Yo-yo, yo-yo. What up? What up? Good morning. Good morning, G. MG. Deep Monday, January 8th, 20244444. Look at that. Another beautiful day to have a beautiful day, another historical week to have historical week. Ladies and gentlemen, we are coming off hot woo from the last formal hour that occurred last Friday with the senior ETF analyst from Bloomberg, Eric Balchunas. And and I mean we are off to the horses. Welcome to the coin, Tucky.
Derby's final laps, ladies and gentlemen, Which horsing it is gonna get through the gates first, we don't know, but we know that our horses are gonna go through the finish. Line. That's one thing. Not sure sure yet, you know, don't tell me that. But but one thing's for sure is that it's going to be a phenomenal week here in the land of cryptocurrency and especially Bitcoin. Mando, how you doing this morning ahead of ahead of a quite a quite a quite a fun.
Week we have ahead of us here. Doing great. It's gonna be a big week. Imagine. Imagine a lot of volatility. Good, good. Time to set some low bids, set some high offers. Just get ready. Uh, just ready to see stuff move. Yeah, I mean, we'll. Talk about that during the market update because last night we saw quite some bleed out. Well, I think, I reckon you guys were probably asleep during that time, but it was a nice little, nice little nukes across all all coins and some nice little, nice
little. Golden opportunities in the middle of bear market to go shopping but we're going to we're going to we're going to get to that today on the show today, today seems like he sent me the. The link to the our topics and stuff and then then it opened it cause AD is crazy up in here but mark market update as usual you know moves obviously another ETF filled show that we got for you all. On on formal hour. But you know it is what it is. We we are in the heart of it.
We have to update you all of the moves day by day. Plus I don't understand half of these acronyms like the S123, the R2D2, the you know all this stuff. So, you know, maybe sometimes. You're going to. Mandolin hobby. And you know they got the answer answers for us. So you know, we're gonna be talking a whole lot of stuff about this. Of course, altcoins is stuck. But the nuke, you know I put a
tweet out yesterday. Mandela, like, you know you have another opportunity here to catch some little bids. I know you just you really opened the show with that, to which Beanie actually replied what are you looking at? So you know, I answered to him. This morning I went to bed last night slept the whole 8 hours. Mm-hmm. But but you know, happy to go over this stuff today and talk about the alcorn market cap and the BTC stuff that Ruth Kang
have been tweeting about a lot. Regarding dominance, seems like cycles are cycling indeed here Mando And of course ETF approval now raised to 95%. Which minds you? We have another banger guest on the show this week. Shout out to the Queen of ETF's. I mean, you've seen the Queen of Fox Business, Eleanor. She's coming on the show on Thursday so given the tests could get approved on Wednesday
would be an insane show. The back of that shot to Eleanor Terret who's gonna be joining us on a Thursday morning. And then on Friday we have booty Wertheimer. So I know he, you know it seems like he's about to do some crazy stuff on a timeline so let's see what that is all about. So Bitcoin filled week for you all. We're gonna talk about this today as well. And NFT update for everyone important you know Zuki Zuki is hitting up ripping. Like what?
Some dollars like ticker anime or something like that I saw on the timeline some some speculation over. There and and a lot of stuff going on a Polygon, Polygon back in everybody's realm. Here with Gas Hero doing $10 million volumes top trending on Crypto slam the golden ratio by harto big sales on Bitcoin side Bitcoin ordinals we're talking 10 art here so Jen are. Catching the bid on on originals The Boys and I may or may not have gotten wrecked on the wrong
collection this weekend. It was hilarious. We booked our first tax loss harvesting event of the year. Let's go. Pee pee poo poo. Anyways, and last but not least, Solana Saga users stay rewarded. I mean, I have a homie let you pay like 3K for this thing last week and he's already pretty much in the money like it's crazy. But you know you absolutely love to see it. Planned trustors and dip buyers staying rewarded in the words of the great bees.
So anyways, with that, this show is powered by Ledger as usual. If you would like to partner with your boys, you know definitely look up the link and buy you a formal hour. We have everything out there including all our shows everywhere, broadcasting shot to 230 people already on video with us. We love you all. We see. Y'all Whoop, make sure I caught that. You saw that reflexes on.
Fleek. But make sure that you follow at Fillmore work across all platform, follow your Co host and of course subscribe to the Mando minutes because your voice is 5000 subscribers and the goal is 5. 100 subscribers by the end of. This cycle 500,000. Having 1500 frozen, let's go, let's go. That's a that's an easy 100X for my boy over here. I wish I could long that coin if I could. I mean, we kind of are by investing in each other.
So anyways, with that one we get this, this, this party started. Mando is the man back on. Daddy, can you dig it? GM Yeah, look for majors. If you just focus on Bitcoin for the last few days, even for the last week, you would probably be in a good spot. Bitcoin has got back up to about 45 K, which is kind of where it topped out and I think that's the highest weekly cat candle it's had for for a long time.
But yeah around 45K member got up around there and then bill away down to 40K and that one week and we slowly edge back was that level. So Bitcoin feels healthy. We'll go into what's going on with the ETF. But the ETF, I mean Bloomberg just increased their chances of having to 95%. We obviously got that that feeling. You're currently seeing a bit of an ETF war right now where all the different providers are trying to undercut each other on the fees for the ETF.
