The Wolf Of All Streets - Bitcoin Is About To Explode To $140,000 - Here’s Why! | Macro Monday

Episode Date: May 5, 2025

Join Dave Weisberger, Mike McGlone, and James Lavish as we break down what's happening in macro and crypto! Dave Weisberger: https://twitter.com/daveweisberger1 James Lavish: https://twitter.com/jameslavish Mike McGlone: https://twitter.com/mikemcglone11 ►► JOIN THE FREE WOLF DEN NEWSLETTER, DELIVERED EVERY WEEKDAY! 👉https://thewolfden.substack.com/ ►► Arch Public Unleash algorithmic trading. Discover how algorithms used by hedge-funds are now accessible to traders looking for unparalleled insights and opportunities! 👉https://archpublic.com/ ►►TRADING ALPHA READY TO TRADE LIKE THE PROS? THE BEST TRADERS IN CRYPTO ARE RELYING ON THESE INDICATORS TO MAKE TRADES. Use code '10OFF' for a 10% discount. 👉https://tradingalpha.io/?via=scottmelker Follow Scott Melker: Twitter: https://x.com/scottmelker Web: https://www.thewolfofallstreets.io/ Spotify: https://spoti.fi/30N5FDe Apple podcast: https://apple.co/3FASB2c #Bitcoin #Crypto #MacroMonday The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. This video was created for entertainment. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this video constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to "Buy," "Sell," or "Hold" an investment. 🎙️ New to streaming or looking to level up? Check out StreamYard and get $10 discount! 😍 https://streamyard.com/pal/d/6319316098351104

Nydig research says that Bitcoin should go up roughly $42,000 from this area based on companies buying Bitcoin, led, of course, by Michael Saylor and Strategy, who once again bought Bitcoin this week and is looking to double up and go for $84 billion in a raise to buy more Bitcoin. We're going to talk about that. And of course, everything happening in macro right now on macro Monday with Dave, James and Mike. Let's go.

What is up everybody? I'm Scott Melker, also known as the Wolf of all streets. Before we get started, please subscribe to the channel and hit that like button. Going to bring the gentleman on right now, Mike, James and Dave. I apologize for my congestion. I have 100% hit rate of going to crypto conferences and long trips and coming back sick. Every single time, I think it's a lot of handshakes and airplanes and airports. But man, it's it's guaranteed. But it was quite a week actually, a token 2049 in Dubai, still a lot of excitement,

obviously surrounding the industry. But let's just dive in here. I had this blissful moment, Mike, I told you, I realized when I woke up this morning, I hadn't checked any macro news in a week. It's wonderful. I didn't talk about tariffs. I didn't know what interest rates are. I looked this one is like, wow, gold's back up. I had not checked a gold chart. It was a nice break. But maybe you can catch me up.

Yeah, well, so on the facts of the year so far, gold's up 27% crude is down 20%, Bitcoin's unchanged. I think that's going to continue. And I think the problem is beta is down. Oh, I'm sorry. So not piss off, Dave. The S&P 500 is down 3%. But the key thing from our morning meeting to catch up what was thinking is Anna came

on and she says, first of all, the Fed's priced for about 100% of a first rate cut in July. She thinks that's too soon. Thinks what the Fed's thinking. Right now, their core inflation indication for end of the year is 3.5 to 4%. That's almost double their target. And thinks the Fed, that's actually enough for the Fed to talk about rate hikes. That's going to be really go over well with Mr. Trump. Powell made jawbone into pricing less hikes at the meeting is what she expects.

And she's pointing out, if you look at container ship things coming from China to the US or just leaving China, it's major drop off and going to see shortages for the holiday season. And there's no way that even now if if tariffs were dropped to zero, that we could offset not having shortages for the holiday season. Jean is still the same. Her quote was, large cap and small cap stocks have butted up against good resistance. The market's toying with the idea of recession risk emerging, but not showing it yet in terms of PE.

21X is clearly too elevated for her macro model showing recession. He says there is a down draft in PE growth rates. A lot of earnings were okay so far but the valuation models are still expecting enormous earnings growth in tech which is unlikely because they're starting to slow. Guidance momentum has been extraordinarily bad and basically it's the lowest since the great financial crisis. So from our meeting, still pretty much the same.

That it's more of a downtracked trajectory. We've had nine off-sessions. Here's the key thing you need to know. And nine off-sessions roll in S&P 500. We all know that usually happens. That's usually sign a short covering. It's an interesting situation because honestly, as I said, I wasn't really tracking it. But we've basically retraced the entire liberation day dump on stock. So quite a V shaped

recovery. And I just took a look though, at the cues, obviously, the NASDAQ here on the weekly, you're right at the 50 ma. So speaking of that technical resistance that you mentioned, and you're at right at the, exactly tapped on the daily. So this really is, for those who follow charts, a moment where you're gonna wanna see what the NASDAQ does, certainly this week. Well, it's also a key thing is it's all the same chart.

You overlay Bitcoin with that, with Fed easing expectations, which were about 60% for the June meeting, now down to 30%. They're all the same chart. They've been going down together and up together this year. I just expect that to continue. To me, the risks is, it's all to me, tilted off of Bitcoin.

It's gotta stay above 95,000. And then to me, the stop, the thing we used to do in a trading pitch, we'd always ask the brokers, hey, where's the stops? I think the stop is 85,000. Don't wanna trade below that, I think we will. But for now, it's hanging in there. Yeah, I would even put that at 91 personally, you know,

even higher at this point, I would like to see it hold. But yeah, Dave, you're shrugging. So you think that that number's irrelevant, obviously. Well, I think that, I think just go. Dave, you're very quiet. Do you guys, is he very quiet for you? It might be. Yeah. Yeah.

Maybe James, you can jump in with your thoughts as he adjusts. Poor Dave. I've got I want to hear what Dave has to say about all this. But look, we're still in that period of uncertainty. There's no doubt about it. Right. So everything that Mike is voicing is, is that everybody's trying to get a handle on this market, try to get solid footing. Are we in a short, is this just been a short cover? And, and that's just a recovery of that V recovery you're talking about? Or is, is there something more grounded? Are we really, are we really going in a direction that

Are we really going in a direction that the market believes that tariffs will not be so destructive that we can continue building again on the asset side? But the problem is that there's no way around it. We were overvalued in general markets. There's just no way around it. Mike has been right about that for a long time. It's just a question of, are we gonna keep going? Is this bubble just gonna keep expanding or is there going to be liquidity that catches up to it?

