The Wolf Of All Streets - Bitcoin Erased 3 Months of Pain in Just 72 HOURS

Episode Date: August 21, 2026

Bitcoin is pushing toward $80K after a massive 20% weekly rally, reclaiming its 200-day moving average and putting the bull case firmly back in focus. Strategy is back in profit, Korean retail is rushing back into crypto, and gold and precious metals are rallying alongside Bitcoin as falling yields, a weaker dollar, and the debasement trade return. Learn more about your ad choices. Visit megaphone.fm/adchoices

Two and five Canadians will hear the words, you have cancer. That's why every step and dollar raised matters. On September 19th, join thousands in Toronto for the Princess Margaret Cancer Foundation Walk. Challenge yourself, friends, and family to walk 21 kilometers in support of life-saving research. Together, we can carry the fire and help create a world free from the fear of cancer. Register today at pmcfwalk.ca.ca. Bitcoin erased three months of pain versus the S&P in just 72 hours. This reminds us that 99% of the time Bitcoin is boring.

People are indifferent. They want nothing to do with it at the bottom. And then 10 days a year on average, it provides all of its upside. And if you're not in the market, then you tend to miss it, leaving you wondering, should I buy now near 80,000 or am I going to wait for the lower lows? trading is hard. Bitcoin you hold. We're going to talk about that and everything.

We've got a monster show today. I've got Matt Hogan first and Jason Williams on the backside. Let's go. Get the fuck out of bed, bitch. Go. Pick up bitch. Oh, yeah. So we did that.

We saw that on the internet this morning. I figured that would be the interview. I didn't know I'd be behind it. We've played it. Good morning, Matt. Good morning. Oh my God. That was amazing. Were you actually doing it? Was that live? I was behind it. I, you know, but I, how do you like our new introvers?

I think ride it for the bull market, man. You got to keep that thing. It was beautiful. It just felt good. I'll be honest, that felt good. You know what else feels good? Like I said to you right before, not having to show up and cope and say, you know, this could happen or this might. So, I mean, you know, just to review, we have basically three days of monster price action here. And I think, you know, day one, this is my take, right? Bacent kind of ignited it.

And then leverage was the gasoline. And then Trump pushed it a little bit over. but now you've got two more days of still up. So now it can't just be a short squeeze anymore. And it can't just be, you know, these little news sparks. It feels pretty good. I mean, what are you thinking here? No, I think that's right.

Look, the thing that strikes me is that the people who are buying in on this dip are the people who have been waiting on the sidelines for the cycle to change, right? This isn't a short-term timing dip. This isn't people who are trying to make a play for one week or two weeks. These are people who are waiting for the four-year cycle to enter its new phase. And I think want to make a multi-year style allocation. I think they're thinking about prices substantially higher than today. That's why it's had more momentum than maybe we expected initially.

I don't think we go straight up. I probably will reset somewhat at some point. But I do think most of the money coming into the market is making a multi-year bet that we're going back into six-figure Bitcoin. And they want to be along for that ride. Yeah, I just posted this, you know, just because I never know. Serious question, if you're waiting for Bitcoin to trade lower to buy, are you buying now or still waiting for lower? When you have the majority, I think, you know, knee-jerk reaction still waiting for lower.

I think there's going to be more pain for them. Yeah, they need more pain. I mean, you and I talked about this during the dull moments. The right question was not where is the bottom. It's where is the top. You know, whether you got in at 59 or 65, you're up significantly now. if we go to 100,000, you're up very significantly. Yeah, I think until we have full FOMO, you know, maybe this trade continues for a while.

Yeah, I mean, some of that, it's so funny because you can point out when prices are bad, all the reasons the bottom should be in. I just made complete shows about it. I'm glad that at least went in. I can't even say the bottom's in, right? I mean, anything we know that. We know that. But I'm much higher conviction now that something is changing here.

But now you get these stats and you remember, like, I mean, you know, Bitcoin has erased three months of underperformance, you guess the SEP 500 in 72 hours. As we showed several days ago, stretches of relative BTC underperformance are common. However, when BTC does outperform, the excess gains tend to be significant. And you just get all these headlines now, Bitcoin on track for 20% weekly gain as investor optimism floods in. Bitcoin's bull score just crossed into bullish territory. Even in May when it broke 82, it wasn't there. It's endless. strategy is in profit. I mean, how do you like that one? That one blows my mind. My strategy is in profit now.

I hadn't seen it. But you and I literally had a conversation. Didn't we talk about this in the depths of like the strategy fund? And I, I think we pointed out like nobody's considering that if Bitcoin just goes up, all the problems go away. That's exactly right. That's exactly right. Yeah, they were they were bare market problems. People were predicting that would continue forever. Yeah, it's really remarkable. I mean, you said at the top, they're 10 days a year. where you have to be in Bitcoin, if you're trying to time it, it's going to be painful. The long-term ride is the right ride. And I think that's what the lesson is here. I do think the Besson thing was the spark that ignited it. We all knew about the general fundamentals being relatively strong.

But I don't think I anticipated like a new operation twist that was out of left field a little bit. So it's an exciting time. And then he doubled down the day later, right? Which is funny because that was kind of missed in the news because I think everybody was just staring at price and absorbing this new non yield curve control, yield curve control, whatever we call it, Operation Twist, you said. But he said, you know, first it said, we're going to double. And then a day later, he quietly made a comment that basically was like the bazookas open. We'll do whatever it takes. That's exactly right.

Well, the market called his bluff, right? Like he said we're going to double and then yields fell a little bit. And then they went right back up. The market called his bluff. And he doubled down on it. So I do think it's anything that it takes. I know people are reluctant to call this yield curve control. Today the term I saw was soft yield curve control, which like whatever.

The technicalities. It's manipulating the long-term interest rate lower to punish sabers. That's why Bitcoin is rallying. And as long as the government is doing that, you're going to have people rotating into hard assets. The basement trade is full on. People are going to buy gold. They're going to buy Bitcoin. That's what we've seen.

And that will continue as long as they, sort of try this with the toggle. And I think what Besson is saying is he's going to keep doing it until the market listens. Yeah, I mean, he has another comment. I wish I had the video where it was like 40 trillion, whatever. We can grow past that. What's another trillion, really? Between friends.