Remember as he said this is a Vanguard free zone. What does that mean? Well, Vanguard are traditionally like the the they undercut everyone. They they they they are the biggest ETF either because they are so much lower than everyone fees. Why are they not involved in in this? Because they said publicly they do not want to get involved in crypto. So this has allowed a lot of other I would say more bespoke ETF providers to to get involved
and there are higher fees. So a lot of people got involved. They are now proceeding to undercut each other anyway, so it perhaps isn't as lucrative as they all thought. I think it's gone down to around nought .2% I think I saw was the lowest, but there's various different like bonuses and freeway is so ETFs are definitely coming. It looks like they're gonna be coming middle of this week, Wednesday, Thursday period. So that's all going full steam
ahead. I think you already saw Black Rock Seed part of their ETF already, so they bought some and you're going to start to see I think seeding of these ETF's relatively soon as well. So we are in a good spot when it comes to Bitcoin. Everything else. If you if you were inside CT you would have felt it wasn't really
trading great. ETH went down to 2160 area, Solana hit 85 um, a bunch of old coins really fell out of bed and you've seen quite a big dip in the old coin market having having really had a a very very good period and caught up with Bitcoin. Dominant caught up with Bitcoin while it was kind of hanging out around 40K.
That has since reversed and Bitcoin dominance is headed up to around 54% and it was at around 50% so that could continue to go. Like I would be unsurprised if Bitcoin dominance heads up towards 45464747. 57. 55 to 57%? That would be unsurprising to me But then I think I, I don't know all coins are down quite a bit so it's not been a terrible time
I think to go old coin shopping. Things on most things are probably down about 30% from from their from their high ETH is down about 10:15 but the rest of everything else is down 30 to 40. So it's been, it's been OK time to look at some some of those coins and it got pretty nasty yesterday evening slash in the morning if you're if you're in Europe. I think that was like the the local Lowe's and that's sort of the move and then that's kind of
extended into the other Mike more risky parts of the market mean coins of generally being destroyed, things like which I think are down like 60-70 maybe even 80% it touched from its high and most other I mean points have have slightly underperformed though the ones on earth seem to be doing slightly better than the ones on Solana UM and pretty much all the D5 narratives, a lot of the OL one narratives all really got
tested in this move. So yeah, it's been like I said last night, I think was where it felt the worst. Things like Solana, 85 and out just showed 95. You had things like say which everyone was talking about. I think it 50-5 cents. It's now back up to like $0.70 roughly or $0.65. So like a decent, a decent bounce back and a bunch of different things and I don't know if that that continues. It just felt as though also moving lower in Bitcoin wasn't doing anything.
At least this morning Bitcoin has gone higher. I don't know like it looks like to me like Bitcoin kick up towards 50K. I don't know if alts will follow but umm but it it it's definitely feeling better out there today. And then in terms of general risk sentiment out there, if you look at things like funding, open interest, they're all, they've all been pretty much down only for the last, for the last week or so bunch of other liquidations over the last 24 hours, another 200 million of
liquidations, wow. And we've had a few big days like that, a couple of 500 days and now 200 days just over the last. Are the people. Getting liquidated on Bitcoin? You're talking alts here. Well, Bitcoin didn't really move lower. No, it didn't. I mean last night when it like everything moved. So I was awake because it was. During your 44 1/2 right? Or 43 1/2 and half. 43 two. 43 three like it was. At some point it was, it went, it was like around bedtime, so around bed around 11:00 PM.
That's when I was like, I bet like they just close the computer and go to sleep, but but it was. You can actually see the liquidations on on Coin criminalise. And 43 years later, 43 one but. That's it. That's it. Barely a move down on. On the and the number of liquidations in in things like Ethereum and liquidations matched Bitcoin even though the the open interest of Bitcoin is about three times that of Ethereum. So it tells you that the vast majority of these liquidations
we're in, we're in altcoins. So definitely that bit of the risk sentiment of the markets come out funding across the board looks healthy to me. You're still seeing a premium on the CME, which is where, like the trade futures exchange is happening. Generally stuff feels slightly healthier. Macro hasn't been that great. Didn't it was OK on Friday. Today there's been a few like jitters around what's been going on in in China. There was like a big default of one of their shadow banking
science. Probably one of the biggest actually. Uh yeah, well before it was in the housing market, it was more the, the home builders slash real estate developers that were that were under stress. This is actually their shadow banking sector. So a lot of, a lot of and what does that even mean?
It just means that that a lot of the the leverage in the system is actually provided by less regulated entities in China and the biggest one of those of which a lot of people actually have like deposits in went went under over the weekend or I think late on Friday as long as he. So that that's generally that's some bad world sentiment and there's a few obviously geopolitical risks are very high right now Red Sea has meant shipping rates have gone up
quite a lot. So it's it's not been a great start to the year across the board for most assets. So maybe that's that's meant that crypto doesn't feel as good as it may have and a lot of people are kind of changing very quickly changing their view of of how quickly the the Fed's going to cut rates. So yeah, that's that's generally changing changing perceptions of of risk at the moment. So I think I think we are set up with it. It could have been a better macro, a better macro
environment. But I think we're set up here to to to continue to go higher amongst. That's my gut and I think old coins will still be shaky, but I don't know some of the some of the ones now, now they're down 3040% I'm looking at. Yeah, so that, that, that, by the way, you're fired today. This is like, that's dude, that's a market report if I've ever heard one. I need this every Monday. Through the Do the minutes, dude, I know no at all. No minutes, but like you just
went off. Like, I did not even want to say anything. I was texting the boys on the side saying, yo, this man is on fire this morning. That was a great report. And G MOV in breaking news. I guess we got Gary Gensler. You know, Speaking of, you know, Ovi comes in and we got. Watch out. Watch out for guy boys. You know, Well, let me tell you something. It definitely did not go the way you thought it was gonna go over. I didn't say. I didn't say I was gonna.
