The Wolf Of All Streets - Bitcoin Bull Run On Steroids - Here Is Why BTC Is Poised To Erupt

Episode Date: May 15, 2025

Bitcoin is capped at 21 million – but governments are just getting started printing money to refinance massive COVID-era debts. My guest today, Bill Barhydt, CEO of Abra, believes this could fuel a massive Bitcoin bull run. He joins me and Edan Yago, core contributor to Bitcoin OS, to break it all down. Join us live at 9 AM EST! Edan Yago: https://x.com/EdanYago Bill Barhydt: https://x.com/billbarX ►► JOIN THE FREE WOLF DEN NEWSLETTER, DELIVERED EVERY WEEKDAY! 👉https://thewolfden.substack.com/ ►► Arch Public Unleash algorithmic trading. Discover how algorithms used by hedge-funds are now accessible to traders looking for unparalleled insights and opportunities! 👉https://archpublic.com/ ►►TRADING ALPHA READY TO TRADE LIKE THE PROS? THE BEST TRADERS IN CRYPTO ARE RELYING ON THESE INDICATORS TO MAKE TRADES. Use code '10OFF' for a 10% discount. 👉https://tradingalpha.io/?via=scottmelker Follow Scott Melker: Twitter: https://x.com/scottmelker Web: https://www.thewolfofallstreets.io/ Spotify: https://spoti.fi/30N5FDe Apple podcast: https://apple.co/3FASB2c #Bitcoin #Crypto #Investments The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. This video was created for entertainment. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this video constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to "Buy," "Sell," or "Hold" an investment.

There's a very specific reason why this Bitcoin bull run is likely to be much bigger than those in the past, as we said here, Bitcoin bull run on steroids. This is based on a tweet from my good friend, Bill Barheit, who is here today to share his thoughts. Of course, we've also got Yago, because it's Thursday. We're going to talk about everything Bitcoin and markets. Let's go. What is up everybody? I'm Scott Melker, also known as The Wolf of of all streets. Before we get started, please subscribe to the channel and hit that like button. We love a little hyperbole and our titles Bitcoin bull run on steroids. Here's why Bitcoin is poised to erupt BTC. You see if we said Bitcoin wants a BTC

once maybe it will help the algorithm. But this is based Bill on a conversation we've had many times but you had this awesome tweet right here. We're in for a Bitcoin bull run at a scale we've never seen. There's a simple yet game-changing truth about Bitcoin that many ignore. You made a video. Maybe you can just simply break this down for us, the thesis here. Sure. So my thesis is based upon the confluence of a whole bunch of things.

But the most important piece of this confluence of a whole bunch of things, but the most important piece of this confluence is basically government liquidity. My working assumption has been for 18 months, and I'm not the only one that talks about this, there are people that get paid to talk about this, I don't, that we're in basically a massive government printing liquidity cycle. I saw a fantastic chart yesterday from Jamie, forget his last name, I think it's Kautz or Koutz, I don't know how you say it.

He basically talked about these, what he calls liquidity super regimes, right? And they're basically basing patterns that play out over multiple years. It just so happens that they also coincide. They have coincided in the past, more or less, with the halving cycle. This year, or this cycle, it seems to be a little bit later. So in other words, we're coming out of a pennant basing pattern

to the upside on government liquidity, maybe six, seven months later than in the last two halving cycles. But it points to a significant amount of money printing coming this year, combined with the last year's halving cycle, combined with tailwinds now, headwinds that have turned into tailwinds, right? With the government and Trump and all the talk of, I love crypto and regulatory clarity.

But the bottom line is that we are seeing significant money printing this year. We've got seven and a half trillionish in debt that needs to be refinanced, that will be refinanced at higher rates. Yes, Doge is doing a good job in getting baseline down, but that is being massively offset by interest payments and the debt burden that we already have.

