The Pomp Podcast - #884 Bitcoin Is Up 30% In The Last 2 Months w/ Will Clemente

Starting point is 00:00:00 What's up, everyone? This is Anthony Pompliano. Most of you know me as Pomp. You're listening to the Pomp Podcast, simply the best podcast out there. Now let's kick this thing off. Will Clemente is the lead insights analyst at BlockWare. In this conversation, we talk about Bitcoin, the market structure, on-chain analytics, and where we go from here. I really enjoyed this weekly conversation with Will, as always, and I hope you do as well. Before we get into this episode i want to quickly talk about our sponsors today's episode is brought to you by coinbase wallet your key to the world of crypto crypto isn't made to just buy sell and hold with coinbase wallet you can do so much more collect more nfts earn more with defy and trade

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Starting point is 00:02:53 you can buy Arculus on Amazon today at amazon.com slash Arculus. All right, let's get in this episode. I hope you guys enjoyed this one. Anthony Pompliano runs Pomp Investments. All views of him and the guests on his podcast are solely their opinions and do not reflect the opinions of Pomp Investments. You should not treat any opinion expressed by Pomp or his guests as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his personal opinion. This podcast is for informational purposes only. We have Will Clemente joining us. Will, how are you, buddy? I'm good, brother. How are you?

Starting point is 00:03:30 I'm doing fantastic. Today's an exciting day. Bitcoin hitting $45,000. I saw you tweeting up a storm, all kinds of different thoughts. How are you feeling about sentiment on Twitter and kind of in the market in general? I'm good. It's pretty mixed. um you know i feel like some people are still kind of in disbelief but you do have a few people in the timeline who are kind of euphoric so uh seems like a a good kind of mix here i mean general vibe does kind of feel like disbelief though hey what uh what bears have to remember is that you can be bearish at certain points and you may make a little bit of money but ultimately you're picking up pennies in front of the steamroll this is a decades-long trend and we only going up and so

Starting point is 00:04:12 Bears win the battle, bulls win the war. Facts. Will, you should be on a plaque somewhere for saying that. That's a great thing. All right, talk to us about some of these charts you got. First is you've got this price chart. You got a whole bunch of different levels, green and red, that are outlined here. What is this showing us?

Starting point is 00:04:29 Yeah, as you said, these are basically just price levels I drew out. I think the kind of main point I wanted to just get across here was just saying that I think at this point we're kind of right below major resistance. And so from like a short-term kind of trading perspective, uh, I don't think the RR here being, you know, like gig along is great until we clear that resistance. Um, you know, you never want to buy right below resistance. You never want to sell, you know, right before we hit major support. And so just from that perspective, um,

Starting point is 00:05:02 as we're kind of pressing up against that major resistance, um, you know, If I was a short-term trader and I wasn't already long, I would kind of just wait out to see what the reaction here is at this level. But nonetheless, again, we're approaching this major resistance level, both kind of in this consolidation pattern that we've been in, as well as just horizontal price structure going back over the last year or so, which is right around $46K, $47K. That's also around the yearly open. There's a few different moving averages over there as well.

Starting point is 00:05:33 Um, but that's kind of a, you know, as I feel like we've been talking about for several weeks or whatever, um, that's kind of a key level that I've been watching. And then another kind of, well, I have two other ways you can look at confluence with this. In addition to everything I just said, uh, the first one is the next chart, which is short-term holder cost basis. So we talked about this last week, so I don't want to like pee myself too much. Um, but essentially this is the aggregated cost basis of all market participants that

Starting point is 00:06:00 have been in the market for less than 155 days or less than five months. And right now, this kind of aggregated cost basis sits at $46,200. It does kind of move around a bit week to week whenever we speak, but generally it's been hanging out around $46,000 to $47,000. As of today, it's sitting at $46,200. And then the last kind of thing that I wanted to point out on the confluence of 46 to 47k being kind of an important level is the third chart the third chart is looking at basically a heat map of all the bids and asks across different venues in particular in this chart we're looking at bifinex the reason we're looking at bifinex bifinex has a higher hit rate than most of the other venues if not they have the highest hit rate kind of backtesting

