Oregon. Stanley is about to release the bitcoin bulls as they give the green light to their fifteen thousand wealth advisors to promote the black Rock and Fidelity Bitcoin ETFs to their clients. This is going to bring in a ton of capital and Congressman Rocanna, a Democrat, is hosting another meeting with Kamala Harris's team and the crypto industry next week and to ceefdc's going after hit network Ben Armstrong, bit Boy, Crypto's former company, over the bencoin and other promotions.
We're gonna break this down and much more. Let's get into it. Hey, everybody, welcome into the Thinking Crypto podcast. You're home for cryptocurrency news and interviews. I'm your host, Tony Edward. On your way in. Please sit that subscribe button as well as the thumbs up button and leave a comment below. If you're listening on a podcast platform such as Spotify or Apple, please leave a five star
rating and review. Folks, we have to start by taking a look at the price of bitcoin, because there's red candles all about are starting to get fearfold. There's a bit of panic because both the stock market, the bitcoin and the crypto market are all crashing. But guys, check your emotions at the door. Let's calm down and let's look at facts. Let's look at metrics. So what the hell is happening with the stock market right, because we know there's a correlation with crypto and the stock market.
If we look at the Nasdaq and the S and P five hundred, both were in the overbought zone with the RSI over seventy, and that is textbook. Guys, go read about RSI. Fidelity has an entire educational guide on this, and let me just read an excerpt here. RSI is considered overbought when above seventy and over sold when below thirty. These traditional levels can also be adjusted if necessary to
better fit the security. For example, if a security is repeatedly reaching the overbought level of seventy, you may want to adjust this level to eighty. And it talks about you know these things can lead to price corrections. Well, look at that, both the Nasdaq and and the S ANDP of five hundred, we're both hitting that eighty on the RSI level, breaking through seventy. So what did you
think was going to happen? Right with zoom out, you see the same pattern going back to years and years, and if you just look at the past year, the same thing every time overbought correction, then it gets over sold pumps, then overbought dumps, then over sold pumps, right, same thing. This is why you have to understand the charts and the metrics. Guys. This is what changed my life when it comes to investing, because prior to this, I was going with my emotions and what the narratives
are in the news. The news are saying, oh, the jobs report caused the market to crash. All recession fears, right, has nothing to do with that. So we are seeing typical market cycles play out here. And of course there's the correlation between the stock market and bitcoin and crypto, and it's all tied to global liquidity. Bitcoin is feeling that gravitational pull with the liquidity being sucked out of
the stock market and so forth. But it's RSI. While it didn't break the seventy market, it was very close. It was around sixty eight, So it's pulling back just like the stock market. But what's interesting, guys, the DXY, the dolar currency index, is dumping as well. So I know you may say, Tony, you always tell us there's an inverse correlation, yes, but it's not one hundred percent accurate,
and sometimes there's a lag. So, for example, the DXY crashing here, eventually the liquidity will move to the assets as they hit the overbod zone and then you're going to see an epic rally as the DXY continues to break down and show weakness. So please understand, it's not an instantaneous thing that all of a sudden, the DXY is dumping. That means assets have to pump. There's usually
a lag, so please understand that. So, guys, the metrics are telling us these things were overbought and they were due for a cool down. There has not been any invalidation of the bull market and the uptrend we're in. As I've been telling you guys, we're in a macro bowl market for crypto stocks really the state and so forth. And guys, here's the more bullish news. The M two money supply, the USM two money supply has crossed twenty
one trillion dollars. Once again, if you go and look at this on the Federal Reserve website, and you even just do a five year outlook, right, there was incredible liquidity that was put in in twenty twenty twenty twenty one, we know they printed trillions and so forth, and then the Fed started tightening. Come twenty twenty two, they started selling the securities, raising rates, and then you saw that liquidity dip. Well, all of a sudden, it's on the increase.