And we can talk about that more later, but I wanna hear Dave has to say. Yeah, can you guys hear me now? Yeah, better. Okay, fine. So I had to switch to the AirPods. I'm trying to use the other microphone over here. So look, a couple things. First of all, you know, it's the most important thing to take away from the last few weeks is Bitcoin and stocks trade together during the day directionally, but the

beta is totally gone, right? You know, in fact, Bitcoin is essentially been flat and been actually up over the last few weeks. I mean, it's very hard to forget that Bitcoin was triple bottomed in the high 70s, right? Long before this nine day rally in the Qs, the Qs have quote, caught up, but I think basically what you're seeing there is liquidity trade.

There are certain things going on with Bitcoin that do make it different and they are very macro oriented things. It's called supply and demand. That's the first lesson that you learn in economics. And it's important to understand that because we've seen a plethora of on chain and off chain indicators that tell us that there are whales, larger investors are accumulating, investors that are new investors are accumulating from everyone talks about what BlackRock is buying. BlackRock is not buying dick. What's happening is lots and lots of people and lots and lots of institutions, and they're coming out of the woodwork, own Bitcoin via the institutional

channels, which really are micro strategy. And I find it hysterical that the Arizona State Retirement System is one of the owners of micro strategy after, you know, Katie Hobbs deciding that she wanted to buck and not learn the lessons from the last election. That's going to do her really well in two years. And you know, it's just different, right? They're patient accumulators and crypto people selling. And we've been seeing that.

We've been talking about it for six weeks. It's been going on for six weeks. And if you don't take that away and you don't understand that gold is likely to be leading this trade of the liquidity trade higher, I mean, gold is the same place. Pretty much everything is the same as it was four weeks ago. You need to look at it, although this V bottom is interesting. The other thing I'll object to is,

while I generally agree with a lot of what you're saying, Mike, you're using what happened to fit a narrative and it's just not true. Short covering rallies are vicious, very strong, bursty rallies. You actually, we could roll the tape back a couple weeks ago, you even have said it multiple times in your life. I've heard you say it because it's true, which is that the most vicious rallies are in bear markets. So a

nine-day grind higher is not a vicious rally, it's a nine-day grind higher. Now what is it? It's not short covering, it's people caught offside. People, the do-mers having to Uh say they're not dooming and the people who put their money on the sidelines trying to allocate now I personally think it's a bull trap. I tend to agree with you So this is not a a statement where I disagree with what the direction that you're saying, but let's at least get it right Short covering is generally much more spiky than a nine straight days. Nine straight days, this reminds me so much of 2001 in the NASDAQ when it rallied into June after the March bad and then things went south later.

The difference now in 2001, there's a major difference, is the policymakers can't afford to shut down the liquidity spigots. And I think that's really important. Arthur Hayes did a really good job of explaining the policy tools in his most recent missive. And he also gave a speech at token, which said the same thing that the Powell may very well not cut interest rates. In fact, he even said that, but the likelihood that he's going to keep the market drained of liquidity is really unlikely.

Whether it's quote Larry's big print or just look, I got the bazooka guys, don't cross me. That's basically what we're looking at. The markets are basically saying that. People realize that there's no other place to go. And that's where you're seeing these things. Now I am much more bullish on Bitcoin than I am on the Qs, because I think that the other point that you made,

which is 100% right, is earnings. But if you can explain to me why corporate earnings has anything to do with Bitcoin, then I'd like to understand that relationship, because I don't see that. The real question is, is Bitcoin gaining adoption? And the answer to that question seems to be yes. Now, we can talk about Ethereum and everyone saying it's really the most interesting conversation

I think in crypto these days, which is half the world seems to say Ethereum is massively undervalued. Look at what's going on in the network. Half the world is saying, are you kidding me? It'll never actually achieve it. Look at where it is. It's being passed by Solana. It's being passed by Salama. It's being passed by this, by that.

But all of those are on the earnings side. And if you drill into corporations, I mean, corporate earnings are going to be a function of the economy and everybody is still in a holding pattern. I don't think we've ever seen anything like it. I mean, I'm pretty old. I've seen a lot of things. I've never seen the entire economy

where you can talk to two different people Both of whom are respectable both of whom? Have and I'm personifying it but doesn't really matter and one will say oh everything's gonna be fine These guys are moderating or whatever and others are gonna saying oh my god. It's doom and gloom Sorry doom and gloom and we're going to see You know economic catastrophe. You're going to see unemployment is going to... I've seen people thinking unemployment is going to be at 8% by August.

I've seen others saying unemployment will be right around the 5% level where it is now. And I don't think I've ever seen this wide breadth of difference. I mean, if you guys... The fact that there is an incredible breadth of concentrations. It's been that way for a while. Yeah, but it's been way, this is strange. And it just is strange. Well, I think David has,

some of it has to be political too, you know, cause you have the mainstream media that is just shredding Trump no matter what he does, Vivek no matter what he does, you know, Elon, no matter what he does, they just absolutely annihilate them on headlines, one after another after another after another after you pull up the Bloomberg headlines, nothing against Bloomberg, I actually really like Bloomberg. But you pull up the Bloomberg headlines, it's just one after another of just how many missteps this administration is making and how it's all negative. You know? So that's part of the problem. So you've got things like the University of Michigan survey that, you know, I've written all about this before

where they survey 600 people over and over and over and over again. And guess what? They're by and large extraordinarily heavily weighted towards the liberal side. They just are. It's just what it is. I don't know why they don't mix it up and try to make that survey a little bit more or a little bit less political, less left-leaning, but it is.

You've got the entire street that's reacting to things like that. You have a barbell of opinion, is what's happened here. That's what we've settled into, you know? And that barbell of opinion has left the left side, who hate Trump, and the Trump derangement syndrome side, that no matter what he does, this is awful, it's going to be terrible, the economy is terrible, the inflation is going to get worse, there's going to be no jobs, those are those surveys. And the other side, you've got people saying, we shut the border, yeah, we should push back on tariffs, and we should push to bring manufacturing back to the United States.