So I expect to see crypto act like a sponge by interest payments and the debt burden that we already have. So I expect to see crypto act like a sponge for that liquidity. I wouldn't be surprised to see a... There's a few people that think that Bitcoin dominance has topped. I'm unsure it's possible, but I still expect to see the real alt run in the second half of this year. Really hasn't started yet, although it's been really nice to see the real alt run in the second half of this year. Really hasn't started yet, although it's been really nice to see the dominance kind of peter out

the last week or so. But there's no evidence that it's permanently gone. It's clearly, the trend is still there. It hasn't really broken trend yet. But I think sub 50, you could really say that it's it's maybe well, I can't read the chart, but probably sub 55. You could probably say you're right right there. Yeah, it's currently at 62.85. It went as low as 6189. And it had topped at about 65.4. So yeah, I think this was a nice little run. But yes, I don't think you

can say the top is in we know how this this goes. You get your altcoin action and then Bitcoin comes back and goes up and everything suffers. Then you have that brief moment where you have your altcoin action. The bottom line is the liquidity supercycle is just about to start. I think it's starting a little bit later than it did in the last 10 years via the previous two halvings, I think that was partially a coincidence. It just so happens that these interest rate cycles have overlapped and, um, you know, it just sets us up for, uh, a dramatic, a dramatic run. I think miners are still selling, um, which is putting some price pressure on, on Bitcoin still. Um, and I think there's this, this wind unwind game going on with a

little bit of leverage which is why everybody's saying well if all these new companies are buying Bitcoin and blah blah blah well first of all the market cap of Bitcoin is over a trillion dollars right and and so you know the ability for any one company to move the price is a little muted you know at scale especially when miners still have to sell to some degree. So the amount of new hash power That's come in at a very very high price Is is significant and and there's gonna be a push and pull as a result for a while, but I think the push is going to win

Yeah, I liked it because this is just a simple listen like they're gonna print money Global M2 is rising Bitcoin lacks global lags global M2, all the money is going to come in. And it actually is enough to probably send Bitcoin flying without all the other fundamental tailwinds that we talk about here all the time, which is those institutions buying and likely government adoption, all those things. That's why to me, I agree with you that this is kind of on steroids because they're not the buyer, former drivers. Yeah. Yeah. So, Yago, your thoughts? I agree with you that this is kind of on steroids because you're not a buyer. Yeah. So, Yago, your thoughts?

I mean, I think this has always been the thesis, right? Fiat is dissolving and Bitcoin is a hard commodity money, which is borderless. And therefore the entire world can adopt it. And so I think Phil and I have been writing the same story now for, I don't know, 14 years, something like that. But Bill, I do have a question. So in your tweet, you say this is going to be a run like we've never seen. What's your take on the idea that we're seeing diminishing returns from cycle to cycle. Yeah, so two things. First, when I say the likes we've never seen, it's from the

base of a trillion dollar asset class, right? So we've never seen a trillion dollar asset class go up two and a half X or, you know, effectively double in a few weeks, which I think has a very good chance of happening here. So that's the obviously Bitcoin going from 100 to 500 is a much bigger percentage gain, but at that time it's worth like one one thousandth of what it's worth now. So that's super unique here. And I think what's also happening is as Bitcoin has gone up, the market cap has gone up, the ability for overlevered perpetual futures contracts to create 70% volatility has been squeezing.

Right? So the first couple of cycles, the volatility was 85%. My guess is this cycle, it'll peak at 40-ish percent, or maybe already did with the last pullback, which I think may have been 35% to 38%, and could easily diminish over time. And bigger pullbacks would be more macro black swan driven, like a depression kind of thing, which would affect the broader stock market and other risk on assets. But if it actually plays itself out the way we would believe over time, even then, gold

would have a run-up during a depression. So I really do believe that the broad-based adoption is squeezing the volatility of Bitcoin from cycle to cycle. And that has played itself out quite nicely over the last six, seven years. Yeah, and I think we're also seeing more sophisticated players able to participate, which means far more hedged positions, which means that we're seeing dampening

of the volatility on both. We didn't even have the options that they could use to hedge before on a lot of these products. So even the existence of the volatility on both. We didn't even have the options that they could use to hedge before on a lot of these products. So even the existence of the products to allow that to happen should dampen some of the volatility. Yeah. But even if you didn't have the options, just think it through, right? So if you have an asset that goes from a billion dollars to a trillion dollars, and you have