It's unbelievable. I mean, there is one way to get out of 40 trillion dollars of debt, which is debase the currency. Yeah. That's the easy way. But to pretend that's growth is so ridiculous. I mean, it's classic, right? It's classic. Yeah, nominal growth, you know, details, Scott.

So what are you specifically seeing at bitwise the last three days, right? So we've had kind of the flows up down all around. We had one of our biggest days, I think, Wednesday. I haven't really checked them since. But is there a full sentiment reversal? Are you seeing massive inflows all of a sudden, you know? Well, we are seeing significant inflows. We've had a couple very good days.

very high trading volumes across the full suite of ETFs, not just Bitcoin, but Bitcoin, ETH, XRP, Hyperliquid, Solana, all our ETFs. I think traded something like three or 400 million dollars yesterday, got significant inflows into the suite. The interesting thing to me is I do think a lot of this is sort of retail and crypto money. I actually think the biggest thing going on is there are no sellers in the market. And then you have a little bit of incremental buying, But the sort of bazookas that I expect to come, the wealth managers, they don't, I mean, be honest, they don't really work in August. I don't think that capital has shown up yet or it's just starting to. I think this is like a little bit of demand, zero sales, and that's driving the price higher.

When the real demand comes, I think it could go significantly up from here. I mean, we always joke, but higher prices is the best marketing for Bitcoin. I already got the calls. What's going on? Should I buy here? literally told you all in the group chat repeatedly to buy for the last seven months. Yes. I mean, I've been pretty gratuitously obnoxious about telling people to buy Bitcoin

into 60,000s, even if it went to 45 or 50. Who cares? That's right. I mean, that was the thing. It's is the top in. That's the question. And the top's clearly not in when we're doing Operation Twist and when we're going to $50 trillion in debt.

Yeah, it's amazing. It is amazing to see people make the, the mistakes over and over again. I guess we don't know yet, but do you think people are going to buy into Bitcoin as a store of value here because of the bond situation? Or do you think it was sort of like, I mean, gold, we have it, right? I mean, gold also flew, right? Which I think is a good thing because we want the whole digital gold narrative.

But, you know, gold rallies a three-month-high, a softer dollar technical support. Another very strong day for metals here, right? I mean, metals were up big. I mean, kind of, I guess, everything, you just want to get. your money into anything when you save them doing that. I mean, that is the thing. Like, people get confused about what's going on with this long-term interest rate intervention. The thing to remember is it's a deliberate effort to change the market so that savers are punished. And when that happens, people buy hard assets. So any hard asset is going to do well, right? Bitcoin does well,

gold does well, copper, palladium, platinum. They're all going to do well because you're forcing investors to move money there to protect themselves. And I think Bitcoin's the fastest horse in the race to use the Paul Tudor Jones thing. I do think what's going to happen, the narrative that we're all going to say in a month is, look, Bitcoin is maturing as an institutional asset. This market pullback was only 50%. That was better than the previous pullbacks, which are 75 or 80%. The next market pullback, maybe 30%. We're moving into mature asset case. It's sort of all set up beautifully for that to be the narrative. You see BlackRock reiterating its core arguments for Bitcoin. I do think it's going to be an institutional store of value in this cycle, and you're going to

see a lot of capital flow. Well, it just kind of blows my mind is that quite literally nothing changed from $60,000 Bitcoin to $80,000 Bitcoin except for price. I keep saying that we're at the best time we've ever been. Right? I mean, we're not like worried about being. eliminated from the planet, which we were, you know, four years ago at this time. It's even better than that. I mean, yes, we don't have that. We have a pro-regulatory environment. Now we have a pro-macro environment. We also have this secondary catalyst, which is the rise of tokenization, stable coins, and defy. You know, people, if you reflect back to like the 2019 bull market, actually, deem, the effort around Facebook stablecoin was an

an accelerant to the bull market in Bitcoin. It got people excited about crypto. It gave us a second narrative. We have all three of those things right now. Pro-regulatory, pro-macro, strong debasement, and an external crypto catalyst that gets people excited about the asset class. It's a pretty good setup. Yeah. I mean, moving on to the regulatory side, I mean, we've been talking about the Clarity Act endlessly. You already, I think, were kind of putting the feelers out for it not passing many, many months ago, right? You were one of the first ones to come out and say, we have the regulators anyways, so maybe the Clarity Act's not going to matter, right? And kind of the idea that crypto would get the regulatory environment it wanted for the next three years. At the time,

we were saying three years. So you've been saying that for at least six months. And now it's pretty clear, right? So we got crypto proposed this week by the SEC. We've covered that pretty heavily. but, I mean, that was a pretty astounding. Like, it's easier for me to invest in your crypto than your coffee shop, right, if this passes. And then you have selling, selling, ceiling, U.S. CFDC chief puts staff on notice to create crypto regulations if Clarity Act fails, right?

So, like, clearly they were hedging that maybe it would happen and not trying to move ahead. Now they're seeing that it probably won't happen and are moving ahead. That's exactly right. And so the crypto industry, as you and I have discussed, for the past, yeah, past year or so is going to have a few years to make itself, you know, impossible to ignore, right? It's going to have a few years to do what Uber did to the taxi industry,

what Airbnb did the hotel industry to make itself sort of too big to put back in the bottle. And I think that's going to happen. You see the largest financial firms building on crypto rails. I think it's a great setup, you know, I do think either way we were going to win. If clarity failed, the regulators would move ahead. You and I talked about it. The worst thing was the uncertainty and the waiting. And it feels like we're past that uncertainty in waiting. And now we're going down this pro-crypto regulatory route.

I think that will be good enough to get us to where we need to go over the next three years. What did you think of the reg crypto proposal? Well, I thought it was really great as a down payment. You know, the specific things were focused on capital formation within the crypto market. which I think is going to lead to a huge number of interesting entrepreneurial projects. I think we're going to see, you know, five, ten, 15 of these sort of regulatory advancements that there's a lot to cure in the regulatory space. But I thought it was a great step.

Of course, I would like to see, you know, they limited the amount you could raise to five and 75 million. Those should be bigger. But as a first step, I think it's extraordinarily positive. And I think we're going to see sort of an ICO 2.0 era of crypto with some really, In the U.S. In the U.S. and filed with the SEC, which is... That's the amazing thing.

And we have, you know, Trump talking about C-Lig trying to bring hyperliquid onshore in the U.S. Well, with that. Imagine those words two years ago, right? It was like, it's really hard to reflect on how different things are. I don't really bring hyper-liquid in, but that's so interesting. I mean, I don't know if you saw this, by the way, that Dracan Mill. had just bought a whole lot of hyperliquid treasury company. Yep, yeah, I did.

