.58 to 0 to 4.2 in about a month. So that's one of the bigger moves we've seen in NFTS in in quite some there's only there's only three thousand of these. Do you think they can flip board apes? I do I think they are the clear winner of like the Murad meme NFT meta here. I would have thought it was aeons because people like these within NF TS. I think people know this prostate gremlins, right?
Like they, these are already well liked and they, I mean, they jump out like, I mean, you can you see, you see this like, you know what it is like, right? Like they're very distinct. And I think a lot of people like, like I've got friends who had the the ticker Bitcoin T-shirt, like who may not even have the the meme coin like that was a pretty viral branding and it's fun. So if I had to pick one of these to flip the current majors, it probably would be Sprotos.
Yeah, I I think so too. But we will. We will certainly see. I think that took us through most of the updates here. Let's see if I miss anything. Nero was up at 900 million. Looks like it it gave it back. We talked about morale, anything on the Solana board jumping out. MU MU and Bohm both had nice days. Looks like Bohm kind of gave me some of it back here as well. Flogged continues to grind up back at at 200 million. I think it was the IT was the bigger the biggest game here.
So it's looking pretty good as well. But with that, I think that was a nice quick roundup folks. We we promised you a 3035 minute show. It looks like we were able to deliver that one a shout out all the listeners for tuning in to today's show. That will be it. We will be back tomorrow on Wednesday breaking down all of today's action plus robot spins, double robot spins tomorrow since we weren't able to bring those to you today. So stay tuned for that.
As for today, go have a great Tuesday. Go make it a beautiful day, goodbye.