The Wolf Of All Streets - Bitcoin Bleeds $1B As 30Y Yield Hits 5.14%

Episode Date: May 19, 2026

Bitcoin is hanging on the edge at $76K as Treasury yields surge to multi-month highs — sending a clear warning to risk assets across the board. The 10-year is climbing on hot inflation, the Iran war's oil shock, and growing doubts that new Fed Chair Kevin Warsh can deliver the rate cuts Trump is demanding. Spot Bitcoin ETFs just bled nearly $1 billion in 24 hours, BlackRock's IBIT led the redemptions, and Goldman Sachs quietly dumped its entire XRP and Solana ETF stacks while rotating into Hyperliquid. Add Toyota's motor oil shortage, grocery prices jumping 3.2%, NYDIG warning the CLARITY Act could stall past the midterms, and the House finalizing the bipartisan PARITY Act on crypto taxes — and the macro picture is shifting fast. Is Bitcoin on the verge of a deeper breakdown, or is the bond market warning us right before the biggest setup of the cycle? Let's break it all down. Learn more about your ad choices. Visit megaphone.fm/adchoices

Bitcoin ETFs bled $1 billion as 30-year yields hit 5.14%. Japanese bond yields, the highest they have been, checks notes, ever. It seems like the bond market is trying to tell us something, but we don't care. We don't listen. Markets just go up. Don't you guys know that? We're going to talk about all that and everything else today with Tillman and Andrew. Let's get it.

Good morning, everybody. Welcome to Scenic New York City where the sky is lovely purple this morning. I hope that you're all having a wonderful Tuesday and that you've done that liked and subscribed or whatever I'd never tell you guys to do. Have you guys liked and subscribed? No, no, no chance. In fact, I've unsubscribed.

What's the chance of having anybody else to subscribe? Who's that talking over your shoulder? I have, I'm channeling my inner Mike McLean, so I've got Bloomberg on the background. Jensen's back. Yeah, so given that Ibit has had outflows seven of the last eight days, I'm Mike McLuhanian, right?

Yeah, you've got to figure out why. Why, how? I think it's all the carry trade. I've come to the conclusion that everything that's happening in the crypto-etf market is pretty much just the carry trade. Yeah, it's, well, first of all, you said that, you know, when you started the show, billion dollars in outflows from the ETS, like 900 of that is is Black Rock's Ibit. Yeah.

It's it's so the the quote unquote carry trade associated with Bitcoin options and the spot ETFs is just all BlackRock. It's all people playing with size in that particular market. And that's to be expected. That is to be expected the options market. With Bitcoin option, specifically, Ibit is so big. It has grown way faster than I thought it would. Yeah.

Kudos to Jeff Park, who said that it would get big really, really fast. We hired him yet? No, not yet. We should, though. We should. I wonder what he's doing it. That's an interesting question. We should have him on.

Jeff, yeah, I know you're watching. What's doing next? Let me ask you all a question because it feels different this time to me. It feels like these, the big red candles that we're seeing in the market have no momentum behind them. They're just isolated events that just keep going each way. They're not even big. Like, I know how big candles generally are because I'm running arch public algorithms. And we're not triggering much these days.

Yeah, yeah, no, you're right. There's no volatility. I had actually a 12-hour cell that came through recently, which I was like, wow, my 12 hours in profit. That's ridiculous. No idea. I literally emailed the team. I was like, is there something wrong with my algorithms? I did a sell.

And it was like, you know, they run the daily, the 12 hour and the four hours. They're all separate cost basis and you're actually up. And I was like, wow, that is insane. Well, check the calendar is the answer to both Tillman and your points. It's May 19th. Sell and May and go away. So the totality of volume is going to, you know, see, lower and lower and lower and lower and with lower volumes come generally speaking lower volatility.

So, you know. Yeah, yeah. You know, I hope that the summer doesn't lose its luster. Last summer was pretty good. And I think that everybody's been waiting for, you know, market movement to the upside for so long that, you know, if it tarries for another three months, it's going to, the price could, we could see another pretty big dip, which, you know, wouldn't be a bad thing. from a buying perspective, but these dips, you know, they just lack confidence. All of the dips and all of the pushes,

there's no confidence behind them at all. Everybody's scared to death. And it's, you know, it's a testimony to how much cash is sitting on the sidelines, $8 trillion sitting there waiting to be deployed. That's fear in its finest form, you know, people sit in cash when they're afraid. So it'll be interesting to see,

you know, you look at the landscape right now from the war and just everything that's going on globally. And you say, okay, is that really the catalyst? And once the straits get opened up and everything's back to normal, do we see a recovery that's powerful? And I think that's the question in everybody's mind. Because gas prices obviously would go down considerably, which would be a good catalyst.