I wanted to see the prediction market on Trump saying hyperliquid during that meeting. I haven't checked, but if it was there, I'm going to be very suspect. It's unbelievable. But all these things are very real and very happening. The incredible thing about it, particularly in the defy space, is that the valuations still look really low to me if this is the direction of travel. If hyperliquid is moving on shore, if folks like Duquesne are moving in. into the defy space, hyperliquid depends on whether you do fully circulating or just circulating

supply or full supply, but is not that big of an asset. And things like Uniswap, Ave, and Ando are still single digit billions. They're really small. It strikes me as a strange thing that the projects are that small given everything that's going on in the market. You sort of identified the upcoming hyper liquid phrase early from an institutional side, right? Because, I mean, hyperliquid went nuts, but it went nuts like a crypto goes nuts all the time. And it's not like you guys started filing for, you know, esoteric crypto that happened to pump number 77 ETF, right? So you identified an opportunity with hyperliquid very early. And now it's all the rage. I mean, there's articles about onshoreing it, even CZ is talking about, I mean, you know, hyperliquid,

I just, how do you onshore hyperliquid when it's decentralized? Like I've just, trying to even wrap my head around it. I haven't read it. Somebody wrote about it. Here you go. I'm ensuring hyperliquid, but I haven't dug into it. But apparently it's doable, but this seems like a whole other level. It definitely seems like a whole nother level.

I will say that Jake Trevinsky, the lawyer for the Hyper Liquid Policy Institute, is one of the best lawyers in crypto. He's been doing it for a very long time. He has a multi-step process for getting to hyperliquid existing and being accessible by U.S. investors. It involves some basic things like the CFTC deciding that perpetual futures are futures and not swaps. So it's not an easy path, right? There are many years to go.

But look, Hyperliquid was relatively easy to identify. It was one of the first new projects to take advantage of the ability for assets to gather revenue. It was easy to use. It was enormously fast. It was very popular in the crypto community. it had a big community around it. That's why we launched B-Hype. And I still think it's very early.

You know, we're talking about hyperliquine now, but if you go and talk to the largest wealth managers in the world, they haven't yet heard about hyperliquid. I think that'll change in the next year or so. So I think it does have some room to go. I wonder what that means for centralized exchanges in the United States. Or I think they're all just going to create their own hyperliquids. Or do integrations with hyperliquins.

base just doing integration with Hyperliquid over the past few days or something? I think that's one of the things I saw. So maybe that's the, you know, Coinbase hyper. We're just getting, I think, blurring the lines very much between platforms and their offering. Yeah, that's absolutely right. I mean, we saw Robin Hood do that very clearly, right? Integrated fully with Defi apps, bringing their customers.

It's fair to say that no one knows exactly what will happen. But I think the important relevant thing is a tiny fraction of the world's financial markets are on these decentralized platforms today. So that could double triple, quadruple. And even the centralized exchanges are going from serving the crypto market to the broader asset market. You know, that's like a 50 or 100 X of their tam. So I think there may be space for effectively all of them to do well for a while while we

sort out what this market infrastructure looks like. So, I mean, now that price has moved, maybe it's too early, but are you having different conversations? Is the vibe just different? I mean, you know, I think it's going to take a lot more, by the way, for people to be convinced. Yeah. I mean, again, a lot of wealth management isn't on in August. But it's going to take it's going to take a while to have these conversations.

I do think actually people are pretty convinced. I think a lot of people were convinced that they wanted to get into crypto for the next coming cycle, at least on the institutional side. They believe there would be a new cycle. They were just waiting for a signal that the bottom was in. They're like the people in the survey, we're going to wait till prices. And I think many of them will take this as that signal. I do think we're going to see significant inflows into ETFs in September and October,

in particular as wealth management gets back to work after Labor Day. I think there's going to be a boom of investment in the space that's going to be normalized in the institutional community. So it'll take time. It hasn't happened yet. But I do think people will take this as a signal that the tide has turned. I mean, I think we had this strange consensus here in the Dow market that all of a sudden we just needed to wait till October and things would just go up in October and it was going to be fine. Right. And then there'd be some chop and when is the crowd ever right?

No. In a situation like that, there's two scenarios. It just goes up in August and leaves you behind, which is, you know, maybe that's the beginning of this or like it just goes down in October and it's horrible. Yeah. Yeah. But like when consensus is October 1st, it's. going to all turn around. It never works that way.

You're now making me worried about October, Scott. No, and we're just going to be at like 100. It was shocking how many people were certain there'd be a bull market, but we're certain it would happen in October. We've been front-running this four-year cycle for a year and a half now. It feels like we're doing it again. I think, you know, I think it's up from here generally. Yeah, I mean, a lot of people keep saying to be, you know, but we only went down 55% or whatever, to which I just say, but we only went up.

We didn't even double the last bull market, right, for getting muted volatility. Why would you expect the downside to be 85% again if we didn't even get the upside? That would be awful, by the way. But, you know, it feels like we did enough. It feels like we did enough. We got sentiment readings at their lowest level ever. We had all the longest period ever. Longest period ever, we had people quitting.

We had people declaring it dead. We had a lot of the markers. Again, the big tell to me that we were at the bottom was when we stopped reacting to bad news. We didn't care that Sailor was selling. We didn't care that the Clarity Act failed. That's why I think, again, this rally is a lot about who's selling, which is nobody.

There's a few people buying, but I think it's mostly that there are no one left to sell. And that's pretty good condition. Yeah, I mean, I made the point that the 2022, you know, catalyst for the bear market or the bottom, I should say, of the bear market was this very, like, vertical failure. You know, you basically had Luna, which caused three arrows, which caused the CFI collapse, and then you had a fraud at FTCS at the end, right? I can't say any of those things caused him. I think his parents caused him. But, you know, and this time people kept saying we need an FTCS-like event.