DGENs that have a smaller and smaller piece of it because of all the number of long-term holders, right? Their ability to move the market on a percentage basis gets diminished over time. And then on top of that, you add the options that you're talking about and you basically squeeze volatility. Yeah, I think that's awesome. Go ahead, Jato. So, you know, I mean, if you were seeing the doubling that you're talking about in the

space of a couple of weeks, I think we would be back to sort of 80% vol. Yeah, I don't think it'd be a couple of weeks to be clear. I didn't say that. Yeah. I think it could be, you know, multiple weeks is in months, but, you know, it's going to come faster than stock traders would expect. I mean, for 150 or 200 by October or November, and then Bitcoin dominance tops again, and alt go crazy for two months,

that would be pretty in line with previous cycles. For example, 100%. That doesn't mean that's the top top. I'm just saying like that action shouldn't surprise anyone who's been here for 100. Yeah, just give it the opportunity. I'm curious. I want to grab as much alpha from Bill as I can. When you are looking at your liquidity measure or your MT measure, what measures are you looking at? Yeah, by definition, it's predominantly US and Chinese contributions to GDP, but obviously Japan and Europe have higher weightings than the rest of the world, but it's predominantly just money supply for US and China.

If you just track those two and forget about everything else, you've got 80% of the picture, 85% of the picture. Everything else is either detail or noise. The thing that's probably most unique about this cycle so far is the fact that the Fed has been holding rates steady while other countries have been lowering and our treasury rates have been going up. This is a function of the fact that regardless of Trump's efforts,

which I think are bearing fruits, a lot of countries just don't wanna hold our debt right now. And predominantly that means China and Japan who are net sellers and have been net sellers for some time in a market where, you know, that we have to refinance more debt than we've cumulatively printed before that. So you know,

the old joke in the day at 4.55%, right? We shouldn't be in a situation where you have dollar up yield up risk up Bitcoin up crypto up everything literally up except for gold, but gold now looks like it's bottoming. So maybe that's giving us a hint that we're about to see another kind of wobble here with the market I mean hard to know but Yeah, but even dead at the end of the day is supply and demand, right? So so the supply of debt far outstrips the demand That means that you know, the price of the the asset is falling and rates move opposite of price

So the rates are gonna go up now. I do think that there's deals to be had at a price, so the rates are going to go up. Now, I do think that there's deals to be had. They're not going to start doing press releases at the White House talking about how all these countries are going to buy our debt. That's not very sexy. But I wouldn't be surprised if some of these backroom dealings on tariffs includes commitments to buy treasuries. Yeah. Yeah. 100% of them probably have been selling them since liberation day to defend their own currencies and to fight back against the United States for sure. Interestingly, we talk about sort of the maturing trades and options and the things that have been coming out.

I don't know if you guys saw this story, but investor Jim Channos, famous investor, says he's been long Bitcoin and short micro strategy for the last couple of years. Wouldn't he be basically homeless at this point? I'm just kidding because obviously it depends on size. But how do you go on TV and say that you've been doing this for years and pretend like that's going well? Yeah, I don't get it. I looked at that and I just said, okay, um, this is a, uh, you know,

black swan type of investment maybe. But even then I would expect in a black swan they would both fall precipitously. I just there's something that I'm missing about the math of what he's saying. Okay, so the principle is, is there's a premium on micro strategy. Let's explain what he's saying first, right? There's a premium on micro strategy. We all get that. His premise is that that premium will close similar to the way it's not exactly the same.

