The Wolf Of All Streets - Bitcoin Hasn’t Done This Since 2012 - Then It Went Up 2,000% | Tristan Thompson

Episode Date: September 23, 2026

Bitcoin is holding near $87K as it heads toward its first three-month winning streak since 2012, while Zcash continues to outperform with another 10% rally. We also cover BlackRock’s thesis that AI agents could drive the next wave of stablecoin adoption and the growing AI price war as Anthropic rolls out a cheaper model. Plus, Tristan Thompson joins to discuss his crypto investments, Zcash thesis, backing Anthropic, and the upcoming NBA season. Learn more about your ad choices. Visit megaphone.fm/adchoices

Bitcoin hasn't done this since 2012. Then it went up 2,000%. Casual 2,000%. The answer to that question is it has not had a green July, August, and September, three months in a row in the middle of the summer since 2012, which obviously preempted the rally from about $10 to well over $200. Can't say that I'm expecting that this time, but damn, it would be nice.

I'm going to talk about that and a lot more today with Tristan Thompson. Let's go. Let's go. Good morning, everybody, and welcome to the show. Go ahead and just bring on Tristan straight away. What's up, man? How are you? Good morning.

Good afternoon. What's going on? It's afternoon here, man. I'm in the UAE right now. Yeah, I wish I was in the UAE right now. So the most important question is if we play one-on-one, how many points you think I would score? Because I'm a nice guy. We'll play up to 11.

man. I'll let you get nine. Let me get nine. I don't even know if I could get nine if you weren't there. I'm not going to lie, though. I was a pretty good six man in high school. So that was in the 90s. Because I feel like it. Back on the day. Yeah, we got this just starting here, right? I mean, Bitcoin on a streak. It hasn't hit since 2012. This would be the first time we've had a green entire summer, July, August, September. Now, I will say, when I read this article, my first instinct was to look at the calendar and say it's September 23rd, and we're like spiking the ball on the one yard line.

Like that this is, you know, it'll be like, we'll all talk about this for 10. And then it'll be like read by 1% by the end of the month and it'll be a non-issue. But, I mean, more generally, like, how are you kind of viewing this move in the market in general? You've been here for a long time. Yeah, I mean, listen, if that happened again, you wouldn't see me. You'd be on the boat. Are we getting on the yacht somewhere, right? Having a good time.

So, but no, man, I mean, listen, what I always tell people, this is a long-term play, long-term hold. Of course, yes, do I get excited when we have some green months? Definitely. But I just keep stacking chips. Yeah, I mean, the longer I'm here, actually, the more upset I get when it goes up fast because I always think about the money I was about to get and that I could have used to buy lower, right?

So I didn't think we were going to 40s or 50s that that wasn't really my, my, my view, but I was hoping we'd stay down in the 60s a little bit longer. You know, it's kind of funny how the view shifts. You get excited for it to go up, but also feels like missed opportunity. Exactly. You were like, man, I should have bought some more when it was at, you know, 65. And you're like, no, I'll just wait it out. I'll be fine. It might go a little lower. And it's like, it's like, you know, damn if you do, if you don't. Yeah, I remember you had commented, I think earlier in your career looking back that you

wish you had taken your salary in Bitcoin at one point, right? Oh, absolutely. I mean, back in what, 26. When I had my deal, I think Bitcoin was at, what, $200-something. So, like, listen, I would have that yacht. You'd have that double-t going down and going down the south of France coastline. You're in the UAE. And when I think about yachts and I guess they were in Singapore, but the three arrows guys were at the much wow yacht that they were building.

And they didn't get that. We could have rebranded it with the double-t. But so, you know, I actually think about all these guys that did take their salaries in Bitcoin. There was kind of that moment, you know, I think Sequin did. I think OBJ took his salary in Bitcoin. And I wonder what the tax implications were of that if they could even hold it. Because if you took your salary in Bitcoin, you still got to pay your agent, your taxes. I don't know, everybody's got people, right?

So like, imagine, don't you have to kind of maybe sell at a loss to pay the taxes for getting paid in the Bitcoin? That still seems really, really clunky to me. Yeah, I seem like a lot. I mean, what I would probably do if that was in a situation, I'd say, pay me a Bitcoin, but to the salary, everybody else, just send me an invoice in the bill. I'm going to send you money that I have my account. Don't touch my digital goal right now. Yeah, I guess you just have to have a lot of cash dependent on the deal to be able to pay it

without telling. Because I know a lot of those guys who was like the peak of the market when they took the salary in Bitcoin. Right. So if you took your salary in Bitcoin, I don't know, what was it? Was that when it was like 60, 70 or something? And then all of a sudden when it was time to pay taxes, that Bitcoin was worth 30. you still owe taxes on your full salary at $60,000 Bitcoin. So I think it required a lot of management.

