Current Affairs

today we're going to take a look. Mike, ats just the current state of the crypto, Marky, what a go on in? What are gue in? Yeah, exactly. It's been a it's been a pretty interesting last few weeks. There's been a lot going on. Crypto prices have been well, we've they've been going up. They've taken a bit of a steadily slowly but steadily. Yeah, we've seen bitcoin reached some levels that it had sort of fallen quite a

long way past. So it's sort of at breach k the other day, which in the grand scheme of things is not much for bitcoin, but certainly under current conditions, that was you know, that was a rally that was that when there was an interest rate high core, was it? Yeah, Yeah, Yeah, so this this rally was driven by by a number of factors really, and the weird thing is that there in some cases they are factors that sort of you could reasonably expect them to actually tank the market, and

instead it pumped it, which is quite strange. And I think that's one of the reasons why I thought this would be an interesting episode to do, because there's just there's there's a lot going on at the moment, as I said, but it's so difficult to interpret this data that we have coming through to interpret everything that's going on, and there's no real historical sort of precedent yeah, further

than you know, ten years. Yeah, and yeah, obviously all of this is completely unique for crypto, but it's also very unprecedented circumstances as well for the sort of wider economy, and we're going to dig into exactly why that is in just a moment or so. But I thought it might be useful for people listening, and this is this is you know, kind of general economic terms as well.

I guess it's not entirely relevant just to crypto, but I think for anyone listening who's into cryptone, especially those people who are new to crypto and trying to make sense of the space. I think this could be a useful episode just to explore some of the things that are going on in the wider economy and try and try and make some sense of them, try and try and understand why crypto prices have been going up recently,

what the sort of longer term outlook could be. And of course we're not trying to predict the future here, because predicting the future is impossible, but I think it would be useful, useful information for people to to have and to to consider when making possible investment decisions. And of course, none of what follows is financial advice. I was going to say, what we're telling you could be really useful for you to make some investment decisions, but

remember it's not financial, and no, okay exactly. So I think the first thing to I think, the first thing to iterate before we go any further, is we are still very much in a bear market. People tend to get thank you, that's the bare market sound. People tend to get very excited when prices, when prices in crypto take up, and you know, constantly getting questions, it's like

we done, is this bare market. Yeah, are we there is this bare market over can we Can we all just go and go back to when prices were going up and everything was rosy And the answer is no. So we are still very much in a bear market. And I expect us to remain in this bear market till at very least at the end of this year, until at very least this afternoon, um and quite possibly on into as well. And not ye, yeah, I expect them to. I I do expect these conditions to sort

of prevail throughout next year as well. So you know, I could be wrong. It's as I say, it's it's impossible to predict the future, but you are oracle. But

I am in the absence of anything better. Yeah, So okay, let's talk about let's talk about two of the things that are really kind of driving markets at the moment, and this is this goes for kryptone kind of every other market as well, really and this is the first one is FED policy, the policy of the Federal Reserve over in the good old US of A. And I'm going to reference a lot of what is happening in the US economy during this episode, not exclusively what's happening

in the States, because there's lots of other relevant stuff happening in other economies as well, but I use kind of US day because a, you know, an enormous and enormous proportion of investors, especially crypto investors, are obviously based in the United States. The US is the biggest global economy, and kind of what happens in the United States tends

to have, you know, repercussions across the world. So it's all very you know, what happens in the U. S economy is relevant to sort of almost every other economy. So that's why I'm using a lot of a lot of U S data, but not exclusively. Okay, So the policy of the Federal Reserve recently, Now, the Federal Reserve, as you may know, has a dual mandate. It has

basically two jobs. It's it's first job is to ensure high employment, and its second job is to ensure sort of low interesting well, basically to keep inflation under control. And the way that it keeps in the best tool it has to keep inflation under control is the raising

and lowering of interest rates. Yeah, so last week, on the twenty seven, the FED, the FED Board met again and approved another zero points rise in interest rates seventy five basis points, which was which is a fairly big hike in the grand scheme of things, But crucially, it was very much what investors were expecting. We were all sort of watching the markets, you know, in the weeks leading up, and the broad consensus was that the Fed

would only raise by seventy five basis points. Some people were saying they could go a full they could go a full one percent, a full one basis points, but this would have been a very you know, this would have been a largely unexpected move, and that probably would have tanked the markets, certainly in the short term. However, it was just that it was just that seventy five basis point raise that was in line with expectations, and

the markets kind of reacted very favorably to that. So that was one reason why we saw that that pumping prices last week, Because, as I've said many times before, markets love certainty more than anything else. Markets don't like to be surprised. Like old women. Yeah yeah, markets are

essentially like old women are essentially like your grandmother. Um. Now, inflation is that the reason that the Fed is continuing to raise interest rates is because Inflation is still a big issue in the United States, and it's I mean, it's a bigger issue and a lot of other economies as well. It is being felt everywhere, and you don't need to you don't need to be a sort of seasoned market watcher to know that people are talking about inflation a lot. Now, what the FED is trying to

do is negotiate what it calls a soft landing. It's trying to tame inflation by raising interest rates, but at the same time, it doesn't want to tank the economy. It ideally doesn't want to push the US economy into recession because obviously recessions are bad unless you changed the definition of unless exactly, which we're gonna which we're going

to touch on in just a moment. Yeah, it's so because obviously, when interest rates go up, the cost of borrowing increases, and this has felt throughout the whole economy. And the reason why markets tend to tend to react badly to hikes and interest rates is because basically everyone

is in debt. So the first thing you do when you're you know, when the interest payments on your debt go up, you quite often, you know, investors quite often sell off assets in order to you know, in order to get some cash on hand to pay down those debts, because you know, they don't want they don't want their debts to get out of control. And this, unfortunately, is the kind of debt based economy that we that we have to you know, that we live with today. That

is just that is just the way it goes. Now, other central banks across the world are also responding to inflation by raising interest rates, but actually, you know, certainly here in the UK and in Europe as well, not really not really fast enough. I don't think. I mean the European Central Bank it raised rates recently. Um it made a fifty basis point raise which brought the inflation rate, the interest rate in the Eurozone to zero. Actually had

negative interest rates up until that point. Now, the reason I think the e c B is kind of holding back on raising rates is because basically a lot of European countries are very badly in debt, especially in Southern Europe, Spain, Italy, Greece, and there's a there's a real fear that if if yeah, yeah, the you know, it could have it could have massive repercussions. And this you know, this is the way that the EU.