We haven't had the event. And we've had like 200 small versions of that. It was just like this quiet, like if that was like the demolition of a skyscraper, we've just had kind of the lights go off in the whole neighborhood very slowly here while nobody was looking. I mean, we've had a Sendex. Bitmart is having an FTX moment right now, apparently. Bitmex quietly shut down. It's a more orderly shutdown. I mean, how many chains have been either exploited or completely disappeared? Bankruptcies, I mean, storage, movement labs, all these old projects. It's happening. It's just not on the same grand scale of a singular event. So I think we've even had. all of those singles. And of course, Sailor sold the bottom of both. I think that's exactly right. Also, you would expect, as the market matures and is more regulated, that the largest entities are probably more sound than they were in the previous cycle. I think there's been plenty of pain. You know, we were people were talking about this being the worst crypto had ever been, about us being in max pain, about, you know, it all being over.

I think it'll be rich if people then come back and say, well, it didn't get bad enough. Like, go back in the timeline two months. There was like literal despair on the timeline. It was hard to find a bull. So I think we did plenty. Hard to find anyone. I think that was the difference this time. It was just like felt empty.

That's exactly right. Well, we also had, unlike previous cycles, we had the black hole of other assets attracting attention, right? In Q4, it was gold, and then it was AI, and then it was memory, stocks, like all the investors had left, I think is a good point. And now they're coming back, which is nice to see. Would you make of the fact that, I mean, I haven't checked today. I assume it's less. But like Ethereum had double the move of Bitcoin, certainly on the first day or two.

Yeah. Now catching. I mean, yeah, I mean, Ethereum's up 23% on seven days. Bitcoin's still 14. I mean, I know XRP had a monster move, 25%, probably the biggest mover of. and hyperliquins up about 25%. But this wasn't a just Bitcoin move. Like, there was clearly a lot of money flowing in to other assets here. That, to me, is also another, like, signal light. I think that's a signal light.

I think there are multiple things going on with ETH. I'd call out three in particular. One is it became a really hated asset. So this idea that there were no sellers left, which was true in crypto broadly, I think was really true in ETH. Like, anyone who got tired of ETH definitely puked and sold. a few months ago, right, before the sort of at the depths of the foundation reorg, I think everyone who wanted to sell had sold. So there were no sellers. I also think Heath had a little bit of

community momentum because it started to do a few things right after that sort of foundation retreat and collapse with the formation of these new entities. So it was already outperforming Bitcoin during the last few weeks. And I think therefore it was ready to run. And then look, I do think the stablecoin and tokenization thing is a big meta theme. And people thought, ETH is at the center of that. I'm going to own it. So you put all those together. You get this explosive upside move. But I do think a lot of this move is just no sellers. It's a no seller move. So even a little bit of demand just skyrockets these assets. Yeah. Yeah. I wonder when the sellers step back in. Because if there were no sellers, then the only people to sell are going to be whoever's buying now. And I don't think

that they're convinced yet that it's time to exit. It feels like people are buying, like you said, and they're buying for the long term. I don't feel like much of this is trading. I don't feel like it's a lot of people who are bought 65 and couldn't wait to sell 72. No, I think that they're looking at 100. They're looking at 250. They're making a four-year bet, not a four-minute bet, which is really different than what we saw during the sort of various flare-ups that we had over the last few months. No one was talking about the cycle fundamentally turning. I think the question people were asking now is if they don't buy now, are they going to have to buy it 125K on Bitcoin?

Are they going to have to buy it 5K on ETH? So I do think a lot of the people who are buying now are in it for like the next cycle, not for the next week, which is part of why we've seen this momentum continue. They weren't making a 5% bet. Is there, I mean, before I let you go, is there any signal you think where people will be convinced the bottoms in? You know, is it a line, an idea? That's a good question.

I think we'd love to see us stick in the 70s for a while. I think that would give people confidence, maybe a little retracement, but not back into the 60s. I think people would make people happy. I think seeing Treasury triple down if interest rates continue to spike. I think if people really come to believe in Operation Twist in whatever it takes, I think that would also be the signal. you know, look, we're going to retrace.

We've had this explosive move upwards. It won't continue straight to 100K. But I think if we can show that we've left the 50s behind, I think people will start to believe in the bull market. And then we'll see the capital come in, particularly when Wall Street gets back to work. Well, thank you, Matt, for showing up on about an hour advance when I confused you with the times.

We had to have, on a bull day, we had to have you. Finally. Yeah, let's have a moment. You and I, we've earned the opportunity to talk when price is good. Indeed. All right, man. Thank you so much. Yeah, be well.

So today, we, you know, I was so excited that I invited Matt on and I invited by Fred Jason on. But I have a bone. I'm going to just go, you know what, I'm going to give Jason intro music real quick. Get the fuck out of bed, bitch, go. I gotta wake up, bitch. It is fire. Oh, man. Good morning.

Good morning. So first of all, I have a bone to pig, but you did me dirty here. That does look like you. But actually, you know what? You made me younger and a backstreet boy. We're working hard on getting you right in our AI models. So I want you to know it's a big move. I've got a whole team on it.

I wanted to do you and I in that, like, techno, Italian, video as well, but we just couldn't get your face right. But it's coming, Scott. AI is not friendly. Like, you know what? Honestly, I looked younger. I did use to have a I used to wear. That does look like, I mean, I had that. I did that. Yeah, I mean, let's be honest. When you were hanging out being a DJ, that that's how you look. So that's how you look in my heart and in my mind. So, so listen, you know, Matt's a serious person. Yeah. So there's something I didn't want to talk to him about. Um, Hyperliquid. obviously is the big rage. And we're going to talk about Bitcoin, but

ZZ had a quote today, and I'd like to just read it to you and see your first thoughts on it. Seizy about hyperliquid. Hyperliquid is the tip. Once the tip goes in, then everything else can follow through. Did he really say that? He didn't say just the tip. But he said once the tip comes in. I just don't believe CZ actually said that. I mean, come on. This is crazy.

Scott, you ask me that. You don't ask Matt that. You're not talking about the tip. Yeah, I have to do that because, you know, I know that we might be on the same maturity level. Matt might be a slightly more mature than us. But you have a nicer watch than both. And you didn't ask Mark Yusko either about the tip.

Mark Yusko was talked about you a lot, though. He was talking about, actually, he made a point. He said, when you pump. and him made a bet at the bottom of not even the spare market or two. You tried to get somebody to bet you on which would perform better Bitcoin or something else. And he wouldn't name names on who almost took the bet. They said their kid was like no dad. Yeah.

Their kid was like no dad, but we couldn't get anyone to take a million dollar bet. So yeah, that was it was a big deal. I probably shouldn't say names either, Scott. I have to be mature. I know you want me to talk about penises and stuff. I don't say I wasn't talking about penises. CZ was talking about hyperliquid. Yeah, CZ was talking about penises.