Starting point is 00:06:52 looking at all of the kind of, you know, quote unquote walls that they set on the both bid and ask side. Generally speaking, you know, Bitfinex tends to kind of be the, you know, smart money in a sense. And whenever they kind of, you know, place either buy or sell wall that tends to have some dictation on future price movement. And so what we see currently is that they had just actually in the last hour or so kind of set this ask wall between 45 and 48K. So that's confluence as well. You're seeing some large asks step in from Bithinex in particular. What you don't want to see is like a partial fill. So this seems kind of counterintuitive. Like what you want to see for bowls in this scenario, because we're talking about an ask wall, you want to actually see it

Starting point is 00:07:40 fully get filled, see all their orders get filled. And conversely, if it was a bid wall, what bears would want to see is full fill of the bid wall. The reason is because the market basically moves in two ways. It moves because of effort and absorption. So effort being active orders that are stepping in. So when you just go on whatever venue you're using to allocate to Bitcoin, you just market buy. You're buying at the market price. It's like if you go on eBay and you hit buy it now, you're willing to maybe pay a little bit higher of a premium just to go ahead and get the exposure and lock in your purchase. And then there's limit orders. And limit orders are essentially saying, and I like to use this eBay analogy because I think it

Starting point is 00:08:26 makes somewhat of sense. You go on eBay, something's listed for $50. You don't want to pay $50. You say, well, I don't deem that fair value for this item, but I'll step in and place a bid at, you know, 40 bucks. If it fills, great. You know, that's where I think this is, you know, worth my, you know, purchasing power. If not, then that's cool. You know, it didn't reach what I think is fair value. It's the same thing in the order book for Bitcoin, right? And so people come in and they set limit orders, both on the bid and ask side. And so whenever you see, you know, a clump of bids or asks or wall, whenever you see that fully fill, that means that the effort in the market is, you know, outweighing the absorption. So in this case, if we see this ask wall get

Starting point is 00:09:13 fully filled, to me, what that's indicating is that the effort or the active orders is outpacing the amount of absorption or this wall of asks that we're looking at now or limit orders that we're looking at now. So that's what I'd be looking at. You know, kind of the bearish scenario would be these bids fill like 60, 70% and then price reverses. Because at that point, it's showing you that the amount of effort in the market couldn't outpace the amount of absorption that was set out, if that makes sense. But yeah, aside from everything I just said, specifically talking about the order books, across the board, looking at order books, on-chain and technical analysis, all three are showing that the kind of 46, 47K area is an important level for BTC.

Starting point is 00:10:00 And so when you talk about kind of, you know, this other framework that we've been talking about is kind of there's value buyers and momentum buyers, right? And so I think for a lot of those kind of momentum market participants or trend following strategies, a lot of those will kind of trigger if we can get above that area. So when you start to look at this, it's obvious that that area is really, really important, right? In the spot market. I saw you tweeting this morning about the open interest just violently spiking upwards. And we've got the chart here for that as well. First explain, like when we see these massive movements up in open interest, what is that telling us is happening? And then how do you evaluate this in comparison to some of the spot stuff you were just talking about? Sure. So open interest is just telling you the number of contracts that are open. So that's where open interest by definition is telling you how much interest is there from the futures market and being active in Bitcoin. And so a lot of times when I post this, people will automatically think that when I'm saying open interest is up, that it's bearish. It's not necessarily the case.

Starting point is 00:11:05 I mean, most of the times that we've spiked up into the zone in the chart has been bearish. But all it's all open interest rising is telling you is that there's a large amount of of contracts coming into the market. Right. And so that could be aggressive longs or shorts. So with that being said, again, all this is telling you is that there's a large amount of or buildup of contracts in the system. But we need to look at other things to kind of, you know, give us hints as to the aggression of the positioning. because there's always a long for every short, sorry, Cody's deciding to eat my chair. There's always a long for every short. It's all about kind of gauging what's the aggression of the market participants on both sides of the contract, right? So the example that I always like to use