But to Andrew's point, I think there's a tendency, even myself, to look at more of the micro events and try to read the tea leaves in all this stuff that really doesn't matter because it's just like the news of the day, the chatter of the day. If you pull back and you really start to say, like, what are the macro events that can't be changed? Well, you know, inflation and the printing of a dollar cannot be changed, right? And then people cannot be changed in the seasonality of people's attention and the, you know, selling May and go away type of a deal. So I think there's a lot there. And I think it's boring kind of in life to focus on those big seasonal changes because there's not much to do in between and to keep you occupied or to keep the dopamine hits coming. So I think we all are looking for those, you know, market news events that get volatility. volatility moving in our direction.

And when they don't come or when they have lots and lots of fakeouts for months on end, it wears on everybody. But there's a lesson to be learned here, right? It's like patience and having a prudent strategy from a capital placement perspective is always the answer. But I mean, meanwhile, we're like 30, 40% off the lows. It's like as boring as it's been, it's just been boring because it's been a steady kind of low volume climb. I'm not saying it'll continue or not.

But it's like, you know, you told you, hey, we went from 60 to 80. Most people would be pretty excited. Yeah, yeah, most people would be. This didn't happen on the huge $20,000 candle we're used to from Bitcoins of the past. Yeah. We're also talking about crypto Twitter, though. And so, you know, people are bemoaning the fact that Solana is where it's at right now and that, you know, it's... The old coins did not.

did not do what it was intended for the video. So there are moments, Scott, where I'm slightly disappointed in your management of this show. Thank you. And so I wanted to mention that here. Every time I hear Tillman or anybody say the word dip, you're missing an opportunity from your previous DJ years, where you could be hitting a track that says you put your hand upon my hip. And so I used to, that's freak nasty. That guy came to my high school.

see see the crossing we could do with this show? I used to make that dip joke all the time back in my like free flowing charting days. Yeah. Great nap you want to see. Can y'all do this right? Well,

here's this whole big setup back there. Like I think that there's just a button. You could make a button that just starts playing that song for five seconds. I used to have the buttons. Now the buttons are over there across there. I used to do that. That's probably a good thing.

It's probably a good thing. I used to do all the things. You know, pump it up. I used to do that one a lot. Yeah, yeah. You know, I got serious. You talked for a whole year for the Bitcoin. Do you guys see this story?

Because it's so funny how poorly it's being reported. Goldman Sachs dumps Sala XP for surprising new investment. So that is, I love my friends at the roundtable. I didn't realize that's where we brought this up from the street since I'm partial. owner of that. I'm not sorry. That's not what happened.

Like, you know, like Goldman Sachs dump Salada for surprising new investment. And it goes on to say they invest

in hyper liquid infrastructure. Those things have nothing to do with one another. Right. There's not some guy at Goldman

who's like, dump these two so we can afford the third one, like rotate. That like Goldman Sachs had built those positions in

the Slana XRP ETS, but they were probably like structural or like, some sort of hedging or client facilitation related. Like at no point did Goldman take an active position. And this should like, you know, pacify the Solana fans and XRP army who's seeing these insane headlines.

But like these companies move in and out of things for various reasons. And none of those are Goldman, that David Solomon, like between his DJ sets and Ibiza, was like, we need to, you know, get rid of those ETFs we bought right now. And there's nothing to do with their infrastructure, you know, investments in hyper liquid, but hey. Yeah. All I read in that headline was trading firm makes trade. I mean, like what it, what's even there?

It does it shock people that Goldman Sachs, a firm that makes a living trading things, trades in and out of thing? Like it just, it's beyond me. Well, those investment banking firms, Goldman Sachs, Morgan Stanley and the like, even BlackRock, they're, they're generally speaking asset managers slash well, managers. They're just holding positions on behalf of customers, whether they're retail or institutional. So Goldman Sachs didn't sell those positions. Their customers sold those positions for one reason or another. And their customers decided to take additional positions in hyperliquid or whatever.

This is not Goldman Sachs, the company making these decisions on behalf of Goldman Sachs' book. That rarely happens these days. That went out. Baby and bathwater back in the great financial crisis. And all of these companies moved towards asset management, wealth management. A couple big ones moved to a custody type of model. And that's how Wall Street works now. So to your point, Goldman Sachs didn't make these decisions, whoever their clients are that are moving in and out of these positions, made those decisions. And to Tillman's point, they facilitated those decisions. That's all that is. Goldman Sachs has lost all their deep belief in Joe's

Let's talk a little macro though, you know? Like, because things are just to you out there. U.S. 30 year treasury yields close at 5.14%. It's the highest closing level since the run up to the global financial crisis. Okay, once again, like one doesn't mean the next, the other is going to happen. But you take a look, I had charted this actually. I don't really care about the charts of yields, but you know, you could be having kind of a break out there. And like I mentioned before, I mean, Japan seeing historically

high yields that they've completely like lost control of seemingly. It's kind of ugly out there. When you look at any macro, you know, piece of data historically should be seeing a recession or some sort of collapse and things just keep on humming along. You just go candle your McGlone. Andrew, tell us how bad it is. First of all, kudos to you because you first of all, kudos to you. brought up the 30 year, which nobody cares about. Whatever, man. Then you quickly pivoted to the 10 years, so good job, which everybody cares about. Yeah, again, so the term now is K-shaped recovery, right?