Look, man. It's not hyperliquid. I don't know where you. All right. I hear you. There's all double entendre flying around here. But, man, I'm here because Bitcoin actually decided to do something. It's been dead over 400 times.

And I knew price action must have woken up the beast here. And here we are talking, man. So yeah, what do you think of it? I mean, you know, obviously, anyways, we've got the percent catalyst and then White House and blah, blah, blah, blah, and short squeeze. But this is a big, big move. Yeah, I mean, I have been publicly, and when I say I'm short Bitcoin, I mean I'm more in cash. I'm not necessarily a buyer. So I was short Bitcoin around 67,000. I was looking for a full 70% retrace off of the all-time high of about 125, let's call it, which would have got us in the range of around 40K something. I was willing to give up 10% off of my number to establish maybe a bottom.

Sands some kind of freakish manipulation. So I'm still worried, Scott, that this was just light liquidity, low volume, order book exposed shorts, and the pros, because you know, there's just not a lot of money moving around could come in and destroy them. Just like 10-10, 2025, excuse me, you know, and then just recently smoking these shorts. You know, the most frustrating thing for me in the world is the long short guys who are using leverage that are always going in the right direction. I see them on my timeline all the time. They never miss. They never miss, Scott.

And it drives me crazy. They're all over the world. They're partying. And they're always showing me, you know, I was 30x levered short, hit it big. You know, 30x levered long, hit it big. I don't get it. I don't play with leverage. So when I say I was short, my position was I was just holding cash.

Here I am, though, we're way off a 10% move off my number, let alone what the bottom was, which was around 58, 59. So, I mean, let's just call it Bitcoin move from 64K on Monday. Tuesday to 79 5 today. That's a 24% move. Bitcoin does these things over about 10 days and just explode. So I don't want to be out of the market. So, you know, I made a purchase this morning.

My first in a long time, and I don't own Cumberland OTC, but I did an OTC deal for 15 Bitcoin just to kind of start to make my move. If I bought it 78,000, I don't know where we are right now. We're probably... 76 is, but it doesn't matter. It's a rounding error, right? Your idea is that the market has shifted, which I think is the reasonable concept. Like, you're going to react early and be a bit price agnostic. And you'll keep by.

You're going to keep by if it goes down. I mean, I take a look at the chart, right? I mean, it's not even whatever chart. Who cares? But like, you know, this is monster move. We're wildly overbought here. But, you know, you'll probably get a chance to buy a little bit more 69, 70, you know. unless this thing just continues without us.

But I mean, should come back and test the 200 M.A. And some of these kind of areas, that would be a much healthier move up. Scott, look at the WIC. I mean, that WIC went to 795. Is that the number, okay, I think we go through that and we're on a Friday. There'll be low liquidity, low volume. The price could really do something crazy this weekend. So maybe I'll get a chance to buy lower.

But my concern is that we really rip higher. I mean, you got the president endorsing hyperliquid. I saw his son who was talking about, you know, their projects. They launched some kind of stable coin. I haven't done any research on it. And then internationally, you know, you look at some of the exchanges that have failed. I think a lot of that had to do with Micah, which was international regulation, that they couldn't meet. They couldn't meet the licensing, the regulation, and it probably caused them to have to close.

close. All of that's kind of bullish for the world. If we can get some clarity, and I know they call it clarity, but if we can get some regulatory clarity, I think the market will respond positively to that. It just seems like any type of news, bad, good, just things that are clear, man, we're going to send. Yeah, and then Matt and I just talked about this, but you got news from the SEC this week. And now the CFDC, he literally said, see, like yesterday, it was like, let's get ready for there to be no clarity and start making rules. Right. So they don't even care now if clarity is going to happen because we have bullish regulatory environment. I mean, it's just, you know, you look back four years at what we were dealing with. It's really 180 degrees. It's wild. Yeah. And then

the market's been so boring and sideways, it turned me into a stock bro. So like I, for the first time in probably a decade, you know, I reached out to a broker and bought a bunch of, you know, I don't I don't direct them, but they essentially bought stock. So, you know, that's strange for me. I've been out of the market forever. Do you own stock? Not many. I call them stonks.

Stonks. Right, right. So I own some stonks. But, no, I mean, I've kind of continued to buy Bitcoin down here instead of buying stunks. So are you a buyer? And again, are you, Bitcoin in the 60s has been very attractive to me. I was just going to ask that question. So buying Bitcoin at 60, 65, you like that number.

Yeah, I mean, I have a hard time liking something better. I don't know. You know, even if it went to 45, 50, kind of as you said, which, by the way, I would just buy. You know, Matt just said it very eloquently. He said, he's like, I'm not sure if the bottom's in, but I know the top's not in. Right. That is exactly where I am mentally. Like me buying at 78, if we were to puke down to 40, I just buy this.

there and change my basis. I'm totally fine. The problem is chasing what I know that could potentially happen, Scott, and we could keep going up. I've lived that. I've lived that. We could just, you wake up tomorrow, 82. You go, oh, we're 82. We're going to retrace. You wake up the next day, 88. And you don't, hey, I mean, I woke. I was like 72 and I woke up to alerts that were like, Bitcoin's broken 78. I was like, really? Right. And you know, psychologically, Bitcoin's not going to sit at 78. It's going to test 80. And then you get 80 and you, and you start, then you're like, oh, gosh, are we going to 90? And then the rocket emojis start going, and people are playing stupid music. You know, you got Michael Saylor dancing to wake the fuck up.

That was me. He's talking about me. That was me. I played the stupid music. Yeah, I mean, you take a look at that chart, like 82.8, I mean, I have a guy can bring it back up. But if it goes above 828, like even the most bearish of people can't call to bear market anymore because you'll have made a high or high. Right. I mean, you got for any of the, for any of the TA bros who are not, you know, like you just got lower lows, lower highs, lower lows, lower high. If we get above that red line, which really not that far, there's no more bearish market structure. And there's people who look at those things.