So you know what that means, folks boom and bus, rinse and repeat. They're gonna start cutting as their own palace signal, they're gonna start printing money. And one of the things I highlighted to you guys the other day or literally yesterday, Janet Yellen and the folks at the
Treasury are increasing their liquidity injections. So you have rate cuts, the signal coming September into Q four, and then you have Janet yelling and Treasury injecting liquidity, and all of these things are going to lead to higher asset prices. Not only is the liquidity growing in the United States, it's happening globally. China injected money into their stock market and so forth, and then you have ray cuts have already started in other countries. So it means we're going
back to easy money, more money printing. I'm not saying that I want that to happen. I'm just stating the facts because sometimes people are like, dude, that's not good. I know it's not good. But the only way to save yourself is to diversify into assets so you outpace the debasement, you outpace the inflation, and you grow your wealth. So that's what we're doing here, right. I'm not trying to say keep printing money until the governments figure out
a solution. This is the story. This is how it goes. So we until maybe they do something with blockchain and bitcoin. I don't know with cbdc's We'll have to wait and see. But this is the name of the game. So guys, I'm bullish. I gave you fact metrics here, not my emotions, not my hopes and dreams, but what I'm seeing on the charts and the different data points on the macro as well. And here's some very bullish news which indicates
that institutional investors know there's higher heights coming. Morgan Stanley tells wealth advisors they can pitch bitcoin ETFs in a first for a big bank. Folks, there's so many of the Wall Street firms who have not touched the ETFs as yet, and Morgan Stanley is one of the biggest. In fact, I interviewed an ex Black Rock VP who now works at Mike Novagrants's Galaxy Digital. The interview was published this morning and he was literally talking about this.
And it's serendipitous where the news broke this morning that I published the interview of these big wirehouses and so forth that have not given the green light for their folks to start pitching this. So here it is, it's coming. What do you think this is going to do? One of the biggest Wall Street banks and firms, they bring in a ton more capital folks. So Morgan Stanley on Friday told its army of financial advisors that it will soon allow them to offer bitcoin ETFs to some clients,
first among major Wall Street banks. CNBC has learned the firms fifteen thousand or so financial advisors can solicit eligible clients to purchase shares of two exchange traded bitcoin funds starting August seventh, just next week. According to people with the knowledge of the policy, those funds are black Rocks I Shares Bitcoin Trusts and Fidelities Wise Origin Bitcoin fund So they're starting with black Rock and Fidelity I hope you see what's happening here. Morgan Stanley's not caring about
this pullback. They're probably gonna use this as a buying opportunity, right, to allow their clients to get the versification by to lows and then they'll sell the highs. Right, Guys that they know what they're doing. They they have rooms full of analysts, tons of bots and algorithms and so forth. Know the deal. And unless you're financially educated where you understand market cycles and these metrics, I'm showing you, you are like a plastic bag caught in the win. You're
just blowing with it right, listening to Jim Kramer. But this is why I keep preaching guys, look at these metrics. You can go pull them up. I share my screen. I shows what's on Trading View. I show you what's on the RSI. I showed you with Fidelity's website with the educational section on RSI, go read up on that. I showed you the M two money supply in the US on the fed's website. You can go pull that up. I am not here to play games. I'm here to
make money. And these are the things I'm seeing. And this is very bullish news. I hope you guys understand what's happening here. And as always, game theory will play out. The other firms are gonna follow Morgan Stanny's lead here. We saw it with the ets. We've seen it time and time again, and just recently Goldman Sachs CEO I think it was last week, came out and said, you know, biitcoin's bullish on bitcoin. They're gonna launch tokenization projects and
the rest is history. They're all here. You can't sit on the fence anymore. If you don't adapt to this technology, you will get left behind and you could have your blockbuster moment where you go bankrupt. All right, guys, moving ahead, we got big news that Congressman Rocanna, who I recently had on the podcast. He's a Democrat, one of the top Democrats out of California. He's very familiar with tech. He's been heading up Silicon Valley or representing Silicon Value
for a long time. Well, he's going to host another meeting with Kamala Harris's team and the crypto industry to I quote, help repair crypto relations. This is being reported by Eleanor Taroti Fox Business. So he recently held a round table with Mark Cuban, so it looks like he's making another push. And there's talks that Kamala Harris's team has met with Ripple coinbase A, sixteen Z and other industry leaders. So this is very bullish and I'm not
advocating to go vote for Kamala Harris. My goal here is to make sure crypto is a bipartisan issue, not a partisan issue. It shouldn't be. Oh, Democrats are anti crypto and Republicans are pro crypto. That is not the case. I know Elizabeth Warren made it that way, but it shouldn't be the case. It shouldn't even be an election issue. So my hope is that Kamala Harris comes out with a pro crypto policy and it balances the situation because Donald Trump is procrypto, so it takes that issue off
the table. People can go vote for whatever other issues that we have, and there's many more. Right, everybody has a different walk of life, a different perspective. I'm not here to tell you who to vote for. You are an adult, and I'm here to report the news and then you form your own conclusions and make your own decisions as an adult. I'm not here to tell you to go vote this person, go vote that person. No, that's up to you because your first issue may not
be crypto, it could be many other things. So, guys, this is very it looks promising, but as I've been saying, talk is cheap. Kamala Harris, where you at. I haven't seen one word out of your mouth and I haven't seen any action taken. And those are the facts. So until we see something, this is all for a dog and pony show. And look, I am optimistic they can do something, but at the end of the day, don't
tell me, show me. So eleanor Terret says. This meeting was originally supposed to take place on Monday, but they got to push back till later in the week, so essentially it's happening next week. I'm hoping to hear some details. Maybe I'll try to get Congressman ro Kanna back on the podcast to talk about this and let's see what they're able to come up with. But it's promising. It's
a good sign, but show me, don't tell me. Now, guys, we got some details as to why Senator Roger Marshall, a Republican backed out of Senator Elizabeth Warren's anti crypto bill. If we recall I reported on this news I think it was last week, and this was a huge loss for Elizabeth Warren. One of the biggest names in her anti crypto army, who was co sponsoring this bill, just dropped out. And I mean that was a big win for the industry. So here's a quote from Roger Marshall.