But when we had the gray scale ARB trade going on, there was a premium to NAV and traders were effectively taking advantage of that to squeeze the premium out as an ARB profit. It wasn't really an ARB as we saw with BlockFi and others, but the trade was there for a while. He's basically making the same claim as it relates to He's basically making the same claim as it relates to publicly traded assets, Bitcoin and MicroStrategy stock. The problem is that MicroStrategy has created a perpetual motion machine that keeps squeezing that R about to buy more shares and keep going over and over again, and he has no intention of stopping.

I guess the biggest risk to or the biggest opportunity for him would be, unfortunately, if something would happen to Michael Saylor and they stopped doing it, I could see the premium closing quickly. Well, I think there's another risk to the premium, and that is that once you invent free money machine, everyone wants one. So now we've got Tether and Softbank launching one,

and we've got the Nakamoto one launching. And so that drives more competition on that premium, right? So if you're competing with other firms which have effectively the same strategy, then they're going to be looking to compete away your premium. How quickly that happens, I can't say. Okay, so there are myriad ways that he's able to finance these purchases, but the key method,

to my understanding, has been fixed income markets. So as rates have been going up, fixed income has basically been sitting on the sidelines trying to figure out where to put their money, and all of a sudden his convertible bonds look like a really good deal, which is what they've been doing. They've been financing his effectively convertible notes using fixed income markets. If the Fed can get treasury rates to fall somehow and those markets all of a sudden become more interesting and there's a flood of money back, his sources of investment dollars could dry up, but it's such a, I mean, it's an order of magnitude better deal

for those fixed income capital markets right now than traditional bonds. So, I mean, I don't have any visibility into that changing. It's everything changes. I guess people are less worried about micro strategy to Yago's point, and I've been saying this every day, then if we just see 20 or 30 companies appear whose sole strategy is to raise debt to buy Bitcoin, right? It's like, and sell their shares to buy Bitcoin.

Maybe we just need one or two. Yeah. Yeah. Everyone can employ, doesn't that drive that demand? Yeah. Yeah. I don't actually think it drives up the demand. I think it completes away the margins on the demand.

So you could have massive demand. The demand could even continue to grow. But the ability, this works best when you're a monopoly player, right? Yeah. Like a lot of things. Of course. Of course.

And so, yeah. But the thing I don't get, and maybe we're all kind of like equally confused, but the thing I don't get is if the premium is shrinking and Bitcoin is skyrocketing, micro strategy shares can still be going up. So- He's long Bitcoin. He's long Bitcoin. No, I get that.

I get that. Yeah. But- Right. So I guess waiting also matters, Bill, because if listen, if he's 4x long Bitcoin to his micro strategy short position, he could be making money and it could be a small hedge. But it's basically like, depending on the waiting, it's a zero upside bet anyways, or massive upside.

It's not a, it's, it's not a bet that, you know, I, I, again, I, I get the gray scale version of that because of the difficulty and I get the gray scale version of that. Because of the difficulty and liquidity issues around gray scale, you don't have those liquidity issues with either of these two assets. So I don't know, I Yeah, I'm it's not it's not a bet I would I would personally want to want to make. So if there was a big options premium, maybe that's how I would squeeze it. But yeah, yeah, it's not it's not the same as the carry trade. Like it's not as straightforward as buy a future in contego buy, you know, sell a future into contego buy spot and collect yield because

it's just far less predictable. And y'all go to your point, like the two of them could just move together. Right? You know, Bitcoin going up should make micro strategy go up in theory. Yeah. It's maybe up less as you're saying, Bill. I want to talk to you guys about something else though. So obviously this came out this morning. Coinbase says, bribe workers leaked data

to hackers seeking 20 million in ransom. Kind of a wild story here. Brian Armstrong literally made one of those awkward from below selfie videos just to explain it. Basically, from what I understand is that some cyber criminals recruited some of Coinbase's customer service agents overseas, basically said, hey, you're making 20 bucks an hour,

how about I bribe you for some customer data? We see this, this is how SIM swaps happen, by the way. This is not unique to Coinbase, this is going to always happen in any company where there's an employee who can take a huge payday to leak information. It happens in every phone company, every bank, everywhere. And then came to Coinbase for a $20 million ransom said, we'll give you back the information

if you give us 20 million in Bitcoin. Brian Armstrong pulled a full Mel Gibson in the movie Ransom and said, I'm just going to actually offer that money to catch your ass instead of to... But interestingly saying they're going to reimburse impacted customers. I don't know if you guys have seen the reports, but not unique to Coinbase, but Coinbase customers have lost 40 or $60 million a month right now in these phishing scams. I get them on my phone 10 a day. Gemini, you know, like Gemini, Coinbase exchanges.

