The Wolf Of All Streets - Bitcoin BREAKS $86K — And The Biggest Sell Wall Just Disappeared

Episode Date: October 2, 2026

Bitcoin breaks above $86K ahead of the U.S. jobs report, clearing a major sell wall despite high yields and a strong dollar. We also cover the SEC’s new crypto custody rules, Robinhood’s concerns with tokenized-stock limits, and Aave’s push for DeFi-friendly regulation in Europe. Plus, Stani Kulechov joins to discuss Aave V4, stablecoins, tokenization and what could bring the next 100 million users into DeFi. Learn more about your ad choices. Visit megaphone.fm/adchoices

Visit BetMGM Casino and check out the newest exclusive. The Price is Right Fortune Pick. BetMDM and GameSense remind you to play responsibly. 19 plus to wager. Ontario only. Please play responsibly. If you have questions or concerns about your gambling or someone close to you, please contact connects Ontario at 1-866-531-2,600 to speak to an advisor,

free of charge. BetMGM operates pursuant to an operating agreement with Eye Gaming, Ontario. Bitcoin is back above $86,000. in fact, pushing towards $87,000 on weak job data and the biggest sell walls in the order books just disappeared. We'll talk about that very briefly, but more excited today to have a long conversation about tokenization and defy with Sonny, the founder and CEO of Ave. This is going to be a great show. Let's go. Good morning, everybody. Happy Friday.

As you know, on Fridays, we have a huge show. We always have an amazing guest. I break down a few stories in the news. And of course, we do the weekly reckoning, which is a review of all of the major stories of the week. Before I bring Stani on momentarily, I just want to highlight what just happened in the news. If you're wondering why markets are pumping, it's because we live in the upside down, where when you get bad news, good things happen apparently to your favorite assets. But the U.S. economy added just 29,000 jobs in September, well below expectations of 89,000.

The unemployment rate rose to 4.2% above the expected 4.1%. But this is the fun part. prior months were revised sharply lower, July down 31,000 jobs, August by 29,000 jobs, etc. You may have listened to my rant on the Daily Wolf the other day where I told you that all of the numbers that we get from the government are fake and they're quietly revised when you're not looking. They actually revised how they calculate PCE this time to give it a softer print. Of course, that all means that the Fed is less likely to hike, which means apparently that is good for your assets. I would love to see Fed chairman Warsh walk down the street of New York City and

ask people to lose their jobs so that Bitcoin and the stocks can go up. It's basically what we see. Okay, so Bitcoin obviously doing particularly well on that news, but it was doing well before we had that news leading to my idea that crypto is traveling in its own beautiful, uncorrelated cycle. Now we got that out of the way. I'm going to bring on Stani for a much more interesting conversation. Good morning, man.

How are you? Good morning, Scott. Really good. Really good. How are you? I'm doing great. It's been too long since we've had a conversation. I'm glad to have you on.

I think last time we were recorded and not live. So first of all, let's maybe just kind of generally talk about the state of defy right now. It seems that things are absolutely booming. We had this sort of moment in the bear market, I think, where once again there was unnecessary fear, uncertainty, and doubt, and people were, you know, saying that it was over, and we had all the hacks and all these things. And then since then, that was very clearly a bottom. And it seems like we're once again rising from the ashes.

here and DFI is really booming. Yeah, I think DFI, especially the more mature protocols, have been always resilient through all the market cycles and events. It seems that DFI is the way to build resilient financial infrastructure. And now in the past months, we've seen that also liquidity is coming back to DFI. There's additional utilization, and there's been a lot of product developments and milestones on harvest front as well. So it's been really great few months.

So let's talk about those milestones. Because I think that probably a lot of people don't even understand how far defy has come, right? I think people probably still think of AVE as a liquidity pool where you can go borrow and lend without a third party in between, but you're doing a hell of a lot more than that at this point. Exactly. So, I mean, Avey started as essentially a protocol where you can support. stable coins and use assets like Bitcoin, Ethereum as a collateral, to borrow against. And this frees up capital that you can use, for example, to other strategies or pay bills,

for example, in real life. What's interesting is that we've been able to process over 4 trillion net deposits and 1 trillion in borrowing volume. And that's just with a few hundred lines of smart contract code. So there is no settlement teams like in traditional lenders have or large departments of people actually doing this with agreements. Everything runs on a system inside of a blockchain, which makes it really efficient. And the efficiency shows now on the crypto lending side, for example, you can borrow at roughly 5% on AVE. And if you do the same sort of a transaction in OTC or with qualified.

a custodian collateral, you will be paying between 7 to 12%. And now, what we want to do is bring that efficiency and success that we have with crypto assets into all assets with the means of tokenization. And as more and more assets are coming on chain, these can be then made productive by using them as a collateral in ABE and then unlocking capital. And this is a huge opportunity because this makes capital more productive. and this is a big opportunity for AVE because it expands the addressable collateral in the market that AVE can tap into. So, yeah, you had the huge announcement that I want to discuss.