Like, we can make jokes, you can make jokes about chart squigglers, and I think it's relevant, but there are a lot of people who say, I want confirmation of bear markets over, and everybody has their different. 200 M.A may have been some of those guys. But yeah, I think you pop above that, and the bearish arguments start to really lose their, is their flare. I do think we have to be able to be the 80K level to me is

definitely a near term test. It could be tested this weekend easily. Like I mean, we almost blew through it. So I'm looking for you know, light liquidity and exaggerated moves during the weekend. And no, I'm

a buyer at these levels. It's crazy man. Like I feel like I buy the tops of everything. This is not the top of Bitcoin. There's just no way this is the top for the week. It's definitely not the top. So you, but you, you may have been kind of not buying Bitcoin, but you've been participating in a whole other side of the market that I am utterly clueless about, which we'll talk about in a minute. But you're not afraid to, the kids call it the trenches. Yeah. You're not afraid to be in the trenches, Jason.

Like, look, in terms of my relationship with Pomp and Mark and Morgan Creek, you know, are fun. Like I would say I'm more of a tinkerer up in the group, so I'm trying to track this stuff, but it's hard. I'm an unc. You know, I'm definitely not a cool kid anymore. But I do hang around the space, so I'm watching stuff. If you just think about Ethereum, and I'll use it as an example, like Ethereum has been completely vampire attacked. There's like a million different chains that have tried to iterate on it, Solana being the big one, in my opinion. So when you think about what used to happen, people would have a dev, they'd spin up a contract,

that contract would be loaded with sophisticated nuance. It could be taxing people to buy and sell and move and different blacklists and white lists and all kinds of stuff. Salana nerfed it. They made a contract that anyone can launch a token and there's no shenanigans. It's their supply cap. There aren't ways to manipulate. So you've got 30,000 tokens launching a day, Scott.

30,000 tokens a day. Most never go. Is that all on pump fun? All on pump fun. I'm not even talking about the other launch pads. Just on pump fun, 30,000 a day. And in the last few days, zero of them have gone beyond one million market cap and stayed. Zero in the last four days.

But I think that was my last analysis. So it's all just pump and dump. and nonsense vaporware people trading schizo style you've got robin hood uh which is it kind of a variation of ethereum and they're launching contracts again but people have to be smart again they're just nerfed and now they're buying these things and there's all kinds of sophistication in the contract so i'm just trying to track that i'm over on fomo you know i've got my wallet open scott and i'm tracking different projects there but this is the world we live in man these trenchers uh ticotkers you know, guys over on other platforms.

They're actively trading this stuff, and there's a lot of cool projects to follow. I just need to spend more time with them. I mean, so I'm going to just tell people. Jason and I have been talking all week about doing a new show, which we will be doing. I can't decide if it's going to be called Unc Hour or Washed Unks. Kind of leaning toward washedunks right now.

I don't know. Scott, I don't mind either. I don't mind either. We could be washed. washed up onks, washed onks, unc hour. But I think spending time in this space while Bitcoin's ripping is probably smart. I think there's going to be opportunities. I like the different technologies that come of it.

I think Bitcoin took its eye off of what was important in the space. They always assumed, oh, if something good happens, we can just build it into Bitcoin. They weren't really doing that. And it turned into a bit of a boomer coin with not a lot of. new tech. Not a lot of new tech advanced advancements on it. But Bitcoin is what it is. Look at, look at, it will always lead the markets. I'm always a buyer of Bitcoin. And yeah, chopped unks, bro. Chopped unks. We got cyber unks. Yeah, a lot of TVB people in here. Yeah, love it. Well, that's you. Chopped unks. So yeah, we're going to start a show.

And the concepts, so you guys know, is we're going to be the washed unks, although he's clearly less wash than me. And we're going to bring on because I'm fucking clueless, right? I've already reached out to the like the founder of FOMO by the way and like everyone, right? But like young young bucks who get this stuff, I want them to legitimately teach it to me. And then I want to tell them it's retarded if it is. I think it's a great premise. And I don't want to do mom jokes. Yeah. And I'm the king of telling people that they're retarded. So I appreciate the opportunity to sit there is your sidekick and digest the things they're saying and tell them they're retarded. Yeah.

But maybe they're not. Maybe I'm retarded. You know? We're probably, yeah, we're probably the people that don't understand what's going on and we'll learn a lot. And now, I'm looking forward to it, man. I think it's really cool. Hey, Arctic, Arctic 78 XP.

I thought it was XRP. I would like to know why you're wearing sunglasses. And if you're Stevie Wonder. I am blind, and so I don't appreciate actually the just direct confusion about my vision. What are we talking about here? He's a blind person. I'm a blind person. Yeah, I'm a blind person.

Why would you ever comment on that? Is that fun for you? I feel like that was rude, and I personally, in this era of wokeness and politically correctness, I'm offended. Yeah, I'll be launching a lawsuit against that person immediately. Yes. Well, I thought, honestly, I brought up, I thought it said XRP. It was XP. XRP is pumping, by the way. If you bought a lot of XRP, I bet you have. Yeah, I'm not an owner, not a fan, have no, uh, I, I love XRP when it's stuck at 23 cents.

So I can use the, uh, Michael Jordan crying meme against all XRP people. I still can't believe they're around. I'm sorry, uh, Scott. Maybe you, maybe you have, maybe you have some, uh, maybe you have some sponsors that come from XRP. I don't understand. it. I said it to Mark yesterday. I would just really like to own XRP equity because they're able to monetize, Ripple equity, because they're able to monetize the token and still own 30 to 40% of it. I would like to own the thing that owns the thing. Like if I can get in on the early X ripple equity, where they can literally just print billions and use that to build an incredible business, that's a model I can get behind. Again, what a fantastic business. I thought they were here to

disrupt Swift and become the, you know, the banker coin, but I just don't see it, Scott. Again, maybe we can bring on some XRP trenchers and they can teach me. I feel the same way about hex. You know, it's like, what are we talking about here? Well, I guess. As a blind person, I like to see other blind people on YouTube being brave. There you go. Thank you.

See, I want to be an inspiration to your listeners and your followers. I like to be blind people. Yeah. This is blind people supporting blind people. That's right. And that's why, you know, that's why we're going to do wash dunks. So I'm hoping we can get this launched like next week. I have a vision of like a lot of memes. You know, like stepbrother, us as stepbrothers, maybe, you know, like Tubbs and Crockett from Miami Vice. We can do all of that. I love the Miami Vice move because, you know, I just like the look. of that let us work on it Scott let it let us work you need to get your devs iterating because

my AI you know what stick with the scott's 25 year old AI I like that I've decided while we were doing this I think you look great Scott again just give me some time just give me some time man I'm almost 50 three months wash washed washed wash dunk whatever wash dunk's dunking on the young folks but also learning I like it I think it's a good concept and I think it's actually like jokes aside, I think that we can actually learn a lot and kind of bring to light a side of crypto that I've completely missed for the last few years. That's going to be great. And then by the way, did you talk about...