I think that it probably goes too far in the know your customer, he said, adding that bitcoin minors shouldn't be subject to KYC requirements. I think I was a little bit misinformed on how to get all the way up the crypto chain. Shout out to Taylor Barr who highlighted this. He's of the Digital Chamber. So you have folks at the Digital Chamber, the Satoshi Act Fund, Blockchain Association, all these firms have been doing a lot of advocacy
and spreading knowledge in DC. And knowledge is winning here, folks, and education is winning here. Because Roger Marshall said he didn't understand he was misinformed, most likely by Elizabeth Warren, and he's like, you know what, I can't back this nonsense. I'm getting out of it. That's a huge loss for Elizabeth Warren, and we're seeing her cronies are dropping like
flies in the elections. They're losing support and Crypto has amassed over two hundred million dollars to support pro crypto candidates, So are on a deserted island by themselves. So this is big news here. Alexander Grieve highlighted the following from Republican SEC Commissioner marqu Wade Up. He says, in a Data Standard Protocol MARKETWAYA calls for ideas around decentralized disclosure from crypto companies and protocols. There are great people at
the SEC. The guy at the top just ruins everything. We know who he's talking about, and that is scumbag regulator Gary Gins, who should be fired. It's unbelievable what the SEC has become under this guy. All right, guys, quick word from our sponsor, and that is Bitco. Bit goes, one of the top crypto custodians and the industry. They're headed up by Mike Belshie, who's a Web one point zero and two point zero legend. The man was at Netscape, he was at Google, and now he's here building in
Web three. Many big companies in the crypto industry use Bitgo for custodies such as Pantera Capital, Thats, dan Morehead, bit Stamp Exchange, Bitcoin Ira, Nike uses Bitgo's wallet services for their NFTs and the certain says that bitgo offer include hot wallets, custodio wallets, self managed co wallets, and NFT wallets. So if you'd like to learn more about bitgo,
visit bitgo dot com. Guys, we've got some news here that the CFTC subpoenis ben Bitcoin, Armstrong's former company in fraud investigation asked about activity for tokens such as ben So this is MESSI and many of you know Bitboy. He's had his ups and downs with his life and all kinds of stuff, substance abuse and so forth. And I'm not here to judge demand, but I'm just reporting the facts. And it seems like the CFTC is like, Okay, we're gonna see what the hell is going on here.
