The Wolf Of All Streets - Bitcoin Demand SURGES As Governments & Wall Street Scramble To Accumulate!

Episode Date: October 9, 2025

Bitcoin demand is exploding as governments explore adding up to $75 billion in crypto reserves, signaling a new phase of global adoption. Meanwhile, JPMorgan predicts Bitcoin could reach $165,000, driven by the ongoing “debasement trade” as investors flee weakening fiat currencies. The U.S. government shutdown is freezing progress on crypto ETF approvals, but institutional momentum shows no signs of slowing. At the same time, Ethereum developers are doubling down on privacy innovation, reshaping the network’s future after the Tornado Cash era. In today’s show, we break down how governments, banks, and builders are all pushing crypto into its next major supercycle.

Bitcoin demand is surging across the world. We have the most wallets ever with over 100 Bitcoin. Governments weighing up to $75 billion in Bitcoin for strategic reserves. And of course, the highest inflows that we've seen into Bitcoin spot ETFs ever over the last week. Very clearly, there's a lot of demand for Bitcoin. We're going to dive into that, of course, with Yago because it's Thursday. and special guests, crowd favorite, Matt Hogan, who has more hot takes than anybody in the industry at this point. And I just love watching the reactions to all.

But we'll discuss it all now. Let's go. Good morning, everybody. Happy Thursday. I hope that you all survive that brutal bear market of Tuesday. Price almost back to an all-time high. We're down about, I don't know, $2,000 or something from the all-time high. Terrifying, $123,514 Bitcoin as we speak. And people seemingly just like completely in shambles because we went down to like 120 the other day. But there's a lot going on the market. Let's start right here. I just want to give a, mentioned to gold's cousin, silver, making an all-time high, breaking 50 bucks.

Now, this has taken literally forever to happen, like quite literally as long as metals have existed. This is the highest that silver has ever traded. But this might give us clues as to what could happen in the crypto market. You obviously see silver often follow gold, which is broken over 4,000 is still rocketing. Could this be an indicator that, you know, generally this debasement trade is increasing and that could mean more for Bitcoin and all coins. I mean, Matt, what do you take? Not specifically on silver, but we've all been talking to basement trade. Yeah.

I mean, obviously, the world is screaming at you that the debasement trade is real and it's happening. And we're getting this like old metal rally, which you called out, Scott. I think absolutely that spills over into Bitcoin. That spills over into Ethereum. I think it's going to lift those markets. Digital silver. Digital. Well, you said it.

I'll let you say that. You've learned. I will say, you know, one effect, one of the reason I think this is just going to accelerate into year end, at least for the audience I serve, is the audience I serve loves to paint their portfolios at year end. They want to sit down with clients and show them that they held the hottest trade of the year. Last year, they all bought Nvidia at the year end because they wanted it on their end-of-year

statements. This year, they're all going to want to own gold, Bitcoin, silver, Ethereum. I think you're going to see those flows accelerate. We're seeing that in Bitcoin ETFs, as you hinted at. So, of course, you have a debasement trade is the trade of the quarter, and you ain't seen nothing yet. Yeah, I don't want to dig too deeply into it because I went off on the debasement trade yesterday. But you have Paul Tudor Jones, J.P. Morgan, Morgan Stanley, Ken Griffin from Citadel, all in the last two weeks saying debasement, right? It's become the catchphrase.

I have a, you have a tweet here that literally before all of them start talking of it, basically saying debasement. basement can be the word of the year in 2026. So you said that on October 4th. You've heard the word more. You've heard the basement more on CNBC in the last week than you heard it in the last 10 years. It's just exploded into the conscious. It's not like a word we talked about. No, but we talked about it all the time. We being our echo chamber, but now the world seems to be catching on. And, Yago, interestingly, you know, I asked you if you had any hot takes from token 2049 you said yeah price went up for once during a conference but what interested me more is what you said afterwards i haven't really been looking at it i've been looking at all

these other markets right so obviously these precious metals even have your eye right now yeah i mean i think it's a structural change it's huge it's um it reminds me of that scene in the big short where they're celebrating that the you know the the the two young guys are celebrating their win and and their mentor trader, Ben, turns to them and says, you know what you're celebrating. Everyone is getting, like, families are getting destroyed. This is a very, this is a very, like, people who are on this trade to a degree are making money.