Coinbase tokenized stocks now live on AVEV4. This is what you just mentioned. But, I mean, this is massive because this is against tokenized stocks, right? So now we kind of are seeing the first iteration of what will become possible when everything is tokenized and sits in one portfolio. I think everybody here intellectually understood that in Defi, you could borrow and lend against your crypto as collateral. But imagine when you can borrow and lend against your entire portfolio, right? Exactly. What you can do here.

So maybe talk about what exactly this is. I know it's on base. And what's actually happening here is that this is a AVE market deployed on base where you can use Coinbase tokenized stocks as a collateral on AVE and borrow USC. The collateral that can be used is Apple, Amazon, Google, Meta, Microsoft, Tesla, tokenized versions, users that are non-U.S. audiences where you can actually borrow that 24-7 basis. So whether that's even during trading hours, outside trading hours over the weekend, and with efficient loan to value ratios and interest rates. So this is why I'm super excited about this.

because we're entering into a world where we're using decentralized protocols and defy in the context of traditional assets that are coming on chain. And I believe that the biggest catalyst for tokenized assets is by being able to use them as a collateral. Yeah, making your assets productive. So you've been talking about this for years. It's actually happening now. I feel like you and I've had conversations with this, like about this, like a half a decade. to go. Exactly. Probably just shrugged it off that this was impossible. Now it seems like we've

reached that hockey stick parabolic adoption phase where it's happening faster than people anticipate. The one thing I want to point out though is that you made it very clear, not available to Americans as usual. Exactly. Not available. But the reason why it's possible from like technical point of view is that now you actually have access to price feeds that are 24-7. So because of the innovation of perps, perpetual futures, that is a crypto-native innovation, you actually have markets of stocks outside of typical trading hours. And you can use that data to price these assets when it comes to the globalization outside of trading hours

over the weekend and adjust parameters based on that data. That's why it's available today. And this is a significant milestone. And that means that effectively we're able to bring more and more assets on chain and make them productive by using as a collateral. Point-based tokenized stocks on AVE is just one step, but we're going to go even further. And obviously there is the AVE horizon where you can use other RWAS as a collateral that's a half a billion market size, anything from tokenized money markets, T-bill funds, and receivable finance products. I believe that this. category is the next big outlook for for ABE and Defi in general.

I didn't even think about the perpetual futures aspect of it. It's really incredible when you think about how many innovations came from the crypto market that are now becoming mainstream and are forcing traditional markets to basically adopt them. I mean, so yeah, obviously the borrowing and lending that you're talking about without a third party in between, but the fact that perpetual swaps, which kind of seemed like a speculative DGEN product are now forcing all markets 24-7-365 and allowing you to have the price data to do this on a weekend is just blows my mind. It's incredible.

When I started to build defythe back in almost a decade ago, 2016-17, I really imagine at some point there will be a world where a lot of the activity and assets are basically existing directly on chain. And this is the world we're going to. And what's even more exciting is that once you have these baseline primitives, tokenized assets, lending protocols for borrowing lending, for trading automated market makers, what's going to be exciting is to see additional primitives being built on top. So we're going to see various different products being built on tokenized stocks and with defy. And this is a huge opportunity for just finding new financial use cases for users. Okay. So for the audience who may not deeply understand all of this, let's say I'm just an average guy, not in America, and I own Tesla stock or Apple or Microsoft, non-tokenized, normal. So if I say, wow, I really want to start to put this to work in D5, but I have no idea where to start, how does this actually look for your average person who doesn't quite get it yet? Because I definitely know that the crypto natives will get it, right?

The crypto netics typically get it because they can go and access the asset. So the same way, norby users will be able to access the asset, come to AVE, and then effectively place that asset as a collateral and borrow stable points. What I think will even more simplify these integrations is seeing actually more centralized platforms integrating this type of activity. So we're now in a place where these primitives are being born on chain directly. So you have tokenized stocks, you have the ability to use them as a collateral, borrow stable coins. The next step, natural next step here is actually seeing this integrated into these more centralized operators and platforms where you can directly borrow stable coins, convert them into also dollars and spend those dollars in real life. And I think that is sort of an exciting future and also the level of abstraction that we need then for the wider audiences in the future.