Starting point is 00:11:51 is, for example, you have one contract, you could have like a degenerate on the long side that just wants leveraged long exposure. But on the short side of that contract, you could have a market maker who's taking the short side of the contract, but they might be, you know, Delta hedged by being long spot. So they're in a long spot and then they're short the PERP contract. So, you know, it's all about kind of gauging what's the risk profile of all the different market participants that are making up that open interest. And we can look at the two charts after this to kind of gauge that positioning. Not only can we do that, but we can also look at in real time, aside from kind of, you know, the, the, what I just said, we're going to look at the next two

Starting point is 00:12:34 charts. That's kind of somewhat of a predictive approach as to kind of trying to gauge the open interest. The other thing we can do is look at, you know, how is the open interest behaving? And that can kind of in real time, give us more clues. So what do I mean by this? Like if, you know, as we talked about 46 K really important price level, if, if, if the price starts to, you know, wick above that and, you know, open interest is kind of, you know, just flat or increasing and you don't see any kind of wipe out in open interest, then that probably is indicating to you that a lot of that buildup hasn't been aggressive shorts, right? And, you know, conversely, if we start pushing above that price level, you start to see OI kind of, you

Starting point is 00:13:18 know, spike down on pushes up. That's showing you that, you know, shorts are getting forced to close above that price level. So I would say, you know, you can look at the next two charts that we're about to look at. The other thing you can simply do is just, you know, sit out for a second, wait, see how is open interest reacting with the price level, and then kind of, you know, gauge your thesis from there. But with that, we'll look at from a more predictive standpoint, two charts to kind of gauge in a predictive sense, what do we think that, you know, how do we think that open interest is, is positioned? So first we'll look at the spot. Go ahead. My bad.

Starting point is 00:13:58 No, I was going to say, so the spot premium, explain what's going on here with this first of the two charts. Yeah. So on the bottom, you'll see perpetuals basis. This is comparing the aggregated spot price versus the aggregated per price. And so whenever the indicator is green, so you'll see whenever it like, you know, flips negative, that's just telling you that the, you know, spot is trading at a premium to perks. And then conversely, whenever it's gray or whenever it's positive, that's showing you that perps are trading at a premium to spot or in other words, spot is trading at a discount to perps.

Starting point is 00:14:30 And so we've been in a pretty prolonged regime of spot premium over three months now, which I'd have to go back and double check on this. But I'm like 90 percent confident this is one of the longest spot premium regimes that we've ever seen in Bitcoin's trading history. um so that's that's one thing the second thing is is the chart after that which is the annualized rolling basis the three-month basis or in other words you know quarterlies which i've been calling it in the newsletter um you know essentially this is uh the difference between the current spot price and the three-month futures contract so you can buy spot um and you can sell the future capture the difference when the market's in contango. So what I did here was I took that basis and then I adjusted it for inflation. So for CPI inflation, of course, if we want to get

Starting point is 00:15:22 really nuanced, I don't think CPI is the proper gauge of inflation, but nonetheless, adjusting for CPI inflation, the three-month basis is currently in backwardation. And so it's currently at like negative 2.5%. I know it's negative 2 point something and some change. I posted it last night, the exact decimal point, if you want to check. It's just shy of negative 3%. But this current regime of negative basis has lasted 65 days compared to the 35-day regime that we saw during last summer. And so to me, this combined with the regime of spot premium that we've been And then it's showing to me overall that we've just kind of got this healthy kind of derivatives greed reset quota, if you will. And, you know, in general, you're kind of seeing a lot of that exuberance that's kind of cooled off from the derivatives market.

Starting point is 00:16:19 So when you start to think about this, it feels like we're watching a lot of the, I'll call it more kind of macro data points, point towards Bitcoin. We were joking earlier that everyone in the mainstream media seems like, why is Bitcoin not going up? You know, there are geopolitical instability, inflation. It's like, well, like Bitcoin's up, you know, about 30% or so since Russia invaded Ukraine. And it just feels like the volatility sometimes masks these types of moves. But then if we start to look at the on-chain underlying metrics, and I know you've got a couple of these charts, it feels like, I think you said last week, like there is this laying out of a scenario where once a catalyst happens, it will ignite based on this illiquidity in the supply. Is that kind of still how you're thinking about this? Yeah, exactly. You know, the way Lynn Alden's put it is basically, you know, we've got the fuel laid out, but we need the spark, right? And so the two charts that we're about to look at are kind of visualizing that.