This is one of the weaknesses I guess of the EU and that you know, there is this disparity between various EU economies. So um yeah. So basically interest rate although interest rates are going up, the recent rises have been in line with expectations recently. Um And there's also quite a lot of speculation that concerns around housing markets could mean that central start to ease off these rate rises because you know, if the cost of borrowing increases

and you can't pay your mortgage. Yeah, and it also means that fewer people take out mortgages because housing becomes unaffordable. No one can afford to take out a mortgage and make those those higher repayments. So there's a genuine concern, especially in places like the US, the Eurozone and especially actually China as well, that if interest rates go up too high, then the housing markets there could tank, and that is you know, that is something that governments really

want to avoid. So there is this kind of speculation that these rate rises that we're seeing, they could they could slow down in the not too distant future because of concerns around housing markets and and other issues as well, which will explore in a little bit. So that's FED policy. Really, it's been kind of in line with expectations recently, and that's why we've seen a bit of a bit of a pump in the market in general, a bit of kind of better sentiment, if you like. Now we've touched

on the R word as well, recession fears. As I was saying last week, on the seven, the Federal the Federal Reserve announced its interest rate rights. The following day, on the twenty eight, the US GDP figures for the second quarter of this year came out. It was it was two days of hot stat action. It was hot, sexy st it was. It was quite something, Yeah, it was.

It was almost it was almost too exciting, it really was. Now, these GDP figures came out and they showed that in the US there had been a second consecutive quarter of negative economic growth, which traditionally it's called the recession. Yeah, technically, technically, technically that is a recession. The kind of received definitely, the understood definition of a recession is two consecutive quarters

of negative economic apparently. No, yeah, now this is this is everyone's talking about this at the moment, because this is a this is a really big deal. Now I should point I should start by pointing out that the official a recession is officially decided in the US by a body of eight people. So you know, this is this is just these these GDP figures just point to a technical recession. An official recession has to be announced. And these people sit there part of the National Bureau

of Economic Research. They're eight economists, and they sit on something called the Business Cycle Dating Committee, which is like a tinder, Yeah, a tinder for tinder for geeks. It's yeah, I must say, it's yeah, this is a very sort of you know, not an awful lot is known about this, you know, about this board like clander Stein, I think, so, yeah, it's you know, the chant and then ding, yeah, three

plumes of smoke go up. It's the recession. Um. So these guys are you know, it's their job to me and and they decide and they obviously look at, you know, a lot of data and and then at some point declare that this is a recession or not. And they haven't yet done that, and um, President, because they're just busy. Yeah, yeah, they're all busy. They're all I should actually, I should actually point out I say they're all on holiday. I mean actually the Federal Reserve governors have now all gone

off on holiday until September. And this is actually yeah, basically two months, um, not two months and know a whole month because well I think till mid September anyhow, six weeks. Yeah, they get they get a decent solid holiday. Yeah. So the Federal the Federal reservant that they've now gone off on holiday, and that means no more rate arizes until September. And this is another reason why the markets will be exactly which the markets are absolutely delighted about.

So that was another reason why you know, we saw a bit of them just put that out of office. Yeah, there they are. Thank you for your inquiry as that whether we are in a recession. I'm currently out of office on the beach until September. Yeah. Talk about burying your head in this absolutely and quite literally burying their

head in the sand. Yeah. So going back to the recession. Yeah, so that the Biden administration at present, Biden actually came out and said this doesn't sound like a recession on the release of those GDP figures, and yeah, that's okay.

Now the Biden administration, there's there's this is becoming a very political issue because the Biden administration obviously has a lot of skin in the game here because we've got the midterm elections coming up in the US in November and the current administration which is a forecast to take a beating one way or another. But obviously the last

thing that kind of wants is to be official. Yeah, so I think there's certainly there's certainly a lot of desire within the administration to sort of hold off on this recession definition for as long as humanly possible, ideally until after the mid terms, um so November. Yeah, so a big you know, we've we've got this big sort of political milestone coming up in the US, so obviously that is informing whether or not we get this decision.

It has become a political process. And I should also point out that this Business Cycle Dating Committee, you know, part of the the n B e R, it does actually have a habit of calling a recession after the fact. And I think the reason for this is, you know, they've got as you as you kind of pointed out, they've got a lot of data to to look at. It's not a simple question of you know, they're not flipping a coin or anything. You know, this is a

this is a pretty involved process. So you know, we could we could actually be already the U. S could already be in a recession. It just hasn't you know, they have doesn't sound like it though, Well what does a recession sound like? Bong? Yeah, what's what sort of pitch is a recession at? So yeah, I mean we could be in a recession. We could well be in a recession, but it just hasn't been declared yet. So there's these sort of factors to take into take into account.

And I think, as you've kind of hinted at as well, if we are in a recession, if the US is in a recession, it's a it's a kind of weird recession because usually a recession means obviously negative growth, but it also means job losses as well. And we've you know, we've seen this play out time and time again. You know, I remember my I remember my dad losing his job during a recession back in the nineties, I think it was. And you know, it's a very sort of it's you know,

it's everyone feels it. You know, you have job losses, people have less money, in their pockets. You know, you really feel, you really feel everything sort of slowing down. However, over in the US, the this is not the case because it's been employed. Yeah, the job market there is is weird. I mean, it's tempting to say the job market is really strong, but it's a gig economy now or well. There are a few factors impacting. I mean, firstly, it's worth pointing out that the job market in the

US there are apparently two jobs for every applicant. You know, there's a huge amount of there's a huge amount of vacancies. And at the last count, the US added sort of four hundred thousand new jobs I think it was in the last quarter or so. So that is still great from them. Like listening up for a session, yeah yeah, yeah, they added eight eight people in particular, I got a job of at the at the business session. Yeah, just stood on top of watchtowers just trying to see it

is that it is that? It is that it over there? No no, no, no, that's a seagull um. So yes. And also we've got things that consumer spending in the US for June was up, which is not the sort of thing you expect to see in a recession. So maybe there is some validity to to Biden's saying it doesn't sound like a recession. Yeah, I mean, he's obviously got you know, he's obviously got plenty of reasons and to want to say that, But I think, yeah, it is. It is. It is backed up by statistics to an extent.

You know, consumer spending is up and the job market is still strong. Now, there were, as you say, there are kind of there are a few reasons why. I mean this, this job situation in the US is unprecedented as well, and this is largely because of COVID. I think because we had what there was this great resignation, and this wasn't unique to the US, but I think the US has felt it in particular. Loads of people, for instance, took early retirement, so you know, they had

a lot of people leaving the workforce. They haven't been replaced. But also a lot of a lot of it is unexplained. A lot of people appear to have dropped out. You know, they still have several years of working in front of them, but they just they don't seem to have returned to the economy. And everyone's kind of trying to figure out why this is. And I think there are a few.

