Commodities, Conversions, Frauds, and a Parade of Horribles

and finance go together. You know, the old days of you of being a financial analyst means how I would look at data like economic data, I would look at financial numbers. Unfortunately, today it's mostly politically driven. We're all trying to guess what the Federal Reserve, what Jerome Powell is going to do, what's in his head, and it's mostly politically motivated. There's mid terms coming up. What will they do before the mid terms? Are you know which

president are they going for? Uh? And then even even when we get into the more of the financial system, like the SEC secure these Exchange Commission being headed by someone named Gary Gensler and his decisions are very politically motivated. So we have to look at the political side to understand what's going on there, so then we can understand what effects that will have on the financial system. And of course UM technology is what changes everything, and so

that's kind of where we're at today. We're looking at the head of that and there's big news because the head of the SEC just made a big decision this week. As a matter of fact, there was two really big things that the head of the SEC said this week. The SEC um you know, it's a small or a small ish organization inside the government, but if you're an investor, uh, if you're involved in money and finance, and they're very

very powerful, very big organization. And so the SEC Securities Exchange Commission are basically there to keep you safe, supposedly, so everything they do is trying to keep you safe. They're trying to prevent companies from scamming you and it been you off and things like that. UM but of

course it doesn't really work out that way. So, for example, the SEC puts rules into place like accredited investor laws for example, So an accredited investor means that in order to get into like the really really good deals, like the private money deals where you can make huge returns on your money, In order to get into those types of deals, you have to be what's known as an accredited investor, and that means that you have to make

over a certain amount of income. Um, you have to have an over a certain amount of assets, which means you basically are in like the top, I don't know one percent of of of people in the United States when it comes to income. Let's see what the updated

accredited investment numbers are here. Requirements for credit investors. Okay, I must have an annual income exceeding two hundred dollars or three thousand for joint income for the last two years, with the expectation of earning the same or higher income in the current year. So you have to make at least two hundred thousand or three hundred thousand jointly and be making more. You could also be considering a credit investor if you have a net worth exceeding one million,

either individually or jointly with their spouse. UM, but I believe that cannot include your private residence. So you have to have a million dollars of assets. So that's so your credit investor. So you can't get into the very best deals, the really really good deals. The private deals, the ones that make a lot of money unless you're a credit investor. Now what happens is because of that,

it keeps the average person out. And then the insiders, the rich people, they get into all those early round deals, they get into venture capital, they get early round steaks into the Tesla's and the facebooks and the ubers. And then when the company runs for a decade and it goes public. As soon as it goes public, then the average person can go buy that stock. And then what happens, Well, those vcs that got in really early, they dump it

on you. So typically once uh I p O s happened um in national public offerings and the stock goes public where the average person, the non acredit investor can get it, well, they get dumped on and the price typically goes down. So good job SEC protecting everybody. Um, do we have a applause? I think we have an applause? There. Let's see here. I'm not good with my sound effects, will try to get better at it. There we go. Good job, SEC, Good job. I appreciate all the work

that you've done protecting all those non acredit investors. So, um, you know, like I've said, many times before. Of course, those non acredit investors, they're they're not smart enough to manage their own money. Never mind they made it, but they're not smart enough to manage it. But there is no protections on buying lottery tickets, are going gambling a casino, um. But anyway, back to the SEC, that's what they're to protect.

And so the SEC wants to protect us from ourselves, and we've been waiting on them to do a lot of regulations on what they consider cryptocurrencies and how we regular cryptocurrencies. Now. Gary Gensler, he took over the SEC, I don't know, maybe the last year or two. I forget exactly when he came in, and everybody in the crypto space was pretty hopeful of having Gary Ginser come in because Gary gains Are understands bitcoin and cryptocurrencies very well.