So clearly a lot of this is subject to legislation and regulation depending on what region you're in. So we did not get the Clarity Act passed. A lot of people thought that if we did get the Clarity Act passed, then we would be doing all of these things as Americans, right? Which were not. But it seemed that the SEC and CFDC are stepping up to try to still make that a potential. reality in the future. What would need to happen in your mind for Americans to be able to participate in this? So the SEC obviously has already has the innovation exemption and reg crypto, which are starting to talk about how we'll be able to do tokenized stocks.

We can get into whether that'll work or not. But is that what's needed here for this to happen, simply for those regulations to basically be, you know, turn into rulemaking? Exactly. So guidelines are needed for figuring out how to deal with tokenization. It is true that the clarity I didn't move forward. There is some negotiations happening still there. What I'm expecting is that we will see more and more regulators coming forward and placing more guidelines. And this is very important because what's recognized here is that blockchain technology and these primitives are actually innovative and they provide net value for users and capital markets.

What is really interesting to understand and where the industry is looking for guidelines is that how it actually happens, where are the safe harbors, how to do it in the right way. And I think that's still a little bit unclear. So I'm personally looking forward to see more guidelines on this aspect because I think the biggest audience that could benefit most of the technology will be the users in the United States. How do you have to be in stocks? You know, like your average person in the United States, I don't know what the numbers are, but I'd imagine that, you know, 90-some percent of the United States capital markets, those stocks are held by Americans, even just due to access elsewhere, throwing a number out there.

But, yeah, so that would be the major unlocked. Interestingly, I don't know if you saw this, but this was today. SEC's innovation exemption poses constraint on bringing stock tokens to U.S., Robin Hood, Crypto Chiefs, said. So this is from Johan Cabrat, over at Robin Hood, who we had on the show a lot of times. He's pointing out that, yes, this is great what they're doing, but when you look at the way they're going to do it,

there's major caps, basically, at least in what's being proposed right now, in how many different tokenized assets any given platform will be able to offer, how much volume they'll be able to do on a day. And he pointed out, listen, even though Robin Hood's not compliant yet because they're not backed one for one and don't have the dividends and all the things that they will need to to get compliant in the United States, what they are already offering in Europe, out some of the assets are doing more volume than would even be allowed when this comes into the

United States and we've just at the tip of the iceberg. So there's a lot of work to do for this. There's a lot of work to do. And I think Johan is absolutely right here in the sense that having two restrictive exemptions will simply mean that we create sandboxes. And my experience with sandboxes is that it's really difficult to create a product and figure out product market fit in these sort of restrictions and environment. So I personally want to see something that is extremely, to some extent, pragmatic that it actually works and we can see these products to scale.

And I think there is a better way to create guardrails around the technology as well. So as sort of the leader in Defi, and you have been for a very long time, now that it's becoming mainstream, do you think that there's a sentiment from institutions that they can trust defy or do you still think there's going to be a major push to centralize all of this, you know, by the big banks and such? Like, you know, how will a Goldman Sachs interact with tokenized stocks at yield, right?

Or a JP Morgan, because they will. The question is, will they do it on an Ave? Are they going to try to, you know, circumvent that and centralize it and control it? I think what will happen is that obviously we already see the benefits of open protocols. And what open protocols like AVE are able to do is that they are able to create wide networks. And AVE particularly is a creative network, meaning that when participants join the network, whether by providing liquidity or drawing liquidity against a collateral, they're simply expanding the liquidity network effects. That means that every single participant increases the depth of liquidity and the cost of capital

and makes it more attractive for borrowers to utilize that capital. So in other words, it makes sense to have a one big liquidity network that everyone can join, and by joining they are getting the network effects of an existing network, and existing participants are getting the benefits of that network expanding. And this is sort of like the beauty of these DeFi protocols and the same way as Internet Group. So the more information you have online, the more valuable Internet is. And I think the same thing applies to money, and particularly for lending and borrowing.

So the more liquid you have in a network like ABE, the better these... economics are. And I think that the actual true value proposition of defy is to enhance the cost structure of lending and borrowing. So if we're able to outcompete more centralized versions of AVE in the crypto asset space, I think the same will happen also with these tokenized assets down the line because you don't have to use the same amount of people that you would do if you will have a lending facility of chain, you don't have to have a settlement team, you don't have to have all this sort of like a complexity paper agreements because you can put all that execution into a few hundred lines of code.