So we can talk about K-shaped markets. So, yeah, there seems to be trouble per Mike McClone in a lot of spots. But the markets generally are disinterested in that trouble. And money keeps getting shoveled in. A point that was made by Tillman, I think, on a much better show than this, Beards of Bitcoin last week, that there is now not just $7.5 trillion in money market accounts now. There's $8.5 trillion sitting in cash in money market accounts now. And what is that?

You could take that both ways. Maybe people are a little bit nervous. they're pushing money into money market accounts. But to a larger extent, that just means there's more dry powder. So every time there's a dip of any kind in the market, shovel more money in, shovel more money in, shovel more money in. Like even yesterday, take a look at markets yesterday and what they did started out the day pretty bad, moving down, moving down. But by the end of the day, down a really small amount, right? That's typical of markets right now. every dip, no matter how small,

is an opportunity in the minds of people that have dry powder. I'm trying to know what this better show was. Was it this show heated rivalry? Yeah. That's the one. That's the much better show you were talking about? Yeah. Yeah.

I think if you focus on that head, you can basically find what you want out there right now. If you focus on the AI headlines, and what's happening in that space, we're gonna be able to innovate our way out of any problem that we've been talking about. Like it's so disruptive, so large, so encompassing, so global.

We have such a head start, honestly, and we control it in such a way that we could, you know, it's a proverbial arms race that we can take possession of and lead. And it's happening. If you go out and look at some of the data centers that are being built in the United States right now, it's jaw dropping. It's like next level engineering, next level innovation, high tech. I mean, I've seen a couple of them firsthand.

And they're the largest facilities I've ever seen. And they're the nicest facilities I've ever seen. They're the most state of the art facilities I've ever seen. And we're talking about like 29 million square feet that has its own power plant and its own grid. its own water system. It's, it's, so the investment that is needed in that space will be answered with a big printing press response. And I don't know when that starts, but eight trillion is going to be literally around here when we get done with the AI investment that needs to be made. And it's not going to just be, you know, physical plants and facilities, grid, experience.

and all that stuff. It's going to be private equity investments in companies that have figured out how to use AI in a way that's meaningful. And just before we got on the show, somebody was being interviewed on Squabbox about, you know, they're now worth a couple of billion dollars. And it's directly pertaining to this show and to Scott specifically is that, you know, content creators, there's a big problem that exists. in that space and there's a market void that is AI can help solve, which is compensating content creators not only for their efforts live, but for the rebroadcasting efforts that are now being done by AI agents. So if I send an AI agent out to query about specific topic and it comes to Melker's, you know, website, and it pulls a piece of information off that website, and then I use it for commercial purposes.

There are companies now that are going to be able to monetize that and either block the AI agents and or enter into a smart contract whereby which the AI agent compensates that creator for the use of that content. That this type of stuff is moving so fast and it's changing, and it has the potential to change so many industries that when I hear that AI is going to kill jobs, I completely disagree. I think it's going to create so many new industries and so many new companies that are serving people at the end of the day. And imagine a universe where you could literally be disconnected from the desk or from your

computer and seamlessly have agents managing all of your digital life for you. And you just have to ask yourself the question like over the, next 10 years with agents being in the position that they're in, is the web going to be more utilized or less utilized? It's going to be more utilized. Why? Well, that's the only thing they could use. So they're going to build stuff. There's going to be an expansion of web content like you've never seen before. We've never seen before. So, you know, all this doom and gloom, I think it's just a season and everybody's got to pull back and look at the overarching themes. Like, yes, we will print more money. Yes, innovation is.

It's not like we're sitting there in the Stone Age going, you know, what's next, guys? You know, this is bleeding edge, groundbreaking, world-changing type stuff. We talk about bleeding edge, world-changing type stuff that I don't think is getting the attention it deserves. This is on the COBC letter, but this is being obviously discussed everywhere. Ranking, the SEC is set to release its so-called innovation exemption for tokenized stocks, which will pave the path for trading digital versions of securities per. Bloomberg. So they're calling this a surprise move. I can break this down for you instead of having to read it here. But what's interesting here is we've had a, like, there's a long history of the

SEC and innovation exemptions, basically in a situation where crypto comes along and you only have the howie test. They're allowed to make rules that they, you know, we can do things with this new technology. They did it with, you know, high frequency trading systems and, and others while we get the regulation in order. But what's crazy here is that they're leaning towards allowing tokenized versions of equities that are not approved by the issuer. That's what this is about. So we all know that they're going to move towards tokenized equities where, you know, somebody where you have, if you hold the tokenized equity,

it's backed one for one from one of the, you know, the DTCC or one of the trusted entities and you get voting rights and all the things that come with the share. This is saying that anyone can go ahead and wrap these, send them off to a deck, and you can trade it with very opaque rules about who the custodian is, where they're backed. They can be rewrapped potentially. So this is basically saying that Apple has no control over who, which I guess they technically don't anyway. Anyone can buy Apple stock.