And so we agree with what Trump is doing, And we agree with Elon cutting fraud and fat out of the government in his Doge commission. Whereas on the other side, you've got people like Elizabeth Warren screaming and warning senior citizens that their social security can be taken away, which is absolutely categorically false. But so that's what people are reading. It're just it's a barbell of opinion in in my opinion. And that's kind of where we're at. And that's why you're hearing two sides of the street. I would argue we have TVS on both sides. That's the barbell. It's can do no wrong can only do wrong and nothing in between. Right. And you can't judge any human being or any administration or

between right and you can't judge any human being or any administration or it is amazing it you know that that part is amazing but look the the one thing markets like and if you ask why did the markets have nine straight days of rally which is which is interesting because it it has only happened three other times so this is not a a normal occurrence it's because the market has come to the conclusion that his Treasury Secretary is kind of in charge and going to keep things moving in a certain direction. That's what people think. Whether that's true or not, we'll find out. But that's certainly what the last nine days have been about. And here we are Monday morning, no freak out, no panic. But the only thing that's really interesting about it, looking at the futures is, you

know, oil continues to trend lower. Of course, there was a story out of the Middle East talking about Saudi Arabia, pumping more, yada, yada, yada, you know, this has been probably Mike's best call in the entire time I've known him is that oil was going to trend back down. And it's and that was when everyone was calling for 150150 at like $110 or $120. Absolutely right.

Absolutely right. The one but here, and it's a very important but from a macro, is oil trending down is massively, I don't want to say deflationary. I'd say disinflationary. It's the only non, it is a big deal to offset other things that are going on. Now will oil's price drop be enough working non, you know, it is a big deal to offset other things that are going on. Now, will

oil's price drop be enough working through the food chain to bring food prices? My prediction is simple. You're going to see the administration talking about inflation and you're going to see the opponents of the administration talk about core inflation. Why? Because food and energy prices are going to be driven largely by oil and the the core will have less impact from it and so you're gonna see you know kind of divergence there you know over the next few months and that is especially when you talk about year-on-year I mean oil you know what's the price of gasoline down year over year now and that that's the most you truck yeah it's a fair

amount and it will filter through trucking. It will filter through pretty much everything. So you're going to see that on one side and tariffs on the other. And it's going to be that's where the pressure on the feds going to come from. It's going to be consumer prices reacting to oil. But let's go ahead, James. Yeah, I was gonna say, let's talk about that. The Fed, I'm honestly, I don't think the Fed cares about where inflation is now. They're like 2%, 3%, it's fine. Whatever. They don't care. That's not what they're worried about. They're worried about liquidity, period. And right now, we got a bump in liquidity because we had

better tax payments than the Treasury expected, which was a big positive. They filled the Treasury General account up to, I think it's $600 billion now, Mike, is that right? I think that's what it says now. But the Fed's worried about liquidity. That's really, truly all they care about. Unless unemployment spikes, then they're going to turn on lower rates and just flood the capital with liquidity. But we're not there yet. So they can hold steady and they can they can say we're not doing anything until like Mike said, that's why we have one full cut from the Fed is priced in from the Fed futures in July. That's it. Why?

He said 100% you is that what I heard Mike? That was basically what I'm fighting. Yeah, by definition, yeah. Yeah, right. Okay, because that's wild because it doesn't seem like there's any reason to cut right now. Yeah. So there's a lot to mention. You can put it on the screen, Scott. Sorry.

Go ahead. First of all, the price of gasoline is up on the year. At the beginning of the end of last year, it was around $3 a gallon. Now it's $3.16. That's the average. It's going to go down. But the only way to really compare it for this time of year is,

all commodities are seasonal, it's a 12-month basis. Remember, this is the summer driving season. Last summer's driving season was closer to $3.50. Right now it's $3.16, it's heading lower. The key thing is, at some point, if I can share a chart, I need to point out the big picture macro here. And that is what you see here. Back here, this is what I'm showing you is Bitcoin divided by beta, just S&P 500. Basically, it took three S&P 500s for one Bitcoin back in 2020 when Mr. Saylor got all bullish and people

like me and we all got really bullish. But the key same thing is now we're at the highest ever versus beta. And you're seeing the yelling, you're supposed to be selling when they're yelling. This is not a level to expect a 10X in Bitcoin versus beta or anything. It's just way too expensive. This is a level to say, rational investors say, okay, this is great.

I'm hearing the people who are on the sell site pointing all the buyers, but we've seen this before. It's like everybody getting bullish crude oil above 100. This is not where you wanna buy Bitcoin relative to this is where you did want to buy number Let's point out one thing is that's changed is this chart here. I show you this is the US The average of government tenu notes in the top five countries in the world outside the US. That's China Japan Germany UK and India right now the US tenure note is at a Germany, UK, and India. Right now, the US tenure note is at a 100 basis point premium.

The rest of the world has been tilting towards this recession. This is well before Trump kicked in. That's the key thing I want to point out from commodities. Well before he was elected, gold going up and crude oil going down is a clear global deflationary force. Remember, there's just no demand pull for that economic sense of commodity at the moment. Now we are here with Bitcoin 2 versus beta. This is why I say be very careful with this commodity.

I want to point out a key thing. Now we have a lot of smart people at Bloomberg who do models. This is a key thing I like to point out, the Bitcoin to gold ratio, one of my favorites. It's at 28. It peaked at 40. It dropped to 25, good support. It just rolled over, I think, at 30 last week. And and our model first of all, it's the same level as 2021 I know Dave doesn't like when I point that out, but it is the same as 2021

There was a good reason for that. We spiked in the biggest money pump in history But our model shows it should be around 18 That means if gold can get stay keep going to 3,500, which is very good resistance Bitcoin should go to 6,000 I'm sorry 60, Bitcoin should go to $60,000 in a normal ratio. The key thing to think about and remember here is what happened here? What's our history? We are in the back end of the biggest money pump in history.

Just a fact I can say that without pushback. It is, it was. All risk assets rallied. The fastest horse in the race rallied the most. We're all on top of that. And now we're seeing the hangover. And remember, let's not forget, Bitcoin's classified as a commodity.

I treat it as a commodity. Yes, I get the declining demand, increasing the demand and adoption. Remember, when I'm bullish, I point that out. But now it has things like Ethereum and millions of competitors. It just, what happens to commodities was what happened to crude oil.

The main call I made on the way up when it was against consensus is you have to be a consensus against consensus in my business. You're just a journalist. As a trader, you have to do the opposite and try to see what the optionality is. My bias is what crude oil did, what commodities is, they go back to enduring means. To me, that's what Bitcoin's doing now. That's what all cryptocurrencies are doing now.

I just look at that Bloomberg Galaxy crypto index. It's down about 20% on the year and gold's up 20%. Now the stock market can go up and stay higher from here. Maybe that are narrow a little bit, but to me, this is like 2008. It was really hard to be short in 2008. I held shorts that whole year. I just kept rolling in the money puts versus other monies. It was really hard.