And that is a significant improvement there. On top of that, you have full transparency and it's difficult to actually go and change the execution and the code base. And that resiliency really is what matters. And if something is more transparent, it means it's more easier to price their risk and reward, and that should be a path to actually more accurate cost of capital as well. Yeah, that makes perfect sense. So at the end of the day, the incentives will drive it, and the incentive is going to be to have massive liquidity all pooled in one place because, I mean, how could a JP Morgan really participate in this if they don't have access to the global liquidity of it and have to kind of have that behind their own walled garden? They would never be able to do it.

Exactly. Exactly. That makes sense. So, How do interest rates, global interest rates, you know, the Fed raising and cutting and the benchmark rates there affect and shape demand for defy? Do you find that, you know, if interest rates come down to one or two percent, that people are going to be much more compelled to participate in defy, but if rates are rising and it's five or six percent, that they feel like they can get that risk-free, which I don't agree with that term, but risk-free rate, you know, from the government? I think in some ways it might feel logical, but it isn't really because these longer-term bonds rates fluctuate on a day-to-day basis. So you are effectively taking always duration risk when you enter into a position of a bond that you have to hold for a long-term. What's pretty much different with AVE and sort of like this fixed rate duration is that you can enter into a pool in and out.

And that means that you don't have the duration of this that you have a, with a bond. And also at the same time, that pricing of the bond changes ongoing basis. So it might be higher today. In a few months, it might be again lower, but you still are subscribing to a duration, which can be up to 10, you know, 20 or 30 years. So that is a significant difference is that with these liquidity pools, you actually have access to that liquidity capacity at withdrawal. And I think that is a significant difference there.

So I think there's a little bit of maybe mislabeling. And down the line, I actually think that rates in DFI are going to increase because there's more and more new collateral coming on chain, and that will vacuum a lot of the idle liquidity that is sitting in these pools and boost these interest rates up. So we talked a little bit about the United States Clarity Act and what the SEC is doing. We have not talked about Europe yet.

So they're already taking comments on Mika 2.0 after really just having it come to fruition in June. So one could argue that in this case, Europe is moving a lot faster than the United States, but it doesn't mean that they're doing it right. So Avey here from your guy's blog. Europe wrote the first crypto rulebook. Now it can write the first rulebook for on-chain

finance. This morning, you had a long tweet thread and I'll just let you break it down instead of reading it, but starts with disappointed by the European Central Bank and European Banking Authority's response to the Mika consultation. So what are your concerns right now with how Mika is currently handling DFI and what are you trying to get changed? I think that Europe has been in a very sort of like advanced stage of being able to actually get regulation around crypto with Mika earlier. I think it's a big achievement. you know some pieces of MECA work really well some pieces hasn't been able to play out really well and I think what is really interesting is that early on MECA didn't really touch decentralized finance

wasn't significant enough now it's touching more base on stable coins and existing progress yield on stable coins and also decentralized finance. AVE labs you know one of the builders of the of a protocol, we also submitted our consultation well response to the MECA consultation. And I recently wrote also about ECB, European Central Banks and EBA's responses to the MECO 2.0 consultation. And something that I wanted to really highlight is that a lot of the sort of like a proposals from like that's kind of like a banking camp. aren't really pragmatic towards decent interest finance, particularly because they propose

regimes for certifications. If you start certifying defy protocols, you sort of start to control what is defy and what's not. And that creates Waldgarten's and that really is a big risk for open and permissionless networks that actually bring those efficiency benefits for. for users around the world and could be a big benefit for the European users. And there's also funds on stable coin yield and also even casps, micro-regulated casps. These are essentially centralized platforms allowing access to theify and paying yield.

So the really problematic point here is that we need to recognize that stable coins effectively are payment methods and money in the future of money. And yield is a big part of that. And I think we have to come in a conclusion where innovation and creating access to open and transparent financial protocols is a way to create better financial rails and better outcomes for users. And I think that's the sort of like innovative approach has been taken already in the US.

and I think that's what Europe should follow. So there's a little bit of work there, but I think that there's a lot of crypto firms, stable firms, D5 firms, also answering into the MECA consultation. So it's going to be a lot of work and it will take a lot of time for this regulation to come into existence,

but there's a real threat from more incumbent participants. You would think that there would be a world where the banks would just use AVE and run the same system that they're running, right? Earn a whole bunch of yield for themselves, pass on a little bit of it to the customers and move on. That's always been there. Yeah. You know, I don't think why they're so threatened by it because, you know.