I think there are a few sort of reasons. Obviously, you've got I think some people probably you know, the gig economy perhaps has has kind of hoovered up a lot of people. There are probably a lot of people in sort of much less official employment, you know, maybe doing you know, maybe doing lots of side hustles here and there. I think also as well, basically a lot of people are now influencers as well. Yeah, yeah, basically the influencers sector has mushroomed like a fungus, like like bacteria.

We we multiply very very quickly as influences. Um. I think as well, you know we're seeing here in the UK, you know, we we've got sort of travel chaos at the moment, and airports in particular have been really bad because loads of you know, loads of companies, loads of

airlines and and and also airports themselves. When the pandemic hit, they let people go, you know, they said, right, sorry, no one's flying, so you ain't got a job, and you know, people have found other jobs and yeah, so a lot of people have kind of moved into other jobs and stuff. But I think as well, there's probably

a sense of a lot of people going right. So I had this job and obviously things things went bad, and I was just I was let go like that, you know, I was just priscible, And I think I think there must be a real genuine sense of a lot of people here, you know, going, Okay, why should I return to an industry now that needs me? That that dropped me like a hot potato when when the going got tough, you know, like an ex girlfriend who keeps dumping you, and you're just like, why am I

returning to this? Yeah? And then you go back anyway? Now, So I think there's that. There's yeah. So there's the US job market and job markets elsewhere I think are in a very weird state at them, in this weird sort of post COVID state. So what this means is, yeah, the circumstances of this supposed recession are weird. They're not they're not conforming to what our idea of a recession is.

And this is leading many people, and obviously you know, those in the administration, in the US administration, to say, now, this isn't a recession, this is this is something different. Um. Now, the weird thing was again, Now, a lot of people when these GDP figures would do a lot of us were saying, well, they're probably going to show a recession. This is you know, on a technical term, you know, we're going to have a second negative quarter of US GDP growth. This is bad news. So the markets will

react accordingly, the markets will tank on that news. Weirdly, they didn't, they actually went up in Yeah. I think markets certainly price in bad news ahead of time. You know, you can, you know, any sort of season market participant can see these things on the horizon. You know, they'll have they'll have these days circled on their calendar and read. So, yeah, I think you're right in that sense. Uh, you know, that would have been most people were expecting that, so

that would have been priced in. But also it kind of ties into inflation as well, because many many believe that if if the US is in recession, then this will force the Federal Reserve when they come back from their holiday in September, this will force them to ease off on on raising interest rates. So there's there's an expectation that you know, either rate rises will slow. I mean, some people seem to think that they might stop I don't think that's I don't think that's likely at all.

I think interest rates are likely to keep going up, probably for at least the rest of this year, because inflation just isn't going away, and really the only way

you can tackle inflation is with raising interest rates. A lot of people are also speculating um that inflation might have already peaked, certainly in the US, and actually Elon Musk put out a tweet to this effect, I think last week, you know, suggesting that maybe we've kind of seen the top, and if inflation is shown to have peaked, then again that means that rate rises will at best,

you know, ease off. So again we had this kind of rally in the markets on on on this, you know, these these negative figures which under different circumstances you think would actually have tanked them. Uh So again, it's just this very very weird situation that we've got around. Are we in recession? Are we not in a recession? Now?

This is in the US, but it's the picture is much grimmer elsewhere, and especially in Europe as well, because the factors that are driving inflation across the world are being felt a lot more in Europe. You know, things like high energy prices, high fuel prices, rising food prices, things like that. You know, the price of everything is going up, and we're feeling that here in the UK. Everyone's feeling it everywhere and these just aren't going to

go away, and especially in Europe. We've got the threat, I mean that the war in Ukraine is continuing. We've also got you know, Putin sort of his hand is

kind of hovering over the gas taps. And there was this thing just just recently, just a few days ago, you know, the nord Stream pipeline was shut down for sort of routine maintenance and there was a lot of concern that the Russians just wouldn't open it up again, and everyone was sort of holding their breath, and then they did turn it on again, but it's running at a reduced capacity. And what this means is that Europe isn't able to kind of stock up on gas reserves

ahead of the winter. So we've got this kind of situation where Putin is very much you know, using Russian gas as as a kind of weapon, as you know, as leverage in this in this situation in Ukraine. So this is really weighing on European markets. But these effects are these effects ripple out, so this will be having an effect you know, on the even places like the U S which is much more energy independent than Europe

is so um. And it's also worth pointing out as well that although things like consumer spending in the US is up, consumer confidence is actually down and industrial production is down as well. So and I think long term these are going to these are going to have an effect because the effect of the rising interest rates. You know, the temptation is to think, oh, well, they've risen it, their interest rates have gone up, so the market hasn't tanked,

so everything's fine. Actually, interest rate rises take time. All of this stuff kind of takes time to work its way through the economy. So the effects of FED policy today they won't be felt until, you know, weeks, maybe even months down the line. So it's important to realize that we're everything is kind of moving very very slowly, so it feels like we're sort of sliding down this

you know, this rather slippery slope. And as people's bills go up, and again I'm talking in sort of global terms here, you know, not just in the US, but as people's bills go up. As energy gets more expensive, as food gets more expensive, people are going to have to cut back on what's what's called discretionary spending, you know, so you know, anything treats, you know, things like clothes or go out or you know, any of this sort of holidays. Yeah, anything that's not sort of really essential

is going to be your home heating, your well. Yeah, this is We've talked about this before, hasn't. I mean, this is a genuine this is a genuine concern for this winter Like this, the specter of winter this year is really really you know, is really really scary. So yeah, as as people's bills go up, discretionary spending goes down. So I think we are going to feel the effects of that very soon. And this will mean job cuts.