But as I've pointed out before, the problem with the basement trades is that, yes, we're seeing all-time highs in gold, Bitcoin and Silver. but a big chunk of that is due to dollar weakness right every you and everyone else are getting poorer you're just getting poorer slower because you're holding these assets and and so so that's one part of it but the other part is this really is a big deal it's a structural change it's a shift away from u.s dollar teables it's not the dollar that's being sort of uh competed away here it's it's it's treasuries that's right it's the government's ability to borrow um we're currently seeing three percent inflation in japan japan right they've never had inflation they it's this is nuts

so it they there i think it's it's it's um this trade is going to accelerate and the the speed at which it accelerates is going is partly going to be a question of how ugly things I mean, here's the chart. Foreign central banks hold more gold than treasuries, right? That hadn't happened since 1996. Very, very clear trend where the gold interest is coming from. A lot of retail as well now, because they always catch up to the trade. But it's very clear who's buying gold and why the price of this is going up. And it's exactly the reason you said nobody wants to hold treasure. But also look at the United States government yelling, like, we're going to grow our way out of this. We've given up. Why would you ever want to hold that debt? But look, look at

this graph, right? If you're doing technical analysis on this graph, look how high gold still has to go before it comes anywhere near where it used to be, right? 75%. This is in a multi-trillion dollar market. And so these are huge tectonic shifts, bigger than anything we've seen, bigger even than the global financial prices in terms of the structural change. Yeah, I think that's really right. The other thing I would say about that chart is you could continue those lines back for 5,000 years. And the reason I say that is that the period that we had where treasuries were above gold is really anomalous, right? I think it's like a fiat link. We've all grown up in it. That's been our lives. So we think that is normal. I think it's the case that that is not normal.

We're returning back to normality. That's why I think that line is going to continue to stay above on the gold side for a very long time. I think it's a one way move. I don't think we're going back. That was an odd window we just all happened to grow up in. But I think it was the anomaly. We're back to the normal. Well, speaking of going back to the normal, the United States government is broken, which is what we anticipate as the normal.

And we have a United States government shutdown that seems to be nowhere close to being resolved. Donald Trump taking it as an excuse, apparently I read yesterday, to fire half of the IRS, which I don't know how I feel about that for those particular people in the IRS, but seems good for crypto people getting audited. But here we go. Crypto ETFs stuck at the finish. I didn't say that out loud, IRS. Crypto ETF stuck at the finish line as U.S. government shut down freezes progress.

So we have this interesting scenario, Matt, and you're the guy to obviously unpack it for us. We were expecting this wild slew of approvals. I think we had 30 of these filed in a day or something. It's just news all over the place you guys changing your Solana one to staking, right? I mean, so many things. But can the SEC actually approve any of these that are there during the shutdown? It is the most crypto thing ever to wait 15 years to get generic listing standards that let us launch and then have the government shut down for an interminable period. I mean, you really couldn't have written that script.

The answer to your question, Scott, is nuanced. There are some ETFs in traditional wrappers that can go auto-effective or that can move forward toward launch without official government blessing. but most of them require work. So things like crypto equity ETFs can continue to march forward. But many of the other ETFs require back and forth with the government. And it's not that it's impossible to get things to launch, but it sure is a lot easier and a lot less risky for issuers if it can go back and forth with the government.

They can't come back and say, you should have made these disclosures, et cetera. So it complicates our lives. And, yeah, I just, I sort of can't believe it. Can you, yeah, but like you said, it's the most crypto thing ever. You can believe it. You just don't want to. That's right.