But at least they know, you know, who has the governance and the voting rights and stuff. This is saying you can send it off into hyperliquid as a tokenized version that has no actual rights and was not approved. a pretty wild difference. It's insane. I mean, it's just derivatives on derivatives

on derivatives. It's going to be really interesting. I mean, we're going to need AI to sort out all the options that we have from an investment vehicle perspective. Because, you know, ultimately, though,

it's going to boil down to the trust of the backer and what they can prove, you know, if you just look at kind of the Bitcoin standard as, where everything ends in terms of perfection. It would have to be transparent, on-chain, verified funds for it to mean anything at the end of the day.

So, you know, we're moving there and all these things have unintended consequences along the way. But yeah, that sounds like a recipe for... You know who the first people to push back were? Or they were like the crypto tokenization companies, not actually Apple and such. It was, here's the president of Securitize. If third parties can tokenize Apple or Amazon without the issue or at the table, there's no theoretical limit on how many rappers of the same company exist at once. This could create a whole new level of market fragmentation and could leave investors less certain

what their shares are actually worth at any moment. Ah, how the table turns tables. Turned on your tables. You have most scores cut both ways, Andrew. Yeah, so here's the thing, right? So securitized us to deal with what, Nats. stack or something or the NYSC right so you know like three to six months ago they're like all right we got the inside scoop on tokenization it's gonna all run through us oops wait a minute everybody

can do it stop wait we we we want to be the ones that do it so um yeah listen this this stuff is moving faster than anybody expected um which by the way if that's happening at the SEC then that's being driven by the companies that want to trade all this stuff and want to make it uniquely available to their to their clients right so think of it this way how do you make e-trade more profitable in a in a better type of company that morgan stanley bought several years ago if you then put stuff on e-trade that more people are trading and more people are interested in as opposed to well we just bought e-trade because they've got deposits and like 42 million customers sitting there. So we're just going to use those customers and bring the ones that we actually like over to

mortgage. But your growth strategy. Yeah, right. So now these these quote unquote, you know, crypto slash online platforms become much more valuable because you're able to trade tokenized versions of everything. And all the tokenized versions will be happening on natively, let's, call it online quote unquote platforms like the robin hoods and coin bases of the world they'll be happening there first because legacy organizations always take forever to get the stuff so yeah this

stuff is going to happen quickly jeff park had a really good post on it yesterday talking about tokenized trading and the pace at which it will grow and he also talked about the fact that that it's going to it's going to be a really big deal. And it has the possibility of sort of creating another game stop Robin Hood type of moment, except it'll be a little bit more pure. And the idea of universal basic income can be kind of connected or associated with trading. So, yeah, it's going to be a big deal. It's going to happen fast.

If the SEC is getting in front of this this quickly, that just means that the biggest of big boys want to be. to happen because there's meaningful revenue streams attached to it. Think about how much liquidity is going to be needed to fill all these markets. So then you have any volume at all. The amount of cash we're going to need to print. If you have now the ability to trade basically anything 24-7 globally, I mean, as you were talking to Andrew, I thought to myself, well, I mean, if someone personally

and or collectively, like a hedge fund, owns a large portion of a basket of equities, and they want to tokenize that hedge fund access, why wouldn't they at this point? I mean, they have a very unique product that can be packaged and sold to the masses at scale with no management overhead or management constraints, more scalable issues.

So there's just all, this is going to redefine the landscape from an issuance perspective, from a collateral perspective. You know, if you're, this also begs the question, let's say I'm an issuer, like I'm Michael Saylor. No, you're not. If I can back my issuance of any token with my, with Bitcoin, right? Well, then I can basically issue any token. I can be. he's he's pounding like starting with my interview with him two weeks ago he's like fully supporting yield tokens backed by STRC and defy

I wonder why maybe ever yeah this is this is an expansion of markets like we've never seen in the history of man and if we then extrapolate again how much liquidity is going to be needed to feed those markets this is a recipe for enter through the rest of our lives, guys. You can bet that in the halls and conference rooms a bitwise, they're having the conversation of when do we announce the tokenization of our ETS? Not answering. And, you know, let's make sure we're first because we're that. Let's over there about vaults, Andrew. Right.

Can you know those dots? The vaults are basically the tokenization of ETSs, all that can flow in and out on AI agent management. Yeah. So it's all going to happen. It's just a question of how quickly and when, which, by the way, that is as easy a transition as there's ever been to our public. So when everything is trading 24-7, what are you going to do? Like you have to have the ability to have, you know, agentic automated. Have to.