Starting point is 00:17:17 The first one is the long-term holder accumulation ratio. This is created by Checkmate, who's the lead analyst at Glassnode, as well as David Puel from ARK Invest. We had David on the podcast this week. So I'm looking forward to that episode dropping. But this metric essentially compares the rate of growth in long-term holder supply to the rate of increase in Bitcoin supply issuance. And so whenever this metric is significantly trending down, whenever it's below zero, it's showing you that the amount of long-term holder accumulation is outpacing Bitcoin supply issuance. So in other words, it's got this deflationary aspect to it because more supply is getting locked up than is coming into into circulation.

Starting point is 00:18:06 And so currently, by that measure, Bitcoin supply, based off of this specific measure, is currently at the most deflationary level that it's ever been in its trading history. So in other words, it's showing you the long-term holders are locking up a supply at a pace that's outpacing Bitcoin's issuance to an extent that's never occurred before in the Bitcoin market. Yeah, it's incredible to see this, man. It feels like we're just seeing this all play out all over again from the summer of 2021. When we look at the illiquid supply shock, we can literally see that that is what was happening. Talk through this a little bit. Yeah, so very similar to summer, except this divergence is now I double checked after we talked about it last week. It's now confirmed it's the largest divergence that we've seen from this specific measure in Bitcoin's history. This is the specific metric I created back at the beginning of last summer and like May or June of last summer. It's comparing the amount of supply held by illiquid entities who are entities who sell less than 25 percent of the coins they take in to highly liquid and liquid entities. So in other words, it's a ratio of weak to strong hands. Whenever the ratio is ticking up, that means supply is moving towards entities to sell less than 25 percent of the coins that they take in.

Starting point is 00:19:29 at the same time this also adjusts for the increasing amount of supply so one of the questions i would often get about a liquid supply before i created the ratio was well you know isn't this naturally going to go up as you know supply comes into circulation but this metric actually adjusts for that because it's telling you uh the relative amount compared to highly liquid and liquid supply so it's telling you at all times no matter how much supply there is what's the relative holdings between those two cohorts. And so as you just mentioned, seeing this tick up over the last two weeks is obviously a good sign. But in general, we've just seen this massive divergence over the last two months, two, three months, really, of supply continually getting locked

Starting point is 00:20:11 up by these entities who have a low historical tendency to sell. Conversely, to what people will often refute about exchange balances dropping. The argument there is always, Well, exchange balances are going down, but people can just move the coins right back to exchanges in 10 minutes. And technically, yes, that's true. But with illiquid supply, it's literally telling you the historical tendency for every on-chain entity to sell their coins. It looks at, you know, based off of heuristics on my wallet, you know, what's the amount of, you know, BTC that I'm taking in and selling? And so, you know, by definition, you know, aside from like what that argument is about exchange balances, this is literally telling you the likelihood of those coins coming back onto the market, right? And so in confluence with long-term holder supply, this again is showing you just that supply is getting locked up. And I also think it's really interesting to note kind of the difference between now and late 2018. In 2018, I mean, a liquid supply dropping pretty much marked the 2017 top and continued to decline all the way through into the bottom of the bear market.

Starting point is 00:21:22 And so, you know, that's another kind of, you know, difference between now and then, and kind of the underlying supply dynamics from an on-chain perspective. What about whales? What are they doing? yeah so the next chart uh we're looking at the um essentially what i did was i took all the you know large whale balances quote unquote it's all the entities who have over a thousand btc and then i filtered out all kind of the known on-chain entities that glass node and specific heuristics track so you know gbtc the purpose etf qbtc um all the otc um desks that glass no tracks um some of these different entities that that they you know have heuristics on um and you know have actually labeled um and so then you know you filter that out and you get what i