Go any particular race started. Don't get started. Don't get started. We know. He's gonna come after the. Don't even get started here OV with your fucking very different comments. Don't even bring that juju in here on this historical week. Good morning. Over How you doing? Good morning. Yeah, I'm good. I'm good. It's gonna be a big week. Big week. Big week equals big week. I don't know. Let's see.
But we're already we're definitely wicked anyways. 8 minutes ago, Mando, as you were, as you were going off. Gary. Gensler, let's see if this is a concession speech. This is this a capitulation thread. Let's see that. So Gary Gensler thread. I mean, we could even just hit the breaking news this just anytime I could play, I just. Play. Breaking news. It makes me laugh because Eric was like, if everything's breaking news, nothing's breaking news on Friday.
I thought it was hilarious they had they still haven't used the word breaking James himself, but I think they're they're reserving that for when the ETFs are approved. Anyways, the thread by Gary Gensler. Some things to keep in mind if you're considering investing in crypto assets. Wow. So there you go, there you go. You know, he knows.
He knows it's coming. He knows people are going to be able to buy that shit with their 401K's as early as like on Wednesday or Thursday right after the approval. So those offering crypto assets, investments, services may not be complying with applicable law. We get that Gary. Including federal securities laws, investors in crypto securities should understand they made. The the private key info and other important. Protections in connection to their investment.
I feel like he has to say that investment in crypto assets also can be exceptionally risky and are often of OK. We know that fraudsters continue to exploit. OK, so. He he just put a thread, did just put a thread out saying be careful buying crypto assets. Because, well, at all. Volatile. Volatile, whatever it is over. How do you say it? Ohh. Volatile. Investment crypto can be, you know, not complying to
securities laws. That's why I say, and then there's a lot of fraudsters like, you know, rising in popularity. That's the only. Thing good old Gary is telling you all here, so definitely nothing new, but it seems to me you know if you read for you that's a great reply. Let me get this CZ for tweet and let me comment that as a reply. He got ahead with the four. Yeah, but you know that's like Ovie's best friend right now.
Like Garry's like like Gary and and there we go, here we go, here we go, here we go. Four. Anyways, I. Mean what do we what are we reading? In between these lines here, I mean, is this him conceding, say, look like this is coming, it's bigger than me. Be careful. Is not conceding to be clear, like we had this.
Situation. A bit more like he's got outstanding lawsuits against Coinbase, Binance, Kraken, BCG, Slash, Dent, Genesis, and like a tonne of other wells, notices against most D5 protocols that ever touched. A lot of projects for it's worth, like the Wells notices. This guy has not capitulated. I'm not, I mean, yeah, but like. This is him saying he he's conceding the ATF like it's coming, like he's just saying. Because he's backed himself into
a corner. His view on crypto, I mean we were think about this over the weekend. What has really happened here in the US, why this is causing so much of trouble is that. He. There is no, there's no crypto regulation right now in the US, right? There's no specific crypto regulation. What you've seen across the world happening over the last two years, Europe's now got its own crypto regulation called Mika. The UK brought out a very extensive one recently.
Hong Kong is now moving to have its own crypto regulation. Singapore is. The UAE is. The US has not done anything in terms of crypto regulation. What they believe is that the current securities laws are able to deal with it, which seems ridiculous because this seems like it's falling between the cracks of many different things.
It's a are they currencies and yet they have aspects of of yield to them And Garry's caught there trying to claim that he has the power to regulate over these and is losing in in court again and again and again Now until the US actually brings brings out a comprehensive set of crypto regulation which will not happen under this under this current administration.
Garry's continued to just try and you know try and seize power in this situation whether whether he wins the court cases or not he's going to keep on bringing it. So this is just caught Gary because he lost enough. Remember he he only he's only doing this because he lost a court case about it like he is being forced to do this. So yeah, don't expect him to change, don't expect any change.
I think under under the current administration, there's too many powerful people in it who do not want crypto to happen. Yeah, I mean, look, this is definitely happening at this stage. I was seeing some chatter back and forth between James Safe and I think Eric and you know the ETF crew and. It's like, you know, it's like you know at this stage like they're like just like that. It's so funny. It's like 2 accounts they can eat the following notifications on.
It's like that that. It's like it's like the ATF Cabal, you know, and I love them. Ohh like I'm interacting with them, tagging them and shit. It's just so. Fun to follow him at the moment but anyways they were saying how you know like the again like and he, I know he said on the show Friday. The labour and the amount of people that worked so hard even on the SEC side over the holidays to make this happen.
It's like it's a stab in the back if not punch in the throat of his own like workforce at this stage. So it's it's it's it's really imminent at this stage and you absolutely love to see that. Anyways, so I think we're looking good on the TV side. Look, there's nothing much more to say on top of what you just already kind of went on about this. The main news regarding DTS this morning and over the weekend was. You kind of mentioned it is the fees that are being charged by,
by the, by the issues, right. So Black rocks that .2% for the 1st $5 billion for me like I just met over like I wanted to just highlight like just the amount. So they're saying first to $55 billion, they already know that's going to happen, right? You have Arcane 21 shares both 25 basis points up to first billion and or six months like you know six months of the first six months. Then bit wise that 24% it looks like we just got you know you have the whole war going on right now.