Yeah, and this is interesting because I do believe that open networks and transparent infrastructures will prevail. And the best way to actually adopt is to sort of participate by contributing, building, and building these networks. I think that's the way to sort of like make your business or financial stability future proof. Yeah, let's talk about stable coins more because that seems to have been at least one of the central narratives

in the fight between the industry and the banks, right? The idea of yield on stable coins. Of course, genius allows the coin bases of the world to have yield, but not circle, you know, not the issuer, but a secondary platform can. I don't really know exactly what the rule is in Europe, but as you said, they're fighting over it. Do you really buy into the notion that stable coins will cause massive deposit flight from banks? Or do you think that this will actually just become the plumbing of the banking system or something else?

I think stable coins are definitely going to find use cases around cross-border payments, accessing the defy. And that is sort of like a wide range of use cases as well. and being the cash leg on chain when it comes to globalization or any sort of activity around tokenized assets and so forth. I also think that over time, stable coins will be the natural way of holding value and transacting because of the ease of access. I think that they won't necessarily really fight for capital the same way as what's a lot of people are holding in banks, for example, I think there's different audiences. I don't think that the audiences that are holding their, let's say, cash or savings

or deposits in these sort of like a communal bank banks or traditional banks are at risk on stable coins. I think this is more for the newer generations who are trying to be more open and for what kind of financial products they want to use and conscious about where the world is going. Right. So now we have high inflation. The credit market is skyrocketing with trades. Like people are really concerned about the financial future, cost of living. And this is not a, let's say, a US thing or European. It's everywhere in the world, given growing energy prices. So I think there's a generation of users around the world. world that really care and are trying to figure out how do they generate weld and preserve weld.

So I think that user group will use Defi and they will use stable points. And I do think that still like the moms and pops and whatnot are going to still use banks. So like there is no really sort of capital flight there and there's an equilibrium from like a systemic risk perspective. But it is true that the future is almost here. And, you know, everyone should prepare it to live on the same rails. And I think that's something for, that is important for also banks. They're all, I mean, as we talked about before, I think all the innovation of crypto is going to force them onto these rails.

I don't think this train goes back the other direction. I also think that a lot of banks are ahead of the game on their sort of like a category. You see large digital asset teams on like custodians, banks, asset managers. We're starting to see actually new job openings for digital asset roles. So I think a lot of banks and financial institutions are really excited about this opportunity, and it's more real than ever before. Yeah, I mean, the SEC had another announcement today that it's just worth mentioning. SEC proposes new crypto custody rules for investment advisors and funds.

I don't think people realize that still RAs really haven't had a way to put their customers into these assets. and safely custody it. And now, you know, Hester Persis, I think, leaving today. But this is still, you know, pushing forward. And if we get this in the next couple of months, the absolute flood of money they could come in should not be understated. I mean, this goes even as far as to say that some of these RIAs and investment advisors would be able to custody certain assets themselves on behalf of clients

if there's not an available custodium for those. So that even leaves, I think the doors open for the longer tail of crypto. assets that obviously won't be custody that State Street or BNY Mellon for them to offer them. So, I mean, this is just huge news. It'll go completely underreported because it's just, you know, gets lost in the thing. But this is the exact thing. Everybody's going to be able to custody these assets on behalf of everyone else. That's amazing.

And I think this is exactly the guidance that the industry is looking for, understanding one category at a time, what basically are the safe harbors, the rules and guidelines. This is what the industry wants, and this is what SEC and CFTC has been doing recently. Yeah. I want to talk about sort of the convergence of AI and crypto. So obviously there's the beneficial side, which is that most likely once AI agents are, you know, proliferate into the wild, they're going to be transacting using crypto. The other side, obviously, is that we've seen a lot of hacks, right, in crypto.

So I guess on the first side, where do you see the convergence and do you think that that's real and the narrative that AI agents are going to be using Ave, right, on your behalf, for example, with Stablecoins as we discussed. And then I guess we can talk about the hack side and how to prevent that. Yeah, I think that on the Stablecoin side, you know, AVE launched recently the agentic AVE, meaning that we have an MCP server that you can use and transact with the AVE protocol. So I do think that the agentic world will be the biggest commerce in the future. That is a extremely big opportunity for not just for AI, but actually for defy, stable coins and whole on-chain finance.

I think that's sort of an economy that can grow beyond the customer base that we have today in the internet. because we can have a lot of agents beyond the headcount of how many people are using in internet commerce as of today. And when it comes to actually the security side of on-chain finance, I think actually AI is the biggest blessing for the industry because the tooling that is available today to secure the protocols is quite significantly improved and really good. I actually believe that in the future, and this is very close by, where most of the smart contract code will be written by AI, reviewed by AI, and it's going to be working and flawless compared to any sort of a way we've built smart contracts in the past.