So this will mean hiring freezers as well. You know, So this is gonna there's the long term picture, if you like. Although at the moment it doesn't seem so bad, the long term picture does look quite grim. On that note, should we take a break to compose ourselves with all this bad news? Welcome back to part two. So we've been talking about we've been talking about sort of global macroeconomic factors. If you like that have been affecting the

markets recently. I want to talk now about some kind of crypto specific factors, because this is a crypto podcast, after all, why are crypto markets going up? Why have we not seen this massive sell off? Part of it has been, of course, is of course related to those things we were talking about earlier, you know, recession fears and interest rate rising GDP, etcetera, etcetera. But there are some crypto specific factors at play here as well, and I think the most important one to mention is in

relation to Ethereum. Now we've talked about the transition of Ethereum from this energy hungry proof of proof of work network to proof of steak, and this this transition over to proof of steak is called the merge. And the merge has been delayed time and time again, and it's it's become a bit of a meme and crypto. But at the moment, all the news around the merge is actually good and it looks like, as we as I say this, the merge is kind of slated for the

of September. Okay, so this is this is good news if the merger, and certainly if the merge goes ahead as as planned on the nineteen September without any issues. That will that will have that will pump the crypto market Ethereum specifically, but it will it will pull the whole crypto market up with it. So a lot of people are anticipating this good news in you know, a

little over a month's time now. Before the actual merge takes place on the Ethereum main net, it has to go through two other test net mergers, and it's already gone through loads of mergers on various Ethereum test nets, but the final two are now on the horizon, and in fact, the first one, called Prater, is scheduled to go ahead in well a couple of days from when we record this, so actually as this comes out, it

should have hopefully gone ahead the day before. Basically the fourth of August is when that is scheduled to go ahead. And then there's another one called Girly Girly spelled g O E r l I the Girly or Girly, I don't know, I hope you know's it that is scheduled for some time between the six and the twelfth of August.

So if these go ahead as planned, that means the merge itself is still very much on for the nineteen September, and this has been this kind of good news, This anticipation has really been propping up the crypto market of late. We've seen, you know, a big rally in the price of Ethereum, in the price of eight, but also in a in a lot of other related tokens as well. So steth is staked ether on Lido finance, that's pumped

as well. The actual Lido token itself has done very well. Weirdly, another one that has done well and in fact one of the biggest gainers over the past three weeks, has been Ethereum Classic. Now to some this may seem a bit counterintuitive because ethere you remember the split, yeah exactly.

Ethereum Classic came about as a result of this hard fork in the wake of the in the in the wake of this sort of catastrophic dow hack a few years ago that we talked about, and you know, the only way that the Ethereum developers could see to sort

of make this good was to split the network. And so the Ethereum Classics was Classic was the one that kind of carried on as though this dow hack had taken place, and Ethereum Classic has kind of chugged along ever since, and you know, has nothing like the sort of development or adoption that Ethereum has, but nevertheless it is still there. Now. The reason why Ethereum Classic has been doing so well is all because of Ethereum's anticipated

transition to proof of steak. Because at the moment, there are lots of people, there are lots of miners basically still using proof of work to mine either. The question is what do they do with their mining machines when Ethereum moves over to proof of steak is different type of machine obviously, Well, it's yea doing a different yeah, because they you know, you with proof of steak, you know, all this this validation is done by your your staking coins.

You're not you know, you're not expending electricity, you're not needing to you're not needing to go through the mining process. So the question is what they're going to have all these mining machines, what do they do with them? And what's expected is that a lot of them are going to switch over to mining Ethereum Classic to mining its etc. Coin.

So obviously more mining, more hashpower committed to the Ethereum Classic network will mean that it's more secure, and a lot of people are anticipating that this could see a lot more development on Ethereum Classic because it's more secure because there are more miners participate on its network. So that guy who's got the all that is sitting on Goldener, oh, the dow Hat guy. Yes, yeah, I imagine, yeah, he could be. He could he could be feeling pretty good

about it. I can't remember what happened, though, I think he might have. I don't know. He might have been forced to sell it. Anyhow, it's good news for him, you would imagine. So there's yes, So this is this is good news, and this has been helping to sort

of drive the crypto market as a whole. It's sort of sentiment has has um gotten gotten better since the since the sort of disasters of terror and more recently kind of Celsius and Voyager and things like that, which actually neatly, neatly leads me on to this this this issue of these kind of bankrupt lending and borrowing and trading platforms um so we're starting to see some sort of progress with those with the likes of Celsius and Voyager,

and things like that. Celsius has now officially filed for bankruptcy. And I think you could argue that this kind of again, this is this issue of sort of certainty, of of clarity, um. And I think once the uncertainty around Celsius was kind of removed in that sense, will they far for bankruptcy, will they try and dig themselves out of the whole what's going to happen? I think that clarity has has

also sort of helped to boost markets a little bit. Yeah, it's although it's it sounds a little counterintuitive because I mean, something going down and under is not good, but at least okay, cool that we can just talk that off and okay, cool, it's not and I suppose it's just it's it's whether that is going to have another ripple effect on something else. Yeah, yeah, you know what what happens basically what happens now with the likes of Celsius.

Voyager is also far for bankruptcy too. Now, it's been interesting kind of looking at what's been happening with Celsius in particular recently some sort of former employees have been speaking to sort of various media outlets and yeah, and and Celsius itself has now started its bankruptcy hearing. So it's it's we're going to buy the yacht. Well, oh that's that's three arrows capital. Yeah, well we'll talk about them in a moment actually, because that's there's been there's

been some developments on that front as well. Um, it sounds like from what Celsius employees have been saying and from what the company has sort of been saying at the its first bankruptcy hearing, it looks like, um, not so much a case of criminal wrongdoing, but just utter incompetence, negligent, Yeah, bad practices, you know, bad risk management. The company just

wasn't being run well. They were chasing these high yields for its for its customers, and um, you know that that appears to be in the situation more often than than coming up roses. Yeah. Yeah. And obviously the markets, you know, the market going down. Obviously this is related back to terror and things like this. You know, the market moved against it. The tide went out and they

were swimming naked paraphrase Warren Buffett. So the what happens now is this protracted process, this protracted bankruptcy process gets underway and with the ultimate aim of kind of making Celsius users whole again. Now, this will this will take a long time. This could take we we did a video on it recently, we reckon It could take between sort of two and four years um for you know, for that that is for all Celsius users to get there,

to get their funds back, um. And what will as I think, as I've said before, you know, the people who had a lot of money, the big whales on Celsius, they will get their money back first, and then you know, the little guys will just have to kind of wait in line. However, you know, at least this process is

in train. That is, that is something. And I think there's also a sense across the crypto markets that in the wake of these collapses, a lot of leverage has gotten flushed out of the system, a lot of forced selling, you know, that that that that these companies and others have been you know, have been obliged to do. At seems and I say this with you know, touch Wood, that seems to be coming to an end. That doesn't seem to be quite so much forced selling going on.

