The Wolf Of All Streets - Bitcoin Demand Skyrockets – Is Now The Perfect Time To Invest?

Episode Date: October 31, 2024

Join me as I sit down with Gary Cardone, an entrepreneur and investor, to dive into the latest crypto trends. As Bitcoin faces massive demand from institutional investors, we explore what this could mean ahead of the upcoming U.S. election. Gary Cardone: https://x.com/garycardone In the second part of the show, Dan from The Chart Guys will share his market analysis and some trades.  The Chart Guys: https://www.youtube.com/@ChartGuys  ►► JOIN THE FREE WOLF DEN NEWSLETTER, DELIVERED EVERY WEEKDAY! 👉https://thewolfden.substack.com/   ►► The Arch Public Unleash algorithmic trading. Discover how algorithms used by hedge-funds are now accessible to traders looking for unparalleled insights and opportunities!  👉https://thearchpublic.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.com/ 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.

Bitcoin demand is absolutely skyrocketing. The ETFs are having record days of inflows. And Michael Saylor just announced that he's going to raise $42 billion to buy Bitcoin over the next three years, splitting that into 21 and 21. Clever, right? 21, you guys get it? Bitcoiners, get it? 21? Anyways, it seems like there's nothing but tailwinds for the industry and for the asset class right now. And we are only five days away from an election that obviously could also sway the direction of the industry for the next few years. Going to talk about it all now. Let's go. What is up, everybody?

I am Scott Melker, also known as the Wolf of All Streets. Before we get started, please subscribe to the channel and hit that like button. Waiting for today's guest to appear, Gary Cardone, to talk about Bitcoin and the endless tailwinds that are coming. Of course, we have chart guys, Dan, finally back with actual working internet after the hurricane to join us and share some of his chart wisdom. I'm going to go ahead and start myself until Gary arrives. First time we get the opportunity quickly to just take a look at the Bitcoin chart. You want to wonder why we're talking about Bitcoin again? Well, you know, we had this series of lower highs and lower lows. Well, we finally broke above 70,000, made a higher high. Market structure has broken. What I find truly astounding about this,

I'll say this, what I find truly astounding about this is the fact that you could have had amnesia, fallen on your head, gone into a coma, ignored the Fed, Evergrande, Chinese stimulus, literally everything we've talked about in macro or outside factors for the past, I don't know, 10 years. And Bitcoin just keeps following its cycle. Literally at the end of October, after the halving, as we talked about this entire time, Bitcoin breaks out, makes a new higher high for the first time. Why do we even waste our time talking about it? The good news is, it's exactly what I thought would happen. And so for once, I get to say that so far, I was right. And everybody wants to hear that. Problem is the market as a whole, beyond Bitcoin, not looking as sexy. Bitcoin dominance, obviously, finally broke above 60%. I mean, we're back to Bitcoin dominance levels of early 2021.

Your altcoins are getting absolutely wrecked right now. Welcome to the cycle. Nothing particularly surprising there. Let's take a look at our title here, Bitcoin Demand Skyrockets. That is not a meme. It is absolutely the truth. Yeah, Bitcoin price is taking a breather, consolidating under an all-time high, of course. But after another record monster day of inflows here, the ETFs took in $893 million yesterday,

and price was down. So we have this insanely increasing demand. I think technically just taking that breather, as it said, below the all-time high, which makes a lot of sense. You want to see consolidation below key levels of resistance rather than just a sheer rejection. It didn't actually get above the all-time high, so consolidating there and ready to push up. But it's very clear right now that we are seeing insane institutional demand and retail demand via these institutions for the asset class. We know what the fourth quarter is supposed to look like. Morgan Stanley coming online, other wire houses likely going to make their move to allow their customers to buy Bitcoin once again. There's literally nothing bad. It makes me actually feel uncomfortable. I'm sure I'll talk about this with Dan later.