To me, it's just getting started. And Dave's right, we do have rip-roaring rallies in in Fair Marks. Remember, we had one 9% update right in April. And then we've had this rally for the last nine sessions. It seems too easy that a Bitcoin just rolls over from this level. If it closes below 85,000, to me that's triggered. Everything goes down. If it stays above $95,000, that means everything goes up. So I'm taking the big picture macro and I narrow it down. And to me, what's happening this year, it's a bear market. I fully expect by the end of the year, S&P 500 is more likely to be down 20% than up

20%. The VIX is 22. That means the first standard deviation move is up or down 20%. And all things are tilting that way. Now we've had a bounce. And gold, to me, is is telling us that so I stick with that macro and I can't point this out when people are saying buy an asset here I say good luck with that leave this chart here okay because you've made that was a very long diatribe there were at least four very badly you know mangled assumptions in

there assumption number one that Bitcoin is a mature commodity is just absurd, literally absurd. It's an option. It will either reach a term, a intermediate terminal state at the market cap of gold, or it will fail. It is one of those two things, because Bitcoin as a network is way too slow

to be the network usage for other stuff. Inscription is notwithstanding. It is, however, as a financial asset, pristine money. So why do I say that? And why is that assumption really bothersome? You just said the magic words. I treat Bitcoin as a commodity, except for Bitcoin is 100% inelastic to price. Its supply is 100% inelastic. Every other commodity is exceedingly elastic, its supply to price. Meaning, when the price goes up, supply goes up. That does not happen with Bitcoin.

That is a completely different animal. It can't be treated that way. Just to put an accent on that, if the price of gold goes up, then it doesn't happen immediately, but gold miners ramp up production, period. I mean, the same thing with silver. They're old gold, you see the sun. And that's happening. So Dave, what are you missing? What are you missing, Dave? Financialization and 15 million

competitors, all the latest ETS launch in that? Michael, you've made that point many times. I said there were four horribly bad assumptions. So bad assumption number one, Bitcoin is a mature asset. It is not mature. It is still an option. Bad assumption number two, Bitcoin can be treated like a commodity because it is completely inelastic to supply.

What is the CFTC treated as? A commodity. I'm sorry, I'm just pointing out facts. That's what the CFTC ranks it as, is a commodity. It's classified as a commodity. When has the, I'm just pointing out facts. That's what TFC ranks it as, as a commodity. It's awesome classified as a commodity. When is the CFTC ever been an economist to determine the value of commodities? I'm just pointing out it's a classification. It's classified as a commodity. It doesn't change the...

It trades like a commodity in my view. Market prognosticators need to look at supply versus demand curves to understand what's going on. And if you don't understand that the supply is fixed, then you're not valued. No one said it wasn't fixed. It just, okay. Gold has three competitors, silver, platinum, and platinum. Bitcoin has millions. Bitcoin is going to be gold's most serious competitor. And so gold has to worry about the future. But Bitcoin does not have competitors. Bitcoin has other digital assets which happen to share a common background because they use cryptography.

None of them are serious competitors to Bitcoin and you can see Bitcoin dominance for that in terms of its use as money. But that's the third assumption that you made, that Bitcoin has competitors. We've talked about this ad nauseam. In the beginning there was Bitcoin because it is it is pristine money. That's exactly what it is. Read the white paper, peer to peer, you know, value being transferred, etc. None of the other cryptos were taken seriously. It was a brief period of time when people, the Ethereum maxis were yelling that Ethereum may be better money when they switch to, you know, become gave up on that, by the way, what even even the most like, vocal advocates

for Ethereum gave up on the super hard money or whatever that meme was, it's literally nobody not what no serious investor treats any other crypto as having anything to do with store of value. They all trumpet their ability to do X, Y, or Z. If it's XRP, it's being part of payments. If it's Ethereum, it's being the basis for tokenization. If it's Solana, it's also the basis for tokenization. It's the casino. You can go up a deadline if it's Chainlink. It's being the in-demand oracle that people are going to need. And you can go through every crypto. They are as similar to Bitcoin as Apple and Tesla are to US treasuries.

Yes, they're US financial assets, but that's it. It doesn't really matter. And oh, by the way, this is the point that drives me absolutely insane. If we're right, and I'm very confident that I'm right, that within hopefully our lifetimes, but certainly the next couple of decades, that all US equities will trade on the blockchain. Then would you say Nvidia is a competitor to Bitcoin? And the answer to that is a resounding no. Just because it trades on the blockchain doesn't mean that it's a competitor. And so that competitor argument, and by the way if

you look at the comments into this show, that is the single argument you make more often than anything else that gets the biggest pushback and people just generally the pushback is I can't believe he doesn't understand. So that's three assumptions. The fourth assumption, you need to go back to your chart, pull it up, pull up either of those two. So look at where we were in 2021. In 19, in 2021, the Bitcoin network itself was one fifth of its current size. At the same time, the narrative among the mainstream financial press was that Bitcoin was a drain on the world's resources, that it was a waste of energy, that it was polluting the environment.

Today- And it was going to zero. And it was going to zero. So all that was happening in 2021. Look where we are versus that. Now understand in terms of tailwinds, which are annoying, tailwind number one is the fact that the network is five times bigger, which would indicate a bubble would be five times higher and you can see where that would be.

Second, you have it as declared a strategic asset. Yes, it's declared a strategic asset for half of the country, but it's still considered a strategic asset for half of the country, but it's still considered a strategic asset. Number three, you have very clear scientific consensus that Bitcoin stabilizes grids, that Bitcoin is not a no-utility thing. It has a massive utility. It allows people to monetize stranded energy and it allows people to develop energy that would otherwise be uneconomical. And that is a very big deal.

It's a big deal throughout the third world, Africa, etc. It's a big deal. We just had Spain and Portugal go dark because of their reliance on solar energy. They're literal. They only have two choices. They want that not to happen again. One is to increase Bitcoin mining like Texas did. And two is to go to more nuclear or other powers. We'll see which one they choose, but it's not going to be three, do nothing, and let the country go dark again. And so we have that as a base. Those are major tailwinds that are different

from where we were in 2021. Now, did we get ahead of ourselves in 2020? Of course we did. Is there any euphoria now on this chart? Any euphoria whatsoever? No, of course not. In fact, you know, chartists will be able to go, oh my God, this may be one of the greatest

inverse head and shoulders in history. And frankly, I think at some point that's what you're gonna see. But those assumptions are problematic. You just tempted the market gods by getting angry with someone who disagreed with you. Good luck. No, no, no, I'm angry about the assumptions.