It actually speaks to how they don't treat it right, I think, from a tax perspective still. But it's income. You're right. It's income. I mean, not unless you have a very creative financial advisor, you know, you can say you, you know, sell it a loss. But, you know, it does get a little clunky. So it just shows you that we're still, even though, you know, every month you notice that there's more wallets, more people acquiring Bitcoin, especially in America, we're still not there yet in terms of

how to fully financially integrate it with, you know, taxes and salaries. So you've been, I think, you know, a pretty loud voice, obviously, I would imagine in the NBA community, but in the athletic community promoting Bitcoin and the rest of the space. How much adoption or interest do you see now, maybe even versus when you first found it? Yeah, I mean, to be honest, whenever we have. have this pump and a spike, everyone literally text me says, is like, should I buy more Bitcoin, should I begin buying XRP? And I'm like, guys, you know, I'm buying BTC. I'm buying BTC. And because I have a little bit of a DGEN in me, I sometimes grab some soul as well. I like to go to

casino, right? So play around the meme courts. But guys are always asking, they're curious. And that just shows you, it's going to continue to grow. And, you know, just kind of keep speaking the good word. So that's funny. You said Bitcoin and you said XRP. Well, XRP is the question that I get every single time. I got a text yesterday from a friend of mine said this, from my brother-in-law. Ask Pookie. That was my nickname in college, sadly. What do you think is about XRP?

My friend has been preaching it to me and apparently is supposed to go way up soon, says this is the one that could be bigger than Bitcoin or better than Bitcoin. Listen, you don't know what I'm going to say? I was very honest. Yeah. I mean, God bless your friend. but I'll say this. The XRP community has done a very, very good job selling the people that XRP could be the next Bitcoin, right?

And they are, like, when you talk to an XRP Maxi, they are going to ride it out and tell you exactly why, from getting to end, why they think it's going to be the next Bitcoin. Do I think that? Am I as bullish on it? Like everyone's these XRP maxis? No. because if you saw my X a couple days ago, I said, you know, Zcash is having a better run than XRP. And then literally my mention started to go crazy.

Yeah, yeah. Even if you state a fact, you're getting in trouble. But I guess the question is why, how, you know, how did it break so into the mainstream narrative that that's even the question that your friends ask you? They're not saying like, this is a good time to buy Bitcoin and Ethereum, right there specifically. And it happens to, I'm just saying,

Every single time, the mainstream has really grappled on to XRP. And I'm not saying they shouldn't. I just say, I don't know how that happened. Like, how do you see them having heard of it? Especially when your dentist is giving you your monthly cleaning. And then he's saying he's buying more XRP. I was like, wow, they got you too. I guess they got everybody.

So yeah, you said you mentioned Zcash, obviously. And I think your tweet, I don't have it in front of it. something like Zcash is moving how people thought XRP would, something like that. Yeah, yeah, yeah. Is going wild. I know you actually, I know you kind of joke that you go to the casino, Salana, but I've also seen you talk about hype and Zcash and all these other things. So I think you might be doing a little more.

But, you know, what do you make? I don't own any Zcash and I feel really stupid. I was sitting at a at a lunch in Vegas a few months back. And a friend was like, listen, man, it was at $2.50 or something. He was like, it's going to seven. And it went to seven, came all the way back and now went to wherever. And he was like, you just need to buy it. He's like, trust me.

And I was like, yeah, whatever Zcash. I heard about that in the last cycle. Even I was dismissive of it. And here it is $1,500, 1,500 bucks. I mean, have you been trading it? Do you own it? Do you believe in it? Yeah, I mean, I think this is one of the runners of our cycle, right?

I think with Zcash, you're right. When they had the hack with Claude, it went down to about two. 50. I remember that day and then I remember I was longing. I do a lot of perpetrating as well. I do a lot of that. So I remember climbing up and I actually bought some. But yeah, it has a strong narrative. I mean, it's the privacy. I mean, there's a lot of, you know, a lot of people that believe in it. So I mean, this one, this one could be one. It's one of those ones. They're one of ones. I missed it because the people that I should be listening. This wasn't like a bunch of random influencers with cartoon faces that were promoting this on next. Like the Barry Silber.

Joe 2-25. Random. So, you know, like, when the billionaires are telling you to buy something, maybe that's free alpha that I was missing out on. I also, though, I don't buy the, like, new Bitcoin narrative to it, right? I think it's something different, personally. Yeah, no, it's totally its own thing. I think that, and if you talk to people in Zcash,

they don't really try to lean into that, but it's like a privacy narrative, play more into the privacy narrative. And, you know, some people will try to integrate the whole Bitcoin idea. but listen, I'm more bullish on the Zcash and actually their story than our XRPs. XRP just keeps catching strays right now today. That's what they do. Actually, the truth is if you say XRP, you catch a stray. Oh, yeah.