But the amount of bullish signals, like I can't find something bearish, usually means that the top is in and I'm wrong. But right now, just rationally, when I look at this fundamentally, everything looking really good. I mean, BlackRock's Bitcoin ETF gets record inflow ahead of US election. I mean, this is crazy. We've seen these massive inflows in March and on the way up to the all-time high through the first months. We're seeing higher inflows right now than we ever saw even then, right? I mean, look at this. This is higher than in March, if you take a look at this chart. And price isn't even up right now. But what you would imagine is that these are people buying the ETFs who are trailing the price action on its way up, right?

You see Bitcoin go from effectively low 60s to 74-ish, 73-ish in a matter of days. That's when retail probably pay attention and starting to buy these, which explains exactly what's happening here. Interestingly, a lot of institutional demand for crypto manifests on OTC exchanges. That means over the counter, for those of you who don't know. And the amount of Bitcoin that's sitting on these now is insanely low. That means basically that institutions have bought up all of the supply that was sitting on OTC desks, which is probably a big reason for this move that we've seen to the upside. They literally

have 3,000 Bitcoin now sitting on OTC desks for sale. If you guys are wondering what that looked like in June, 92,000 Bitcoin were available in June for sale on O on otc deaths i know we have people that come here in the chat troll institutional demand lol it's not here it's all fake guys the metrics support it there's not much bitcoin for sale on otc desks right now all of the data is here it's all very transparent you know because blockchain uh but it's all right there, right for anyone who wants to see it. Now, we have a couple more stories here. Now kind of leaning into once again, the election. We know that five days away, we will either get a Trump or Harris victory, or we will get a hell of a lot of confusion and not have a president for the next six to 12 or 15 years. I literally have no idea what's going to happen in the election. The only thing I can tell

you that I'm anticipating is hopefully resolution so I don't have to hear about the damn election anymore. I'm so over it. I'm sure you guys have election fatigue as much as we have a bear market of summer fatigue. I just hope that we get a clear victor. It's non-contested and we can move on. But regardless of my own political feelings, I think Bitcoin will be fine regardless of who wins. But taking a look at this article, why the crypto industry's IPO dropped manned after the election, pretty obvious, right? So we've got Kamala Harris, who obviously still as vice president has SEC chair, Derrick Gensler in the mix. We know what Derrick Gensler is doing, right? He's been attacking the industry, has continued, has never stopped attacking the industry, is attacking the

industry as much as a week or two ago. So yeah, maybe it will change dramatically under Harris. I can tell you that I am in you know, in touch with a lot of people on that side and the administration on both sides. And there is a friend of mine who actually works at a hedge fund was at a Wall Street lunch with one of Harris's chief of staff and Harris's chief of staff basically said Lena Khan for the FTC is gone no matter what happens. Hinted at Gary Gensler potentially being gone and said that the Harris administration is extremely excited to change the policies of the Biden administration and work with Wall Street and the crypto industry and such, blah, blah, blah, blah, blah. So that rhetoric is happening,

but actually to the CEOs of all these companies. So there is reason to believe that things could get better. That said, Donald Trump is literally like firing off NFTs and shit coins at a tremendous rate on the other side. I think we know exactly what's going to happen if Trump wins, which means that all the things that Americans can't do, they'll be able to do. He's doing them. He's doing them. Gary is here. I'm going to go ahead and bring him on so we can continue this conversation. Gary, can you hear me? He can't hear me. I'm going to leave him there, though, and we're going to look at him. He's handsome. Looks just like his brother. It's crazy. Can you hear me? No, we got nothing. I'm going to leave Gary there, though, and we're going to continue on with the stories so that we can hear when he does arrive, or I can just

remove him and he can give me a thumbs up, but I'm enjoying this part better. But yeah, so back to the topic at hand, we're going to have an industry where the president- I am sorry, my friend. I have no sound. What the heck is going on? I hear Gary. You guys hear Gary?

Unbelievable. Gary can't hear us. Gary can hear me. I'll let him give me a thumbs up backstage and we'll keep on. Guys, live TV. I took two days off. I went to the World Series.