I don't even have accounts at sometimes I get a text that's like, you know, reset your 2FA, whatever. That's clearly coming from things like this, right? Where your data is leaked, they don't have your keys, they don't have your account information, but they have, if they have your address, your phone number, your name, they can socially engineer something

that gets you to click a phishing link. I mean, Bill, you're a fiduciary, you have an obligation to customers of Abra. You have to be dealing with things like this. Yeah. Yeah. I'm impressed with the approach, but I think it's also a reminder that this can't be stopped. Yeah.

Look, I have my own big personal issues with Coinbase and how they run the business. And as a crypto company, they're doing a lot of anti crypto things. This is not one of them. This is a function of the BSA and Bank Secrecy Act and the money transmission laws, which are effectively also more or less a function of the Bank Secrecy Act. And as long as we have artificial KYC requirements that make no sense, we will continue to have security breaches like this.

And that is independent of whether it's a crypto company, a bank, or I think Coinbase is obviously a well-funded company with an enormous balance sheet, and therefore they're a nice target. That's why this is happening to them. But it has nothing to do with, you know, I have a lot of issues we can dig into with why I take coverage with how Coinbase is being run right now. And this isn't one of those issues. I think, you know, you put yourself in a no win situation as a CEO, and he chose to fight back, which I'm okay with.

Yeah, yeah. What do you think? Well, I look, I mean, practically speaking, I don't think there's very much you can do about this. There's always, if you are holding customer information, which is the problem of any centralized, any regulated entity, that customer information is a honeypot and at some point is going to leak. And it doesn't matter if that's done through a hack or through people working offshore or because you've got an AI that's managing it, someone's going to manipulate the system. With regards to Coinbase, they made an extremely interesting acquisition recently, which is

Purchase of Derby. And what they are doing, right, they've got the largest custody play by far in the US. They now have the options play, they have the futures play, they have the smart market play. What they are doing, I think, has been, from a business perspective, extremely, they are cornering key aspects of the market with the goal to pull in primarily institutional players and keep them there. And so we have two players in the space, Binance and Coinbase, who each in their own way are working to build sort of monopoly type leverage in the exchange and custody space, leveraging the exchange to achieve that. And so more and more we're seeing a duopoly emerge. And so, you know, regardless of their behavior, that is unfortunately a big risk of the regulated,

you know, custodial model that we have attached to crypto. you know, custodial model that we have attached to crypto. But even so, like, you know, we can all say self custody solves this or whatever, but almost everybody, especially for the US, at some point you're gonna touch a regulated, centralized exchange, get your money out. Even if you're not using it, you probably said. Yeah, bank CEO just isn't gonna go on Twitter

and make a post about his response to some ransom demand. That's the difference, right? So I'm okay with that. But you know, it's this isn't a function of this is a crypto company. This is a function of the fact that, you know, they have like every other financial institution if I, they have to collect this information, which is ridiculous. It's been ridiculous since the, you know, since the 90s.