You're sorry that he said that. No, no, no, we're beyond that. My DMs are open. We'll figure it out. But did you talk about my boy, Michael Saylor and how he sold the bottom? I mean, we talked about how the last cycle he sold 15 and bought back 17. And, you know, listen, I mean, that I've been talking about for months. that was a signal, right? Because like, it's kind of a quiet capitulate. I think he's doing exactly

what he needs to do, by the way. But it's going to be funny because he will be buying Bitcoin higher than he was selling it very soon. 100%. It's a strange thing, but doesn't Bitcoin always do that? People were saying that the market was trying to get him to capitulate in some way. And I wonder if that was just manufactured, Scott. Like if they found some pain points, he was going out of his way to say, I can't be liquidated, I won't sell, you know, and they just kept pressing his stock, you know, because that's what the stock bros do, just kept pressing him to the point that he had to raise capital, had to pay the dividends. Again, he's just running his business, but he got to that point where he had to sell. I mean, yeah, I mean, strategy is back to

120. I mean, this thing was trading at 91. Incredible. At 92 this week, on Tuesday, it was 92. It's 120. Bro. I kept saying, man, all that has to happen to save Sailor is Bitcoin price goes up and nobody will be talking

about it anymore. August 17th, Bitcoin was 64-5. August 17th, Bitcoin was 64-5. It's like low volatility, compression, and then boom,

you've got this big move. It just always does that to you. It always does that to you. It does. All right, Jason. Well, I'll be back with Jason at least once a week, at least once a week.

We launch new channels, unc hour, washed unks. You guys can send us your boards of your vision boards of how you feel the show can go. We will absorb them. Jason's DMs are personally open for all of you to send him all comments you could have about anything. Ask him questions about family life. He really wants to be your therapist. So I highly encourage him. I have a stick too.

I'm going to bring. And I'll tap it on the screen. I mean, in an AI generation, you can just have your AI read those DMs to you. And you won't even need to read them. I'm doing it already. Who needs eyes? All right. I have like five more minutes of show I need to do.

Jason, thank you very much, sir. Everybody gives me going parabolic a follow, the Bitcoin Bull. And we'll, I'll see you next week. You got it, buddy. Looking forward to it. Fun. I don't think I've seen you know. You guys know, you guys know,

I'm in space. Fucking space. You know? When Bitcoin goes to the moon, you've got to go with it. And we did that today. I keep showing myself frozen here, by the way. Okay, so you guys may remember, I've made a promise that there's a thing. Okay, well, we're going to go in order here.

So first of all, today's Wolf of All Streets is proudly brought to you by our friends at People's Reserve. I mean, I don't think I can be pounding the pavement harder on People Reserve and how incredible they are. We had CJ on the podcast very recently. I highly encourage you to go back on YouTube, probably three weeks and watch that on the Sunday podcast. But with their bonds and Bitcoin power mortgages, you can buy real estate without selling your Bitcoin. And that is the power of what they're building is probably amplified and exemplified best when Bitcoin goes up. Right? Because the whole point, when you go, we can go to their calculator over here. But

The whole point is that if Bitcoin goes up more with time, then you pay off your mortgage faster, right? And that's the entire point. I mean, right here with a 35% Kager on a $500,000 price, if you put down 20%, which is, you know, 1.28 Bitcoin right now, if Bitcoin goes up 35% a year, it did 24% in the last three days. You've paid off your mortgage instead of after 30 years in eight years, right? And even if it drops, to 25% it's 10 years goes up to like 50% bro let's not even okay wait 60% you've paid it off in five years but like I cannot uh really recommend them enough I think CJ's incredible I've been working with them I am an owner of the PRN token and I'm using this myself as with anything

that I would share with you can now also stake the PRN token uh next time we'll dive more deeply into that but I highly highly highly highly highly encourage you guys to check out people's reserve. Now, you may remember that last week I told you every Friday, even though now it's 9.54 a.m., so sorry, you're going to have to stick with me, that I would review the big news of the week very quickly. I even asked you guys, and you were useless, I'm going to be honest, like what intro music we could do. You might remember we had. I thought I would be behind that, like the sailor thing, like this. It wasn't. I wasn't behind it. So I couldn't do it. But that one was pretty good as the weekly reckoning. We have settled on the weekly reckoning, by the way.

I still kind of like what the hell happened, like as in what the hell happened this week, because this one had a chicken and AI doing it. What will happen in the week of the Reville? So good. Okay, but so because we're professionals here, we went ahead and actually made a real thing. My team is incredible. So here it is real. You're not going to laugh.

It's actually good. Watch. Ready? So here comes the weekly recognition. Scratching. That was me. You can do that. That's good.

Do you guys like that one? Okay, so here we go. I'm going to do it one more time so we can get a fresh clip. Are you ready? And this week, here we comes. The Weekly Reckon. So what happened this week, cooking through it very quickly because it was a lot and Bitcoin price is obviously refracting it.

Here you go. To start the week, strategy added $150 million to its USD reserve and repurchased $132 million of STRC, extending USDA duration to 2.8 years plus 41 days, tightening STRC, BTC credit to 115-14-b-bits. Now, what you can actually read into this is that this week, unlike the other weeks, they did not sell Bitcoin. They used that financial wizardry and magic to work around MSTR, dilute slightly the MSTR shareholders to build that cash reserve and once again to buy back some STRC.

It's a good thing they did not sell Bitcoin because they would be watching Bitcoin fly away up 20 to 25% since those sales would have happened. But that is how we started our week. It was with Daddy Sailor doing some financial wizardry to back STRC and buy it back. I have a feeling they will be Bitcoin buyers once again at a much higher price than they sold for very soon. And we'll all honestly be here for it and be cheering. Now, the other stories of the week, obviously, crypto wallet safe power reveals the data breach exposing nearly 40,000 customers order info.