I went the wrong night. The Dodgers won last night instead of the night before. But it was awesome. And I took two days off. And this is the high-quality entertainment that you get when I return jet lag and try to figure it all out. Hopefully, he'll be able to hear us soon. But, yeah, as we're talking about, obviously, what Trump, what the next administration looks like, we know that Dan Gallagher from Robinhood has been floated as potential SEC chairman. I think that obviously would be a

good thing considering Robinhood's huge moves into crypto. But it does look like even if Harris wins, we will be out of the Gary Gensler era sooner than later. And that only can be good for people who want to launch launch absolute scams, fraud, shit coins, rug pulls in mass so that you guys could all make money in the soon to be legal casino of crypto. Do you hear me, Gary? Yes, sir. Yes, sir. Sorry for the technical difficulties. If we weren't having technical difficulties, it wouldn't be Thursday. I was talking about your boy, Trump, five days away here, man. What's going to happen? Is he going to win? Well, none of us will have garbage problems in the future.

If we have an election, we win. It's going to be shocking, I think, if we have an election, we win. It's going to be shocking, I think, if we have an election. You think that we would not have an election now five days in advance? You mean it won't be a fair and uncontested election? If we have a proper election, he will destroy. The stats will be overwhelming. And that's the reason I keep saying we may not have one. If I'm the other side, I just don't want this ballot to happen.

It's just not good news. So it's funny every, every four years, um, we, we worry that we won't even have an election anymore. It tells you exactly what's happening in crypto right now, but let's, let's talk about, I was just talking about the ICOs and the likelihood, obviously, that outside of Bitcoin itself, on the crypto side, things are going to be a lot better under a Trump administration, right? I mean, listen, even if you, okay, take him at his word, the best is that he wants everybody to be able to do everything, deregulate. Oh, yeah, dogs too, that's awesome. And you take it at its worst,

like even in self-interest, the guy's launching these things. You ain't going to make them illegal, right? No, no. Look, the message, I think, behind Trump is that our regulations are going to contract. Like if you're a business person, I'm less interested in taxes than I am in regulation. Handle regulation, and I can probably afford to pay a little bit more tax. But if you regulate the shit out of me, and I don't know what I'm doing, and I'm constantly having to send letters to the SEC, it's impossible to invest in that kind of environment.

So I just think all that's going to stop. And I can't imagine if you're a businessman that you want more regulations. We have 438 regulatory divisions in the United States. It's ridiculous. Yeah. I mean, the smartest innovators in the United States have been pointing to this forever and not even just the SEC, right? I mentioned before that FTC and Lena apparently she'll be out no matter who wins

but you can't do mergers and acquisitions you can't i heard musk telling a story he said listen i went to texas i built the gigafactory which is one of the largest buildings in this country in a year it was like in california i was waiting five or six years just to get approval to do it yeah you know the pentagon was built in like what 14 months, man, when we used to have real men around with muscle and they knew how to use a hammer. Yeah. I mean, you look at China, the things that they throw up in a matter of months and the only thing that stops that here. I mean, listen, I think we all want to make sure that the buildings are safe and to code. But getting regulatory approval to build something shouldn't take you five years. Right. Right. I think China's building two 1,000-megawatt coal-fired power stations a week. Two years to go through the regulatory process to build a building in California.

Yeah. I mean, it is absolutely insane. I want to talk about two specific stories right now. One starts with a B and one starts with an M. Well, one of them is the billions that this guy is going to raise. Is that the B? I mean, listen, we've seen this guy buy a billion at a time, 600 million here, 500 million there, get creative with debt.