So that's the other person Katie Greyfield. I'm actually going to go in like turn my notifications on for her right now. But there is now, you know there's an update with all the different fees here and you have this stuff like, um, surprise you. You guys obviously have the bigger background when it comes to transferring everything. I find it funny, like scales at 1 1/2 points but. It just seems like it's already
a race to 0, doesn't it? Even though I read we heard black was gonna be 0.8%, I read something today. They're gonna be like 0.2% or something. So I shared the Black Rock. Yeah. So yeah, I think I'm it's it's. Already 0 for six months there is like bitwise OR RK and Invesco or a zero. It's it's really good. It's a really good thing.
The net beneficiary of all of this is basically us because it is cheaper for for you know normally is to go and buy the shirt and it also means like the only way these guys can make money if their fees start to go towards 0, do more volume. So I mean it's just like a land grab right now and fees, fees, the fee war has already begun before these F has even been
approved let alone launch. So you can just tell it's going to be like is this going to be doing big volumes And my view here still is like we weren't seeing much remove on the approval, maybe we get big quick up and available quick back down. But I think we will see start secret to move aggressively if they do a lot of volumes on day one. And looking at what the behaviour and activity is right now of all these guys, it feels like it's going to be a very, very big volume down day one.
Yeah, it's a big, big, big. Day What do you what do you think of volume wise volume like they want. I mean this is this could be life as soon as like he said what do you sell the show up to 10 days But also some people are like some of the ETF like analysts are are saying that this could go live a day. After day they're saying. Right now the communication seems to be that they get approved on Wednesday and it starts trading on Thursday the
11th. Also on Thursday 11th we get the first CPI number of the year as well. So it's going to be a big week. Like give me more, give me more. God bless. Wait, hold on. What just happened? But if you look at the if you look at the, uh, the link I just sent you now. Let me open that. Yeah that shows you the volumes that all the different ETF so that on on day one.
So the record right now is day one flow of two $2.1 billion which was ETF launched last year, Black Rock ETF climate conscious and transition ETF which I don't think has done much volume since then. So you know if Black if the rumours are true that Black Rock are ready to pump 2 billion into this thing on on like day one, then I think this is gonna like blow that out of the water to be honest with you.
And I think we will maybe see two or three of these have actually beat the number one spot. If that happens, then I think and if it can, if that volume continues, I think you're really gonna see like Bitcoin get back to all time highs and that's just the space for a few weeks.
I think you're gonna that's that's gonna be the real like everyone talk about mass adoption and the institutions are coming, All that stuff in crypto for years and years and years and years like this is literally it. You can't get more mass adoption than this because every single person who has a fucking stock brokerage account go can go out there and get clean exposure to Bitcoin. But they haven't been able to do before. And I know plenty of people who I think are going to do that
straight away. Anecdotally, that's obviously not great sample size in terms of the dollar amount coming in. But that's the thing I think which that will really send crypto and I don't know if it will happen or not. That's I think we're at a point of Inflexion here because cults have shown their hand where it feels frothy and people are up big and wanna wanna take money, you know take chips off the
table. There's a big question of like will we value, will we not rally when all this stuff happens. And I think it comes down to the volume. If you have big volume, I think Bitcoin morally I think also will then catch up and follow it after a couple of days maybe and the following disappoint then I think the whole market can can come a lot lower to be honest with you. It's over. It's. Over. Gary Gensler. He lost. It's over. We have crushed our enemies. You guys understand what's about
to happen? We could go lower. We could go higher. It's over. You guys aren't understand. You survived. You paid the price. And now this is the beginning of everything. Stop thinking about things. Stop thinking. Oh, I don't know what's going to. Happen to come on? It doesn't matter. I don't care if it's correction. I don't care if it goes down $10,000. It's over. We have brought mass adoption, We have brought the banks, We have brought the people. Now is the time for us to celebrate.
No, no, we're gonna get DMCA. I don't wanna hear. I don't want to hear any of this. I don't want to hear any of this, this, this, this nonsense. This is the This is the greatest week of crypto NCA. I got, you know what I got? I got better on stage because he texted, he texted the boys and he was like, get OSF off stage. He was like, get it, get. Negativity. Ohh what happened to like bear market rally? No I what? Happened. I spent the entire bear market being the only person who's
bullish and. Post this on us like on. The other one I'll be doesn't mean I'm bearish. There's a difference between being bearish, being cautious. It was a different time. You're cautious. No, no, no. That was bad. Wish I'd be selling Crypto All Star. Lana hit 88. Go Armando. He hits 2190, Bitcoin hits. I know it was kind of hanging out. I go right, I'm gonna buy some, I'm gonna buy some. Solana OS puts them a chat.
I think. I think you go 30% lower versus Ethel. I'll buy it around there. Gary Gensler could come after, the altcoins after. I said that's where I would, I said that's why I convert my Ether Solana. It's not being. Such a target. You are being bearish. You know what it is. It's not. NOT like I'm just not tits out bullish anymore. Like it's different. You know what? This is Oh my God. This is there. You know. You know. You know what I'm holding right now.
You know I'm holding right now. Fictionally I'm holding a Uno reverse card OV OK, let me fucking conviction. You know what it is. Hold on, let me talk to him. The words that are coming out of my mouth. If there was ever for your kits. If there's ever kits to be out right now. Right now is the. Time on the crypt as well, not. Just. If there was ever for your balls to be on the table, now is the time. Do you not understand? I've been here since a long time.