Starting point is 00:22:12 you know call quote unquote filter you know filtered whale balances and that's that green line you can see whales bought you know all the way into you know the beginning of 2021 a lot of that was you know the gbtc arbitrage as well as the cash and carry trade that drew a lot of capital into spot you saw whales holdings rise really substantially and then they distributed into that whole kind of you know topping period from end of you know february into the beginning of may they started reaccumulating at the bottom of the summer we talked about that here on the show i remember that initial pop there at the end of july like it was yesterday and then they started distributing into the end of the year last year over the last like month or so you see some like

Starting point is 00:22:54 interesting behavior you saw them kind of by the bottom at like 33 34k distributed back into this consolidation and then over the last week or so you start to see their holdings tick up a bit curious if any of that is is dokuon but um you know we've seen it we've seen their holdings uptick a little bit over the last few days but still when you zoom out i mean we're still in a downtrend from september of last year in terms of their holdings um but conversely though what you do see is that the smaller guys have been stacking really aggressively uh and so that's that orange line and specific i just pulled up uh the entities with one to ten btc um and and so what you see is that you know they're they're holdings over the last month or two have really just kind of

Starting point is 00:23:37 aggressively moved up um roughly offsetting some of the selling that we've seen from whales over that same time period um so obviously you'll note the divergence between it seems like the smaller guys have been buying from looking on chain and the whales have kind of been distributing over the last month or two, which is this kind of interesting divergence, which of course isn't ideal, right? Because generally speaking, retail doesn't outsmart large buyers. But if we look over summer, you'll see a very similar kind of signature, right? Because the smaller guys were actually stacking through all of summer. They sold from January, 2021, all the way to May, 2021. and then they bought from the bottom in in may 2021 all the way until the end of the year um

Starting point is 00:24:21 and they actually front ran all the whales buying uh at the end of july and so you can see that they're like kind of smack dab in the middle of the chart uh during the summer range of last year so it's just something to to keep in mind although ideally what we do want to see is starting to see some of those you know the whale balances start to tick up substantially again and kind of break us out of this downtrend in their holdings that we've been in since last september all right now i got one question for you then joe's gonna ask you some questions doquan says he's gonna buy 10 billion dollars worth of bitcoin he's got three billion in dry powder and he's starting to buy he's buying 100 million or so a day uh it seems how much of the recent you know i don't know 10

Starting point is 00:25:03 12 increase in price is just him buying versus other things yeah it's an interesting question right because the way he's kind of bought is he's like basically told the whole market that he's gonna buy um and i tweeted like a week or two ago i was like are we just gonna ignore the fact that docon's about to buy like a billion dollars plus of btc and then everyone's like no it's priced in and of course over the last week it wasn't priced in um but yeah i think like the question is how much you know a how much of the how much of the price increase has solely just been people front running him, right? And people knowing that there's just a steady bid, a steady TWAP over the last week, right? And then the second question is, will he be able to initiate momentum in the

Starting point is 00:25:49 market? And so what I mean by that is, I think Saylor, for example, at the end of 2020, I think he played a large role in kind of initiating some of that momentum, not only just because of the corporate treasury announcement, which in itself was good for Bitcoin's narrative as kind of that whole, the inflation hedge narrative that really propelled us into the end of 2020. But solely just from a supply demand aspect, because he took a large portion of supply off the market, locked up a large portion of supply. And so in my opinion, that kind of initiated or helped initiate some of that momentum um as you know not only you have people front running you but you know you're steadily kind of placing this bid into the market that's that's you know helping it drive

Starting point is 00:26:39 higher so i'm curious you know will will his you know bid that isn't you know he's not finished yet uh will that be able to push us over some of these kind of momentum thresholds trigger some of these you know um trend following you know market participants you know momentum stuff um will he be able to trigger that or will we just see as soon as he's done buying you know will we just come right back down right are people just saying all right you know i'm just gonna step out of his way let him finish his buys and then we'll just you know continue on down um we'll see i mean we have you know the way i would approach that question would just be to say set some definitive levels we're looking at momentum to get reclaimed we've talked about some of those things at the

Starting point is 00:27:21 beginning um and then just you know look at this in kind of an if then format if it reclaims okay then I guess he did initiate some of that momentum. If not, then no. So that's kind of the way I'm seeing it. I'm curious if we'll see that kind of follow through once he's done. Can we look at this? I just want to look for 10 seconds. I just want to show this one last chart.