And obviously the infinite money glitch that people are viewing as being able to kind of sell micro strategy stock to raise money and take cheap debt and buy Bitcoin. But now, $42 billion split in double 21s, which is a number obviously near and dear to the hearts of those who understand Bitcoin. But this guy is going to basically do a 21 billion equity raise and 21 billion of debt offering over the next three years. $42 billion of buying pressure. Will he pull this off? Nobody else will. He's got such a head start. I mean, he really understood what he, I think he understood the vast majority of what he was doing. One, he was driven to do this. Everyone needs to remember, MicroStrategy had no other options here. Their back was against the wall. They're fighting against five major tech firms that don't

care whether they make money or not. They can just destroy a competitor. They can take all of his employees, starve the market from intellectual capital, have cheap capital to deploy. He's like, shit, man, I'm having to tread, move, run faster, make the same amount of money, and then runs into

Bitcoin. He blew it off in 2013 because he thought it was bullshit. Here he is now and all his shareholders, I just listened to the entire hour and a half yesterday that he did, him and his team did for the meeting. And the shareholders' biggest concern is, hey, are you going to stop? Because if you stop, we don't want you to stop. So I think he's got a really awesome shareholder base. No one else can do this, man.

I mean, even if Microsoft were to pull it off, their shareholder base, there's going to be people that are just like, I don't understand what you're doing. Yeah, he's in a unique, I mean, Saylor's in a unique position of control here where he could do this. Not many companies would be able to pull this off. No. But you know, Scott, that this is going to the board at Microsoft is staggering.

Yeah. That means everyone, totally dude. It reminds me of ETFs two years ago, right? Where everybody was like, okay, now they're really being proposed. They're all over the place. Yeah, they're getting kicked down the road, but the sheer amount and interest in them means they're eventually going to happen, right? And that's what this kind of means to me.

And if, I mean, if MicroStrategy continues to go up, it's going to be almost impossible for companies not to look at this. And they don't need to do what he's doing they can just put a half a percent of their balance sheet into Bitcoin and call it a day right hey that's all you and I ever expected yeah right we were like wow if somebody puts half a percent well I think you're going to see that it's not going to be half a percent it's going to be three six eight uh. Who was I listening to the other day? Donish, who is like to me, one of the scary, you know, be careful, be careful, be careful. He tells everybody to be careful all the time.

And his allocation of Bitcoin is going to 8%. Do you know who orange-pilled him? I'm sure it was you, right? There you go. Yeah. There you go. Yeah, I did. So I used to host, for people who don't know, he's talking about Donish who hosts Mario Nafl's finance spaces at 8 a.m. each day. And I used to co-host that with him. And he was a huge Bitcoin

hater. Yeah. Like Saylor or anyone else before they finally get it. It was when Powell kind of pivoted last December that he started to really get fed up. But I took the RIA approach to him and said, listen, here's what Bitcoin does to your Sharpe ratio if you add it, even if you hate it. And he eventually said, okay, I get the math. I'm going to start buying Bitcoin because it's good for my portfolio and then slowly went down the rabbit hole. I always think that that's the way to orange people at this point. I don't need to convince them that the dollar is going to inflate to zero or that we're going to be living in a dystopian mad backs future to get them to buy Bitcoin anymore. That doesn't work. You say, dude, let's add 1%

and look what happens. Your portfolio is better. Yeah. It's a little bit like saying, hey, look at your wife, man. You need to upgrade your wife. I mean, come on. I've been with her for 32 years. Now you're telling me I've got to upgrade her. I've got 90% of my wealth in US dollars and I'm just going to dump them? I can't confront it. I see the way people approach Grant and they're like, well, you should and you're an idiot. And it's like, yeah, I think he's going to be okay, man. That's not the way to talk to gonna be okay man that's not the way to talk to these people um it's just not the way to talk to him it's hey here's an here's an edge here's a piece of real estate look at it a little differently you like location cool here's bitcoin it's got a location without a location you know it's it's just, we're going to, all the old ways of selling Bitcoin are going to end up in a little book, a book of jokes on how not to open a market up.

That's all gone though. You got Howard Ludnick going, I have several hundred million dollars of Bitcoin. I'm going to have billions. There's 50 of these guys. He's leading Trump's transition team, by the way. Right. And also, I love Lutnick because he finally dispelled all the tether nonsense that we've been hearing for years by saying, listen, I'm cussing it for that McAdams or Fitzgerald. So shut up.