So a lot of people are kind of hopeful that I guess the worst is over in that respect, and this could be having you know, a kind of this could be being felt in in the markets as well. Um and yeah, in relation to what you were saying about Three Arrows Capital, you know, this disgraced head front, they that that is in the process of being liquidated

as well. Now that there is concern that obviously it's assets will have to be sold off in order to you know, in order to to to make good you know, investors and things like that, this could exert some cell pressure down the lines. So you know, it's it's we're not in the clear yet by any sense. What was interesting was just the founders of Three Arrows Capital, Kyle Davis and Josue they gave an interview to to Bloomberg recently.

They kind of surfaced, if you like, they've basically been in hiding for the past few weeks, and they kind of surfaced to give this interview to Bloomberg, which didn't go down. Well. Is it sort of on par with Prince Andrew? Yeah, Yeah, it's that it left that same sort of bad smell. It's that, you know, it's that sort of thing a pizza express. They didn't claim to

be in in a pizza express and working at the time. Um. Yeah, it was very sort of you know, there was a sense that they were sort of trying to you know, trying to put the blame elsewhere, and that they said some silly things like one of the guys was like, well, you know, everyone thinks we were living it up. I mean I only earned two houses in Singapore, only two, you poor thing, and two jags. Yeah, it's I've only got two. I've only got two jaguars. Um, as you

pointed out, they've got this yacht as well. M P. And obviously the yacht was brought into the quote here, I'll read it out. The yacht apparently was quote bought over a year ago and commissioned to be built and used in Europe. That was your end quote. That was. That was the sort of explanation of it. It's like, so that's all right then, always bo always bored over a year ago. That was that's yesterday's news. Yeah, come on, forget the yacht. I've only got one yacht and it's

for your they need cheering up. Come on, dude, the yacht is not the issue here. Um. Yeah, it was. It was very board of that yacht, just just part of the board. Yacht club. Just look past the yacht people, please, can we stop talking about the yacht? Yeah, so there was those guys sort I don't think that you had any particular effect on the market. But where can I watch that Bloomberg into Bloomberg. It's yeah, it's not a it's not a videotaped and I'll leave a link to

it in the show notes. People can have a look at it, because if it was, it would just be memed beyond. Yeah. Yeah, and I think probably for that reason, you know, they probably turned down any any request to film as well. Um, and yeah, I mean like very quiet, like do kuon the terror guy, very very quiet. A lot of people have gone very quiet radio silence, Yeah, real radio silence. And I mean, you know, it's understandable. I'm sure they've got other things that we do. Yeah,

you'd think so, you'd think so Voyager as well. I mean, this is this was just crazy. It's so Voyager has been well is obviously in the bankruptcy process as well. But Voyager had also claimed on its website that it was that it was f d i C covered the Federal Deposit Insurance corporation. Um, now that we have an equivalent here in the UK, it's that, yeah, exactly Here in the UK. It's called the f s c S, the Financial Services Compensation scheme. Basically, your deposits are are

covered up to a certain amount. And Voyage it was claiming on its website that it was f d I c ensured, so people were looking at it and go, oh, well, it must be legit, you know, because even if it does go under, it's covered. My deposits are covered. This this was this was not true. It's basically Voyagers Bank, the bank that Voyager used was f d I C protected. Voyager itself wasn't. And Voyager has now been instructed in

no uncertain terms to remove that from its website. So I'm sure that will make everyone feel a lot better. Yeah yeah, okay, yeah, so criminal, Well, I want I suppose they're gonna be sued, but what they're going to see them for? Yeah, gone, yeah, it's yeah, it's it's there's there's so much more to you know, to come out over this story and stuff, but yeah, it's it just looks like it looks like, yeah, I think that's that. I think that's the technical technic anyhow, So that's kind

of crypto related factors. I'm not I'm not too sure whether you know, what's been going on with Celsius and Voyager and and all the rest of it. I'm not sure whether that's impacted too much on the markets. But as I say, I think certainly that kind of resolution in the case of Celsius, I think that that did bring has brought a little bit of clarity to things. I just want to cut touch briefly on a couple of other sort of crypto specific things or things that

I think you know are moving the crypto markets. In particular, we had some we saw some fairly decent some good news and bad news from the tech sector last week. Now, crypto is very much correlated to tech stocks, particularly those on the NASDAC at the momentum. And we had some earnings reports from last week. Now, Apple and Amazon both surpassed expectations. Apple has Apple did really quite well. It's better, and it's now back to number one company by market cap,

which is just crazy. Um. And I mean it's interesting that because that's what something is. They're quite luxury items. Yeah, well, yeah, you'd I mentioned so and also just with the supply chain that is just obviously I thought was decimated. I would have thought they would have struggled to be making things. Yeah, or do they have they with it? Did they predict that? And and and sort of I'm not sure. I think probably. I mean, Apple was certainly impacted by supply changes, especially

as a lot of its products are put together in China. Um. I think probably the reason why it surpassed expectations in earnings, um because the expectations were low. The expectation, Yeah, I think we're pretty low. I think you know, these supply chains are starting to sort of grind wheat finally coming out of the Ukraine. Yeah. Yeah, So you know, it looks like, I mean, we're not out of the woods

in any sense yet. And you know, if we get this is you know, if we get more COVID lockdowns in China or elsewhere, that could be a real disruptive factor. So but it does look like they're starting to sort of grind back into into life again. So that could be. But you know, one of the reasons why Apple is looking better. Um, Google was slightly below expectations, but not

too bad. You know, it was so Google's had or alphabet, you know, Google's parents coming That was okay, Microsoft and Meta formally Facebook didn't do too well though, um so we had a kind of mixed bag on the tech

sector on the tech earnings front. But all in all, you know, if if the likes of Apple and Amazon are doing well, you know, I think a lot of people interpreted this as a sign that maybe things weren't quite as bad as some people would lead you to believe, because, as you say, you know, if if we are in a recession, if people are tightening their belts, you'd imagine that would hit you know, people would buy you know, people would put off buying that iPhone, or you know,

they wouldn't be buying their usual levels of crap on Amazon. I mean, I'm still on what is this one? I didn't get the last one and improugal of you. I'm normally normally Apple fanboy that are just just pump pump, pump whatever. Cash I've got into a new new iPhone really yeah, but I just I haven't for the last year, and I've been thinking about it because the new one doesn't look that great. Okay, Well, anyway, this is now an Apple podcast. Watch Watch Apple's share price nose dive

as this comes. Oh my work didn't buy a new iPhone. Yes, so a bit of a mixed bag from tech. But yeah, I think some people can interpret those decent earnings from Apple and Amazon as maybe a sign that things aren't so bad. So that could have had an effect on the market. I think, like I said earlier on in the episode, I think we're still you know, we're that bad news is going to make itself felt later on,

So that's worth being aware of. Another crypto specific factor, Now, this is related to coin Base, but this is not unique to coin Base. Basically, coin Base is having a rough time, not as rough as some crypto companies. Obviously, um, it's under some of one of its former employees is under investigation for insider trading. ARC invest, which is a big, you know, a big investor. Coin Base recently dumped one point four million coin Base shares at a loss. Um,

and you know, this is this is bad news. This is a bad look for the company. It's also it's also had to lay off a lot of people. It's basically, yeah, coin Base hasn't had much good news recently. Now, obviously coin Base is one of the most well known crypto companies out there. So this does have an effect on the rest of the market. But the real concern for coin Base is that it's being investigated by the SEC.