Yeah, you have to. You have to have automation associated with your will. What it is, what do you want to get accomplished? By the way, quite helpful to be able to talk to somebody about what it is you want to get accomplished. And then have tools that automate what it is that you want to get accomplished 24-7. Because 24-7 is happening. I'd be shocked if less than 50% of everything that trades is quote unquote tokenized in 24-7. If it's 18 months from now, if it's less than 50%, I would be shocked, right?

So it'll probably be more than that. 24 months from now, it basically be everything. So how are you going to handle that? What are you going to do? You have to have some level of automation that you trust and that you're comfortable with. and also a company that you can talk to about it, people that you can talk to about it. And man, we're on the cutting edge of that.

And there's no black boxes that you cannot shine a flashlight into. You will understand exactly why trades are taking place because you're defining the rules by which they are taking place. And so it's a freedom of the fear of the unknown, if you will, because leaving an AI agent to make just kind of unencumbered decisions on your behalf in the market, we're not there. I'm just telling you, we're not even close. And even when you get to that point, then you just have a war of robots basically in the

market, which we sort of do now with the market makers and with the liquidity providers. So long and short of it is, to Andrew's point, everything is going 24-7. But right now, crypto is 24-7. And there is a huge opportunity in the yield that can be farmed from the volatility of crypto. And I think that that's kind of been the headline this year thus far, which is like, how do you harness the volatility of these markets? And I think that's one of the major drivers of why they're tokenizing equities, because the volatility increases when you spread the hours out, the bottom line,

and you get a lot more opportunity for people to try. that otherwise wouldn't participate, which draws new liquidity into those markets. So this is a this is something that yes, we're on the bleeding edge of it's better to be lucky than good. We did not see five years ago when when we started this endeavor that tokenized equities were going to be a part of the equation. But the great news is we've got an incredible head start and we know a lot about the pitfalls of executing through automation. And we've been able to, in part, in part, that wisdom to our customers and create 25,000 happy customers over the last 18 months. So we're incredibly excited about the future. We think we're on the bleeding edge of it,

but we have a head start and we're excited about sharing that head start with you because it does lend itself to a level of empowerment and let you participate in something. I think everybody knows exists and they know they want to participate, but they either don't don't have the time, they don't have people to talk to, to walk them through it, or they're afraid of what the potential outcomes could be. So this is a way to skip all that and really jump in with both feet in a way that you're going to love and enjoy the outcome. What do you think was going on in Andrew's house that they need to turn off his camera and his mic? Listen, he has some young children. So if I had to guess it's, you know,

wailing nationally. You know, it's better than that one interview have you seen on YouTube. where the, um, the, um, the, um, dragging the kid out by the leg, you know,

that's good. You know, by the way, per volatility, there's volatility, there, volatility sideways into the upside can be harvested for good. And our customers have been doing that by crazy.

But by the way, how, you know, harvesting volatility to the downside can be to your good, too, with our tax loss, uh, harvesting tools,

uh, that, that, that, that, Again, you think to yourself if you're able to outperform buy and hold, you know, like negative 9% for Bitcoin and then plus 21% with yield and price appreciation. So it's a 30% difference. But if you're also harvesting, you know, tax loss yield, let's call it, to the downside.

And that gives you another 20% to the... It's about time, cellular announced. that he can sell some Bitcoin because he's missing out on those two things in an enormous fashion by having this buy and hold type mentality that, you know, volatility exists for a reason why I tell people this analogy all the time. Scott says, yeah, I said we can all agree that water is a necessity of life. We can all agree that in Colorado, we got no water this year. We can all that Colorado allows you, by law, I think, two rain barrels, 55-gallon grounds. It's raining. The last 24 hours, it's rained. We could have easily filled up the barrels.

But 90% of people don't have catch basins in place. 90% of the people don't have those barrels in place. And yet they'll complain about not having water rights to water their garden this whole summer. And so the question is, is like, are you going to be prepared when the event takes place? And so volatility exists just like rain exists. And it's going to rain whenever it rains, the volatility happens whenever it happens. No one can tell you exactly when it's going to rain. No one can predict over the next 90 days, how many inches it's going to rain. All of these are unknowns.

But we do know that if you put the system in place and it rains, you catch the water. And so it's just that simple. It's like put automation in place that allows you to catch. volatility when it happens and you define what those rules are but it does happen and so don't complain about you know bitcoin being a pet rock or going down because there's a lot of opportunity in that down is the point there's a lot of opportunity in the job and as things get tokenized that's going to exist on every front and so it's it's an endless field of opportunity well and here's the other thing too with our products it's not just a binary volatility

and we hand you this thing and you stick it to your account and then if the volatility matches what the thing you've stuck to your account works, then it works. No, you can tighten that volatility all you want, right? If it's selling main go away and so there's not a whole lot of having with Bitcoin, well then we'll just hand you another one and then another one and then another one and then another one that's going to match the tightness of that volatility and even grab the smallness of it and work it to your advantage. So you can be running six different versions of volatility opportunity strategies with arch public and some of them are on the low end and some of them are on the low end but but by the way all of them are quote unquote

catch basins and maybe you're just catching a little bit or maybe you're catching a lot but you're catching something almost all the time Scott brought up a great point earlier in the show about his 12 hour being up yeah and that's an example of one catch basin that was effective in catching that volatility. It's the vast top, by the way, of all this entire like of 82 or something. Right. Right. So it wasn't the exact top on any other timeframe.