Right. Right. So, yeah, it's people like that that are going to obviously kind of push this, I think, to the to the next level with the narrative, certainly on Wall Street. You were one of the first people that said to me in our first interview every years ago, you said, listen, we need adults in the room. Institutions are going to take over for better or for worse. That's what's coming. You're 100 percent right. Yeah, we're here. I mean, we're we're we're here and I think we're here quicker than I would have thought. The Microsoft conversation shocked me that they would go public,

and I think it was Alfred or some one of these smart guys like, oh, well, somebody took it to the board. Not every idea that goes to the board ends up in a, hey, we're going to actually have a discussion at the board meeting. This is a big freaking deal, man. It's a big deal that they would even make it public. You know, they look at buying companies all the time

or doing something. You don't hear about it. You're hearing that Microsoft is probably going to pass on putting Bitcoin on their... Well, they'll pass, but that doesn't matter. It doesn't matter. It doesn't matter. It does not matter. I'm going to put some on my damn balance sheet today just because of that.

And I'll keep doing it. We need the headline, Paul. Here's another story that's pretty awesome from our beloved state of Florida here. Inspired by Trump, Florida official, I state Bitcoin stockpile for retirees. This is pretty awesome. If you ask me, we've got basically a guy who is in Florida and says, I see what Trump said about making a strategic reserve. I want to do that for my state. This is Petronas.

He said the organization, he suggested the organization that manages the state pensions and serve Florida's retired firefighters, teachers and other public workers should study how crypto investing may fit into one of its funds and offer potential benefits we cannot afford to overlook. So he wrote a letter and wants to add Bitcoin to the Florida balance sheet. We saw Miami actually do this in the last cycle. If everybody remembers, you were even allowed to pay your taxes and take part of your paychecks in Bitcoin. I think it was early for that. But imagine that with the entire state of Florida. I mean, you need one state. Everybody poo-pooed on El Salvador.

Now they're talking about, hey, what if Argentina were to do that? It always starts with the small guy, right? The small guy that needs options, micro strategy, El Salvador. I would bet money, Scott, be interested to see what you think. I would bet money that we have a large sovereign in the next nine months. Admit they've been buying. Yeah. And I mean a large player, like Iraq and Iran, Saudi, Turkey. If a NATO player does it, whoo!

Well, I was trying to find the article. My friend Matthew Siegel from VanEck was on. Love him, by the way. Yeah, he was on somewhere. You know, I've been kind of out of it, but he was on CNBC's Squawk Box. Here it is. And he said that when he was looking at it, I think that it was like three of the five.

I don't want to quote it exactly wrong, but already reminding Bitcoin of BRICS nations. Right. And Russia has made a huge statement. There's news about it today about about bolstering their own Bitcoin mining infrastructure and AI capabilities. But this is happening. They're literally talking about it. I don't think this happens. I don't necessarily believe that a bunch of dictators can get together like for the common good to kill the dollar. But you do have a number of countries that are actively adding it to the balance sheet through mining and who are saying we want this to be our trade denominator instead of the dollar or as another

option. I mean, this is crazy. Well, I think that's the key. You said, this isn't going to happen. I disagree. It will happen. And it'll happen because these nations want an option. That's all this is now. Hey, I want an option to build a trade outside of this draconian sanction program that the United States continues to pull. I do not believe Trump will do this. I think Trump will do sanctions. Hey, you're going to charge me 100% to come into your country? I'm charging you 100%. No problem. But nine months, man, months, we have large sovereigns saying we're buying billions of dollars. I think this is the message. From Saylor, he's trying to he's trying to accelerate the game theory now. Yeah. Excuse me for one second, please.