And yes, the SEC recently came out and said that nine assets, that nine crypto assets that coin Base had listed on its platform, it the SEC considered them to be securities. Now we've talked about securities a lot before. We know, you know what happens if the SEC thinks something that someone is selling unregistered securities in the US,

you know, it is bad news. So the SEC is, yeah, is sniffing around coin Base, and um, it looks like I think the SEC seems to kind of have the wind in it sails a little bit at the moment. So I think this is something that's going to weigh on the crypto market in you know, in the in the not thinking. That's one of the reasons why I think, yeah, we're we're not. Is this ripple sorry XRP. Yeah, that that case is still dragging through that I thought there was.

I mean, some people are saying it's going to pump, some people are saying it's not. Some people are saying, hey, you know what they could actually win this. They could

certainly win the case. Yeah, we're interestingly, the SEC is actually pursuing another case against another much smaller project called Library Um and it's alleging that it's sold it's it's crypto asset as as an unregistered security and there's a judgment expected on this in the next couple of months, I think, and people are watching this very very closely

because it may set a precedent. Yeah, and if it does, if the SEC wins that case, that could be that could be bad news, not just for Ripple, but for the you know, for the rest of the crypto industry.

So the SEC is kind of like, you know, it's a bit of an unexploded bomb under the crypto market at the moment, and we're going to have to keep a very close eye on on what on what Gary Gensler and his gang are up to, because yeah, I think this is something that's going to impact further down the line, Okay, um, I want to look ahead to what could be coming next for both the wider you know, for the wider world and also for crypto. So should we just take a quick break before we do that.

We're back four parts three where we're going to We're going to look ahead what could be on the horizon keyword there could not predicting the future here, So what could first of all, what could be coming next for the world, Well, I think definitely prepare for more volatility in the markets. As I said earlier, the situation, especially in places like Europe, is not looking good and is I think only going to get worse as winter sets in,

as as whether gets colder. So I think continued disruption from the war in Ukraine and just a worsening economic situation in Europe as a result of that. That is something I think that is pretty much nailed on for the next few months. I'd love to see some kind of resolution for that, but it's it's very hard to see that situation being resolved in the in the certainly

in the short term. Um And I think as well, you know, this situation, as we see energy prices soaring, I think this could have a real knock on effect to just kind of the fabric of society, especially in Europe and elsewhere. You know, the As I said, these things tend to ripple out. I think as well, we're going to see because of this worsening situation in Europe. I think we're going to see a lot of political upheaval as well. I mean, the Italian Prime Minister Mario Druggie,

he's already been sort of forced to resign. We're seeing unrest in the Netherlands. We've seen kind of farmers protests over I mean, this is, you know, very much related to environmental policies, but I think I think it's worth looking at it in a wider context as well. I think we're going to see a lot of theories on

this as well. Like Sri Lanka. Yeah, that that rad Pas the family basically screwed the whole country, insisting that everything we're just gonna be organic and then they couldn't grow enough that way just but but not even no foresight. Then it's kind of like, okay, cool, no one can eat now, no one can afford the land, and someone's

going to buy it all. I wonder who. Yeah, Yeah, that's the situation in Sri Lanka is really really bad, and I mean I think we're going to see we're going to see a repeat of that in a lot of places, and quite possibly in Europe as well. Well. Yeah, it's happening in the Netherlands. It's happening in You've got to use this fertilizer or you can't use this fertilizer, I can't meet yeah, nitrogen in it or something like that,

and it's just like, well, Dutch fire. Yeah. The Dutch farmers were like, well, you know, we can't grow enough food then, um And they got in there as they got in their tractors and made their presence felt so. And I think this is only going to get more pronounced as as things get tougher, you know, as people struggle to heat their homes or afford enough food, and you know, as job cuts bite, and as as recession

makes itself felt um. So, I think that is something that is in the immediate future for Europe and other parts of the world as well. We've also had the the i m F, the International Monetary Fund, I mean that forecast that the world heading is going to head into recession over the coming months, mostly because of inflation. Now, one economy that we haven't really talked about an awful lot. We've talked a lot about the US, We've talked quite

a bit about Europe. We haven't really discussed China either, and China, China and China has its fair share of problems too, and this is largely related to the property market. Um. We've had a lot, We've seen a lot, and it's it's difficult to get a clear sense of what's going on in China because they are suppression. Yeah, they are, they are very much. They've very much got a sort of suppression vibe going on. And you know it's well I've speculated in in YouTube videos before that you know,

China tends to sort of massage its GDP figures up. UM. So it's very difficult to get a clear sense of what exactly is going on in the Chinese economy because they don't want us to know. Um. But there's certainly signs that the housing market there, which is massive, it makes up an enormous proportion of of the Chinese economy um, and property has for a long time been the sort of number one investment for people in China. That is

that that market is sowing serious signs of ress. And we saw this last year with the with concerns around ever Ground, which is this huge kind of property developer, and well it kind of branched off into other things as well, but there were there were lots of concerns last year that it was going to default on its debts, and it's still in a pretty precarious position. Um. And we've seen, you know, we've seen actual sort of you know,

kickbacks from from Chinese, from Chinese citizens as well. A lot of property developers haven't been able to finish building these properties that a lot of investors have bought sort of you know, they buy them off plan, they brought them before they were before they were built, and a lot of people have stopped paying their mortgages in protest because they've gone, look, you haven't finished building this, this apartment, this house. The situation because they don't have the money

coming in. Yeah. I think that there's a few developments around here that were Chinese under being sold as well. Really yeah, yeah, I mean it's one of them, was a big one just over there that they sold that quite a loss really, just to to sort of get some cash. I mean, construction, you know, the proper the property and construction is massive business and of course you know these things, these things reach across the world and

obviously very very precarious as well. I mean, there's insane profits to be made, but you know, construction and property is very very vulnerable to you to economic to outside. So what is causing the Is it a stress in that the bubble is going to burst, or is it again supply chain issues and or is it it's a lot. Yeah, it's it's it's it's a sort of combination of factors really, but yeah, you know, I think that that certainly supply chain issues and COVID lockdowns have kind of hurt the