We've been talking about this ETF since the beginning for 15 years. This is all we've been talking about. Another. Area, but you're not. Take him off the stage. You know what it is. You know what it is. I'll tell you what it is. Don't have an idea of when you're gonna think about taking profits. You're never gonna make the actual. Market like I'm not OK. I'm not saying it's now. What did you do to him? What happened? Barely even. Moved since bottom It's barely
even up two point 2.2 eggs, bro. It's like October 21 when everyone was yelling at me, like taking kids on the table. But it's not. I don't, I don't think 14 hours. I don't think it is. But I'm not selling. Ordinary though, myself. Don't worry, don't worry. We we all decided in the back we weren't gonna have a go at you. Because nothing has. For what it's worth, Mando and I may have, but Benny did not. OK, Benny really just, like, raged on because he felt the energy.
OK. But I'm gonna tell you, because I was thinking about you this morning and I remember the back-to-back to back-to-back speeches when he had back-to-back 11 weekly week red candles in a row. That was from May to June, right? When we went to 15 K, $8 and fucking $800, right? And you were out there providing the biggest speeches of all CT You were fucking Mel Gibson and Braveheart out there, OK?
That's what you were for. You to be cautious on the cusp on the most historical moment in the history cryptocurrency. That's precisely when you need me to be cautious. You needed me to be to give you that speech to get people to get their you know get themselves out of the numbers and stuff and and by by by risk now everyone's like ohh, we're gonna go to the moon and etcetera, etcetera, which is fine like I'm really bullish but if you're. Not thinking about.
What's going On? 1000 E to Blast. Mando, what happened? What did you do? You're not. Thinking about the next stage. What happened? It cured it occurred a few days ago and he just he just kept on mentioning Gary Gensler in the chat. Yeah. My word, my words. These guys got weekends. Yeah, these. Team a few weeks a few nights ago about Gary New Year's bags and and he's decided that Garry's is is still coming for him.
I I did have a nightmare. At about 50 times since then, so. Literally last night at like 11:00 PM sent a picture of Gary Gensler to Mando and I saying that he's coming after a Solana. Like there's like there's like like there's like it's crazy like this is like this is like next level battery. Could come after. You don't understand. They could come after Solana. They could come after either. They could come after. It doesn't matter. You know why we keep winning? I was like. I don't.
I don't think that. He's been coming for it for a long time, right? Like, who else is he actually gonna file a lawsuit against? What is he gonna do, bro? Lady like Lady Captain America AKA Brian Armstrong. Is whipping him out. Right now based finance Kracken, DCG, Genesis, every single D5 protocol that's ever faced the US. Who else? Who else is he? Is he going after Satoshi? Is is that next Satoshi gets one? Someone's approaching $1,000,000 to docks him.
Yeah, I've heard about that too. This is the new OSF intro song. I I have to run because I got over run to school and teach children about how they need to be ready for financial freedom good by investing in crypto. But OV, when you're ready to come back, I have to just fly to London and slap you in the face because. What happened? Was when you got, when you were boxing. He hit. You won too many times. I say like rattled brains. We need to get you back in the ring. Rattle your brain.
Back because like. This is like like this is it? This is the momentous occasion you were living in history. All of us, right now this week is an historical mando tell him, Explain this to him. Remind. Him saying Did you see the see Chamath over the over on Friday this podcast in the world he he was on there I mean these guys back have gone back and forth on crypto a while it's it's three of them who are smart and then one of them who isn't. Two or smart one. More on.
And you know who's. IS is arguably one of the smarter ones, although he had a bad period with Spacs. But yeah, that's just what he had to say. This is the most important year for Bitcoin. Hold on. That has ever. Existed we are probably look at. Jason's Blake from. About about Bitcoin, for some reason the video audio is not playing, so this may be yeah, you know what it is. I didn't. I forgot to set my permissions when I swapped on your computer. So we can't play the the audio
right now basically. I can do. It if you want. Yeah, you don't know. Has been in Bitcoin since very early, right? Like he was in it from like 2014 thousand 15 I think and he's always kind of said you know that there was a feature for it, but then during the bear market they basically never spoke about it. Jason on the podcasters has always hated it, particularly because I think he probably did some VC investments during the peak of the bull and just got
caught out with them. Can you hear this? Being approved. Most. Important, let me tell you. That has ever existed are probably days away from a series of ETFs being approved.
And so this is the moment for Bitcoin to to use that old term cross the chasm and really seeing mainstream adoption where our parents and our grandparents understand what it is, can buy it and then do buy it. And I think that if all of this comes to pass, Bitcoin will be a part of the traditional financial lexicon by the end of 2024. So that is my most anticipated trend of the year. Wow, so small. He's straight back into it. Obviously they had some. They were.
They didn't invest in a few things like they famously were on the podcast dumping Solana on retail, which they got a lot of, a lot of shit for. But. I think that David came clean about that and they really do that right or they did. They did. It was not too happy about me tagging him on Twitter the other day. But but Chamakh, yeah, he's always been a bit of a bitcoiner. And yeah he's he's he's that's his biggest call for the year for that podcast. Ohh they feel like big calls at
the start of the year. So yeah, be interesting to see if that if that works out, but it it does feel like there is a non zero chance, I would say like a 5% chance that you see a really parabolic move here, like the crazy predictions of 500 K like all that sort of Bitcoin, like there is a non zero chance that you see like a 10X in Bitcoin here. It's a $600 billion market cap or 700 billion. Like, could that go to 7 trillion?