Now, while you do that, I found the quote here. So BRICS had a conference in Russia. There's six new members. So their GDP is greater than the combined GDP of G7. Of the six new members, three of them, Argentina, UAE, and Ethiopia are mining Bitcoin with government resources. There's urgency outside the US to find a way to circumvent the fiscal policy here in the US. The really interesting part, I think, here about BRICS, whether you believe in it or not, I mean, these are the emerging large economies of the rest of the world. And so these are sort of the countries that are trending up as far as population size and GDP, while we obviously know that a number of countries in the G7 as far as population are decreasing and such. So, I mean, three countries of the six new members are literally mining this. Then you have

Russia doing a deal with BitRiver, which is their largest data center operator. And they've partnered with the Russian Direct Investment Fund to construct mining and artificial intelligence computing facilities across all BRICS nations, not just across Russia. So you're right. Listen, whether it works or not, I don't think it takes over the dollar, but it's happening. And it's going to just be more increasing demand. Yeah, and I think also more increasing optionality for all those nations. The idea that every sovereign won't eventually, probably in the next 12 months, start using all of its cheap or trapped energy. Well, that's coming from a volcano or thermal or nuclear power station that's abandoned, why wouldn't you turn anything that's just stranded and trapped into a US dollar or into a currency? It makes no sense.

So you're going to look at, I think you'll see every country in the world and probably every company begin to take stranded assets and figure out how do they convert those to an asset that's generating something positive. Yeah, I absolutely agree. Unfortunately, man, we only got about 15 minutes in, but I'm going to move to Dan. Guys, it's my fault because last week when we were supposed to do this, I went to Vegas and I have to, it's my fault. Cause last week when we were supposed to do this, I went to Vegas and I had to cancel on you. So yeah, no problem. I was ready for Tuesday, Wednesday, and Thursday. And then I got it now. I'm like, Oh, I didn't know we were on. So apologies for being late. I was taking Halloween. It's trick or treat. We got trick. Thank you, man. Thanks, man. Always a pleasure guys. Follow Gary later. All right. Now we're

going to move on to the chart section just for some clarity, by the way, Argentina. Always a pleasure. Guys, follow Gary. Later. All right. Now we're going to move on to the chart section just for some clarity. By the way, Argentina is not a BRICS nation. So Matthew was wrong about that. They denied BRICS, but you still get the idea. Doesn't matter. Dan, man, where you been? It's been a wild month, a month without Internet, but back in the saddle. I mean, insane. A month without internet in 2024. I mean, when your job is to do live streams and trade and be accountable to a group of traders, seems really bad. Yeah. I've got a great team that stepped up and I was just doing a lot of chainsawing and chopping wood and there's still a lot more to go, a lot of downed trees. But it was a nice break to get revitalized and motivated and back in the markets. Well, I don't know if you've noticed, but over the past three weeks, Bitcoin basically went from

$58,000 to $73,000. I don't know if anybody told you because you were living in the Stone Ages. They might not have been able to find a way, but it's been pretty good. Pretty good. Late October, I should say. Yeah, this is the bear's last stand. I mean, we only have, you know, 72 to 74 little resistance zone that we're knocking on the door of. And, you know, we got the NASDAQ knocking on the door of the all time high as well. But Bitcoin looking great. I mean, you know, that longer term, three month, I call it a bull flag. Some people don't, but there's nothing wrong with that consolidation. And it's just, there's no red flags. And so it's just a question of, on the 12 hour timeframe, can we form a quick higher low and get that all time high out of the

way? Or do we reject more meaningfully? And then you have all the bears will come out and say, this is a double top. And we'll go through that while we get some daily consolidation. That's possible as well. But again, no red flags at this point. And I have to keep in mind that all this is in the face of a very strong dollar as well. And we know generally, we want to see the dollar going down for Bitcoin. And the dollar had a really bullish few weeks here.