But right, right. So one of the news here items was, you know, Bitwise Invest, filed amended Salon, the ETF, blah, blah, blah, blah, blah, blah, staking. Right? So we saw, obviously, that Grayscale had their two staking go live. You guys are way ahead of this. I don't understand the order at which these kind of things are approved. But very clearly, staking is coming to all ETFs across the board for assets that a lot.

that allow it. Is that accurate? I think that's pretty accurate. Yeah, obviously I can't speak to that specific filing, but broadly speaking, yeah, investors, most investors want to stake their assets. And so you'll see ETFs that allow staking on virtually everything. For what it's worth, there are some investors that for interesting tax reasons don't necessarily want to stake. And I think you may see non-staking ETFs as well. There'll be a fraction of the size of staking ETFs. But yeah, both, you know, do you want Salana staking yield or East staking yield along with your Solana or Heath?

I do. So I think you're going to see people do that. I have a question here. So they have to be thinking about. So as the, this is true for Ethereum, not so much for Solana, but as the percentage of Ethereum, right, ETH, which is staked grows, two things happen. One, the inflation rate on ETH goes up. And two, the revenue per staker somewhat diminishes.

And at the same time, we're seeing this significant effort by the Ethereum community, the Ethereum developer community to reduce fees on chain. And so do you think that there's going to be an appreciable impact here of actually increasing the amount of percentage of ETH, which is actually staked, and in that way, accelerating ETH inflation at just the time that sort of ETH consumption is being. reduced. Yeah. So it's a great question. I think the first part I definitely agree with, the percentage of assets that are staked will significantly go up, right? You think about what BlackRock and others have done on the Bitcoin side. You look at the flows into Ethereum ETFs. They're clearly accelerating. So a lot of those are going to be locked up and staked in a way that they weren't necessarily in the past. You know, how much that influences inflation. I think, I'll leave to the Ethereum experts and how dynamic that relationship is.

Yeah, the Ethereum experts, Diago, will tell you that it's ultrasound money. It's more deflationary than Bitcoin. It's superior. I mean, they might say that, but algorithmically, the way it's been structured is that as the amount of each state increases, in order to continue to provide the yield, they algorithmically built in increased inflation. So you actually don't need an expert. You need a calculator. Okay, that works. Calculators are good.

But, you know, meanwhile, just sort of to wrap the ETF topic here as we move on, crypto ETFs seem to double by year end as Bitcoin heads for $148,500. Okay, that's an oddly specific target. But I like it. This week we had the third highest Bitcoin ETF inflow ever. That was two days ago. I think last week was the biggest week or second biggest week ever. and Monday was this, this is the third highest day, but Monday was the second highest day.

And you have Ibit, sorry, Matt, I don't like talking about Ibit in your presence. It's all good. I'm a bit wise holder. But Ibit watch, they're about to be at $100 billion. And one more thing that I mentioned to you guys before the show, which I found astounding. Open interest, notional open interest on Bitcoin now is larger on Ibit options than on Deribit, which has forever been the largest options and futures market for yeah so stratifies and control yeah that's a very big deal um and it be not not least because it means there's um so if you have a

robust options market it has a significant dampening effect on overall volatility and i think we've we're experiencing that right now right a bitcoin vol is a at historic lows. And so what used to be this sort of, you know, bull market over extension mania that we should be experiencing in, you know, October, a year and a half after a hovering, is being transformed into a grinding upwards process. Yeah, I think that's really true. I think your base assumption should be the future is more grindy than.

than it is God Candles. I think that is what happens when you get this large explosion in the derivatives market. I would also just add, you mentioned it, I mean, we're above $5 billion of inflows into Bitcoin ETFs this month, and it's very early. That puts us on pace for this to be by far the best month for Bitcoin ETFs. I think we're going to see record flows in October. I think we're going to see record flows in Q4. I think this year's flows will be bigger than last year's flows.