But not assumptions. The fact of the chart is this is not where you wanna overweight Bitcoin, good luck. This is where you were. overweight Bitcoin. Good luck. This is where you were. I made the call then. I'm making the call now. I'm willing to eat it if it can continue to stay above $95,000 for maybe another week

or two. I think the risk is it drops down with the stock market. By the way, the correlation between Bitcoin and NASDAQ is 0.54 on a 100-day basis in 2019, the year before the biggest money pump in history, which I'm trying to get you to understand. Let me finish. Let me just point out the correlation was negative back then. So what drives Bitcoin, the stock market?

Sorry, it's just a fact. No, I'm going to have to hem it. Wait, go ahead. No, no, no. Let me make one more point. The biggest money pump in history is not subsiding. It was pumped in, that money is there, and if anything, based on fiscal dominance, it's going to continue to increase,

maybe not at the same rate, but that money pump isn't going anywhere. David, that's a great lead into what I want to talk about. Can you pull up my charts there, Scott? I want to take a different angle here Mike and the different angle here is about global global liquidity You guys have heard me talk and friends with Michael Howell Cross-border capital he has an amazing newsletter if y'all want to you know, I mean I Get nothing from it, but this is if I if I tell you about it, but this is a great newsletter Anyway, the point is that if you look at global equity, it's rising. Why is it rising? It's rising because of weakness in dollar and central bank expansion and because of

the easing of volatility in the bond market. Those are the big, big drivers of global liquidity rising right now. So that's number one. Number two, if you look at where the MSCI, the global stock market was, it got way ahead of itself off of global liquidity. You can see the orange line is global liquidity, and this is the stock market. And now it's mean reverted back to a more sustainable level.

Okay, so that's number two. Number three, let's take a look at gold. Let's take a look at gold, which has followed liquidity quite a bit, quite closely for a very long time. But let's look at that. Look at where gold is versus global liquidity. Look at where that thing has absolutely skyrocketed. It's because people have turned to it as a flight of safety asset. And it, quite honestly, has probably gotten ahead of itself here. I would argue, be careful with gold at this level right now. I think Mike agrees with that. If you look at Bitcoin, this is a three month lag because Bitcoin takes a few months to catch up. Look at where it is. I said back here, we can go back and listen to the podcast. I said back here, is Bitcoin going to have to mean revert back to liquidity or is liquidity going to catch up? And look at where it is. So that's not surprising to me because of what Dave said. And this is exactly what it comes back to, which is, look, yeah, we did have the biggest money pump in history,

but guess what? Number one, that money pump is continuing and the global liquidity continues to expand. It's gonna continue to expand X infinitum. Why? Because we are in a fiscal dominance situation worldwide because now the stock market is not driven by asset reallocation. It's driven by the expansion of the debt. You have to expand the debt to keep this

whole thing going and they have to expand the debt to keep the sovereigns going, which means that they have to monetize it somehow someway, whether it's an acronym or it's straight-out QE, they're going to have to monetize it somehow, some way, whether it's an acronym or it's straight out QE, they're going to have to continue this. And so that's what's happening. And the question is, you know, does the, does the Fed fully pivot and go to QE sometime or, you know, in the middle of this year because of some, some sort of credit event or because of a steep drawdown in the stock market,

because of the things that you're talking about, Mike, and people do get scared and they do dump all assets and they correlate to one or do they just quietly continue on this path and continue to expand the money supply? We don't know when that's going to end. You know, Michael likes to say that it's a five or six year cycle and it's going to end later this year. Well, that means that Bitcoin is going to probably hit its peak level for this cycle in somewhere in the first quarter of 2026 or in the middle of 2026. That's what is likely, according to the view of liquidity, but that's a different view. The only other question that I always have, which is a really simple one, is if you look at Bitcoin as a mature asset, when we talk about the fact that at always have, which is a really simple one, is if you look at Bitcoin as a

mature asset, when we talk about the fact that at some point, if it's going to succeed, now it's an if, okay, so understand it's if. If Bitcoin succeeds, it has a zero extra zero on the end of it with everything else constant. Now I'm going to repeat that because it matters. So the success of Bitcoin is assuming $20, $25 as of this date, it should be 10x plus to be pari-poussus with the monetary value of gold. Now, if you believe that that will happen, obviously it's an if, then things will have to happen in terms of correlations and treating that asset that are different than everything else that we've just said. That's hold everything else constant while Bitcoin adoption drive price.

That's why I always go back to the network size as the most obvious of that. It's an if. Obviously, Mike, you're in the no camp on the if. I got that. Obviously, I'm in the yes camp with the if. I get that too. The one thing that I don't believe is possible is over the next decade for Bitcoin to stay as its current level of maturity, i.e. its ratio to gold. It will either collapse

because it will fail or it will rally that 10 plus X to get to there. Now, what gold does and what monetary aggregates do and all the other stuff is happening. This is a macro show, but you can't treat and value an asset that is essentially an option, the same as the hard asset. And so when I say Bitcoin can't go to 10,000, I'm not saying it can't, I'm saying that for it to happen, it is a failure. Bitcoin couldn't get below 16,000

when there was forced selling from almost the entire crypto community and no institutional buyers. Just think about that. When FTX puked, it was massive amounts of forced selling, waves of it, and it couldn't get below 16,000. Think about what that means. So here's one thing that you got missed going against you, Dave. Power of the Statement is working against you this year. Good luck. I'm just pointing out the Power of the Statement. Yeah, it was early last year. It was early on a lot of things.

The Power of the Statement means if you're overweight, risk off assets like gold and treasury bonds and you're underweight, risk on assets like crypto indices, some of them which are 70% tracking Bitcoin, the Bloomberg Galaxy index is only 30%, you're doing better. I expect that to continue to widen. You keep going to the hypothetical big picture stuff I'm great, but 2018 I never thought Bitcoin is fail. I just thought it dropped zero It almost did it got 70% of that. I'm never gonna say I didn't say it's gonna fail I just think it's gonna drop the zero from 100,000

It's not a big thing and I highly volatile commodity traits typically much more much more volatile most other risk assets The point is it's going that way. I It's bounced once, it's failing now. If it stays above 95,000, I gave you my stop, okay, now I'm gonna be wrong. I think it goes back down to 85,000, and that's where the stop for everything is. The stop for everything was at 78,000, now it's at 85,000.