And at AVE, for example, we use a lot of AI to scanning all our smart contracts, part of the development process, so it's still very human-involved, human-led. but I believe that the tooling is getting to a point where it's producing a very secure infrastructure. And this is really good news because it means that now first time ever we will be able to build defy and smart project infrastructure at a scale that is completely unprecedented. Yeah, I think what concerns me is what we've seen with sort of the forgotten protocols and forgotten projects that are sitting there with, you know, like a few million dollars in TVL and maybe someone's still holding those tokens and AI identifies that there's nobody working here

anymore. Yeah. There's no security and we can just go hack this thing for $8 million or whatever it is and move on, right? And so, like, I think the bigger protocols that are actively working on security and are incentivized to do so will probably use AI to combat this, the others are just sitting there and it seems like they're just honeypots for somebody to go steal. Yeah, I think the reason is that interesting.

traditional worlds, if a team sunsets their project, typically you're not paying anymore for the server bill. So that website application goes down. In a decentralized world, you know, these protocols exist forever, essentially. So I think that's the sort of reality, but also I do think that, you know, what you can use AI on those purposes, you can use for the benefit of the security. So I think that's the sort of world we're going towards where DFI is actually being battle tested by these algorithms. And by producing code that is flawless. And I think that's a pretty amazing world for DFI. Yeah.

I mean, it feels to me like we've had more hacks and exploits in general, but they actually haven't generally been code in smart contracts. They've been novel ways of, you know, social engineering or convincing a human being to do something stupid with their private keys or, Something like that, right? So it's actually not that crypto is being hacked. It's just that people are finding ways like you would with someone's bank account to get into these things. Exactly, exactly. And I think that's where the industry is also moving towards. You already see a lot of teams obtaining social licenses that improves their security readiness, having disaster recovery plans, and just strong security aspect. And I think that's where the industry should move towards because not all the security needs, should be only on focusing on the smart contract side, but actually the operational security as well. So, yeah, I think this is going to be a very interesting chapter for the, for D.EFI. So now we got a couple of minutes left, maybe now that we see all of this actually happening now in real time,

give me your, I don't know, choose a time horizon, five year, 10 year, 15 year, for what AVE could potentially be in the perfect scenario where everything becomes tokenized and everybody has a wallet and that's how they basically handle their finances. Yeah, I think that's the first thing that will happen is that tokenized assets will overgrow the DFI TVL that is going to happen. And obviously that TVL will translate into DFI because DFI, especially lending and borrowing protocols like Avey make these assets. productive. Now, that is something very interesting. And I think that we're going to, for the next

five to ten years, we're going to see a transition where securities are moving on chain, and the sort of blockchain infrastructure becomes a default infrastructure for finance. Then for the next, let's say, three to five decades up to 2050, I think what will happen is that we're going to move towards a world of abundance. And we're seeing this already with AI where anyone has access to intelligence. We already have access to information through internet. We're going to have access to intelligence, access to labor with robotics, access to moving different locations with autonomous vehicles, and access to free energy, almost free energy with solar and batteries. But all these sort of like assets, which I call abundance assets, whether it's like solar battery systems, robotics, GPUs are abundance assets that require a lot of CAPEX.

So it needs to be financed. So obvious point of view, we want to be able to finance the transition into the world of abundance. And maybe by financing these assets, we're able to accelerate the transition by a decade faster. That is sort of our vision. Absolutely incredible. I know we ran up against time. Stani. Thank you so much for joining and for taking the time, especially, you know, for the 9 AM live show.

I really appreciate it. Where can everybody, by the way, go check out you and AVE? AVE. AVE.com is the easiest way or AVE on X. Does AVE in fact mean ghost and Finnish? I saw that in the comments. Yes, definitely. That's where the note came from?

I learned something from my audience every once a while. while. Everybody, thank you so much, Stadi. Hopefully we'll see you back very, very soon, and, you know, have safe travels. I know the entire industry is going to be in Asia for the next few weeks. Thank you so much. Thanks, Carter. It was a pleasure. Yeah. Awesome, man.