I think it's accelerating, Scott, because it's October for flows. It's October for flows. We just turned on Morgan Stanley. Wells Fargo is gearing up. Those are big pools of assets. I posted yesterday or a few days ago on X, I think this will eventually get to be a trillion dollar ETF category. And I don't think that's absurd.

We're at a couple hundred billion now. I think price is going up. Flows are accelerating. I do think this will be a trillion dollar category. We're going to have like a higher market cap for crypto-based ETFs and we're going to have for the assets underlying them. That's the ETFification of crypto. It is happening. But I, you know, you see this, you see it in Ethereum too, right?

Well north of a billion in flow so far this month and accelerating from here. Yeah, Bitwise had a chart. I think I showed it yesterday. It showed the gold ETF launch and basically it kind of flattened and then parabolic like after the gold ETF and kind of comparing Bitcoin to it. And, you know, Bitcoin was still short. It was October of the flows for the, you know, from last year, but obviously going to surpass and probably just follow that exact precedent.

100%. Yeah. I mean, that's what ETFs do. They do more flows year two than year one. More flows year three than year two. Eventually we'll get to, you know, $100 billion flow year. I just don't see anything, any reason to expect that to slow down. I'll point out something so obvious, but people overlook about ETF flows.

If you ask any Bitcoin investor, did they buy all of the Bitcoin they hold today the first time they bought Bitcoin, the answer is no. So even just the people who bought it last year are probably going to buy more than they did last year this year and then more again the next year. That's what we all did. So I think it's a one-way train. Yeah. Especially if, you know, you size into your winner.

basically one of the interesting things while we're talking about vol and options markets i think that is happening right now is that right now it looks like the bitcoin market is more orderly than the much larger gold market because there's significant challenges now that there's you know Shanghai deliverables right there's significant demand uh there's significant demand for deliverables in russia these are places which it's hard to get to in the best of times and and and you need to transport gold. So they're specialists who deal with this transportation of gold, but you're seeing dislocations in the primary market, in the London market, due to sort of lack of immediate supply or sort of lack of liquidity around gold, simply because it's a physical asset, whereas Bitcoin

is behaving in an more orderly manner. And that more orderly manner is a profound benefit if you're looking at assets that are important for you know important as reserve assets so we've you know we've long known that sort of bitcoin can be teleported around the world and there was an obvious benefit but the derivative benefit of it which is probably more important on a day-to-day basis is the ability to have more orderly flows around derivatives and delivery I love that it's worth noting if you remember when oil traded for negative that was because of a mismatch between physical oil and the futures market. I do think that is a benefit of Bitcoin.

You can't have that because you can teleport it around the world. The problem with the oil trade was that if you were able to, you know, get it at a negative price, you had to take physical delivery of it. It's like, you get an empty your swimming pool and start taking on the oil. But, yeah, it's a point well taken. I mean, moving on from the institutional flows, which obviously a lot of the ETF flows are retains. but clearly we have massive institutional interests as well. We can go to the governments, which I put right in the title.

This is Bloomberg. It's not like this isn't like some random coin gape or, you know, who talks about these things. Governments weighing crypto reserves target $75 billion pot. Basically, to our Trump clearly has said we're not going to sell any more Bitcoin. The United States government has an executive order saying so. If you extrapolate that policy. Scott, I think we've lost your sound. Did you?

Yeah. All right. Yeah. Well, we can take it from here. Yeah. Well, Scott works on that. I mean, I think the thing I've been thinking about on this government side, what this story is talking about is that, you know, these governments have all seized Bitcoin. They're going to convert them into reserves.

This has happened so many times in crypto's history where people are skeptical. of a category of crypto investors. They were skeptical of financial advisors. They were skeptical of hedge funds. They were skeptical of pensions. They were skeptical of endowments. They're skeptical of governments. And then time and again, what we see is there's a few early pioneers and they follow this exponential growth curve. And then you wake up. And today, many financial advisors allocate, many family offices allocate, many hedge funds allocate. Endowments and pensions are further along that curve. They're now, you know, Harvard is allocating. It's not rare, but it's not common.