And that's why it didn't trigger on your parameters on it. So the point is, is that if you didn't have not only the automation in place, but the automation covering all of the timeframes that you want to cover to harvest that volatility, volatility, then you miss that trade is the point. You're not there for it. And if you are, you're just luckily there for it. You know, you pulled up to your computer and you happened to open your screen and you happen to make a manual trade in, you know, emotional fashion and it ended up right, which is some of the worst trading that you can do. You know, I tell my sons and my daughter all the time, like having confirmation bias and making bad decisions.

decisions with good outcomes can lead to a life of bad decisions, right? So you need to be real careful about, you know, confirming data points when there's too few, you know, sample size to confirm against. And so don't take one good trade and go, I'm a good trader and then start leveraging up in terms of size and position. Take a very prudent approach about long term, like we've been talking about earlier, is like, you know, how do you manage volatility, will you manage it through incremental purchases? Well, incremental purchases are by definition inconvenient. Automation, it doesn't make it inconvenient. In fact, you can take all that inconvenience

out of it and spread those purchases out as far apart as you want them spread out and as small of an increments as you want them with no additional management burden. And so that therein lies the benefit of like if you ask a mathematician who has, you know, all the experience in the world that we don't in math and you go, how do you manage volatility? You will say, dollar cost average. That is the way you do it. Well, how do you dollar cost average? And when do you dollar cost average?

Well, that's where automation comes in and really shines in a way that humans can't, you know. Listen, the quote there about a lifetime of poor decisions felt a little personal. Okay. I'm just going to, I'm going to ignore it here on the podcast. Maybe we can talk about it later, right? Let's say it out here. It felt a little bit purple. Okay?

All right. We have too much fun on these shows. I've got to tell you. We really do. Listen, there is, I made this claim, I think, last week at some point. If you're not engaging in these tools, you're going to fall behind. And you're going to fall behind faster than you did in. previous sort of cycle changing moments like of life, right? So if you're in your late 30s,

40s, 50s, and you kind of giggle at your parents trying to figure out how to use an iPad, you're going to be that guy or girl over the next three to five years using tools that automate parts of your life and certainly the financial part of your life. Because if you think about it, even if you've got, you know, 7, 10, 12 million long at Morgan Stanley and you're going to have, you know, your quarterly reviews or whatever, even those people have to figure out how to do this stuff on your behalf in some way, shape, or form very, very quickly. Because I'm telling you, right now, Morgan Stanley isn't going to double their personnel when everything is trading 24-7. There's no chance they're doing that. So they've got to come up with.

with meaningful solutions that are quote unquote, agentic, automated, carrying out what it is that you're trying to get done with your portfolio on any given day. So you've got to engage. You just have to engage. And you want to engage in a place where, you know, it's kind of like the Apple store.

You go in there, what do I want? What do I even know what I want? How should I go about this? You know, Archpublic has a quote unquote genius We've got a service division. We've got a bunch of people that are here to just work with you anytime you have a question and you're dealing with a human. You're having calls.

I was like, how is this thing selling? Is it broken? Yeah. No, actually, you're just doing great. Yeah. You know that there's somebody here who says we're blocking his comments and they don't want him to tell the truth. Jason Mnus

Literally right there, I'm reading them. Yeah, yeah, we're reading. I don't know. Guys, the truth about the four-year cycle, it's like the aliens. Yeah. About a four-year cycle. Jason Moniow, 66,

is being stifled by the Melker government operation. Well, I love you guys in comments, but sometimes I just look and I go, what's wrong with that guy? I agree with them.

the four-year cycle's dead i mean i don't think that yeah i think he was saying that the four-year cycle is everything yeah anybody that has a a a some some digits at the end of their their their name their handle yeah probably yeah it is yeah is that the guy in your basement yeah he's finally gone by the Andrew, I'm commenting. He's gone. I've reduced myself to commenting in the YouTube comments. Andrew's the noise in the basement. Very much.

Yeah, that's right. Yeah, yeah, yeah. They won't talk about it because they know it's true. Dude, I don't even know what we're talking about at all. Yeah. I just wanted to prove that you said we were like stifling your comments or something. They're right here. We know it's true.

Jason, start. Listen, I don't mind. addressing it from stage, if you will. Listen, the four-year cycle was predicated on miners. And, you know, if you can prove to me that miners control enough supply that the selling pressure is outstripped the other inflows, then I'll agree with you wholeheartedly that the miners still possess enough power to move markets and to control the price of Bitcoin and the four-year cycle is still valid.