Yeah, it the 90s. So true. Like why, I mean, this decentralization does solve this. Right. Yeah. No, this is one of those key things that decentralization was designed to solve. And that's what you're building. I mean, Yago, in theory, right? What you're building with Bitcoin OS, obviously,

the ability to, we've talked about ZK at ExtremeLanx last week, so we don't need to dive so deeply, but the ability to prove things that are proven by KYC and AML without giving all of that data, but to still offer that simple proof solves literally all of this. Yeah. So, you know, my career has been about trying to build tools which people can use to use systems where they maintain

software, building what we call decentralized systems. And one of the tools that we're building now allows people to go to Coinbase, extract first of the information that they've provided to Coinbase, and then use that without revealing anything else to a decentralized exchange or a decentralized lending protocol. And the primary question here is, yes, we have the technologies now and they keep getting better and better, but give people sovereignty over their data, their assets, their digital lives. The key question is always going to be to what degree is the individual going to choose

convenience over self-sovereignty. And that convenience can also be sort of like the sense that I'm not responsible for my money if it gets lost or if my data gets lost, then, you know, Brown Armstrong is at fault, not me. And some people take comfort in that. Yeah, it's a huge problem. is their fault, not me. And some people take comfort in that thought. Yeah, it's a huge problem, but Bill, I mean, you have, your customers have to do this, right? I mean, everybody does, there's no exceptions.

I mean, if you're, you know, either a money transmitter, wealth advisor like we are, bank, trust, makes no difference. You know, they've tried when it comes to software companies, which was part of the issue with the guys that were doing the mixing stuff, to even get wallets to comply with BSA, which is, to Iago's point, is ridiculous.

Samurai wallet case is still up. I mean, it's still in stock. Yeah, that's the point. And so look, there's a rumor that the Trump administration is going after Dodd-Frank. And then and then maybe they'll open up the can of worms of the BSA after that. That would be amazing. It's just seems like a big, big battle where you may have opposition on both sides of the political spectrum.

Okay, another topic as we go. Bill, I don't know if you have a hard stop at 930. Can you push for another 10 minutes or something? I can give you a couple more. Yeah, maybe 932 here. Yeah. Okay. Perfect.

Because I want to ask you guys about the eToro. Trading platform eToro surges 29% after upsized US IPO. So this is really interesting to me, really, really interesting, because A, I guess I didn't, as much as I love Yoni, I love E-Toro, I didn't realize how popular E-Toro, I guess, was. But the fact that this started at a $45 stock

and that they were then able to raise at $62, and then it actually went up on the first day of trading and stayed there and closed, I think at 67 a share. This is not something that happens anymore. You know, like usually, first of all, we don't even get IPOs anymore. It's the Lena con and the last administration. But now that we are for one to be this popular to oversubscribe and then to actually go up in the first days of trading is should be a huge, huge green flag

for all these crypto companies, including Galaxy, if you go public any day. This is a big news. There's a big deal that this happened to me. Totally agree. It's a very big deal. Yeah, really happy for them. Yanni's friend, congrats to them.

I think it's less known here in the US, and maybe, I'm not sure about Canada, but historically, as I understand it, they offer CFDs, which Americans can't trade. And those CFDs are basically akin to offering futures in the crypto perpetuals in the crypto markets with significant leverage. That's what contracts for difference enable. And so that type of speculation and gambling can obviously juice revenue and profits very quickly. And so, but that's nothing new, right? To your point, they've been doing this for quite a while and they've been at it for quite a

while and they have this copy trade where you can basically copy other people's trades. And basically like a lot of you can get leverage at the same time doing the same thing, which is a very, very clever model. So clearly it's worked for years. They've never been able to figure out the US because of these limitations on CFDs, but maybe with the coming rules on perpetuals,

they can do something similar here. But yeah, I mean, it's definitely a nice green flag for the crypto markets the are warming up to crypto. Yeah, I'll just say, you know, Yoni has been grinding at this same company for 16 years now. I think maybe more. He's a Bitcoin permable. He's taken eToro money and directed it towards development in Bitcoin in particular and crypto more generally. And he's been an excellent player in the space. One of the great sort of happy ironies of this is eToro tried to go public last cycle when the specs were going. And they missed out.