So hopefully, if the dollar tops out, maybe that's a little tailwind for Bitcoin to knock through that had a really bullish few weeks here. So hopefully if the dollar tops out, maybe that's a little tailwind for Bitcoin to knock through that all time high as well. Are you paying much attention to the election as far as what you're doing as a trader or investor at this point right now? I mean, I know it's impossible not to pay attention, but like, do you have a Trump win plan and a Harris win plan or anything like that? Because I know that a lot of my hedge fund buddies do, they literally have like different complete strategies for the next weeks and months. Yeah, for me, it was more about the run-up. Again, I was in, you know, Florida cannabis names cause they've got the vote coming. So I was anticipating the end of summer run-up into the vote. And, you know,

one of those names, TCNNF, had a nice 60% run. It's topped out. They're selling, myself included, taking profit into that. But, you know, DJT, I've been trading that volatility, had a nice nailing of the top on Monday. But, you know, just trading the pre-volatility and with where we stand, the post-election play that I would take would be the solar sector if Kamala Harris pulls it off, just because this thing has been dead in the water and it's a potential falling wedge. And the market, as we know, the last five plus weeks has

been pricing in more and more the likelihood of Trump. And so if this underdog were to happen, I would look to go bullish the solar sector after the fact. But otherwise, I don't have a ton of plans. I'm just going to continue taking it one day at a time. And when are altcoins going to not be dead? Here's the dominance chart. Straight to 60%. Yeah. I mean, we need a blow off top at this point. I mean, the way it usually goes is you get that big surge of confidence in Bitcoin. And then, as we know, it bleeds out to everybody else. And we're not seeing it, you know, aside from MSTR, which is the crypto bull, just straight up the last two months in blue sky breakout.

We know bulls love those blue skies. But, you know, you look at the miners, M-A-R-A, CLSK, they're not really doing anything. Even coin, you know, we're not near the recent highs. So there's the crypto stocks aren't seeing the love and the surge of confidence. You know, when people get really confident, just buy everything. And we don't have that right now. And so hoping, give me Bitcoin 80,000 plus, convincing new all-time high, and then let's see that fervor reverberate into all corners of the crypto market. Yeah, I tend to agree. I mean, I think you break 74, make a meaningful move away from it just to make sure that, hey, this isn't like a double top,

kind of as you said, right? And then come back to test it and consolidate for a while. I mean, if that doesn't send altcoins, then the cycle might be a little different because that should just absolutely send liquidity into them everywhere. Yeah. I mean, I've been saying for a while that I don't think we get the altcoin seasons that we've been used to. I mean, 2017 was special with its lack of liquidity and its lack of players. You're only looking at a handful of names. Now there's so many more, but I don't think it's going to be the same thing where you can just close your eyes and make 500%, but it doesn't mean there won't be opportunity. Some of them will. It just won't be all of them. Yeah. I mean, the analogy we talk about time and time again is the dot-com boom where the vast majority fail and the ones that win, win big for long periods of time. And eventually, this space will get shaken out in that degree, in my opinion. got to see dominance falling if to have any confidence in altcoins being the place to be.

Again, you got a couple that can outperform, but I've been watching the two-week timeframe just because it's been grinding. I love the EMA12 and it's just been riding this for years. And so if it's going to be a very clear shift to alt season, you got to lose that for the first time in years. And that's we're not anywhere near that happening at the moment. So it's still all Bitcoin at this point. I love this comment. While there's memes doing 500% weekly cloud. Yes, there are some memes that have done 500% weekly, but 99% of memes have been rug pulls that have gone to zero so good fucking luck

finding the ones that actually go up and stay there long enough for you to take profit oh and by the way for you to actually trade out of in size yes we have bitcoin going up and select meme coins flying but 99 of people can't affect yeah that's that's like looking at are all coins that are going up you're not listening to us. That's like- Like Stewie has been great. Aptos has been great. There's been great altcoins, but a real altcoin season in the past is that you throw a dart and it goes up. Yeah. That's like looking at the penny stock world and saying monster beverage

made 100,000%. So investing in penny stocks is the way to go. No, 99.9% will lose money and go to zero. And there are a few winners. Yeah. But again, those meme coins, they're great for $5,000 or whatever, but try getting in and out with $100,000. It's a different game. I don't think Larry Fink's going to be throwing BlackRock's money around in like cat with face or whatever the stupidity that people are trading here. I love the meme coin max bliss though. I think meme coins are amazing. I think it's great as long as you know you're gambling, but let's not pretend that meme coins are a sign of altcoin market health. I think that's a fair statement. What else are you looking