As a matter of fact, Gensler taught courses on bitcoin at m I T. If you're not familiar with the m I T. It's one of the most prestigious schools when it comes to science and technology. So he's at the most prestigious school for science and technology and he's teaching classes on bitcoin like he gets it very very well, he's a proponent of it. He was Why was he teaching people about it because he wanted them to know. He wanted to advance it. So he got it, and

we thought that'd be really good. But of course he hasn't been so good. Maybe for more political reasons. We can talk about that. But um, this week seces Gary Ginsler reiterated that bitcoin alone is a commodity. What does that mean, Well, most cryptocurrencies are what they consider an unregistered or an unlicensed security. Now, companies that create unlicensed securities or sell unlicensed securities, or people that talk about buying unlicensed or unregistered securities could get in a lot

of trouble. As a matter of fact, we've seen many celebrities actually get in trouble with fines and lawsuits for talking about cryptocurrencies. They're getting paid to promote them, the Paris Hilton's or the a cons um they get paid to promote it, talk about it publicly, but it's an unregistered security and they've gotten in trouble for it. And so a lot of talk has been what what's unregistered securities?

What's not? But that your U S Securities and Exchange Commissioner Gary Ginsler has reiterated his claim that bitcoin is a commodity. Um some quote some like bitcoin and that's the only one, Jim, I'm going to say, because I'm not going to talk about any of these tokens that my predecessors and others have said are a commodity, Gainsler said an interview with CNBC's Jim Kramer on Monday. Some like bitcoin and that's the only one. That's what he said.

Now again, Uh, this is a departure from his predecessors and his unwillingness to define Ethereum as the same way. So his predecessor said the theorium maybe he said for sure it was a security, but it could have converted into a commodity, is what they said before. Um, But now Gainsler's like, nope, Um, I'm the only one that I see it is that he says. Uh. He said crypto financial assets have the key attributes of a security, he said recently, noting there's always almost a centralized entity

that directs projects and stands to profit the most. That was certainly the case when the Ethereum blockchain fit first burst onto the scene with an initial coin offering. A motley crew of builders and investors and institutions such as the Ethereum Foundation. So but then in sec director um set Ethereum might be able to have reached the level of a commodity, but Gary Ginsler doesn't think so, which is pretty interesting. Um. Now this goes back to what

I've been saying, which is, um, the real revolution. There's a technological revolution happening here today, and most people are completely blind to it because of cryptocurrency are blocking that. But there's a real revolution happy today. The real revolution is d centralization. That's the real revolution here. Now, per the words of the SEC right here, it says that says crypto financial assets are security. Um, they're always almost a centralizing see that REX projects and stands to profit,

so they're not decentralized. The revolution is decentralization. Most cryptoists aren't anything but bitcoin. That's Gary Gunzo's word, is not mine. I got a lot more to cover, including a really big ruling that they made this week and it fired off a lawsuit. We're gonna see massive fireworks happening. You don't want to miss what I'm about to talk about. In a second. You're listening to the Markma show. UM talking about bitcoin and cryptocurrencies. I'll be back with more

in a minute. Don't go away, all right, Welcome back. You're listening to the Markma Show. We're talking about the decentralized revolution that's happening bitcoin, cryptocurrencies, the way the world is changing, politics, finance, all of that. Now. I call it the decentralized revolution because that's the revolution from from

many standpoints. On a two and a fifty year time frame, a pendulum swings back in the world, swings to centralization or globalization, and we're peeking out right now, and then the pendulum swings back the other way to decentralization. At the very same time, we have a technological revolution that's happening on a fifty year time frame. And the technology revolution that's happening right now is giving us a new technology that gives us decentralization. That is the revolution. Now,

that's why I called this. What we talked about is the decentralized revolution. Talking about the way the world is decentralizing from a political standpoint, from a geopolitical standpoint, from an energy commodity standpoint, and of course it's all being led by the changing of the money. Now I make that point to tell you that that's the revolution. And Gary Gensler, the head of the SEC basically said as much, UM,

saying that only bitcoin is a commodity. All the rest appeared to be some sort of security because of the centralization. There's always, in his words, almost always a centralized entity that directs projects and stands to profit the most. Um. It was it's the case with ethereum. Um blah blah blah. I'm not going to read all that again, um O. G bitcoin er Jamison Lob for instance, made distinction recently saying most cryptos are decentralized in name only or dinos.