You're like just, I'm literally going to get off of the stream. It's going to my mentions are going crazy. Like, you just keep picking on us. I don't think we're picking on them. I find it as like a fascinating social experiment to ask people where they found out. about it. It was like, you know, there was, it's not the only ones. There was that moment when it was Doge and Shib, like last cycle, like everybody knew about Doge. I remember having CZ on the show and I think he made a comment, some to the effect, he was like, I can't hire, he's like,

I'm in China and I can't hire enough customer service people to onboard all the customers who want to buy Doge. It was like a three month waiting list to get on Binance or something just because people wanted to buy Doge. And back then, you couldn't do it on chain or anywhere else. You had to go to a centralized exchange. So it's like, they're not the first. It's just they've kind of lasted the longest. Really impressive. No, man, holding it strong. Hopefully they get a good run. Okay, so you believe fundamentally in dollar cost averaging into Bitcoin at any price.

Do you view that as a savings account? You kind of laughed as Salana as a casino. But I think, you know, there's fundamental reasons. I personally own Ethereum and Solana as well, just because I believe that, you know, they have institutional adoption and the ETFs. I think, you know, when you hear about BlackRock building on something, you know, I want to be there. Right?

So like as a long-term holdings, is Bitcoin your only one? Or do you, you know, do the others in investments as well? Yeah, I think for the investment side, it's Bitcoin Deputy Solana. I think especially right now what I tell people is if they are looking for an all-coin 2-buy, I would say so just because the runway that it has right now, right, what's around, what, 115 to 117, it can easily get back up to 240. So if you're just looking from an investment side, I mean, that's a great, easily 2x. that could happen, right? And I've seen it because I remember, you know, playing around with

sold at 1.25 and then getting to like 240 and then, you know, opening up a long position. So I would say for myself, my, my two heavier bags, definitely Bitcoin and some soul, especially right now. Is there a reason no Ethereum? You know what I say is that I think Eiff has just become, it's just gas, right? I think people that are, you know, Ethereum is what we're using right now from mainly like stable coin movement, right? That's its main purpose. It's very safe. It's the closest to the institutions, right?

If you have to compare which kind of currency is the closest to just a normal banking system, I would say, EF. I think that makes a lot of sense. And my issue there, I do own ETH, I like it. But the issue there is that stable coins are going to be everywhere. Right? I'd like to just live primarily on ETH in the future. And I think a lot of private change are going to have stable coins. And if it's just gas, it's probably overpriced.

I think Eiff will do well because it has a narrative and will continue to go up. But like if we intellectually were honest and repriced everything to like its actual utility and usage and value, then we have to eliminate all the price action we had for years before and start at basically zero or much lower price today. So I don't know if, ETH fundamentally, I think, like I said, I invested it. I believe it'll go up, but I don't know that it's fundamentally worth $2,500 a coin for the actual use of it.

No, no, I agree. I agree. I think, like you said, you hit on the head. It's just, I mean, when I tell people that have Eith, just take it. Just take it. Yeah, that's it. Exactly. You understand. So I don't know if you saw this story, MasterCard and SoFi team on Stable Coined Settlement Cards.

So this is $25 billion a year. All of the. card settlement for SOFI moving forward is going to be on stable coins, but the customer doesn't know it and the merchant doesn't know it. So this is exactly the kind of thing that I'm talking about. So I go, I use my credit card. I have no idea. The merchant gets paid the same way they do, but in the back end, they're settling on stable

coins. I don't know if that's investable to me. I don't even know if I should be excited that the technology is being adopted because it doesn't necessarily affect me. So this is kind of what concerns me to some degree about a lot of the other things in crypto is that it's all happening, but it might not be in a way that I can invest in it or that I can benefit from it. Like what coin can I buy that's going to matter that MasterCard and SoFi are settling

$25 billion of credit card, you know, transactions? Yeah, no, I agree. I mean, this is why this is like the gift and the curse, right? Like this is like the beautiful thing is like you want more adoption and build out. And even when I talk to founders that are in crypto, I say make a technology that you don't have to say it's a crypto, crypto app or capability. It's kind of like when you look at Uber, you know, you don't care if you ran on cloud or AWS, right? You just care about when you put your pin location, pick me up and take me where I need to get to, right? So that's kind of like the situation we're in, right?

So, I mean, listen, I'm the person that has a visa with a certain company, won't say their name because they're not, we don't have. We don't have no deal, but I'm this person that's always doing the tap page. Yeah, I just take my phone. I don't even use a credit card anymore. I'm kind of a boomer. So talk to me about what you're actually building. How did you get into crypto in the first place? Yeah, no, I got a crypto about three years ago.

I remember it was a little bit just after the pandemic. I remember during that time, a lot of my friends were actually accumulating buying Bitcoin. And I remember having a conversation with BlackRock. Some people that managed my portfolio. And I said, hey, guys, I want to get some exposure to Bitcoin. And they were like, you know, it's too volatile. Trust us. You know, we managed trillions of dollars in 70 countries, asset under management.