I just think that we've built so many ways that money can flow into pay. Bitcoin. And the only way money can flow out of Bitcoin is do Bitcoin being sold. And the four-year cycle was a byproduct of the amount of supply that was being distributed to the miners for their efforts. And that's gotten halved every year. If you're aware of the halving or that term, it's literally a halving of rewards. Every four-year cycle, they cut the rewards in half. And so it's not a coincidence that there was a four-year cycle because your compensation got cut in half every four years. And it's the election cycle, liquidity cycle, business. It's all literally on the same period.

Guys, I just shared the secret. Jason. Yeah. Felt is an awesome word, though. He said spelt. In America, we do spelled, but I know that spelt is correct. But I just think of it as like a kind of grain, like planting spelt. that's kind of the point about not responding to comments is generally speaking the rabbit hole that you go down is quite interesting

found a new narrative new narrative just showed up yeah you're going all in video a few days ago you're going all in you don't think that's going to get people wrecked no because if it gets me wrecked Errat. Again, these narratives associated with, by the way, this... Erect. I said erect. Anytime Bitcoin goes down by like 3%, 4%, 2.5% now, just man, the trolls come out, right? It really is something to watch.

And all you really have to do is just post a picture of like Larry thinks, face. You know, like, do you really guys think that this guy's put $100 billion of his client's money into into his Bitcoin ETF's best product they've ever done? And he's here to just get these people smashed? Like, I don't know. Maybe so, but smashed from 3% to 1.5% isn't going to change their lifestyle. And so the allocation percentage is a percentage of your net worth is the answer to your question. Like, if you have heartburn about being invested in Bitcoin, you've got too much invested. There's a bunch of pictures of Larry just while we're talking. Yeah. I like the figure one. I'm going to grab that one. I like that. I mean, it's a lot here right. Yeah. That's going to be

used a lot. This one's kind of, this one's kind of questionable. That's problematic. Like, did that one erase from the internet. Yeah. I do those how many of these are AI generated. Now, these are getting images. I went straight to the source. Oh, did you. It was a real thing.

They're watermarked and everything. Again, you know, I don't want to overplay it, but Black Rock is nobody's pounding the table harder on tokenization than Black Rock is. And then you also go to Morgan Stanley, who for all intents and purposes, is the gold standard in wealth management. If they're pounding the table on crypto and tokenization, I mean, they've gotten really loud in the last three months. So listen, this is not difficult to unpack. This is a massive, massive revenue opportunity for these companies, right?

99% of all of their other products are going to be cheaper than what they're going to be able to charge for tokenization products, crypto products, all of those things. So, yeah, it just kind of is what it is. Well, I honestly, I mean, the more you look at it, the liquidity has to flow. And liquidity is needed in all of these markets. And so if BlackRock is going to tokenize everything, they're going to fill that everything with liquidity. And, you know, you kind of look at the unholy alliance between the government and the big banks. And you kind of scratch your head as to how that, you know, we know that when they turn on the printing press, the money flows through the banks to us. Well, if the banks have all of these

new markets that they're able to create literally out of thin air and tokenize anything, the amount of liquidity that could be coming, I don't think it can be overestimated, honestly. I think it's such a big chasm of investment need and such a sharp incline of technological growth in such short period of time. We're going to answer the bell. Why? Well, because we had the printing press. That's the only reason why we have it is because we answer the bell in a continued way

in filling that void and living into the destiny of the innovation that then makes the inflation curve look acceptable. I'm excited. I think we're going to get a lot of more money in circulation. Should we talk about the AMA that we're doing? with Mr. Melker tomorrow? Should we... No, because I want to know

why he would be saying he's going all in. Doesn't he know that the one-year bear market last a year? Is he really buying before the end of the one-year

bare market? Haven't he been through this before? Doesn't he know the bear market last a year? Why is he saying he's going in all six months early? Oh, my crystal ball broke.

Yeah, bingo. If you're trying to time the market, man, you've deceived yourself. I might be going all the time with Arch Public. We can talk about it on an AMA tomorrow. It's right here.

It's in the description. Yeah, so we're going to be doing and asking me anything with all three of us for our public. Jason, please join us. So we do, once in a while, we'll open these up to the public. If you're a concierge client, you get access every week to a Zoom call like this where we talk about all things and everything. I mean, heck, we treat it like a community. So we talk about our personal lives, things we like to do, fun. places we've been additional alpha to markets that are unattached to archpublic and arch public stuff and it also gives you an

opportunity to talk to people on our staff it's just a direct connection to the people that have built arch public and who are passionate about it and then also the community inside of archpublic who are really passionate about what we do and how we do it and have been using our products for a very very long long time. So you're able to make connections in that way. You'll be worn away with the captains of industry that are our customers. I mean, it's a, I don't want to divulge any information, but these folks are seasoned and they are exceptional people. And we've just gotten, as we've gotten larger from a customer-based perspective, it's become clear to us that the community that we've built is something really special. And we're leaning into that. We're doing more live events.