Starting point is 00:27:41 I think it's interesting for people to note. Just real quick. It's the last one. It's the US trading hours. So I think this is interesting for people to note because when you look at throughout Bitcoin's history, you know asia has really dominated the market correct um and you know you saw that even into like the end of 2020 into kind of early 2021 but since since the end of may you know we're talking

Starting point is 00:28:07 about like the different types of buyers we just talked about kind of the size of the buyers and that kind of the whole kind of thing we talked about the kind of the spending history when we're talking about where the buyer's coming from it's really interesting to see u.s trading hours when you compare them to other you know trading sessions and trading hours and the price premium during those trading hours. We've seen over the last year or so, it's 10 months as of today, the US trading hours have traded at a premium. And that's kind of increasingly happening. So I think that's, I just want to say real quick that I think that's interesting that, you know, you're starting to see some increasing interest in Bitcoin from the United States during US trading

Starting point is 00:28:44 hours. It's super, super interesting. And I think that this is the type of stuff that, uh, one kudos to you for, you know, seeing a lot of this stuff, but also to, uh, I think this is the intellectual curiosity that people have is you can start to understand kind of how this stuff is playing out and it's ever changing, right? It's not like the stock market that's been around forever and there's not that much changing. Joe, what questions you got? Yeah, I was going to actually ask about that cause I saw your tweet this morning and I thought that was interesting. Uh, my other question that would be around some of the stuff we've seen in the news. I feel like we've talked about this before, but I would love to just get a better understanding about how you

Starting point is 00:29:16 think about some of these large corporations and entities buying Bitcoin and how you tell that from the data, right? So we've seen not necessarily buying maybe, but BlackRock, right? They've been in the news that they are very interested in serving their clients with Bitcoin. Goldman Sachs, I think you posted on Twitter, the front page of their website, which was very funny. But how do you think about it from an on-chain perspective? Are there specific things that you look at and you say, hey, this is what needs to change to realize that some of these big players are actually in the game now? Well, I think like the obvious thing would just be looking at whales balances right and if you start to see those you know large buyers not only in their

Starting point is 00:29:47 holdings but also the number of whales stepping in um you know that's what we saw at the end of 2020 we saw like unprecedented growth in number of whales as well as their holdings um so that would be kind of the the biggest telltale sign um the other kind of you know thought experiment i've gone through with with what you just kind of described is when we have these entities coming in are they looking to actively allocate to liquid tokens? Obviously, Bitcoin being the main thing, but whether you like other coins or not, I mean, these traditional finance people are interested in DeFi and all these different kinds of things. I'm curious, will you see kind of liquid token investing or are they solely just looking to get involved with kind of infrastructure around the

Starting point is 00:30:33 asset class right basically kind of the you know when there's a when there's a uh what's a gold rush you want to you want to be selling shovels right and so like will we see goldman for example um you know will they just be looking to get involved with building out like otc desks or like execution arms and infrastructure for large clients and will they focus on that or will they actually do some kind of you know liquid token investing um that that's the question that i don't really have an answer to um i've asked some of my buddies who are have you know a little bit of like tradified background they seem to kind of lean towards they're probably just more interested in getting involved in the infrastructure around the asset class but i guess well well the only way

Starting point is 00:31:16 to really tell is i guess with time but from a non-chain perspective to like fully answer your question um it would just be some not the whale stuff that i described would be kind of the obvious thing you liked uh goldman sachs website yeah i thought it was cool um you know i thought i thought it was cool to to see the the space you know get attention um didn't mention bitcoin though it's just uh kind of you know the whole digital asset metaverse uh that's kind of what it seemed like they were they were interested in but you know everybody's got to start somewhere get them get them down the funnel right so i like it i like it well when you think about um what we're watching play out here if doquan is successful in backing uh ust with bitcoin do you think we could see a