And we're not letting none of our clients of that stature, those, those countries get exposure. So you don't need to worry about that. Don't worry about that. This is black rock. Yeah, this was years ago. Yeah. Kid you not during the pandemic. And I said, okay.

I said, you know what? I'm going to listen. They're the OGs. You know, they've had one of the top tier. Remember months later, I'm on social media, doom scrolling. And I see, you know, Larry Fink saying, hey, we're going to start adding Bitcoin to our balance sheet and start accumulating. I said, oh, wow. So look what we have here, right?

Like any institution that invest your money. You know, when you take your money off their platform, they get questioned by their manager. They get a question why is that account having that kind of movement somewhere else? And it just showed me that if they can't benefit from your capital, they're not going to always have your best interest in mind, right? And that sparked a light ball in my head. I said, okay, there's something here. So I started deep diving into it. I actually had a couple friends that were actually in crypto and living in L.A.

And started to ask questions. And they literally got orange-pilled and got it. into the got into the matrix, started understanding more about all the other all coins and staking and perp trading and liquidity providers. And then I was like, this is the future of finance. And especially when you go to these crypto conferences in Singapore and in Korea, that adoption, you know, if you look in Korea, they're the highest transactions, right? I mean, that's why when you look at all these projects, what's the listing that they want the most? Up bit, right? Because if you get into that, yeah, if you get to that ecosystem, you're, it's, it's,

it changes your whole company. I'll never forget. It must have been 20, 23, but I went to consensus in, I think it was in Austin. And, like, that was right after FTX, the market was dead. And every booth there was like a lawyer or an accountant. Like a bankruptcy attorney or an accountant at a crypto conference. It was a third of the people that had been there the year or two before. And it was so depressing.

And then I went to Token 2049 in Singapore. four months later, and it was like there had never been a bare market. Like, the sentiment never dips in Asia, to your point. And it, like, reinvigorated me. I was like, just because it's bad over here, they didn't even care about SBF. Like, they weren't even talking about him. Like, he wasn't even a big name, you know, when they were talking about crypto over there. So, I mean, I think, I wish everybody had the benefit of seeing, well, Korea, they're the DGens.

but the rest of Asia, it's insane the volume that South Koreans do on Perps. Yeah, you're right. It's insane. I remember I look at some of the stats compared to other countries. You're like, wow. I said everyone's just on the phone, just literally getting after it. So, yeah, listen, so Black Rock told you not to buy it. And to be fair, like, I remember talking to Anthony Scaramucci about Larry Fink and

Larry Fink hated Bitcoin. And he really did get orange peeled by that guy, Robbie Mitch Nick, who came over to BlackRock. And then obviously they realized they can make a hell of a lot of money with the ETFs, which they have. But when you decided you wanted to buy Bitcoin, did you call BlackRock and ask them about it? Or did you take other money? Or did you take money from BlackRock and go buy it somewhere else? Because that's the thing they fear the most is right. You pulling capital out of your portfolio that they're managing, not them specifically, whoever it is, and going to Coinbase, because that money never comes back.

And that's what happened. I said, you know, I'm going to pull some capital. I said, I'm doing an investment. And I pulled some out. And that was the investment. Buy me some BTC. And I definitely did that. And now, now I'm all in. And now they know where if whoever was managing that account back then, and they wonder what the investment was. There it goes, BTC. Happy days. Okay. So I bet you get pitched or have been pitched investments every day of your life. Just the position that you're in, right? I mean, public figure. People know that, you know that, you know, You know, you invest. How do you decide Bitcoin or otherwise, like generally what gets through your filter, what you consider where you're going to deploy capital? Yeah, I think right now, especially in crypto, without investing, it's got to be products that actually can have like some real world usage

and actually really do something that people are actually going to care about, right? I think, you know, and it has to have a story and narrative. But I think in business in general, it's if I don't think it could have, apply to my life or benefit me or my close family friends life or would be interested, it's not worth it, right? I mean, does that mean I miss out on some great opportunities? Sure, I have. But I mean, that's how I approach it right now, right? It's got to make sense to me. It just can't be hearing a narrative on social media or hearing a couple other guys invest. And to be honest, a lot, even like right now, there was a quantum on-chain company. And, you know,

I heard what they were trying to do, but I said, you know, if you look at other, you know, regular quantum compute companies that are not on chain, I mean, even they're having a tough time raising. So I said, you know, maybe that's not the right exposure for me right now. But who knows? I might be the fool and said, I might have missed that on the train. You know, there's this, here's a stat for you. Most all coin hovers are still sitting on losses. I look at this. I'm like, no shit. And it's like 99% losses. I don't even need. to see the chart, right? But the median coin has less than a quarter of its supply and profit. Global market tops tend to occur once a majority of supply across the entire market is deep in

profit. That point's still a long way off. So I asked that question because my BS meter was terrible in the last cycle. Like, you know, two cycles, I can say. Like I thought every idea was the best idea. I deployed capital. I was the idiot who held and didn't sell when things vested or like when I bought them. And now I sit on the... these dust portfolios, like that coins are literally down 90, 95. Some of them are, you know, effectively zeros. Good write-offs. You know, write them down to zero. But it's hard, I think, to be discerning in this space. But I will say, maybe you have the same experience. There's a lot less things being pitched right now. Even like I don't get pitched many new tokens or new ideas.