Yeah, I agree with that. No, I just, no, back up. We all agreed when the VIX went to 60 you're supposed to buy risk assets I always go to the high fastest horse in the race. Typically, that's bitcoin. We agreed on that. No disagreement It did now it's rally to unshun the year and now it up for a little while my suggestion is shorted I don't trade anymore, but I think that's what people are thinking proof strength. It's just my old You know Let me finish and let make it prove strength right now to me. It's just my old, you know, let me finish. Make it prove strength. Right now, to me, it's not proving strength.

It's proving it just went up with the stock market. That's all it's been doing. It's the best leading indicator on the planet. And my bias, as I pointed out, as I fully expect, a down year for the stock market, maybe 20%, which is way overdue, which probably means 50% for Bitcoin. And I'd still stick with that until it maybe can at least show the opposite. For now, the fastest horse in the race

has bounced unchanged in the air and starting tilt back downward. I would just say, to be fair, we talked about it a lot here. I don't think that it followed the stock market up. I think it actually showed tremendous resilience. And then it was up. We pointed it out for months. Absolutely. Agree with that.

It did show, as you said, that divergent strength. It's a higher volatility. It should lead the way. Okay, so I listen, Dave, I'm not we're not it's the same conversation. So I don't want to I don't want to beat it to death. I do want to talk about this, which is this is on the back of Michael Saylor, which we'll talk about as well. Charter of the Week 10x money multiplier for Bitcoin can take Wall Street by storm. This is basically nine day this isn't just isn't just

another standard chartered, you know, no prediction, but basically saying, we get a 42,000 ish from here based on the buying of similar scientific and meta planet and micro strategy. And of course, out in the back of strategy doubles Bitcoin buying capital plan to 84 billion. So I think the target of 140,000 is less interesting. I think it's worth diving into a how many companies are going to continue to follow this and how much you know, how effective that'll be once you've kind of

seen strategy do it. And B, I mean, we have to talk about it. Can I just make one comment about that? And close to the sun here. And let me let me just make one comment about that. And everybody who's way over way long, this highly volatile risk ask and tell me how dumb I am. I love it because believe me, that's what emboldens me. You know what a lamb is?

Look at me. Michael Saylor is saying to the world, hey, look at me. I made money doing this. You can too. How is history going to view that? Good luck. This is not going to. Typically, you got to stop those people out.

And then you go up. Unless it's different this time. I'm just saying how it usually works. If it's that easy, like Dave says, it's so easy to get in there 10X from here, what you said on, I heard, I listened to macro crypto banter. It's like, this is not what you expect to get the 10X. We got that. We got the 10X. Now when everybody's buying it, be careful. Everybody's bullish like that. Be careful. What happened? What happened in 2004 and five? What was the market, the total

aggregate market value of quote, internet related companies? There was a huge rally off the bottom from 2001 depth to 2004 and five, right? So they just point out exactly where I think we're going in cryptos. We're going to get to that. Right, so they just point out exactly where I think we're going in cryptos. We're gonna get that I understand that if you look now today It is what is it 50x? I mean, it's a very big multiplier I mean Nvidia didn't even exist back then right, you know, there was no such thing as trillion dollar companies We were you know, it just it didn't exist I mean the the entirety of the wealth created by what was a meta trend was massive.

I'll never forget Cisco. When we first got, when we first saw what was happening with routers, it was just cable tron systems. I mean, you see there are wealth creation events that are generational. And when you see a wealth, a generational wealth creation event, you can't fade it the same as you create, as you fade business as usual. It's not about this time, it's different. It's about there is a generational opportunity.

And that's the point. That's essentially what Saylor said. If you look at what he said and listen to him, and I strongly advise listening to his earnings call, because it was really fascinating. What he said was that his strategy works perfectly well. If you believe Bitcoin will track the market and do long term market returns of 7%, they will do well. If you believe, if you're a maximalist and you believe that Bitcoin will have an ARR of 30, which is it will over the next decade, because he's talking at 10 years out, he said, if in fact,

it gets to that, that is effectively what would happen for Bitcoin to catch up with gold's monetization. Then you have the most amazing performance in history effectively. And so the real question is if you can get an index tracking asset that will do fine, as good as being invested in the S&P if Bitcoin returns roughly the same as the S&P and get the extra leverage for that bet, which is the bet that I made that I said the thing, which you'd say no and I say yes. That's the investment play. That's not flying too close to the sun. Now, do I get aggravated or do I worry? Do I feel like my spidey senses go when someone massively doubles up

at what might be a local talk? Yeah, yeah, of course I do. Because for the same reasons Mike is saying it, Mike's not wrong. Nobody wants to see pyramiding at the top because pyramiding at the top, we all know in our heads is bad because you end up getting stopped out on the way down. But that's not his strategy. top So it is different, but it is worth it. The breakdown frame is like 70-ish, but yeah.

Yeah, but the point is, is yes. Is that you're looking at a different perspective. This perspective is not as crazy as it sounds if all you're doing is looking at it from the outside. Now that said, do I have concerns about asset concentration?, about asset concentration? Yeah, of course, everybody does. Yeah, I want to know, James, because, yeah, because, James, you're close, you're close to sailor, obviously, you know, we've, yeah, look, we stood at the table with him at the

weddings and stuff. So, you know, it's hard to, it's hard to have a negative opinion, obviously. Yeah, I mean, well, yeah, I'm positively predisposed, definitely. But you know, it's a simple strategy, Mike, it's not without risk. He's taking a ton of risk in that he's betting his entire company, his entire career on this asset. And that's okay, that's what he's doing. So at this point, what you heard in that meeting, the shareholder meeting, is that he's got to move away from tapping

the ATM in order to issue stock and buy Bitcoin here because it's not at a level that makes sense financially. It makes much more sense to lever the balance sheet, continue to do more debt, and buy Bitcoin that way. I mean, if you look at how it's trading right now, it's trading just above a 2X on the fully diluted shareholder base over the Bitcoin on the balance sheet, the value of the Bitcoin on the balance sheet. If that gets up over 2.5, 2.6, 2.7, 2.8,

he's gonna start tapping the ATM again. It makes sense financially. As it comes down to two or under two, he's going to do debt. Now here's where investors get hurt. Now this is a big position in my portfolio in the hedge fund for a very good reason. I believe that he's positioning himself and it's not easy, but he's positioning himself, and it's not easy, but he's positioning himself and MicroStrategy to become the largest Bitcoin finance company in the world and to be able to create products and offer products that other banks will not be able to do, other financial companies will not be able to do. He's transitioning