This came on the back of the cold card hack over the past few weeks, which, by the way, they cannot fix. That's been announced. But SafePal, 40,000 people's data right after we had Treasurer with, I think, 13,000 or 17,000 people's data. And, of course, coming over the top, bits of gold in Israel released on accident or were exploited for about 200,000 customers' data. We have had a existential crisis in self-custody, which was yet probably another bomb. bottom signal when you had Bitcoin Maxis arguing about whether you should be rolling the dice to become a level five grand wizard or you could slay the Ender Dragon, right? We were rolling dice to do our entropies and when Bitcoin Maxes are infighting and can't even figure out self-custody, you probably know the bottom is near. That said, self-custody still has a big problem. It's one thing to be your own bank. It's another thing to have to be your own bank security.

and a lot of people probably very fearful right now, which could be part of the story of why we've seen such major ETF inflows. Now, you'll remember that earlier in the week, the Bitcoin Futures Market looks like a crowded club with a tiny exit, and it could cause pain. For bears. When this came out, the prediction was that we had extremely high open interest.

I covered this very extensively early this week, newsletter also on the show. I told you we had extremely low volatility, but extremely high open interest, meaning that the leverage market was piling up even though price was not moving, which meant that a very heavy, volatile expansion was likely to come. Luckily, that expansion happened in the upward direction. We could talk about the catalyst for it, but all of the signals for a sizable Bitcoin move were there. Now in the least exciting news of the week that apparently has to be here,

Metaplanet to invest 2100 Bitcoin and SuperLeague to launch U.S. Bitcoin Treasury Platform, Super Planet, because what we need right now is another Bitcoin Treasury company that does nothing but hold Bitcoin. It's not even a new Bitcoin treasury company. They just took some of their Bitcoin, sent it to someone else, and are calling it a U.S. Treasury Company. Listen, I'm glad any time we have a company that's buying Bitcoin, terrific, wonderful, Super Planet, I don't know. But yeah, MetaPlanit doing a thing over here with their Bitcoins. fun playing with their cryptos, as Donald Trump said in the NFL.

Of course, one of the major catalysts this week, U.S. SEC proposes first major crypto rule in surprise announcement. Surprise. It's me, Paul Atkins. I'm at your house. In your bed. So Regulation Crypto, you'll remember that last week we reported on Thursday that there was going to be a meeting on Friday to discuss Regulation Crypto.

Then they canceled the meeting, and we were all in despair. And then they decided to just go ahead and make the rules without having a meeting. Gotcha. Gotcha. But some very, some very bullish news here, obviously, right? As we handicap the Clarity Act odds down to almost zero regulators stepping in and saying, we are going to regulate. Like, I want a meme.

Acton's is the SEC, right? We got Michael Sealing at the CFDC. I want them as Nate Dogg and Warren G going to regulate. Can we do that? You guys know the song. Eight Dog and War and G had to regulate. Regulators mount up. I once sang that on making money with Charles Payne on Fox,

and they didn't invite me back ever. It was a joke about Gary Gunsler regulating. I said, Gary Guns were going to regulate, and then I started humming the song. By the way, that's Michael McDonald. I keep forgetting we're not in love anymore that is the sample for that song. We keep forgetting we're not in love anymore.

You know that what? That's my Michael Big Donna. Okay, but anyways, regulators are going to regulate. We have Paul Atkins over here proposing four-year safe harbor for projects to become sufficiently decentralized and not be called securities and setting out rules, as we said earlier in the show, for ways that crypto companies can fundraise $5 million threshold. I can literally go down to the street, find a homeless guy, ask him for $30. He's going to ask me for $30. bucks. And not homeless guy, another guy who will give me 30 bucks unaccredited by my token, bro, totally fine. These laws are crazy, but unaccredited investors are going to be able to invest up to $5 million in a crypto project, which will have four years to do anything just on a white paper without actually having to disclose very much to the SEC, $75 million threshold if you actually do want to tell the SEC what we're doing. This was one of the catalyst also here. We had Van Eck very wisely.

Bitcoin may be nearing an end with 8 of 12 capitulation signals flashing. This was our title the other day. I've been making a whole lot of content this week about the bottom being near or in. This was one of them. 12 of these signals had already flashed. Eight currently flashing. The bottom was likely in. Vanek looking very, very smart.

But then, of course, we had the Bitcoin move, and this was the catalyst. Treasury doubles debt buybacks. His percent moves to steady bond market. Not only did he do that, he doubled down the next. day and basically said the bazooka is here. We will do whatever it takes because it seems at 5.3% on 30 year, not okay for Big Daddy Scott Besson. There is now a very definitive pain threshold that the United States is not willing to go over. And that sent Bitcoin flying, reigniting the argument that Bitcoin is a narrative-driven asset. And that narrative is that it could be a real

store of value, hard asset, hedge against monetary and fiscal insanity. that we are now getting. Mind you, we passed $40 trillion in national debt this week. $40 trillion, which he said, not a big deal. So after Bitcoin caught a little bid because of Bacent doing his Bacent thing, bearish crypto bets lose record $3 billion is Bitcoin top $71,000. The largest short squeeze in history. They've added another billion to that, by the way.

So now it's been $4 billion, but it was $3 billion in shorts liquidated in just 24. hours. And then, of course, Trump, crypto meeting signals U.S. not going to slow down and bid for digital asset dominance. That same afternoon to send Bitcoin even higher up into the low 70s. We had Trump saying strategic Bitcoin Reserve, we're going to buy Bitcoin, we're going to buy crypto, hyperliquid coming to the United States, and of course saying we need to get the Clarity Act done, which is, let's be honest. It's not going to happen. So that is what happened this week. And of course, what really happened was the Bitcoin bear market likely ended. or we had a major rotation and we're talking about Bitcoin $80,000 instead of Bitcoin

$60,000. And I am super here for it. That was the weekly reckoning. And I'm going to do one more thing on the way out. Get the fuck out of bed, bitch. Go. All right. I have another show, Daily Wolf today.

So I'm going to go get ready to do that. This has been fun. I think we need at least six guests every day. Just cook through them. And yeah, wash dunks coming soon. It's all I got for you guys today. Enjoy the bullish price action. Have a wonderful weekend.

We'll see you soon. Two in five Canadians will hear the words you have cancer. That's why every step and dollar raised matters. On September 19th, join thousands in Toronto for the Princess Margaret Cancer Foundation walk. Challenge yourself, friends and family. to walk 21 kilometers in support of life-saving research. Together, we can carry the fire and help create a world free from the fear of cancer.

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