I don't know if maybe people just got used to me saying no and stopped. But it feels, it feels, feels like there's been like a consolidation to a few really big things. Like even the people who I think used to be VCs or pitching are now just like buying Zc, OTC or something. I don't know. But they're too your hype. You know, they're all just like all in these couple things. And that's kind of to your point. Like there's things you can now fundamentally value and look at the utility and you can

understand why they would go up. I just thought these were ideas. Yeah. Yeah. No, no, you're right. They're on the head right there. It's way less companies or new. tokens coming out on projects.

Because I think it's just like right now, cripples in a stage where it's like there's just some heavy hitter runners. And I think they're getting just all the liquidity. And I think, you know, during this time, it's still considered, you know, a bear's time where I think a lot of people are also probably holding back and waiting at the, at the, at the starting line before they try to, you know, pitch these ideas. But I also think a lot of people from crypto rotated into robotics drones and AI.

I think a lot of people are just pivoted because, you know, the same people that I used to see, you know, at, uh, at crypto events. Now I see him at the All In Summit and in and other, you know, other other other kind of conferences in space. So I know you launched basketball dot fun, right? That something we could discuss. Like what do you got going on there? No, I mean, that was a project that I, uh, about a year and a half ago. I was kind of, I was an advisor to help them go to go to market. But like anything, right, I think you go ahead and you give your mind share. But, you know, if somebody wants to acquire, you know, your time and they want to say, hey, we'll go do the rest.

I appreciate you giving some insight. I was like, okay, cool. Like, hey, MNMNA, merge acquisition, take me out, buy me out and let me keep going. Oh, that's awesome. Yeah. I bought out. I said, okay, cool. So how far down the Dgen rabbit hole have you gone?

Like are you trading meme coins? You're on FOMO? I did do Robin Hood chain for a second. Like I bought one thing. It went down 95%. But I got some like free S&P tokenized or something like on. Yeah, yeah. So you bought you bought some stonk and these random like coins.

Of course. What's called stonks with a plural. I think I should have got stonk and I got stonks. I don't know. Classic. Yeah. You got stunk. Yeah, so I touched it.

I touched it, and it's really actually much more interesting than I thought it would be. Yeah, no, I'm definitely trading. I mean, I'm in a couple of longs right now. I think I just opened the near long. So I got my wallet open right now while I'm speaking, just looking at the charts. So I have a lot of DJ at me. And I've definitely, you know, like when the Robin Hood came out, you know, Cash Cat bought that.

Cash Cat around 20 million saw run up, took some. profit at 120 and then it got to about 175 200 took some profit again so I I dabble on chain a lot I find it fun it's I guess because I don't feel like flying in Vegas I just brought Vegas to me on my phone yeah it's kind of scary for people who aren't good at it because now you can trade on literally anything 24 7 365 with leverage right I mean we're getting to a world we're not only can like you buy a meme coin and do it with leverage and you know whatever, but soon you'll be able to bet on the weather with leverage, like with your meme coin as margin.

You know, it's... Listen, I'm even on Meteora, right? I'm being L-Ping and I'm making great money. I mean, one month, I'm going to kid you not. One month I did about 70 grand just on L-Ping. So, and then I think that was just my, the principle I used was about like 60K. So I had a great month. And I just getting, to be honest, I just turned it right into Salana.

I just staked it. Yeah, I mean, you're just. You're really doing this. I need an air drop, meteor. I need an air drop. Let's get that sponsorship deal. But, you know, you obviously have fallen down the rabbit hole. It's been progressive.

When people come to you now and say, you know, what should I do in crypto? How should I start? They see what you're doing. You're talking about it. You're making money. What do you tell them? Because not every, like my cautionary advice is like, not everybody can do what you're doing.

Because you deeply understand this. and you've deeply done your research to be able to continue to be profitable. Most people aren't LP on Meteora. Yeah. No, what I tell someone, I mean, yeah, definitely not, they're not, I'm not pitching that. I think for me it says, you know, like, what's your risk appetite? Or like, what can you handle, right? Because I think crypto is the one area where, you know, you're going to have a day

where you're going like you're the man. And you're like, wow, token's going up. It's a great day. And then you might have a day where it's like really bad or a week where it's bad. It's like, can you stomach, you know, two months of it being down? Like, can you really hold this long term? If you're trying to do a quick flip, I just tell guys, if it's a quick flip, if it's green candles, just open up a high leverage loan and just take your money.