We have this event up in New York where we all three of us were up, you know, a couple months ago. We had 130 plus people fly in for the event and stay there and fellowship with us. So it's just, it's turned into something that is so enjoyable and so fruitful from a relationship perspective and from a thought perspective. And we're going to really try to do more of that on a consistent basis. Yeah, that's going to be awesome. I thought originally it was only for the concierge folks, but it's for the whole world. Well, we've been having them for the concierge folks, and it's been such a success that

now we brought you for the whole world. So Jason Mimimu 6645. What's his name? You're just proving that he's right on his theory on the cycles. My title was I'm actually all in on Bitcoin Why I'm actually all in Bitcoin I didn't say why I'm going all in it Precisely $77,000 today on Bitcoin

It's so dumb I think my brain hurt You might be arguing with a bot Honestly I mean like No What's just a little What has to wonder One has to wonder who spends their times on

YouTube comments arguing with this. Something we will not discuss, we won't discuss it. We won't. We're afraid. The one year bear market, bare markets are usually a lot longer than a year for Pete. Yeah, if you would have encouraged people to buy

six months early during every quote unquote cycle, people would have made a lot of money in Bitcoin. We led the show off talking about a trigger event on a 12-hour candle where you sold Bitcoin. So, you know, The volatility is there, guys.

You buy and sell all the time. Again, it's called trading. I imagine telling people to like zoom out and buy Bitcoin for a few decades is like getting them wrecked because my timing might be off by three months. I bought Bitcoin at $1,800 when I decided I was going to be effectively all in, right? I mean, all in might be the only hyperbole you can give me because, yes, I like own a half. house and stuff. You know, I didn't sell my kid for a Bitcoin. I still have them.

I guess I'm not all. You're not a maxi. I got my kidneys. I didn't go full sailor. That's right. You're not in a van by the river. So, you know, you're not a real maxi. I haven't in my Bitcoin by the river or in a van.

I'm having a great time. So wait, there's that 1 p.m. Eastern standard time on Wednesday, 520. Just to be very clear. Eastern Standard and the link is in the description for you to join this. Yep. So you can join it. And then on this AMA, you can ask me why I'm not running the tax harvesting strategy. But you will be.

It's something I said. But you will be. Is it something I said? Hit me up, you know? I'm going to harvest some of them taxes. I should have harvested them down at like 60, man. I would have been. And that was before you had it.

And I thought about it. And then I, uh, Not about the squirrel that was running by or something. Well, that's kind of the point of having tax loss harvesting algorithmic tools running all the time, what you just said, because I thought about it, but I'm a human, and then I forgot, and I didn't do it, right? So this is the never forget about it type of thing, right? I don't, yeah, it's automation makes life a lot easier, a lot easier. in a lot of ways.

I don't set my alarm every night in my house. It sets itself at a specific time. I don't turn itself off. You don't have to manually push all the buttons of your life anymore. The more we can remove for you, the better. Trading, ultimately, especially if you're trying to dollar cost average into a healthy cost curve, it requires a lot of patience, a lot of time commitment, a lot of math, and a lot availability. All of those resources are the most scarce in life. So why not do it automatically?

So I guess the point. Yeah. Arge public. Should we tell them that side up our just come to the webinar. It's going to be fun. We're going to. Yeah. Yeah. We're like this, but where you guys get to participate, although I would say today that you guys have participated for the first time maybe history. And the one other person who said, I was. stifling their comments, that was funny. No, it is, these are actually a lot of fun because people get their questions, answers,

immediately either through this type of engagement, or we type out answers in real time, write as a reply to their questions. So people love it. We've gotten incredible feedback from it. And people get to ask us anything. And we're happy to answer as transparently as we can. When Americans go broke, Bitcoin won't matter.

Use the R-15 matter. We've got some interesting folks watching this show. You have the meme of the little Asian girl. Why not both? Yeah, wow. Fun show, guys, fun show. For your business cycle. Didn't I say that earlier?

Lord give me the strength to do. I love you guys. Yeah. It seems that you're claiming that archpublics can fix stupid. Okay. I know how everything is stupid. Oh, God, 955. How did the 55 minutes just go by? That was great. The comments have gone full circle.

They have gone full circle now. now. When commenters are coming on the comments and the commenters and the comments, you know, that'd be turned on the tables. It's been a great show. Yeah, that's right. Guys, Jesse's still going. I'm starting. I'm starting. Guys like Jason, you get five minutes of screen time. Well done, Luca. Well done. All right, guys.

get out of here before I say something stupid you get fired from all my jobs Israel. I've enjoyed it. We'll see everybody tomorrow one. That link is in, seriously, join and the link is in description for one o'clock tomorrow. It's right down there, right below. Do the thing. Jason, you're my favorite.

You're my favorite. Amen.