How can you not be bullish on crypto when you listen to a conversation like that? I remind you all, after I listen to him speaking about abundance, to just revisit any conversation anybody's ever had with Jeff Booth and reread The Price of Tomorrow, which is one of my favorite books.

obviously of all time. So there was one other story that I just wanted to highlight that I thought was funny because in the context of talking about the Clarity Act and such, another Trump meme coin dinnered advertised for tokens top investors. The company managing the meme coin calls November event, most exclusive dinner in the world. You know what would not have happened if the Democrats had voted for the Clarity Act? That guy, Dancin, dancing,

coming down the aisle. I think the best part about this, though, if you read into the details of the meme coin dinner that's going to happen here, is that there were people who attended the other meme coin dinners and took issue with the fact that they did not get enough private access to the president, which, by the way, like, by a meme coin, get to private access to the president. We can talk about that separately. But what's amazing is that they responded by saying at this dinner, nobody gets private access to the president. Enjoy your dinner. Enjoy dinner. All right. Now, before we move on to the weekly reckoning, I'm going to tell you, as I do every single Friday, about our good friends at People's Reserve. Now, you know, I've told you all about obviously their products, Bitcoin bonds, false, property claims, self-repaying mortgages, Bitcoin mortgages, refinance, line of credit, something I'm using, right? I am participating in People's Reserve here. But I want to highlight once again this week here, where is it, the Bitcoin bonds. Earn with people's reveres, the best of both worlds. A hundred percent downside protection because the bulk of this is in U.S. Treasuries. With full Bitcoin upside, finally, you can buy a bond, which has full downside protection because it is in risk-free treasuries, but you still get the upside of it participating with Bitcoin on the other side.

So it's bond-like safety with equity-like returns. you've probably seen the calculator, but let's do it because it's so much fun. Let's do it. Bond calculator. By $100,000 bond at a $5.09% interest rate for five years, that $100,000 becomes $180,000,148 if Bitcoin rises 35% a year. Let's put that down to 20%. Just be more realistic.

It's still $147,000. The real kicker, by the way, this is with a loyalty tier of holding the PRN token. The real kicker, if you hit that to 10 years, you triple your money. triple it. So at five years you go from 100 to 147, if you add another five years, you go from 100 to 300. Very favorable math and shows you the absolute power of compounding. Highly recommend that you go check out the full breakdown here

on the People's Reserve site. Play with the calculator because it's a lot of fun. And I guarantee you are going to absolutely love it. All right. Now, you know, I missed it last Friday. I did. I missed it last for, wow, there's just a blank screen there. I'm doing great. Missed it last Friday because I was traveling and we had the amazing interview with myself and Joseph Shalom from Sharp Link. But we are back. You know that every single Friday, in theory, I am supposed to maybe do the weekly reckoning, which is where we review the biggest stories of the week. And we will do that again right now. Let's go.

Here it is the weekly reckoning live every single Friday, where we cook through all of the news of the week. And the first big story of the week, because it's the first big story of every week, is whatever this Chad Michael Saylor decides to do. And this week, strategy has acquired 1,665 Bitcoin and repurchase 152 million of STRC. and that left them with 847,666 Bitcoin and 6.02 billion of U.S.D. assets, of course, that is in two pools.

I am old enough to remember when Bitcoin was trading around 60,000, and morons told you that Sailor was insolvent, that he was going to go bankrupt, that he was going to have to sell all of his Bitcoin. And I was accused of being a micro-strategy shill or people that I was getting paid just for pointing out the mathematical fact that that was impossible because he has 847. thousand Bitcoin. Of course, he did sell some at the bottom to inoculate the market. He raised cash massively to make sure that people knew that the STRC and other preferred dividends would be covered into the future and a smaller cash pile that they can use flexibly for all this. Now, they did sell a bunch of MSTR to fund this Bitcoin purchase, which means that the old machine is back. Baby, last time I checked STRC was only trading 50 cents below par. I am not

one for giving financial advice, but I was screaming from the top of the mountain top, that it was absolutely irrational that STRC was trading at 80 and 75 and 74, and that you should buy it. If you did that, you are now earning over 12% on your money with it trading right at par. And you also got the profit from the 70s up to $100. Congratulations. You are rich. The next story here is completely missing. I can't see it. Crypto exchange, Bitget, pauses, withdrawals after 350 million stolen in hack. Not important to get into the details of exactly how this happened. Just a reminder that crypto can be risky.

Now, customers are not losing any of their funds. This was covered by the insurance fund, which is great. That insurance fund will be replenished, but we have at least one of these major stories every year where a significant amount of money, in this case, $350 million, is hacked from a crypto exchange. The next story of the week, Trump very seriously, considering diesel export ban as global supply crunch worsens. I know they're having emergency meetings as we speak in Europe right now about the insane prices of diesel. This in and of itself is maybe not the whole story. The bigger story is how much this impacts inflation expectations.