I mean global assets are around 400 trillion to put it in perspective that includes like a lot of real estate and and let's say non traditional assets but in that ballpark, so 4 trillion. I mean that's a medium sized financial market like sector. I would say if if, if it got to that sort of level, it would make it the most valuable asset I think in the world by market
cap. But at the same time as an asset class, it would still be pretty small compared to like the US stock market which is in the 10s of trillions, I think 30 or 3040 depending on on on how many stocks you include. And then you have like the bond markets are in the hundreds of trillions. So yeah, it could it do a 10X? Could we could we see like a 500K Bitcoin here? Maybe I'm not. I'm not. There is an outside chance that you see something crazy happen
with adoption. Yeah, I mean, it's it's really exciting. I mean, when when you have two months saying that he's expecting, you know, Bitcoin to be fully in the financial lexicon by the end of 2024, those are small now, regardless of what people think of Hamilton, like his back era and whatnot. Which back did you guys lose? Lose money on I lost money on club. I was convinced that it was the future of of health and. Yeah, that's great. I lost my own club. It's OK.
It was not. In the arena. That's the famous in the arena line. We are literally in the arena, all of us, every day. You know, doing things, trying things. You know where where you are, you are. The man in the arena anyways, so that's I think, I think this. I didn't even realise it's 11:15. Talking about this stuff for so long anyway, so it looks like. I don't know if we got some more updates. I mean it's like. Updates are raining in right
now. You gotta be careful also with all this, like you know it's just raining news right now. It's pretty crazy. You have Pentoshi weighing in on the Gary Ginzer tweet saying and so many people thought the BCTF wasn't coming and continue to expect denials despite the fact that every sign pointed towards this coming.
And then you have also something that I saw from what is it Walter Bloomberg here that that's the one guy saying looking like Wednesday now for Bitcoin ETF decision expected to be approved per Kate Rooney on CNBC. So we know that Thursday's show is going to be a banger uh, with the with the Fox business correspondent here on the show.
So that's about it. On the market talk, I'm sorry, y'all that's heavy market, but it's probably gonna be heavy market all week long because that is literally everything people want to talk about and hear about. But this is probably good for all our you know, corns and lunches quickly we didn't talk about we we went quickly into
the alts conversation. You know there was some major dips across the board last night Eastern Standard Time a lot of the major ones just like lost a lot went down a lot and so on. I think bottom around 85 dollars like you were saying earlier saying the 60s and the the usual suspects also were all done between 15 to 30 points. I think link was down a lot file coin other big runners from from the from the run up expecting
some strong Bitcoin dominance. When you guys expect to see some sort of like, uh some sort of rebound in the altcoins, are we are we bound to really obviously bitcoins?
You know, running the narrative for all crypto right now And from one of the research and read about like previous cycles, it always starts with heavy Bitcoin dominance with all getting crashed and then like some followed up by all catching up. But what do you think though you seem to you seem to. Have you made a face here? Like what? You don't think this is similar to? The reason why I think this is different is because this is Bitcoin specific flows.
So like would I be surprised if Bitcoin dominance went to 60% for the next couple of months? No. Like there's you're going to see Bitcoin specific flows come in. Do you think that you could see that eventually catch up, but there could be a period here where people continue to FOMO into Bitcoin and they realise they're all coins aren't going to be like the best risk risk asset there was. There was definitely possibility that that happens.
I don't think this is just like we're going to see old coins catch up with Bitcoin dominance could stay elevated for a while. There's again, that's a very, very real possibility here. Yeah if it if down the line you start to see a you know as the Bloomberg ETF guys at ten $20 billion ETF form over the next
over the next couple of months. Yeah that's that's Bitcoin specific but yeah then then I can imagine you're seeing an old catch up. So I think playing the alt is good in terms of maybe risk reward here for because like some of the top ones because they're down. I mean I'm looking, I'm looking on like Coin Market cap, a lot of these are down like 3040% just in the last just last
month, right. So some of the top ones, yeah, can you, I think you can you can start to level into but I don't know if you you can expect that trade to just like reverse in the next week. No. That, that that may be. What do you think? Of yeah, I don't know. I think I agree that Bitcoin dominance is likely to go up. It probably goes up this week.
I think the way that I view it is when when the market is rallying and when it's risk on, I think Bitcoin dominance will drop because I do think you'll see the the way that I view it is that that every non crypto person is going to be fucking buying Bitcoin ETF and that's going to be going high and all the flows going to be coming in there.
But then remember there is already a lot of crypto native capital that exists and I think all those guys are gonna be like fucking buying 8 so other roles and stuff like that. So I do think when the market is risk on, I think people will actually pile into alts very aggressively. I think we'll have a bit of a delay. Londoners goes up fast, but I think people were very aggressively buy alts and I think when the market sells off, alts will actually sell off quite a lot.
But Bitcoin will stay strong and and I think that's the way that I view it. I think you know Bitcoin is going to start to lose volatility because it's going to have effectively a lot more flow than it ever has had and it's gonna have a lot more demand. It's going to lose a lot of volatility but the volatility will remain and also everything
else. But I just, I think I I struggle to see like a a multi week period where Bitcoin goes to like 70K and dominance goes to like 60% and adults just don't do anything. Like I just think there's too many people who are going to be like you know what, fuck it like this happened, Bitcoin, I'm gonna buy ether.