this MicroStrategy into Strategy and Strategy is going to be a financial company and it's going to be a Bitcoin financial company And strategy is going to be a financial company and it's gonna be a Bitcoin financial company. It's gonna be the biggest one in the world. Now, why would a 2.0 valuation on the underlying value of Bitcoin make sense, a fully diluted valuation? Well, if you look at, and correct me if I'm wrong, Mike,

but I believe that JP Morgan has been trading at a 2.1-ish valuation of book value for a very long time, historically. That's a pretty good target, and Dave Foley and I talk about that all the time. He's the one who came up with that metric as a benchmark for us. But looking at that long term with MicroStrategy becoming the largest Bitcoin finance company in the world, that makes sense. Where do investors get hurt? Well, investors get hurt if Bitcoin continues to stay here and that metric contracts and people stop applying the future value of Bitcoin to balance sheet on that metric, meaning that it contracts to a 1.5 or 1.0.

So Bitcoin could be staying the same value and MicroStrategy could get cut in half. Or Bitcoin could go up 100% and MicroStrategy contracts to 1.0 and you make zero money, whereas you would have made 100% in Bitcoin. So that's where people can get hurt on this and get caught off-size. I don't think the valuation is ahead of itself because of the future value of a financial company, but that's my opinion and that's our lens on it.

Mike, got to hear your opinion on that. You're muted. Mike, you're muted, buddy. We can't hear you. Yeah, maybe it wasn't worth listening. I really, remember, I'm the only one probably on this entire goal is not overweight, got a vested interest in Bitcoin going up

or crypto's going up. That's far my values. I'm neutral. I'm not allowed to trade these things. I was before in minimal to minimus amounts and Get what you're saying it makes a lot of sense. But remember what you should buy micro strategy Well, no, I actually did I did because my firm allowed me to but they got way so it just went up so much and for to me like yeah, yeah, okay, now it's just, when Michael said it first came out in 2020. I urge you to take another approach at it

and look at it from a different angle, Mike. And think of it more- I look at it from an angle of relative value. You want me to agree with you and I can't, that's the wrong thing to do. No, I want you to- You all want me to agree with you. No, I don't want you to agree with me. I want you to go look at it from a different angle and look at it as a future financial company. That has nothing to do with just a way overhyped expensive asset that people call digital gold. Yeah I got some of that and then I see all

these millions of competitors who you know like Dogecoin. I showed you the chart that the chart of Bitcoin gold is the same as Dogecoin. I'm just one example. I'm just pointing out the things from a rational 30,000 views gonna look at and say this stuff is just pricey and I'm just looking at what matters. The power of the statement. Bitcoin is down in the year now. Gold's up a lot. I expect that to continue because the stock market's going down. And to me, the macro is overwhelming. All the other stuff in between, at some point, I'm hopefully expect to get bullish Bitcoin again. And what I do disagree with Dave is when he says it's failed. I disagree with that completely. I this technology is awesome Todd's I'm Scott's podcast this weekend about tokenization something I pointed out

almost almost a decade ago and the most significant bull market in cryptos is 250 million dollars about tracking people calm stable coins and calm trick crypto dollars. That's up 100 acts since 2018. That's continuing to go. But here's a big picture we want to bring in is we have ad tokenization. When you can on coin market cap or through a token be able to get long treasuries and what do people just don't get long treasuries? They overweight them long. They add a lot of leverage. That's what you do because treasuries, it's just the way treasury works. And then you try to set up shorts. What do you think is going to happen to these million or so coins that are just worth nothing? They're going to short them. They're short bait. Particularly, if the stock market goes down, this is a wonderful opportunity that everything is getting arbed in.

That's why I fully expected since futures were launched in 2017, Bitcoin volatile, they would go down and get arbed. But don't underestimate financialization and an asset that you can just letting you know and what you said with the comments when you when you disagree with them how angry they get I've seen this before it just shows you how long and overweight exposure they have to it going down there's gonna be a lot of pain I'm really worried about I need to it's my duty to warn people that's just placed on the facts and hopefully I'll be wrong maybe Bitcoin can stay above 95,000 maybe a couple more weeks I'm fully expect it's gonna just follow the the facts and hopefully I'll be wrong. Maybe Bitcoin can stay above 95,000, maybe a couple more weeks.

I fully expect it's gonna just fall to stock market and a lot of people are gonna lose money. You and I, we've all seen a lot of these kind of moves before and everybody's way overweight and there's gas and they all buy the narrative. But I just never seen an asset like this that everybody says how great it is, that has 15 million, okay, I can't say competitors,

I'm not allowed to say dependents. They're all related. can we say that relation? I mean, what's the best way to describe them? I mean, they use the same technology. Dependents is not a word, it's not a terrible term. I need to clarify something very important. I have been very consistent on this show, saying that Bitcoin is trading in a range.

I called for a tradable bottom at 78, I said that the 94 level, I don't know where 95's coming from, is sort of around the top of the range, we're trading a little below 94 now, I think't know where 95 is coming from, is sort of around the top of the range. We're trading a little below 94 now. I think we're still in a range-bound market. I think we'll be in a range-bound market until liquidity reasserts itself. I would be completely unconcerned with a drop down into the 80s.

I think it's in fact potentially likely. I'd say it's at least 50%. I don't have very strong conviction at these price levels. I just don't. So, in fact, my anger with you isn't to have anything to do with price prediction. I'd say that a 20% correction here, I would find completely unsurprising. I don't really care. What I do care about is ignoring the importance of adoption, ignoring the importance of long

term. Well, it is because there's a thing called path dependence. There's a thing called selling when they're yelling. There's so much yelling, Dave. You know that's not the time to be joining that party. No, I'm not. But the point is, it's exactly the opposite. Look at the comments even from today's show. There's more people who are skeptical about Bitcoin rallying than there are about it going up. At best, the greed and fear index is neutral. It's been either fear, extreme fear, or neutral for the last, basically, since January. And here we are in May. So no, you're right. If

everybody was euphoric, if the funding rates on Bitcoin were high, in fact, they're low or negative, I would be agreeing with you. The point is not selling when they're yelling. They're not yelling. There's no exuberance in this market It best this is a hated rally from from 80 to 95 Right. I mean it's got you talk about it a token or people euphoric about where Bitcoin is right now No, so yes I agree with you Mike if in fact this was that I'm yelling about the thing that I'm angry that has nothing to do with the price Prediction. Well, it doesn't be extreme but no. What I am aggravated about is clinging to assumptions such as elasticity of supply doesn't

matter such as Bitcoin. I didn't say that. I never said that. Okay, well, you did. Don't underestimate financialization. I were overweight, leverage long, they hit stops. Let's talk about financialization. In 2021, that chart you put up, it got ahead of itself. You know what caused it?