at here as we come into the election in a week? Uranium, man. We've been talking about uranium for years, but here's some of these names. OKLO, 200% in a couple of weeks. And SMR, nope, wrong one. SMR, 100% in a couple of weeks. CCJ was the big one that we were watching. What changed in uranium? And I'll tell you, it's a sexy headline. What do I mean by sexy headline? We were given all the bullish setup and fundamental reasons to be watching uranium and technical reasons over the last two years. Nobody on Twitter cared. Suddenly you attach AI to uranium and everybody cares. Google, Microsoft, these companies are looking into nuclear to power the AI revolution. And now, oh, the herd loves that headline.

It's sexy. I understand it. All right, I'm going to buy these names in blue sky breakout and run them 200% in a couple of months. And I think it's interesting. I'm wondering if there's going to be some uranium crypto tying of headlines to see if that's going to be some uranium crypto tying of headlines to see if that's going to... There's a clear shift in sentiment from Fukushima to where we stand right now with regards to uranium. And I think

that shift in sentiment is just only going to continue on the positive side for uranium. So just keep an eye on that uranium sector. And earlier this year, I'm talking to my dad who's mid-70s and, well, maybe you don't want to be too heavy in these tech names. The Nasdaq's run 100% in two years from the 2022 lows. Maybe it's time to shift some big tech capital allocation to uranium and some of these commodities. So I think the uranium story is going to continue to be great. The headlines got sexy, and I'm hoping that there's some uranium crypto headlines coming in the future. We need uranium crypto AI headlines to really get it going. But I literally saw this one today.

Coinbase developer launches new tool to help users build AI agents in minutes. So here you go. This is the crypto AI crossover that we've already been hearing about. We do have these narratives leaking in, I think from pretty much all markets where AI will converge.

Yep, I'm on board. I'm ready for it. It's called based agent. Based agent. I have no idea what that means. I'm a boomer, but anyways, Dan, anything else or should I let you go? That's it for now. I mean, the NASDAQ, one more chart, if you can pull that back. NASDAQ, we got to be cautious of this rising wedge that's breaking bare right now. This is earnings. It's a Super Bowl week of tech earnings. So we just had yesterday Meta and Microsoft. And I bought

Microsoft at the 2022 near those lows, 228. And I just sold a third of that at 442 yesterday after hours. I'm starting to lock in some of these long-term moves because again, NASDAQ 100%, Microsoft 100% in two years, that's just not generally a sustainable move. So just getting a little bit more protective. I sold some metal miners, just locking in some profit in this market environment. And if the NASDAQ does follow through with this rising wedge, we'll zoom out and we'll watch the weekly and make sure there's no major red flags but again it's just the bears last stand it's the all-time high and we have a double top at the all-time high right now uh and we'll see if the bears can follow through with that in any meaningful way by the way in case you missed this uh after the hbo documentary we now have an

official press release that's gone to every press outlet in the world. Apparently it says Satoshi Nakamoto is going to show up somewhere, uh, tonight and reveal his legal identity. So just in case, uh, that's true. I give it a 0.0, 0,

0, 0, 0, 1% chance. But if you're in England, you can go to the frontline club, Norfolk place, Paddington,

London, and, uh, get Satoshi's autograph. God, man. And he chose, he chose Halloween night just because it's a special day. Halloween 24 at the Frontline Club in Norfolk plays Paddington London W2.

It's where it's all happening. Actually, it says 1130 a.m. I'm assuming that that's already happened because last I checked, England is living in the future. I don't know those time zones, but'll trust you all right guys that's all we got for you today fun show we had barking dogs technical issues dan's finally back from living in uh the flintstones it's a good week i'm assuming that next week we'll be uh more back to normal dan man thank you so much as always have a good one guys. See ya.