That's why I'm getting my soul Now I think retail is a big part of mark the market momentum and there's a lot of VC's, a lot of crypto hedge funds and all those guys I think will be doing the same thing. So right now the big trade has been Bitcoin. And I think the next big, I still think the next big trade will be ETH.
Because if that Bitcoin ETF is so successful and brings in a lot of flow and volume, all these and all these fucking traffic guys are making so much money on it on fees, they're going to be OK let's let's get to see ETF out as soon as possible. And so we can start making money on that. And that's where the next chunk
of flow will come. And I think that's where like these big, there's obviously like big like Bitcoin, only people who just own Bitcoin, who are like big macro guys and institutional guys and do you really believe you'll see like a rotation that Bitcoin into earth after this ETF is approved? And I think also abated to it, But why wouldn't you like, why would why would someone not rotate to ease from Bitcoin?
Because there's so many different narratives to rotate into that probably will outperform. If you're if you're someone who just bought Bitcoin for the ETF approval, why would you not now swap your Bitcoin to ETH the ETF approval? Why? Because the whole into Bitcoin and also have alts.
But you like this. I think there's so much money that's in Bitcoin, not because of ordinals, not because of UDI or fucking Lightning Network. Whatever it is, people, people are in Bitcoin and Bitcoin's done very well for this approval. Like that's why it's outperformed everything for for a few months.
So I just don't understand why if you're in it for that, why you wouldn't rotate to ETH which is higher beta has a very high likelihood of being approved as we found out when we had Eric on the show last week and would be the next near term narrative in in less than six months. There's no reason why you. Wouldn't do that. I I kind of feel like that's maybe maybe like it's not like that's not been clear for a while now and it's still hasn't really happened so but part of
me thinks is post. Approval and I think. Part of me, part of me thinks that, yeah, it's this is what a lot of people are holding on to. It may happen, it may not happen. I don't think it's like a sure fire thing. I actually don't know what happens for the next few months. Like it really depends on what we see for the flows. I do think that if Bitcoin ETF flows are strong, people will make some wild predictions for
ETF flows. So I can imagine that being that being like a, that being a more aggressive trade at the same time like honest, there's not a lot of faith I feel like right now and that you like it's kind of lost that trust of a pump. So maybe that's a great period, but also to make same time like if I want to be a bit more D Jen like they used to be a period like where if used to just leave the market day after day after
day after day. You know, like I remember that from previous cycles and that hasn't happened I think for about well 2 1/2 years really like it was 2021's, maybe the first half of 22 briefly like it, it hasn't happened. And I feel as though we need a period like that for people to really get get on board with it. But every every time it like breaks out and gets smashed down. So I don't think he is obvious is just like Ohh easy has to prove he's suddenly now outperforms the market.
I just don't think it has that, that faith that it used to have. So I think it's gonna be a little bit more time for that to come back. I think, um, it's definitely, I agree with that. But I think, you know, over time assets lose. That thing like Solana was stuck in the mud for a long time until it broke out. Eventually things break out and to me this is a clear Now it's almost like I think you, I think you said it right.
It's almost like it's too obvious and I think because it feels too obvious, no one wants to play it. But I do think in a month or Two's time, people gonna look back and think that was so obvious. Why didn't I do that like I think? It's one, yeah. I think, I think like if I were to trade on a small stack, which I'm assuming most people listening are like there's hundreds of people listening.
I play the Ethereum ecosystem like an arbitrium or an optimism with very, very, very small stock towards like other maybe on like the other ecosystem coins of East that are like more higher risk like the, you know, the usual need coins and stuff. But the ecosystem seems like it's going to do so well like like you have you have like light oh like you know OP that
like perform like crazy. Arbitrium and OP are really the two that are going to also win The biggest I think from the EIP what is it 4844 is that is it 4844 the that that they're like the biggest like these two are like to me after seeing like their price action over the last few weeks like Arbitrium going to all time highs with 2.1 and optimism smashing $4.00. And also like both some extremely involved in actively investing in culture like crypto and FT web three culture that we
know for fact, right. So I think these two could be a win for us. We're like when I go like fully like hey no that's not the rotation. I'm obviously kidding I'll be with you but I just want people to know that. But like, it's it's definitely, it's definitely a solid, like, narrative, like there's gonna be
a point in time. Thing like that's one thing I would ask like if ecosystem pumps, I know everyone's in it for the price, but like that actually just proves the success of it. At the same time like there was someone actually said something very similar which is like what happened with Cosmos where all the different Cosmos assists and stuff like tea for example ripped um injective has has gone up very high like a lot of people getting a Berry blush to
some of the like the Cosmos chains out there but Cosmos itself Atom hasn't really moved. So like yeah you obviously have the upgrade which can be very very badly for L twos. You have to restating narrative which is getting people very bullish on the the big like L1. Well like the the first taking protocols like Lido, like if you can put all your Lido assets into region layer or Egan layer whatever.
Dude, that's gonna be insane. And then you can get super bullish and people get very bullish on that sort of stuff. So that's kind of a that is actually a smart way to look at it. Yes, he gets criticised because it's it has pockets of liquidity in different places but that doesn't mean that each of those pockets couldn't pump here like could I see Lido do like a two or three X yeah could could I see a bunch of other of those of those narratives move?