Governments are doing the same thing, right? A similar story we saw Luxembourg make an allocation from its sovereign wealth fund. I see no reason to imagine the growth in government holdings of Bitcoin aren't following that same exponential growth curve that we've seen in every category of investor. I just don't understand where the skepticism come from. And I think, you know, next year we're going to see purchases by, I don't know, a dozen countries. I don't see why we would imagine we would get anything but that looking at the track record. Can you guys hear me?

Yeah, yeah, we can. Okay, good. It said they could still hear me in the chat and that there's some issues on YouTube as well, so I don't know. And Luxembourg, by the way, 1% is of the sovereign wealth fund. That is a huge signal in Luxembourg isn't exceptionally well. It's a very big signal. We shouldn't overestimate how much immediate impact it is because this is a very small fund, right? They've got multiple different sleeves in their sovereign wealth fund.

This particular sleeve is 700 million. so you're looking at about 7.3 million euro going into this but it Luxembourg is the financial center of the EU and this their sovereign wealth fund uh doing this is basically opening the door it's legitimizing the ability for sovereign wealth funds like the world's largest sovereign wealth fund Norway to begin to do same thing. And Norway have already taken positions in crypto-related corporations. The next step is for them to start taking positions in the assets themselves. Yeah, this is a real thing. It's 6 a.m. here in California, I've already done a call with a government entity looking at Bitcoin today. So this is, this is a story that really is happening. And I think people who are

skeptical of it aren't seeing the inside. It's going to take time to play out. But I do think we'll see even those larger funds, as Yago mentioned, move into this overtime. What's the United States going to do about our strategic Bitcoin reserve? Lummus is saying, by the way, she's working on a de minimis tax exemption for Bitcoin payments. We've heard that a million times, but that's just common sense that if I buy coffee, the old meme with my Bitcoin, it shouldn't be a taxable sale of an asset, you know. But we'll see. But she also said last week, the United States could start buying Bitcoin for the Strategic

Bitcoin Reserve any time. Hmm. I think they've been buying it the whole time and that's why it's going up and they don't want to announce it and undercut themselves. I don't think they can do that. You know, Churchill said of the United States that the United States will always do the right thing once it has exhausted all other options. Well, I mean, the good news is the U.S. is rapidly exhausting all other options. I agree with that. My view of it is that the market is pricing that possibility.

at zero. And I don't think the possibility is zero. So I think it's a positive catalyst. You know, on my screen right now is another article from Bloomberg. Gold's rally is helping China build a world less dependent on Trump and the dollar. I think there's a possibility that those sort of headlines push the administration into acquiring Bitcoin as an alternative. I don't think that's a zero chance. It may not be the base case. But I do think the market is writing it off to zero. And that's been, yeah, there's that story. You can imagine, the administration looking at that shining glittering picture and the word China and wondering how it's going to take a run at this? I don't think that's a crazy conspiracy idea. So I think

the probability that we buy Bitcoin is significantly greater than zero. Maybe it's not the base case, but I don't think it's priced in at all into a way higher than zero and completely not priced it. Yeah. Yeah. I'd put it like 50-50. Not now, but like as a real possibility, I'd put it at 50-50. And what's the price if the government is buying Bitcoin, Scott? $500,000 in a month or two. I agree. I think that is right.

A, because of the actual buying pressure and demand, B, because of the game theory of central banks around the world that are accumulating gold and the signal that they would have to do it, and C, because we would all fomo in, like, complete idiots to buy as fast as humanly possible. Everyone who owns it would buy more. That's right. I'm aligned with that.

And again, I just think that's not. in the market at all, right? I don't think people are thinking about that. Yeah, you kind of shook your head at me with my 50-50. Maybe I'm being hyperbologist. Well, I mean, I don't know. I don't, I think it depends on the on the, on the time frame. It's effectively 100% in my view.