Starting point is 00:32:00 bunch of other stable coins and maybe even central banks kind of follow the playbook and that just is like a i don't know multi-year you know buy uh trend that they have to buy the bitcoin in order to back their their assets sure so first of all i really liked your interview with uh docon i took on i took cody on a walk this morning and um i was listening to it uh what it was like two hours ago actually so um i like the last question you asked which is basically like along the same premise of what you just said. And his answer was yes. And I kind of agree with him in that he's basically kind of setting the playbook for other protocols and just other entities in general to back currencies with Bitcoin as a reserve asset. Although Bitcoiners don't love Luna as being

Starting point is 00:32:50 another blockchain, right? At the same time, I think Bitcoiners aren't fully appreciating the kind of gravity of in real time, we're seeing a currency, albeit maybe not the one that they would love to see. We're seeing a currency being backed with Bitcoin as, you know, the pristine collateral that it is. And so I think personally, it's a genius move by Doquan. And I do think that over time, you know, once Bitcoin's liquidity grows, you know, you can't back the U.S. dollar bitcoin quite yet uh but you know i think over time you'll you'll see more currencies uh be at least partially uh backed by bitcoin maybe over time we start to see something like a part gold you know part bitcoin backing at first or peg i should say at first and then maybe over time that

Starting point is 00:33:41 pivots to solely bitcoin we'll see but i do think this is uh kind of a you know an interesting um You know, it's kind of zero to one event in terms of currencies being back with BTC, very similar to kind of like, you know, the the sailor immaculate conception of corporate treasury announcements, I think, or the El Salvador, you know, nation state adoption. I think this is up there with with those types of events in terms of significance for Bitcoin's adoption moving forward. I completely agree I think there's a lot of reasons Why people may not like it But I actually think this is incredibly bullish And I mean

Starting point is 00:34:24 After having talked to him He's a Bitcoiner He gets exactly why Bitcoin is valuable Pristine collateral etc So it's pretty cool He's not competing with Bitcoin He sees it as additive Although I don't

Starting point is 00:34:38 Own any Luna But I think some of the Bitcoin people maybe should you know realize like you know they like doquan sees bitcoin in the same lens they do and and you know he's trying to uh make it an additive thing because he understands the value proposition of bitcoin as that pristine collateral in the same way that they do so correct um before we let you go uh tell us about the uh the podcast and uh and the interview you got coming out oh sure thanks for the plug um i'm having on yassine alamandra and david well from arc invest this week on the pod so it should be out tomorrow sometime tomorrow um we talk about all things on chain

Starting point is 00:35:20 derivatives um they're doing some cool stuff they've got a lot of research uh coming out new cool stuff and they've got a couple metrics that they created so we kind of ran through that including the uh the long-term holder accumulation ratio that we talked about earlier in the in this conversation so should be a should be a fun one but um if you're interested uh hop over on blockware intelligence that's our that's our youtube channel so awesome man all right well everyone feels better when uh when it's green not red seems like price is going up at the most basic level so we'll we'll keep watching and we'll talk again next week but i appreciate you coming on all right brother you guys have a good weekend thanks again by the way he's at 599 he's almost

Starting point is 00:36:03 said 600k oh well it's getting close yeah let's go push them over the edge there you know joe maybe if joe tweets once and tells everybody to go follow you that'd be the smart thing to do if you want some free alpha go go uh go follow will all right buddy sounds good see you later see you will all right see you guys thanks so much for listening to today's episode i really hope you guys enjoyed this one make sure you're subscribed on apple spotify or your favorite podcast player and if you're looking to try to transition to get a new job in the bitcoin or crypto industry, we've got you covered. Head over to palmscryptocourse.com. We've developed a curriculum with the top teams across the industry. It's a three-week intensive training program with

Starting point is 00:36:42 over 50 events packed into that three-week time period. Go to palmscryptocourse.com to learn more and I'll meet you guys for the next episode.

The Pomp Podcast - #884 Bitcoin Is Up 30% In The Last 2 Months w/ Will Clemente

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