I think you could. So I think I agree with with that as well. I think if if it does have a run that's say goes to like OK, I reckon what you really see rip there would be. The. Ecosystem stuff. Yeah, yeah, there's absolutely gonna in that situation. And also like it's hard to find
Bitcoin better. Like I know there are some things within like the originals meanwhile maybe and like there's something it's not you don't really have like Bitcoin beta the way that you have ETA W you very obviously have L2 tokens and stuff. But yeah, like that. Stop the trade. Taxes, taxes. Back Stack is one of the top daily gainers today, right?
Right now in stacked. Yeah. And then you have of course, like, I mean obviously like I've been that's why I've been piling into it, Mando, because of you have been talking about it too. But like you know already that's been like the like meme coin also on Bitcoin and they have like a bunch of others on like on stacks and also on like
Counterparty and whatnot. So like, I mean it was really Andrew Kang last night that like having like all he had up about that was my day by personally last night when I was tweeting about buying dips like that's what I did. But he tweeted yesterday saying there is no potentially have proven over the weekend to punish bears. Also draining BTC USD would not be surprising. Then goes nice we can flush long Bitcoin and already into approval now. So that's what like Root Kang is
putting into. It's like there is some Espada, but Bitcoin is not that many and it's. Mostly post it when he posted it gets you fired up when I say it in the. Chat. Actually fired up my biggest clip before because of you. Mind you, and yesterday I actually found a price to average down. I'm very proud of myself not only tweeting about buying this but actually doing it. So so those are like, you know, I did. I I also like last night just funny.
Like, dude, last night you guys should you guys would have like what the hell Like everyone was so bearish on the timeline. Like so I was in 85 and you had like people writing threads about Solana being like a scam and going to 0 again. Like dude, like it's so crazy to me. And then like you made me look at the seven day percentages right now man on the show so long as down 10 points in seven days bro, it just ran like 1000%.
Like I'd Peaky was up 1400% And you out here like fighting on the 10% like drawback like it's just wild. Well, you you can see on the timeline sometimes when this happens and I think that. But what I said was completely right. To be clear, remember when Solana was at 1:20 he was like look the risk reward here in. Each 100%. Everything went lower kind of movement. So did all the other alts, but yeah, I do think that that relationship after a 30% move is
slightly different And you last. Night you had one earth back to 25 soul at the really like when it was really get starting to like hit the fan because ETH wasn't aggressively dumping like the rest of the market. And that's like, I know a lot of people are probably waiting for that one to 30 to 1 mark on solid, but it's you would really need like ether red because someone seems to be holding that you know that line pretty, pretty well up there. But yes, like he says, way many
much more. Narrative. I also know this from previous, like previous cycles, or the last cycle at least is that this is also where that glamorous narrative that just like kept them going higher and higher and higher. This is where stuff gets tested from. Like a ohh shit is actually anyone there with me? Like using? Anything. There's a lot of hollow protocols, a lot of hollow hype here.
So I'd be very, very wary buying dips still in alts where it's still just a promise because that stuff is still pretty high in terms of valuation here. And I I think yeah I think airdrops might sustain that for a while but I I would still be wary on on like which alt you're going to buy. Like if you are going to catch the knife in Bitcoin versus
alts. I would still stick to in my eyes some of the some of there were some old which are getting used massive amounts particularly some of the ET 5 ones and like some of the ecosystem ones we've already spoken about and there's some there are some there ones like Solana maybe maybe Avalanche for certain extent. But there are a lot of a lot of them where it's just like, wow, like this could go down a lot and we have to wait for them to build out the whole pain before it then pumps again.
Yeah, is a famous, famous Warren Buffett quote. Only when the tide goes out do you discover who's been swimming naked. And I think that's very true of everyone holding these bolts and stuff. And it's like, it's great When you buy them, the price goes up. When the price goes down, you're sitting there like, what the fuck actually is this thing? That's when you know. That's when people's resolve gets very tested and you often find people bumping into stuff, so. Yes, Sir. I guess we will.
See more of this and what happens in the time coming. Yeah, listen, y'all we're not gonna get to the NFT part of the show, but you know, understandably so. I think this was a this was good enough for today. I just thought we we we hit the hour, but we'll talk with Dookie, we'll talk gas hero, we'll talk ordinals and golden ratio. Tomorrow.
We'll make sure that we really hit that NFT market report so we can give you guys a run on what's happening on Solana, on Bitcoin or knows and of course on, on the Ethereum NFTS as well because there's there's still a lot of, there's still a lot
going on across the board here. So as usual just a reminder, make sure that you follow up for more hour on Instagram where actually we we broadcast the show live on IG and we post clips YouTube where we have our shorts on rugby videos YouTube where we we broadcast live and of course on X. So at from our FOMO you are and if you guys go to, if you all go to the highlights both on my page and on some hours page, we post the broadcast every day. We record this live.
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We are live every Monday to Friday at 10:30 AM Eastern Standard Time to 11:30 AM Eastern Standard Time with Bangor shows this week with NR 3. Umm this uh this this Thursday and Udi Wertheimer on Friday. And I'm mistaken. We actually have the CTO of Ledger, our sponsors of the show coming on Wednesday. Actually send me a good one because I'm curious to see where we're at right now with Ledger and what happened over the holidays. So it's gonna be a good update.
So Wednesday, CTO Ledger. Thursday we have the, you know, Fox Business. OK. The queen of ETF coming on the show Eleanor Tourette and then would be worth timer, founder of taper Wizards coming on Friday should be a good one. So with that with that with that we'll see tomorrow morning 10:30 AM Eastern Standard Time 7:30 AM Pacific Standard Time for the episode form formal hour on rock radio. Let's go.