But if you really believe in the space and believe in the technology and win in the application, just keep stacking, right? And then once they give me that answer, I know where to give what advice to give, like, okay, this is door A, this is door B. You tell me what's your appetite. And then I'll tell you what I think, what I'm doing because I, I'm transparent. I'll tell people straight up what I'm doing. Degen or not.

Yeah, exactly. I think crypto, I keep saying, it's turned into like this crazy barbell. It's like one side you've got Bitcoin and maybe a few other like things people understand deep liquidity, maybe their investments. Then there's like coin, I don't know, 10 through 1,000 on coin market cap that nobody's And then it's all degenerate on the other side. And that's like there's very little in the middle at this point. I think it'll fill in, you know, if we get a bull market.

But those really what you described are the two. places people are interested. Like you're either like a bitcoiner or maybe buy some of these other things or the or you're fully just in the casino. Yeah. And I think it's just like the powerful, the ones that have the power are the ones that can do the balance of both. Right. And I think when you're too much of one, you're just going to get wrecked, right? You remember the Black Swan? It was October 9th last year were just like, wow. Did you? Oh, yeah. I mean, I might long. I definitely got liquidated out. I'll tell you that. But I mean, listen, I didn't, I was hearing the stores about people putting like their entire crypto network.

Listen, when I'm trading, it's only trade them in the amount you can stomach losing it all. Right. If you're over leveraging yourself, like pigs get slaughtered. Don't be greedy. Are you participating in AI at all? Like, are you really just as a crypto? So you're anthropic, open AI, pre-IPO, are you participating in all that as well? Of course.

Of course, you got to have that exposure, right? At the end of the day, you know, listen, crypto, you're not for runners, but I mean, even these tech companies, you know, like you said, the Anthropic, opening eye, Stripe, you know, Andrew, a lot of those companies right now in the private market, there's just some good opportunities to get some good exposure. I'm definitely a believer in that. Even on the, you know, the pre-IPO side,

I think there's a lot of opportunity there, especially for those that couldn't get in because, you know, I think that's, I think, I think Anthropa did a good job kicking a lot of people out, to create even more retail demand. It didn't matter. If you're not a strategic, if you're not a strategic partner,

you don't bring real value in what the company needs and you're just only capital, you might get that notification from them saying, hey, you might have do an LP swap. Yeah, which is crazy that they did that. But you have both opportunities, right? So you can get real pre-IPO opportunity, right? I'm assuming that comes through your business manager.

I see those things, secondary markets, whatever. I know those are things you're getting pitched, but you can also just go do it on hyperliquid too. So are you doing both? Like when you say you have exposure pre-IPO, are you doing it on crypto rails, or are you doing it the old-school way? Well, I mean, I got exposure to anthropic

back in, you know, series C. So, you know, I already got some good exposure the traditional way. But, you know, people that are on chain, I tell them, yeah, go on hyperliquid and buy it. And I think what hyperliquid did was smart. And I think what's going to probably follow that, they'll do the same thing with Open AI

and probably Databricks and all the companies that they know that people in the crypto space would want some exposure to because like you said, right, that's a big thing. Why even Robin Hood had a kind of a narrative, right? Because they get the on-chain people to buy these stocks, even pre-IPO or just in general, the SpaceX and stuff that people can't get exposure to because of, you know, where they're geologically, you know, place. Yeah, I mean, this was kind of one of the big stories in AI today is Anthropic and Open AI. roll out cheaper models in first release since call for slowdown. And obviously this is because of competition from China. I mean, this is going to be a race to zero eventually, right? Because there's so many of them and people aren't going to want to pay for it. But I mean, are you using this stuff on a daily basis? I mean, I was joking. Like, I'm literally prepping and Grockbot is like

creating new tools on my website. And I don't even know anything about anything. And I'm just having fun over here. I use it all day. Yeah. I mean, I think for, you know, the way I look at anthropopal Open AI is that I think for Open AI, you know, I use it for like a banter confirmation, right? So if I'm having an argument or debate with my friends, I'm just going to go to Open AI real quick. And it's a quick one, right? It's almost like that quick Google answer. But for Anthropic, the power of that is, you know, it's very good for hype coding. It can really build out an idea in your head and bring it to life, right?

And ideate it for you and really, like, dive in and help you really pull back layers. So I think they have their pros and cons. it really depends on the type of person you are, right? So if you're a college student trying to figure out what a thesis is to one of your beliefs, I think I would go onthropic, right, where it's deep diet, right? But if it's a quick fix where it's like, hey, what is the country's GDP? It gives me real quick. And I just go to open hands.

So they both have their pros and cons. And I think they're both, like you said, it's only going to be a few. Obviously, you have the deep seek of the world. And you got a Kimi. And, I mean, moonshot is, I mean, ripping right now. You know, the fact what they're able to store that information that that open AI and cloud is not doing, that that's making people more bullish, right? Even on the private market side. So you're going to see there's going to be about four to five winners and then everyone else is going to be racing for scratch.