property sector. They they've they've slowed down development. You know, lots of workers have been locked down, so they've been unable to finish a lot of these projects, and that, you know, that's part of the reason why you've seen these mortgage protests, you know, people not paying. Yeah, so

like the the costs are still there. They've probably got some ongoing costs, but they haven't been developing, not finishing on time, and it's yeah, yeah, and we've also had um you know that they've been there've been concerns around bank deposits in parts of China as well. So there was this rolled out in tanks, Yeah, they have. It was obviously just a tank exercise, not anything. Just happened

to be conducting an exercise in the area at time. Yeah, So there were these bank runs on sort of regional banks in China. People were worried that, you know, that their savings were at risk. Do they not have the thing that Yeah, I mean they could do they could do. It's but you know, all it takes is a bit of is a lack of confidence. Um. And you know that these protests, you know, you don't you don't really protest in public in China and expect to get away

with it. Um. So, Yeah, the the Chinese economy is looking like every other economy is looking. Yeah. And actually I'm one of the things that I did do a video over on our main channel about these kind of Chinese bank runs and also Chinese GDP a few weeks ago as well. So if you want to kind of dig more into that, then I urge people to have a look at that. However, also on the topic of China, we've got Taiwan and they're being emboldened by the Ukraine

situation and and there's a lot of speculations like circling. Yeah, Taiwan is kind of in the news at the moment um. Obviously, it's been a potential flashpoint for for a long long time, And yeah, there was a lot of concern that China could use you know, China could do a Russia basically and go, right, we're going in Um and Biden and President presidency. You know, I think they had they've exchanged

words over Taiwan. There's a lot of kind of Yeah, so there's been there's a lot of kind of saber rattling, a lot of posturing going on over Taiwan. That situation that just what we need absolutely absolutely, like yeah, um, it's it's a it really is the blackest of black swans Taiwan. And actually it's kind of flashpoint as we record. Why would China if they just do they need that? Well, if they questioned, yeah, like do they do they need sanctions?

And and and if they're already on a precarious situation or do they see this as we're more battle ready than the West, Well, I mean, yeah, it could be. On the one hand, it's a very it's such a difficult situation to call, isn't it, Because yeah, on the one hand, you could go China, Yeah, China suffering trying to suffering economically at the moment, really the last thing it needs is to get dragged into a costly war

because I mean, you know, Taiwan is an island. It's not it's not the easiest thing to invade, even if you have got the largest army in the world. Um, so it would you know, it would be expensive even just to do it. But I mean, you know, but to say nothing of the potential consequences from the rest of the world. So there's that on the one hand, But there's also the sense, I mean, China has covered Taiwan for decades and it could be thinking, look, if

if there's a time to do it, it's now. You know, the US is the US is attracted. And of course we were saying this. I think lots of people are saying this. In Februaries, just before Russia rolled into Ukraine, you know, the question was like, why would Russia do this? Putin must know that there will be some sort of response, you know, almost you know, almost certainly in the form of sanctions. Um, possibly a military response as well, which

obviously didn't materialize. But yeah, I mean I remember when I remember waking up on four February or something when Russia went in, you just thought, and I think I think I was saying to you in a podcast episode. It's like, this really is the last thing the world need, and hey, they just went and they went ahead and did it anywhere. You know, it's very much it's a

very precarious situation. And I mean at the moment as we record this, Nancy Pelosi, the speaker of the U S. House of Representatives, is due to make a visit to Taiwan, to Taipei, the capital today, and this is being seen as very very provocative by the Chinese. You know, the Chinese are not happy. Um. And you know, it is a potential it is a big potential flash point, and

the effects of that would be huge. You know, even if even if it didn't come to a military confrontation, which would obviously be what China would gamble on rather like Putin did, it would still be really bad news for the global economy, more sanctions, more disruption. Um. Yeah. And it's it's it's interesting because cha Taiwan produces more than six, yeah, of all the semi conductor chips in

the world. So an invasion of Taiwan by China would be terrible news for Apple, for Apple, for the global electronics industry and um, that would be you know, you would really feel that. So that would be that would be a really that would really tank you know that the wider economy. And it's interesting because just last week the US that they passed a two d and eight billion dollar bill to boost the US is native semiconductor industry, which says to me, they see something on the horizon.

Well I think, yeah, I just want to protect. Yeah, they're mitigating against that, against that possibility. So so they've got their own fuel, their own semiconductors, they're fine. Well, yeah, I mean the US is the US is we talk about one of the least susceptible countries on the planet. It's geographically and economics. It's a very good point to make, actually, because as I say, we've we've referenced the U s economy a lot, and I talked about it all the

time on the Channel because it is important. But you're absolutely right. The US is much more insulated from um, you know, from from these global forces than other countries are. And Europe is good, I mean just geographically, this war is happening, you know, this war in Ukraine is happening on Europe's door step. So yeah, I mean, if things seem bad for the future of the US economy. Then spare a thought for other economies as well, and of course the US, and we've talked about Europe and we've

talked about China. I mean, these are these are advanced economies. So the effects on less advanced economy Shri Lanka's, for instance, can be catastrophic. And I think yeah, I mean we taught Yeah, we talked about higher Oh no, we're going to have to heat our homes and which is important. And people do lose their lives, you know, because you know, they can't afford to the choice of eating or or

heating or eating. Yeah, but then you know, we're also talking about, oh well, people might not be able to afford a new iPhone like that in in parts of Africa and Asia and South America. You know, people people could start I mean that is you know, that is a million times. There's horrible stories of people selling their children just to jeez. I mean yeah, yeah, And I

think it's it's really important to point that out. You know, we're we're looking at it from a very sort of coddle developed perspective that the consequences of everything that we've talked about could be so much worse, so much more nightmarish for people in less advanced economies. So yeah, it's it's important too. It's important to point that out. You know, we we feel effects and there's are nothing compared to

what other people are going to have to endure. So yeah, so this is another fun podcast or or joy and I just want to, yeah, before we talk about what could be next for crypto very quickly before we go. I think this is something I've been thinking about as well, you know, over the last sorry, before we go in there. So with that technological so the semi conductive thing that is obviously a massive deal for crypto as well. Yeah, because obviously crypto has run on computers. Yeah, there is

there is that. It's also I think it probably the more immediate effect would be the fact that the tech industry, the wider tech industry and people often see bitcoin as a tech stock almost Yeah. As I said earlier, Bitcoin and and krypto in general is very much tied to tech stocks as well. As tech stocks go up, crypto goes up, and and the opposite and vice versa as well.