So hit Network was the company that eventually took over bit boys channel and all that stuff, and we know they how that's relationship ended. So they're going to look into the tokens such as the bencin and other token promotions they did back in twenty twenty. So I don't know what's gonna happen here. But you know, I don't know if they promoted things and did not disclose that they were token holders. I always disclose my sponsors, right, I clearly tell you about that. It's disclosed in my
description of my podcast and so forth. So that's the thing. You have to disclose that you're promoting a token and you were paid to do so, or you're a token holder. Right, So let's see what happens. But this could get really messy because we see a lot of drama follow Ben Armstrong, bit boy. So let's see where things go. All right, we got news here that hash keys over the counter
trading unit awarded Singapore's payment license. So around the globe we're seeing expansion licenses getting acquired, mergers and acquisition and much more so. The license, which allows the firms to offer a number of digital asset related services, was introduced following the Payment Services Act of twenty nineteen. So guys,
you see, these things take years. Sometimes a lot of these companies are waiting for their licenses to deploy more capital, speak and launch new services for institutional investors and retail investors. So OTC we know, for the most part is institutional. That's where you buy, you know, crypto assets, but it's
not recorded on the open market like an exchange. So for example, a high net worth individual who's maybe a multimillionaire can go buy millions in bitcoin, ethereum, x rpiece, alona, whatever it is, over the counter and none of that is recorded on the open market. What price they bought at, how much and so forth. Now you may summize, okay, some stuff move from this wallet to that wallet, but it has no effect on the price the buying and selling and so forth. And that's what a lot of
whales do. They buy over the counter, and they buy directly from minors and so forth, So they don't use what retail uses, you know. They don't go to coinbase app and buy or uphold or something and buy any open market they'll go. It's kind of the back room thing where no one knows that accept those folks. So very interesting news here. Genesis completes bankruptcy restructuring, begins distributing
four billion dollars in crypto and cash. So crypto lender Genesis Global has completed its restructuring process on Friday after filing for bankruptcy protection in January twenty twenty three. The firm is also beginning to distribute four billion dollars worth of assets to its remaining creditors. On average, Genesis creditors will recover sixty four percent of their in kind cryptocurrency repayments,
though it will vary coin by coin. So, guys, we're seeing the absolute cleanup of all the legacy twenty twenty two debacles. And obviously Genesis was a big one with Gemini and the Earned situation, and thankfully that has been resolved with the Earned users they got their money back, and FTX bankruptcy taken care of Celsius I believe they're somewhat taken care of as well, so this is good.
The cleanup nature is healing, right. We can put these things behind us and go for the moon and higher prices, and the Wall streeters are here, the institutional investors and I think were The bar has been raised higher with custody and security and so forth, so this is all good. I want these things to be wrapped up sooner than later so we can put them behind us. Check this out Instagram and Facebook a veteran joins crypto VC firm Paradigm as the CMO. So David Swan is the new
chief marketing officer. So the hire comes shortly after Paradigm raised eight hundred and fifty million dollars for its third fund in June. So Paradigm is is one of the biggest investment firms in crypto. Guys, and look at the amount of money they raise for their third fund, not the first, not the second, the third. It's pretty amazing. And of course they're deploying that capital into companies, building
the infrastructure of the market, but also buying tokens. And I often like to pay attention to where they're putting their money and look at their portfolio, especially like a sixteen Z I had not too long ago interviewed a Vichel Garg of Electric Capital, where they have two billion in assets under management. They're one of the top crypto investment firms as well. So, guys, lots of capital is coming into this market. The exodus some trad FI into
crypto is happening. As I mentioned, I interviewed an ex Blackrock VP who's now working at a crypto investment firm, Galaxy Digital, and That interview was published earlier, so be sure to check it out. So, guys, I'm bullish. I don't care what the hell the price is doing here. There hasn't been any invalidation of the bull market. I'm looking at the macro factors. I'm looking at different metrics in the charts and so forth, data driven, not emotional driven.
If there's an invalidation, I will be here telling you, guys, this thing has been invalidated. Pack your bags, let's go home. It's over right. But there hasn't been anything like that. And while it may be stomach churning and it's a rollercoaster ride, you know, when the market's so volatile, you got to hang in there. You got to check your emotions to the door. Sometimes it's good to step away from the charts. Don't look at them. I've done that.
It's good for your mental health. Right, step away, go out and do something. Don't look at the prices if you know, like, ah, okay, we're on the way down. Like I don't plan to look at the prices at all. For this weekend. I'm going to go out and do things. I'm sharing this in full transparency because experience is a great teacher, and you know I've learned these things and I'm hoping to help some of you who are now entering the market or it's your first or maybe even
second bull market cycle, while it's my third. These things are very helpful, guys when it comes to investing and maintaining your perspective and not getting trapped in some sort of emotional rollercoaster of what the market is doing. Right, folks, let me know what you think. Hit the thumbs up button. Also, don't forget to subscribe for my free email newsletter on substack. It's one hundred percent free, filled with crypto insights and knowledge.
Link will be in the description. Also, grab a copy of my book, folks. It's available on Amazon in paper back, in digital. Grab a copy for yourself, Grab a couple of copies for your friends and family who want to learn about crypto. It includes tips for investing in crypto. If you bought a copy already, please please please leave a rating and review. It will really help out my rankings. Thank you, guys. I appreciate you all, and I'll talk to you all later