What I do say is there's some applications now AI technology that are actually creating something where it can be adopted to, you know, real business, right, how to make businesses more efficient. I think those are going to be the ones that stay, right? the big dogs and the applications that actually can help make the business experience better or make it more efficient. Yeah. So did you see this video? I think this is the best use of AI yet. CEO of Nvidia and AMD.

I bought a 16 pounds in the ditches deep I know that's not a challenger. I keep some members with me and the freaks. Get caught. They like the get geek. Legendary. Like a whole bottle, wake up and repeat. Damn. She took a lush.

Mistin with the chill out. Now she says she's saying 3D. All right, so then I saw Scottie Pippen literally. I bought a 16 passing the ditch a deep eye. No, that's not a challenger. I keep some members with me in the freaks, get coat seat, they're some cannibals. Yeah, it's incredible.

AI is a man. I mean, this is, first of all, people have been sending me that the last 24 hours. And one of my buddy friends, Timmy, I said, it's a pretty good video, but you're about short 20 pounds. Don't live. Let's not think.

This is not your, if you're going to do this, it's got to be how your body figure is currently. I was like, this is you after Marjorno and and you're up tied. Yeah. They got the 90s offset.

Yeah. But like it really is just an incredible technology and it's happening so amazingly fast. I mean, I see videos like this all joking aside and I think about the like Will Smith spaghetti. You know, like he had like 12 fingers and the spaghetti

was like coming out of his hands and stuff. That was like two years ago. And what are we going to be doing with this stuff in a year, five years? And then link that to crypto and like all the trading and DGen stuff you're doing. Are you running any of that through AI, your ideas? Yeah, I mean, I'm definitely, definitely, you know, putting ideas out there. And I think, you know, the one area I think that it could really be a big moment is, you know, movies, right? I think AI is improving so much.

And I can't you not, there's a company that I got a meeting with. and they actually showed me a five-minute clip of a movie that they've created, AI movie, and kid you not, how real everything looks compared to how it was even just six months ago, I mean, this looks like a, it's costing a million dollars to build up this film, but it looks like a $30 million film if it was in real life. Like if you had to get real, like, setting, staging, lighting, the effects, the fact they were able to make a million-dollar movie look like a $30 million movie, I'm like, that's, there's a, there's a possibility that there's something.

something to be a little bullish on. So we'll see. Anything I miss before I let you go? Anything you're excited about? Anything you're looking at? No, I mean, I mean, I think, you know, I think, Scott, what you're doing in the space and speaking a word and talking about is great. We need more, more evangelists like you. You know, I'm trying to do my part each and every day to let everybody know on the grounds, you know, let's keep growing this community, right? I think it's the day it's the future of finance. And it's a great opportunity where I don't, you know, you might as well get in now and get into the club now before it's too late. And you wish, you know, three, four, five years from now, you got the exposure.

So that's what I tell you. It's the future finance. It's still early. It's still early. I mean, it's such a, and that makes the narrative so easy. You just put it in those terms and leave it there. And at the end of the day, I think you say the same thing was just, just buy Bitcoin. You don't even need to do the rest of it.

You just buy Bitcoin for a year. I bet you'll be really excited and you'll want to go deeper down the rabbit hole. Exactly. It's like a 401. It's outperforming the 401K Boya and all those other principles. So it's like, why not? Just get a little exposure bit by bit, day by day. I appreciate you dunking on BlackRock in the early days.

That makes me happy. Hey, man. I was, I had to take the truth. Yeah. All right, Tristan, man. Appreciate it. Thank you so much. Everybody give Tristan a follow, man.

I'll let you go. Thank you. Yeah, show me so much. Appreciate y'all. Thank you for having me. Great, man. Those videos are, I guess. I don't watch that again.

I can watch it, 10 pounds, and a ditch a deep eye. No, that's not a challenger. I can watch some members with me and the frees. I can watch that all day. I can literally watch that all day. I'm going to be, I'm not going to lie to you. I watched that all day. I watched it about 15 times this morning.

So just a couple more things worth covering before I let all of you go, since you are still stuck here with me, is that we've had some bullish signals, obviously, across the board. If you're looking for more confirmation that the bottom, might potentially be in, of course, you can see that the BTC, ETFs had another massive day yesterday with $750 million in net inflows. Now, $2.3 billion over the past four sessions since the rate hike. Monday was almost a billion dollars, was the ninth biggest day that we've ever had in Bitcoin inflows.

Okay, ninth, whatever. But I think the interesting part here is that we had the narrative that this was because of the Treasury, but a lot of people I think were still stuck on the idea that this was just a short squeeze. But a month later, when the leverage is gone and the open interest was wiped and there was a short squeeze, and you're still trading now in the mid-80,000s. And then it's actually backed by real spot buying. I find very, very interesting. And if you listened yesterday before I lost power, that's what happened yesterday, for those who watching the show, yesterday.