I hadn't heard that term before, dinos, but I like it. Shout out to Jamison Lop and likely Unregistered Securities micro Strategy CEO Michael Sailor called for cryptos quote parade of horrible to be stamped out by regulators now, um. Shout out to Michael Sailor. UM. I don't necessarily agree with them. You know, I'm not a big fan of regulations. Let people do what they want, in my opinion, but they

should know what they're doing. Now. There is something about a fraud, so if or a scam, if I were to say that I was going to sell you one thing, but I delivered you something else. That would be fraud or that would be a scam, and there there are

laws against that. And so if I were to sell you a token and tell you that it was a decentralized protocol but it wasn't, that would be a fraud or a scam, and so that should be illegal, and uh, you know, for them to be stamped out by regulators, I suppose the regular I should say, hey, you guys are actively purpetating frauds and scams. You're selling things that you promise are something but they're not UM. So I

suppose there could be something there for that UM. In Sailor's world, the government stamp up approval of stepping stone towards Bitcoin being embraces a Treasury reserve asset UM. But that's not the big news that I want to talk about. The big news that I want to talk about is uh gray scale. Now. You might have heard of gray

scale before. If you haven't, you certainly are going to hear about it now because gray scale gray scale was like really the first way that allowed people to buy bitcoin UM through like a four oh one K or a mutual fund or if you're like a big fund. It was the first way you could buy it through a financial product as opposed to buying it directly. Now why would you need that? Well, the average person, you

and I wouldn't. But if you had money in an I RA A or in a four oh one K, or if you ran some sort of a fund, then you're not able to go buy bitcoin, all right, not a security. And so they created a fund like an e t F, not an e t F and we're gonna talk about that, but similar to that that allows you to buy it through those those types of vehicles. So it was the it was the first way to get ahold of bitcoin that way. Now they haven't. It's not an e t F and that's the crux of

the matter that we're gonna talk about today. But um, gray Scale created something else UM not a not a E t F UM, but but but something like that, UM that that allowed people to get access to it. But of course gray Scale and a lot of other people want to create a bitcoin e t F and exchange traded fund. Gray Scale is more like a close

end fund. And I'll explain to you what the difference is But so, um, Gary Ginsler at the SEC has been approving bitcoin e t fs, but they're not the right type of e t f s. What do I mean by that? So? Um, you have an e t F that's cash settled, or futures that are cash settled, or an e t F that tracks the price of the asset, and then you have one that's physical that actually holds the asset. One allows you to basically bet on the price going up or down, and one actually

holds the asset to go up or down. Now, for me, I don't believe in all this manipulation and all this leverage and all this other garbage out there. I think the laws of supply and demand, if all these funds bought bitcoin, they would take the supply off the market, it would increase the demand, and it would push the price up. But when you create these e t f that allow people to just basically gamble on the price instead of putting the money into bitcoin and buying bitcoin,

now they're just gambling on the price of bitcoin. So Gary Ginsler seems to think that's okay. He seems to have approved several of those, but he won't approve a physical e t F why. I don't really know. Um. I guess I could speculate, but I don't want to do that right now. I'm not really sure why he doesn't, but UM, he certainly gets bitcoin, and I don't know why he would do that. So anyway, gray Scale, I'm gonna talk about gray Scale. UM, what this close in

fund means. Why it's in a massive discount to physical bitcoin. We can look at it, maybe you should buy it or not, um at a discount like it is right now. But they want to convert their clothes in fund into an e t F, which is an exchange traded fund. I think would be best for them if they did that. I think would be best for all their shareholders if they did that. I think it'd be best for the marketplace if they did that. Um. And so they want

to do that, and uh. The SEC rejected gray Scales application to convert its gray Scale Bitcoin trust to an exchange traded fund this week, and so in response to that Gray Scale Investments file, they lawsuit against the U S Securities and Exchange Commission an hour after the regulatory agency rejected its application. So there was already word on the street that Gray Scale was pretty ready to file lawsuit.