But the question is time frame. And this question is important to us as Bitcoiners, but I think it's much more important to the U.S. government, how quickly they can get their act together. and whether or not they can front-run Luxembourg or Luxembourg and the rest of the EU, you know, front-run the US. The US is in a weird position. It is sort of the creator of the current reserve asset.

What Trump has done is accelerate. So he sort of brought to the fore this idea that the U.S. is over indebted, a big part of his campaigning, and his sort of approach to tariffs and approach to weakening the dollar have highlighted to the world that this is a real thing, which on the one hand allows the US, I think is smart, right, it allows the US to deal with the problem and to get ahead of it, but on the other hand also accelerates it because money, all forms of money, Bitcoin, treasury bills, anything. confidence game. And so by trying to get ahead of the problem of the confidence game,

the Trump has accelerated the reduction in trust. But it's not just him, Biden before him, in freezing 300 billion of Russian people. Yeah, I think it might have been six. It was 600 billion in total across Europe and the US with a roughly 300 billion split each way. That was the signal that, I mean, that was the beginning of the gold rally. It really was. And, And the uptick in like Bricks, you know, rhetoric that that was going to come. Yeah, I think that was one of the most important events from monetary perspective that I've seen in a few decades, right? That told you you have to self-sovereignly custody your own wealth locally. Money in a bank is not yours.

That is correct. That is what we told the world. And there's no going back from that, right? That is a trust that breaks once and then it's broken. Can we just talk about how crazy it is? all of the insane things that Bitcoiners have been screaming for all these years have come true over time and on the biggest stage possible. I mean, Bitcoiners screamed about don't leave your money in the bank, sovereignty, you know, being your own bank, screamed about debasement,

literally from day one. And here we are. It's like, I mean, when you got Ken Griffin from Citadel saying buy Bitcoin because of the basement, it's, I mean, I said it's kind of weird yesterday. Like, I don't want to cheer for the evil, you know, it's like the, it's like the Emperor and Darth Vader, it's the biggest macro trade, right? And macro trades are the biggest trade. So it's the biggest trade of our lifetimes. The fact that some of us managed to see it, it's not weird. It would be surprising if no one had seen it. What is weird is that we actually had a technology to take advantage. That's what's nuts. That there was some, that we weren't completely helpless.

it is that i agree with that uh i do am continually shocked uh you tweeted the the city group interview with cnbc scott um city group is saying you know people are are are so happy to turn to bitcoin as this steady asset and not chase the crazy momentum driven trade inequities i mean it's it's unbelievable like it felt like an april fool's joke you have guys on tv like bringing up bitcoin and gold charts and talking about how historically Bitcoin follows the price of gold. This is the first time. I think that we're actually really seeing the narrative pushed of digital gold or store of value. We've yelled about it forever, but I don't see any of these big names on TV talking about Bitcoin trading like Nvidia anymore. That's exactly right. You know, every single person actually who talked about

the debasement trade had a different list of assets that you should own. Bitcoin was on every single one of them. You know, J.B. Morgan was like gold, silver, Bitcoin. Paul Tudor Jones threw in the NASDAQ, which a lot of people agree with because, you know, rich people will just buy tech if things are going down and those should all fly. But Bitcoin was on every list. Nasdaq wasn't on every list. Silver wasn't on every list. Gold and Bitcoin were both on every list. I think it's worthwhile pointing out why they need to have more than one on a list, right? So I won't get into an explanation of why diversification is so important. But But anyone who's managing wealth professionally understands the value of diversification, no matter what your overall thesis.