It makes it very, very hard for the United States government to manipulate the market to keep interest rates down because inflation is absolutely out of control. certain corners of the market. Goldman Sachs brings 100 billion treasury fund into crypto's, institutional plumbing. The bank is bringing its roughly $100 billion treasury fund to institutional crypto firms without creating a tokenized version of it. It's interesting because this is not like BlackRock's B-UIDL or like Franklin Templeton's Benji token, which is actually tokenized. What this is is a $100 billion treasury fund that already exists that will allow crypto companies to participate effectively. What they'll do is take their cash that's sitting there between things, sweep it into this fund, earn a yield, and then they can take it in and out as they see fit.

So we have a lot of examples of tradfai and crypto meeting. This is one where crypto goes right into the tradfai rails rather than them being tokenized. Tether is a lifeline for Iranian regime. Senate Dems say in New Report because Senate Dems hate us. Democrats on the Senate's permanent subcommittee on intelligence, which shouldn't be a thing, published a report alleging that U.S.C. has become a key tool for the Iranian government. Paul Atkins and, I mean, excuse me, Scott Bessent over there sitting there shaking his head saying, dude, we've literally frozen like $5 or $600 million in tether from the Iranian regime. So yeah, no shit Sherlock.

Everybody knows that governments, even some that we don't like, use crypto to evade sanctions. but you have to then be intellectually honest and say that has also made it exceptionally easy to freeze the money that they're using to evade sanctions, which is exactly what has happened here. They left that part out. Open AI seeks 30 billion in funding at whopping $1.4 trillion valuation after delaying IPO. The chat GPT maker is pursuing fresh funding after delaying its public listing while expanding its AI tools despite mounting safety concerns. In the same week, we had Anthropic effectively file their prospectus for their IPO, which had some very curious notes in it, like AI is going to kill us all, but you should still participate in our ICO. OpenAI announced dots, which is a crock-bought competitor right after meta or Facebook or whatever we're calling them these days, release their muse.

But very, very clear that there's going to be some massive IPOs coming in AI, and they are going to suck massive liquidity. out of the market. It's going to be interesting to see what happens, but these valuations are just monstrous. 1.4 trillion for OpenAI, 2 trillion for Anthropic. Robin Hood adds AI agents, perps and weekend trading

and push to win active traders. The brokerage is expanding its trading hours and adding leverage crypto products and automated trading tools to attract more active users. This is at the Hood Summit, which sounds like a really fun rap concert. I would go to the Hood Summit.

Probably did go to the Hood Summit in my younger years. But they made a whole bunch of announcements, and this goes back to the conversation I just have with Stani, where basically everything is coming 24-7, 365. Crypto has forced the hand of all markets, but they are now adding up to 10x perps on Robin Hood for crypto. Oseo orders, which blew my mind that they don't have them, trailing stop, stop losses, take profits. How have people been trading on Robin Hood without those all this time?

I did not know. They're adding that weekend trading, so obviously putting pressure on other markets to go 24-7, 365. and of course a whole ton of agentic tools to allow AI agents to do research and trade on your behalf. My agent is going to crush your agent. Next, Citigroup raises 12-month Bitcoin target to $113,000 as ETF inflows resume. As Matt Siegel said on this show yesterday, What is this a target for ants? He said it not in a weird off color Italian.

I don't even know what voice that was. But yeah, so listen, $113,000. I wouldn't be surprised if we were there in two weeks, two months, two years. Who knows? But $113,000, that is not even a new all-time high in 12 months. I would bet that we'd go much higher than this. But they pointed at macro tailwinds, which is interesting because Bitcoin just had its best quarter in years when actually the macro was terrible, right? We saw interest rates steadily rising above 5%.

We saw one of the worst quarters in history for bonds since 1994. And still, Bitcoin, which is supposed to go, last I checked, down when there's pressure in the bond market, went up over 40% in the quarter. And now we have the job numbers, like I told you before, that are cooked, completely fixed, that will make it easier for the Fed to cut and make the situation easier for Bitcoin. So yes, Citigroup pointing at these massive EZF inflows and, of course, backward tailwinds. And finally, Treasury yields fall for multi-year highs. this is happening right now in real time. They went up to like 5.4. They're back down to 5.2.

They're still really high. They're still really high. Obviously, this all happened on the job report. We'll be back on Monday to tell you what strategy does and talk about it ad nauseum as if it matters massively. And of course, I will be back on The Daily Wolf at noon Eastern Standard Time today on Yahoo Finance, which is a show that you should be watching.

It's kind of like what I just did, but every day. And yeah, that's all we got. I will see you all for The Daily Wolf. And then, of course, back for another installment of Macro Monday. Let's go.