They were already kind of preparing to get a denied application, and so as soon as it was done, it stays here. An hour afterwards they had filed the lawsuit application. Um they the SEC rejected a citing concerns about the market manipulation, the role of tether and the broader bitcoin ecosystem, and they lack of surveillance sharing agreement between regulated market of significant size. So they're concerned about market manipulation. What do futures and ETFs that don't even own the asset do.

The only thing they do is manipulate the price. So instead of buying the asset and leveraging it to short it, now I can just bet against it. It's called like naked shorting. I don't even have to own the asset. I can just bet that it goes down. Those are used to manipulate the prices. Look at gold, we don't really know and somewhere between three to five hundred paper ounces fake ounces for everyone, real physical ounce, and all that fake paper gold is used to manipulate the price

of bitcoin down. So Gary Ginsler says, hey, we're not going to prove the physical because it could be used for market manipulation. No, no, no, no no, it's the fake ones that create the market manipulation. I think everybody already knows that. So anyway, that's why he exposed it, or I should say, rejected it, and gray Scale is gonna sue. Let's take a look at what the Gray Scale trust is, why it's so severely undervalued you can

buy bitcoin, had a huge discount in their fund. We're gonna look at that, look at the fees involved, look at the chance of you get into your full money out of it, and so much more. In a minute. You're listening to the Market Mo Show. We're talking about the decentralized revolution, talking about bitcoin, cryptocurrencies and the way the world is changing in front of our very eyes

through business, politics, finance, and technology. So I got a lot more to cover with the g BTC bitcoin trust, the discount and more when I come back in a minute. So don't go away, all right, welcome back. You are listening to the Markmas Show. We're talking about the decentralized revolution. We're talking about the world changing through a lot of

crazy things. It's it's interesting as as the world change has this pendulum swings back, we get the volatility, and I think that's the best way to explain what we're what we're witnessing. And so we're talking about, uh, specifically, we're talking about the SEC Securities Exchange Commission. The head, Gary Ginsler, he knows bitcoin very well. He said this week on Jim Kramer that bitcoin is the only commodity

the rest our securities. But then he went around and denied the request of Gray Scale Bitcoin Trust to convert that trust into an e t F. So I want to talk about that now. If you missed the first part of this and you're just tuning in, no worries, Uh, just don't let it happen again, of course, and the way you can do that is pull out your phone right now. But a reminder for this date, at this time, this channel. Make sure you're with me each every week.

And if you did miss it, don't worry about it. I got you covered. You can just search Mark Moss podcast and you can catch me over there. Now back to what happened, Like I said, the SEC rejecting this um, he said that Gary gains SEC said that he wanted, uh, he wants to protect us because he wants to make sure there's better protection, so there's no market manipulation going on. But the market manipulation, as I was making the case, is brought on by people betting against the price without

actually buying the asset itself. Allah Gold. Let's break into this a little bit now, GBTC Gray scales Bitcoin Trust it trade that a discount to nav in a VY. What does that mean in a v's is a net asset valuation, So that means that the assets that they hold, So that means that you could buy the Bitcoin trust for less then the assets that it's holding on its books. Now, why would you be able to buy a fund for less than their net asset valuation. We're gonna take a

look at that. But what they're trying to do is convert this trust into an e t F, which would then really solve the problem. So it's trading at a discount because there's some problems. We're gonna dig into those problems, and if they could convert it to this e t F, it would solve the problem of this discount. Why it's

trading for less than its market value? Now, like I was saying before, it's an e t F as an exchange trade fund, grad scale operates as a close in fund, and what that means is the new shares can't be created and redeemed um in line with fluctuating demand. All right, that's how an e t F functions. So an e t F, basically every dollar in would go to buy more bitcoin, and when you take a dollar out, they sell it a dollar bitcoin. But a close in fund

doesn't work that way. They don't buy and sell bitcoin in line with the demand um and the e t F they call that a redemption mechanism, and that's how you reconcile the difference between the NAB net asset valuation and what the market value is. And basically, like I said, that prevents shares of the e t F from trading at a discount, so it keeps the shares um in line with the price at all times. But like I said,