And so if your overall thesis is you need to protect against the basement, you're not going to just hold gold or just hold NASDAQ. You're going to try and have five or ten different buckets. And the fact that Bitcoin is up there in the top, you know, three buckets means that it's going to end up being part of every single portfolio. yeah i think that's right and that is just to make the obvious point a lot of money there's a lot of money that's rotating yeah especially when we just start like in all these different ways being passively included in you know 401k and IRA buys and included in all these funds oh i have to ask you matt before we go people seem to be getting approved for crypto index ETFs last i checked bitwise filed for that was one of the first and it was about to get approved and we literally celebrated and

then 24 hours later people remember you came on the show and we were like and you were and you said you know maybe the optimistic view is that they're going to approve generic listing standards and they're waiting to do anything until that happened so maybe that was the case but somehow some of these other ones snuck in there and you guys are still on uh indefinite pause is that the uh i don't know the technical term yeah pocket veto indefinite pause um and uh and and now the government is shut yeah this is this is this is my nightmare thanks for bringing it up scott i appreciate it um and you also can say to trigger you today i got i got one more it's that you said that salana is the new wall street you know everybody freaked out at you

everybody freaked out uh the beauty of crypto twitter is is you know i've been called a a bitcoin shill an ethereum shill a salana chill last i look they're all up massively over the last five years so maybe i'm maybe i'm just invested yeah you you've you've bitcoin maxies call me a shitcoin and chip coiners call me a Bitcoin maxi. It's an incredible needle to thread. Matt, can I ask for your elevator pitch? I mean, Tom Lee's claiming that Ethereum is the Wall Street. What's your elevator pitch for White Solana?

Well, the real truth is I don't know which asset will win. Ethereum has the dominant position, the dominant share of stable coins and tokenization. It has the best shot on goal. but Solana has an incredibly compelling technology that with processes transactions in a Blake of an I. It's the challenger asset. And it is architected to serve that market. The way I invest in it is I own both of them. I think the market is so huge, I think they will both win. But Ethereum is the dominant player. Salana is the challenger. The thing about the Solana that's really attractive right now is it's one-fifth the size of ETH. And as institutions start

rotating into this stable coin and tokenization trade, I think they're going to buy both and money buying both will have a greater impact on a smaller asset. So I don't think it's the market is telling you, it's not the base case assumption that Solano will win. It's a challenger asset. But I think its chance of winning is greater than zero and it's a small asset. So it has exactly. Every time somebody asks, I just show them this meme. It's so true. He didn't say it's not Ethereum. Matt's been taught. We've been talking about Ethereum and what the bid that it would catch and all this interest for years before it happened. It's just the context actually matters.

It's crazy. We do have to run in a second, but there was one more story I just wanted to bring up because addresses with a balance of over 100 Bitcoin has reached an all-time high as well here. So, like, everybody's buying Bitcoin. Yes. Also, a derivative of this that people don't think about is a lot of the world's wealthy people are going to be crypto investors. That's already true, but it's going to be really true. And that means Wall Street is going to be oriented towards serving them. Lobbying is going to be

oriented towards supporting them. There is a virtuous circle to that. And I think that that chart is one way of showing that that's true. And imagine when somebody, Yago, builds an entire new financial system on top of that asset. Crazy. You can't. You can't. You can't. You can't. You can't. You can't imagine all right guys i got to go i then we can debate matt and i bitcoin versus aetherium slash let's do it that'd be fun again debate or conversate because i have a feeling matt might agree no it's because it's just get much more funny if we manage to disagree so we'll try okay i'll just bring mike mcgloan on to argue with you guys there we go that's what we usually do if we need a if we need a heal you know like wwee style we just bring on mike and people yell at him

All right, guys, that's all I got. I got to run and go hit up Serious XM. I do that show there on Thursdays as a guest. So thank you, Matt, for waking up very, very early to do this with us. Thank you, Yago, for waking up on time to do this with us. I really appreciate it. I missed you last week. We'll see you again, obviously tomorrow for the Friday 5 and next Thursday with Yagg. What's up, Wolfpack, Scott Melker here, and today's show is powered by easybitcoin.com. The app that rewards you for buying and holding Bitcoin. Set up a recurring buy and are at 1% extra in Bitcoin automatically. Then let that stack sit tight and start earning a 2% annual Bitcoin reward dropped into your wallet monthly after a three-month recurring buy streak. On top of all that, earn 4.5% APY on US dollars you keep in your USD interest account. You can even opt in to

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