Basically, after Chamath Palapathia reamed the stack market, they had to drop their spec. And so they represented sort of like the closing of the window of opportunity last cycle. And this cycle, they represent opening the window of opportunity. And so I think they're going to be, the example that is going to drive a huge amount of M&A

and public listings in the crypto space going forward. 100% agree. By the way, Bill, I'm letting you go right now, but there's a question here. Does anyone have thoughts, experience with Coinbase's Bitcoin back loans? I can tell you guys, I have experience with Abra's Bitcoin back loans,

and it's a tremendous, incredible product. So if that is something you're interested in, I have no idea about Coinbase, but I implicitly trust Bill, his team's incredible. They're actually, as you see registered RIA. So if that's something you're considering, not to shill, but your guy is right here. So if that's something you're considering, not to shill, but your guy is right here.

So check him out below. Bill, thank you. I know you got a RIA convention to go to. We do, we're the little one, but a bunch of CEOs I'm meeting with today. So should be fun. The little ones that matter buddy. All right.

All right. Yago, can you stay for a couple of minutes? I can stay for a couple of minutes. Thanks Bill. I'll let Bill go. Awesome. Cause like while we're chilling things, which we literally never do, and you never bother to, I mean, we talk about Bitcoin OS and what it's doing, but

like you guys are really launching this is real. I happened to just bring up your website. You didn't know I was going to do this. So sorry in advance, but you guys have a presale. We never talk about those things here, but like you're literally here every single week with me, I'm passionately supporting you. So maybe you could just give us the quick TLDR on what's happening with Bitcoin OS. Yeah, so what we're gearing up, as we've been launching more and more parts of bus

on mainnet, we need to give people access to tokens. And so we're doing it in two different ways we have sort of like community driven gamified activity which is an airdrop and we have a more straightforward approach which is the this pre sale which will give you access before anyone else to the tokens and we we've seen, I think everyone I've been telling you about how this has been going is sort of their joys drop. We've been seeing so much demand. There's so much enthusiasm.

It's perfect timing. For being an early participant in boss. You're like the eToro of public markets here. I mean, this is finally a good window to do something like this. It's maybe by luck, but it's really impassable. I mean, it's, it's only partly by luck. We this isn't our first

rodeo. And we we've been, you know, trying to make sure that we do this at a time. When, you know, the market is ready and users are ready. But, yeah, so this is ongoing. You can go and participate now. We're giving people who participate earlier, bigger and bigger discounts. The earlier you participate, the bigger the discount that you get.

This will give you access, early access to the Boss platform, the Boss tokens that you can use the platform. And something that we will announce at the end of the month is one other thing that we're going to do, which I think is going to be super exciting and the first time that anyone, any person.

Can't you just announce it today here? I mean, we're all here. I can't because that will- You just just incunned us. The rest of my team will get very angry at me, but I think it's, you know, come to, if you're gonna be at Bitcoin Vegas, come to our booth, get a drink and a special prize.

Oh, every dude, like Vegas, god damn it. I've been trying every excuse to get out of it. I'm non-committal, but it's in like a week. That's my usual thing. It's like maybe in nine days. The arch public guys are doing a bunch of stuff and they're really compelling me to come. Look, I mean, there's a secret to Vegas.

I think that you gotta go. I just gotta like, I can't do Vegas for more than like 36 hours. So I got a time it right Yeah I mean that the the rule is never be sober in Vegas because if you if you ever see Vegas sober, it's terrible Yeah, well, you can also can't sleep in Vegas which is kind of yeah, but you know, whatever I guess it's the right place for something like this. So guys, this is at Bitcoin OS dot build I saw people asking and since we weren't planning it, it's not in the description

We'll go back and add it later. But and when is this open till by the way, like what's the timeline at least until Vegas? Okay, at least until Vegas. I like that. So we got about a week and a half 12 12 more days awesome. Anything else worth adding before I let you jump? I mean, probably a lot, but we're not going to cover it in the next minute, so we'll have to cover it next week. Funny how that works. See you next week. Guys, thank you so much. I'll be back obviously tomorrow for the Friday Five. Thanks, Iago. Really excited for you guys here. I think this can go exceptionally well.

All right. Awesome. Cheers, Scott. Bye, guys. well. All right. Awesome. Cheers. God. Yes.