the gray scale bitcoin trust is way down. As a matter of fact, you can buy it almost a thirty percent discount to their net asset valuation, which sounds like a bargain. And I know some very well known and respected investors that are buying at this discount. I'm not should you, Well, I don't know. Let's take a look at that, so it says this occurs because bitcoin was

added to the fund as new investors demanded GBTC. As demand waned and g BTC was sold, Bitcoin was locked in the fund, but it wasn't sold at the same as demand wane, causing shares to trade lower than the

net asset value of the trust. And what they're trying to do is that they can convert the trust into the e t F. It would close the discount and then allow the bitcoin to track the bitcoin price, and for the investors that are there would be a really good thing because then the investors would be able to get the appreciation of their holdings equal to the size of the discount, which means they would make a thirty

percent spread. Sounds pretty good. That's why people were buying it, hoping that it would get approved and that it would get revalued and they would automatically make that thirty percent. Now, I would imagine the the the odd hads, the betting odds of it getting approved were probably pretty slim in my opinion. Anyway, I didn't expect it to happen because of course Gary Ginsler has denied every single one so far,

and I don't see that happening anytime soon. Now, part of the problem with the Gray Scale Bitcoin Trust is that it's expensive. So what happens is that they automatically sell two percent of the fund every year as as their fee. So like a lot of funds, you have to pay a maintenance fee, so you're so basically for the amount of money you buy, they take two percent of your money every year to manage this fund for you.

Now that's um right now, it's about thirty five bitcoin a day and they have almost six hundred and fifty thousand bitcoin, which is a massive number, which means that Gray Scale Bitcoin Trust holds about three per cent of all the bitcoin supply, which is pretty amazing. And that's in there. Another term, it's a u M, which stands for assets under management. Now there's other ways to buy bitcoin and ETFs, like I said, but they're not physically

held bitcoin. So one is the pro shares Bitcoin ETF and they hold they hold the futures the bit in future, so again's just betting on the direction and they charge a much lower fee. So that's something that you want to look at when you're looking at these types of e t s. They all have different fees. They have different schedules, they recalculate, and it's that small print that can really get you if you don't know what you're what you're getting into. But Gray Scale, so so the

pro schars bitcoinit you have, holds the futures. They're just holding bets, that's it. But Gray Scale actually holds bitcoin, which is good, which is why they wanted to convert into a physically hell because they already have the bitcoin. They have six fifty bitcoin um a u m ass under management. But what we can see when you look at their when you when you look at who owns all the GBTC, we can see that the largest holder

of g BTC is Three Arrows Capital. Now, if you've been tuned into the other segments of the show, I've been talking about Three Arrows Capital three E C, three A C and how they're caught up in what I'm calling the Great Unwind. So Tera Luna went down and it starts dragging everyone else down with it. Then we saw Celsius go down. Now we're seeing Three Arrows Capital going down, et cetera. And Three Arrows Capital which just got just missed their payments, so they just got marked

um in solvent. They're being liquidated. They're the largest holder of bitcoin inside the GBTC trust and that's the problem because as they're being liquidated, people need to get access to those assets, but those assets are held inside the trust and the trust isn't liquid. It's a big problem. They hold about thirty eight million shares equated to five thirty million dollars, or seventy five times the average daily traded volume of seven million dollars in GBTC, So that's

seventy five times the average dated daily traded volume. So that means it's not liquid. How do you get five million dollars out of something that only trades seven million in a day And the answer is you don't, not very fast anyway. Now, the problem is is that Three Arrows Capital was ordered to liquidate all the remaining assets they're being liquidated and they can't meet the margin requirements

they're being called. They were ordered by a cord in the British for an islands um to liquidate all the remaining assets totally an over a billion dollars, which is good, but the problem is that the gray scale Bitcoin Trust isn't liquid enough for Three Arrows Capital. Three a C to dump all its holdings. Um. Now they could try, it's not gonna go very good because it's not liquid enough. And if they did, that would lower the price of the of the of the trust and then it would

cause the gap to grow even wider. So what's going to happen. Well, I'll talk about that and more. Talk about that pations of this e t F conversion. Uh, talk about some things that you need to know if you're a holder of the trust or if you're considering being a holder of the test trust. And then we'll look back a little bit more about the lawsuit that's going to happen if you the trust and the SEC. I'm gonna cover all that more in a minute. You're