So yeah, I think the effects of other massive drop in semiconductor supply, which we did see actually, you know, we did have that over the pandemic, and actually, you know, Crypto held up. Crypto obviously flourished in the pandemic and stuff. But I think, yeah, it's certainly that that would be that would be felt across across all sectors. Crypto wouldn't be immune from, you know, from the from the fallout of that. Now it's I think it's really tempting as

well to think. I certainly thought over the last couple of year years really it's like you always kind of look ahead. It's like, well, hopefully in a few years time, things will be better. You know, COVID won't be a

problem anymore. We'll have got inflation under control, you know, supply chains will be back up and running, and you know, all these problems that we're dealing with at the moment will hopefully be resolved or you know, certainly a lot less like there's light at the end of the tunnel exactly. But but well, you know, it's this sort of thing we always look to this future, you know, these kind of sunlit uplands, as they say, but let's face it, more problems are going to come along. And I think

Taiwan is a potential. You know, I'm not saying that Taiwan is necessarily going to be the next global flash pipe and just saying there's you know, it's a it's a it's a worry. Yeah, it's a red flag, as they say, it's a it's a big old red flag. Yeah with with with So yeah, look, you know that that the the outlook for the outlook for the wider global economy is certainly is not great for certainly the

next next few months and probably years. And that's some thing that people should should take into account when making well, i mean any sort of decisions really. But you know, especially if you're if you're into crypto and you're thinking of investing, you know, this is the the in fact, what you can afford to lose, absolutely, but you know you need to pay you need to pay attention to the bigger picture. Now, just to touch on what could

be next for crypto before we sign off. Now, there is good news because even though we're in a bear market, development is still going ahead, you know, good for happening. Yeah, good projects are still you know people some some crypto

companies are still hiring, you know, they're still building. And regardless of the wider economic situation, those good projects will continue to develop, and this, you know, this is one of the this is one of the upsides to a bear market if you like, you know, the good projects keep going and there are you know, opportunities out there to to invest in these things cheaper than you might

have done with the height of the bullmarket. Now, I think in prices are unlikely to recover to levels that we saw in November last year, you know, when we had those all time hands. Um. So the bear market is going to continue, and as I say, I think that could be until at the least, So bear that in mind. There's also this headache ahead, like the sec that I talked about, you know, that seems to be coming for crypto with sort of renewed vigor. At the

moment um. It's trying to you know, essentially classify most cryptocurrencies as securities if it can. Very few cryptos are exempt in the sec s eyes Bitcoin, because it's a bitcoin, will be okay in that in that Respectum Ethereum probably as well. Um not least because an SEC official in the past has said that Ethereum was sufficiently decentralized and

that was several years ago. So I would imagine that BTC and would be safe from the SEC in that respect, but you know, it's there are the wider crypto industry is very much threatened by the SEC. Would that have a knock on effected the tokens built off, Yeah, quite possibly, quite possible because they you know, some of those could

be classified as securities. Um So, yeah, there's certainly there's certainly worrier, you know, worry around because the SEC as well, seems to be determined to legislate by by force rather than actually go and clarify things and make things, you know, make it so as these crypto companies can get in line. It just seems to be going after you know, this company, that company labeled this a security, that not a security.

There's so little like labels. We don't like labels. Yeah, yeah, it's like this is a security, this is not as security. This I don't know what this is. Um So, it's it's tough because you know, these crypto these companies they want to get into line. You know, they don't they don't want to be on the wrong side of the law necessarily, but the SEC and others make it so difficult. There's so little clarity. So on that note, we are going to see more regulation of the crypto industry across

the world. You know, again it's very much focused on the u S, but the the EU is taking steps towards legislator regulating crypto. We're seeing stuff here in the UK as well, you know, all across the world. India is not proving very pro crypto at the moment, so we are going to see more crypto regulation. Now, this could be a good thing if it's done right, if it's done with a recognition that you know, of of

what a powerful technology crypto and blockchain offer. You know, the opportunities, If it allows crypto to flourish within a regulatory framework, that's good, protecting investors, protecting investors. Yeah, if if it could tails innovation exactly, it will be it will be bad, and that will be something that the crypto market will have to, you know, we'll have to deal with. So that's a potential. You know, there are

potential benefits and also drawbacks to this potential regulation. So really, anyone, the only thing I think we can almost certainly be sure of for crypto in the short to media term is more volatility so although we will see I think we will see more rallies ahead. You know, it's not organ it's not going to be strictly down from here, but we're I think we're going to see a lot of these kind of rallies, pumps on good news and all that sort of stuff. But then you know those

are going to tail off as well. And I think actually if we look at if we look at prices today, they are yeah, they're down. You know, there's there's a there's a correction. There's a correction going on. So people should be really really wary. And I've said this, you know, I say this to lend Blue in the face. But you know, just because the markets are going up, just because they're pumping, it doesn't mean that everything is good and rosy. Again, these are very very difficult conditions to

try and trade in. So you really need to have a long term focus and you have to be prepared that if you are going to invest at this sort of time, you have to be prepared for the value of that investment to go down, certainly in the short term. Um, you know, you have to invest with with an eye on the longer term. If basically Guy's advice is it's not financial advice exactly. Um, okay, So that's just an overview of basically kind of what's going on. A few

things to bear in mind. If you're well, if you're if you're interested in crypto, if you're a crypto investor or living in Taiwan, or if you live in Taiwan. Yeah, yeah, I was made in Taiwan. Really, That's what my dad told me. That's they were on around the world trip, honeymoon and and the Twinkle well nine months pre my birthday. They were they were they yeah, okay in Taiwan, in Taiwan. Let's leave it there. Thanks for listening everyone, See see

you next time. Thank you so much for listening to the coin Bureau podcast. If you'd like to learn more about cryptocurrency, you can visit our YouTube channel at YouTube dot com forward slash coin Bureau. You can also go to coin bureau dot com for loads more information about all things crypto. You can follow me on Twitter at coin Brea or one word, and I'm also active on TikTok and Instagram as well. First of all, it's not

thank you for listening, You're welcome for great content. Yeah, like this is free, and they're learning about a fairly great topic in a non boring way. If you'd like to visit me and hear more about me, go to Mooch About m O O C H A, b O U T or else. For more podcasts from I heart Radio, visit the i heart Radio app, Apple Podcasts, or wherever we get your podcasts. The coin Brea podcast is a production of I heart Radio.