But Andrew mentioned that of that billion, only 300 million was BlackRock, which was a very, very different, different situation than we've had in the past. It was almost all BlackRock almost every single time. And that's because a lot of the people who are buying Ibit, BlackRock UTF, are participating in some sort of carry trade. So just because they are buying the actual spot of Ibit does not mean that they actually believe in Bitcoin or net long. some of the futures that are in Contango, earning a yield on a carry trade. So a lot of that is funds, mechanics, you know, hedge funds that are doing that trade. But when there's breadth and BlackRock's only a third of it, and a lot of the ones that don't even have, you know, robust options on them are also being bought.

You know that this is real spot buying and real interest. And to me, that's huge. I mean, you can take a look, obviously, here. I mean, another one. These are all signals. don't pay attention to, but I'll report on them. Bitcoin just flashed the momentum signal that started the last two bull markets. Mvrv has crossed back above its 365-day average. This is the same cross that we saw in 19 and 23 at the beginning of each bull market. Now, you'll also note beyond this that we also have Bitcoin now trading

above every meaningful moving average on every single time frame. Not only is it trading above those averages, but it is actually with them turning up. Like you take a look at that. at the daily chart here for fun. You know, you had the golden cross. Yay, who cares. But the blue, 50 moving average, moving up. The red 200 moving average, moving up. They've crossed.

You've made a new higher high. You go to the weekly chart, and you're now above the 50, which has not turned up yet, but above the 50 MA, that is a signal for many people of the bull bear market split. You have the 200 MA rising.

That was support, right? Go to the monthly. The bottom was exactly. at the 50MA on the monthly chart. And by the way, like, yes, I'm pointing these things out now, but you might recall that I pointed out these things the entire time. I did a lot of shows, including on Yahoo Finance, specifically about Bitcoin likely having bottomed or forming a bottom or the arguments for there being a bottom. Now, one of those arguments, obviously the entire time was that people kept saying that micro strategy was going to be insolvent, that Saylor was going to

have to sell everything, whatever. I just saw this and it made me giggle. Breaking. We just caught another interesting trade. President Trump filed multiple July purposes, purchases of micro strategy stock. MSTR has risen 83% since his purchase on July 24th. Good job. Good job.

He agreed with me. He was watching my show. He was like the flood against Sailor makes absolutely no sense. and yeah, that's why. So I should also, wait, there was something else going through, going through it all. See, I'm very well prepared as always. That was most of the stories.

Going through them up here. Do I want to watch the video again? Which one? This one. Drink a whole bottle, wake up and repeat. Took a lus. Mixing with the chill out. Now she says she's saying 3D.

AI is amazing. So before we do go, We have an amazing partner, which is Nexo. In case you guys did not know, they were fully back in the United States and even in California, which is the most difficult place to be able to offer their products. We talk about buying and selling Bitcoin constantly. You don't need to sell Bitcoin anymore for any reason. You can take a relatively low interest rate loan against it and go ahead and live your life.

There are so many things that you can do with your Bitcoin now, without that forced taxable sale that we talked about at the beginning there and we were talking about athletes. I never understood that. Odell Beckham Jr., like, you know, you got paid, I don't know how much it was. Let's say it was $10 million in Bitcoin, you immediately owe $4 million to the IRS. So do you sell that Bitcoin the second you do it to make sure that you don't have a loss? Brutal.

I don't know how that works. But yeah, you can check out NXO down in the description. Highly recommend. They're the one that survived every single market. The CIFI collapse. They've been here the entire time and now available to all of us here in the United States. What do you guys? I'm just reading the comments.

I can't see it. Scott, got spinky fingers. He picked the bottom. Pretty funny. That was pretty good. Who is he? He is me. I don't know.

Scott? I'm Scott. Who are you? Who are you? So let's talk about what's coming up. Avichal Garg from Electric Capital on Saturday. That interview I just did, it's amazing. Hester Purse on Sunday, SEC Commissioner Hester Purse.

We break down a lot of what happened with clarity. Joseph Shalom from Sharplink on Friday. I think we got Sid from Maple Finance this week. The lineup is absolutely absurd. You guys have not been paying attention. If you missed the Brian Armstrong interview last week, highly recommend not because of me, but because of Brian Armstrong. Who is he?

I am him. He is me. I need, like, so I just realize I'm going to totally get a copyright for those videos, for those Miko songs. Hope you guys enjoyed my YouTube channel. I think he's good. I think it's going to be. All right, guys, that is all I got for you today.

Tristan's a legend, man. I really appreciate him coming on. He was sick last week, so he gave me a chance last week to pretend I knew what I was talking about for like 40 minutes. That was a good show. And yet another good one today.

I'll see you guys on The Daily Wolf. That will be today at noon. Oh, I also have John Dagastino from Coinbase coming on the Daily Wolf tomorrow. A lot, man. Tristan's a legend. you guys are legends. I will see you all soon.