listening to the Mark Moas Show. We're talking about the decentralized revolution, talking about bitcoin, cryptocurrencies and the way the world's changing right before our very eyes. I got a lot more to cover when I come back in a minute, So don't go away, all right, Welcome back. You are

listening to the markmas Show. We're talking about the decentralized revolution, talking about bitcoin and cryptocurrencies, talking about the financial system, the markets, you know, all those things that really matter to your life. I was talking about specifically, we're talking

about bitcoin. We're talking about this gray scale Bitcoin trust, talking about how the head of the sec, Gary Ginsler, denied their application to convert the trust into an e t F. We broke down what that means, what the e t F is, what the trust is, how it works, what the discounts are, what NAVY is, what a u M is. If you missed any of that, I feel bad for you, but don't worry. You can go listen to it on the Mark Moss podcast. Just google that

UM or just search on your favorite podcast player. Now. I was talking about before the break, how the problem is is that UM, this great unwind, all these funds domino into each other, are creating this problem, and how UM the b v I British Virgin Islands UM ordered throughous capital to liquidate all the remaining assets. The problem is they have about five million dollars worth of UM assets or bitcoin on the trust, but the trust only seven million dollars a day. It's not it's not a

good problem. It's not a good problem to have. And what happens is if they forced that liquidation to happen, it's gonna push GBTC, the grace coalpic coin trust further down and widen out the spreads, which isn't good. So in the coming you know whatever, several weeks looking forward, as they start liquid a it's remaining gray scale bitcoin trust, I think we're going to see the um the gap widen.

I mean, there's just no other way right um there's just not a liquid enough market for that to happen, and so I think we're going to continue to see that nav play out now. Like I said, I have known a few well known investors who have been buying into this hoping that the spread would go the other way, but it looks like the spread is probably going to

continue to widen at this point now. Like I said, if they could have converted the trust into an e t F, it would eliminate that discount and everybody would have made money, which would have been great, but it's just not happening right now now. If you're a holder of of of the trust GBTC, a couple of things you just know. One, you can't convert your GBTC into bitcoin directly, so that means you can't self custody it now.

Part of the reason why I don't think we need a physical bitcoin trust is because I don't need a trust to buy or an e t F to buy bitcoin. I can just buy bitcoin myself. That's part of the whole revolution here. I can buy the asset, I can custody of my own in my hardware wallet. I don't need someone to hold it for me. Now, futures and ETFs were created as a way to buy or have access to assets that I can't hold. So, for example, futures were started by farmers, and they're trying to hedge

their crop. Hey, I'm growing this corn or this weed or whatever it is, and what if what if, you know, hurricane comes or some sort of drought comes and I lose all my crop. So what I'll do is I'll sell it on the futures market today, and that way, if whatever happens, I'm hedged. Right. Also, as an investor, how do I invest into wheat or corn or oil?

I don't I don't have giant oil tankers, And so I could invest into it by helping these farmers with these producers offset by using some sort of a fund and e t F. So that's good. Even gold, I mean gold is pretty easy to custody. But if I'm buying, you know, millions of dollars or hundreds of millions of dollars of gold, it's not easy to custody that amount. And so, and I can buy it through some sort of an E t F or something like that. But Bitcoin is different. Bitcoin is very easy to hold. I

don't need anyone to secure it for me. It's digital. All I need to know is my password. That's it. And I can hold a dollar of bitcoin or a hundred billion dollars of bitcoin with just one password, and so we don't need futures, we don't need some sort of a fun to do that like we do with wheat, corn oil, et cetera. So anyway, you can't custody your g BTC as you would with with bitcoin directly, which

then creates counterparty risk. That means now I have to trust gray Scale to hold that for me, and I don't know what that risk is. It could be very small, but it's still risk that I have to add in there. Um And in case of gray Scale going and solvent Um, if they were to go bell YEP, I could potentially lose it. So I've talked about this great unwind, and we saw that the dominoes are fall into bigger and

bigger people. And now it's at Genesis door. And Genesis is owned by the same company d c G that also owns the Great Scale Bitcoin Trust. Now, I'm not trying to say that there's a panic or or danger going on here, but if something were to happen, it creates that counterparty risk. Now, if you do own the trust and you're you know, upside down, your upside down, Um, you know I wouldn't panic. Um, you can probably continue

to hold on. I think, um, I think you know they're gonna keep They're in a lawsuit right now, they're going to try to get this e t F through. If they get that e t F through and maybe takes another year, maybe it takes two years, but they could close that gap up. Now if you uh, you know, like I said, if you're if you're hoping to buy it at a discount, maybe it goes down. Maybe maybe we see three arrows capital liquid eate push that price

down to that gap widens. Maybe you buy it at a thirty forty fifty percent discount, and you can afford to wait two years or years and see if this gets closed up, maybe it could be a good deal.

Those are ways to look at it. Now back to the sec Gary Ginsler, uh man, I mean he gets this right, he gets bitcoin, he taught it at M I t again, I don't I don't really want to speculate, but I just don't know why he's rejecting all these spots or physical et fs when he's approving the derivatives ones when he says that he wants he doesn't want to prove the spot because of potential manipulation. But it's the derivatives that cause all the manipulation. I just don't

understand that. But like I said, Gray scal was already they were already anticipating this being denied, and so they already had a lawsuit prepared and ready to go. So immediately Gray Scout followed the lawsuit. But I don't expect this to happen anytime soon. Um. They're suing an inept and incompetent government, um, And it could take years. I mean, we could see a year or two before we see anything come out of this, probably you know, most likely

or something like that we see. UM, So don't hold your breath. But if you bought bitcoin. Let's say that Let's say that three rows capital has to liquidate. Let's say it forces that spread to be wider. Right now, it's you buy it, you wait two years UM, and then by then, hopefully bitcoins back to a higher price. We're having having having any cycle at that time. So let's say bitcoins a it goes up to fifty UM. So bitcoin has doubled, they're tripled in value, and you

get to close the gap. At the same time, it could turbo charge your investments. Um. You just have to decide if that's a risk you want to take and if you're okay waiting that time frame for it. But um, the other thing is, not only is it gonna take a lot of time, it's also going to cost a lot of money. The gray skial is gonna have to spend a lot of time. But it's also going to

spend a lot of money on it. And even if they do sue, sue the sec they go through this for a couple of years and they spend all the money, the chance of winning is probably slim to none. Well, I don't want to say none, but I'd say it's slim. Suing the government probably doesn't have a very high probability of winning. I know and I know a few people who have actually had to defend themselves from the SEC and uh, you don't win, you don't win. As a

matter of fact. Um, somebody an associate that I knew before I worked with in the past, they were under SEC lawsuits and they were told in the back office like, hey, we don't lose, so just give us something and we'll we'll we'll end this. So um, the chance of them winning is probably very slim, but it could happen. But like I said, there's been I want to say, at least five, if not six or seven or eight, at least five I know e t s that have been

denied by the SEC so far. And we'll see what happens. I don't know if it's going to get approved or not. But that all part of being an investor. You get to understand the situation. As I've explained to you. You can understand what the risks and rewards are, the time frames, and then you can decide if that makes sense for you or not. And I'd love to hear what you have to say, so hit me up on social media at the number one Mark Moss just at one Mark Moss.

You can find me on Instagram, on Twitter, let me know what you think. I'd love to hear it. And uh, if you just tune in, you listen to the Mark Moa show talking about the Decentralized Revolution, talking about bitcoin, talking about cryptocurrency, is talking about through the lens of politics, finance, and technology, so you can have a better sense, you can have more context to what the heck is going on in the world today. Hopefully that makes sense to

Hopefully I'm making it easy to understand. Make sure to tune in with me each and every week on this channel. Check out my new website at one Mark Moss name as my social media handles. And if you missed any of this, you can catch it on the I Heart podcast network. Just go to your podcast player in search Mark Moss podcast. And that's what I got for you today, right, Thanks for listening. What's your next time?