Financialization. You know how we know this? Because the people were paying 50 to 100% for weeks as that rally happened. For weeks, 50 to 100% rates to be long. They were willing to buy Bitcoin and pay a 100% interest on that loan to be long. That is financialization. That is yelling, you know, and that is a screaming sell signal in my opinion. We are the literal polar opposite of that. That's my point. Well, so far your statement shows otherwise. I mean, the statements, gold, here's talk about an enduring bull market, gold, it's expensive. But the thing to remember about what James talked about liquidity, the number one force for liquidity on the entire planet is the US stock market. It's two times GDP. It's only happened twice in

history. 1929, it wasn't around then. 1989, Japan, I was. I started in the business trading Japanese night session from Chicago. It's just not, that's your liquidity. If that can keep going up and stay there, everything's. I started in the business trading Japanese night session from Chicago. That's your liquidity. If that can keep going up and stay there, everything's fine. But in that environment, you can support $3 trillion of so-called cryptocurrencies, many of them have no value. When that goes away, which I think is happening this way, you hit all the low hanging fruit that you can get money shorting. All that stuff that's worth what? Doge is still worth a couple, $25 billion? That's where we're going.

And for me to be proven wrong, first of all, maybe we can see a negative correlation, Bitcoin to NASDAQ. Right now it's 0.54, it's almost the highest in this history. And maybe we can see a stock market going up. Right now I think it's rolling over, that's my point. It's all happening that way, which show it's not gonna do that.

So far it's happening. And when the stock market does drop, a minimum 12 trillion from last year, which is what it created last year, the most in the history, 40% of GDP, it almost always takes it back. That's going to take away liquidity. And then you see the Fed turn on the pump

and try to, it's going to be the falling knife to me. It's like 1930. But I think it's a push and pull between, you know, the volatility of the stock market, the drawdown in the stock market and other assets because of a correlation to one event or just because, like you said, it needs to mean revert. But there's a flip side to that and we're in an adoption phase of Bitcoin.

And so although it's quite volatile, it's going to remain quite volatile in my mind. It's going to continue to take those metrics higher, the ones that you keep pointing to, they're going to continue to gravitate higher as Bitcoin takes market share from the other assets. That's what happens with these things. And it's going to continue to climb that ladder of that we have a list of the largest assets in the world, Scott, that lists all the Google and Amazon, all that. It went up to five and back down to eight. It crested silver and Google and it's come back down, but it's going to continue to take

market share from all of those other assets. As it does that, your metrics are not destroyed. They just have to be adjusted and that's what's going to happen. that is my belief. That's my firm belief for the long term of Bitcoin. Right. And just for the record, you know, there is no question in my mind that the meme economy inside of crypto is going to contract over time in nominal terms and in real terms. You know, I'm not going to believe in a market where Farcoin is worth a billion dollars. I'm sorry. It's just to me that there are issues. And yes, forget million. I'll go so far as to say there probably aren't 200, 300 cryptocurrencies or

crypto assets that we see today that will have enduring value. Now, that said, you're going to see something very interesting happen over the next decade, you're going to see hybrid assets that are part ownership of networks like the crypto company or cryptos are now and part equity and or part bonds, because you know what the three different types of capital formation, one that's brand new, and two that we understand, equity, debt, and network ownership. Those things will all coexist and will hybridize. And so you will eventually not have that. But do I disagree with you, Mike, when you say that most of the coins and coin market cap are going to effectively get flushed out? No, it's exactly the same as in 2001. When you look back, you saw that the internet companies that existed most of them went kaput now most of them were in the OTC space They were like 14,000 of them back then that went boom, but you know, okay, so pump dot fund Yeah, centralized exchange is not so different from OTCs back then.

It's a future, it's an evolution of the same kind. Right, but where we disagree is I think that the net aggregate wealth, three trillion, is nothing compared to what will exist in the entire economy of network ownership as networks and AI agents and things continue to grow. So I am much more bullish on the concept of the new emerging asset class than you are.

That's cool, but I totally agree with you that most of the people there are total pretenders and or irrelevant in the future. And so you're right, you know, there's stuff. I mean, Dogecoin is an interesting case because it's kind of the granddaddy of all of it. It's cross the chasm. It's an outlier. It's an outlier. Yeah.

I don't know, Shibuino it's only seven billion. Yeah. Scott pull up the, uh, Scott pull up the one I shared. Yeah, I've got it. One second. There it is. Oh, we got to get ahead of silver again. Nice. Yeah. It bounces around there, but that that's going to be number two behind gold in the not too distant future, in my opinion. And that's because of adoption.

But you won't find any other crypto on that list in all likelihood. Never. Not for a while. Yeah, for a very long time. Yeah, I just go back to saying to Mike, like, I sympathize with the argument. But anyone who's really deep in this 99% of crypto has gone to zero. It's not it's not like we're waiting for that to happen. Like, there's so many things that have just died on the vine that even

showed some actual technical promises. It's it already looks like the post internet bubble where a few may rise like a phoenix from the ashes, but it's been pretty brutal. He's not. He's not wrong. That's what I'm saying. There are billions of dollars of zombie things out. Yes, no doubt. He's not wrong. Yeah, 100% Well, guys, we did it. We got to 1003. I can barely stand up at this point. I'm going to go host host

crypto town hall from a laying down horizontal position. Not really great. But you guys kept me entertained and and and standing up this entire time. So congratulations. Great perspective. Always love the continued debate. It's gonna be interesting. I mean, I really do think that right now at these prices where the markets have effectively retraced that entire dump is going to be where. I mean, I really do think that right now at these prices where the markets have effectively retraced that entire dump is going to be where we really need to start paying attention. You know, because if it breaks up, you end up higher, that would be a that would be a

pretty big signal. But if we see a dump here, it can get very, very ugly. I agree with Mike there. All right, guys, that's all we got. Give James Mike and Dave a follow, of course, and we will definitely see you next Monday for another Macro Monday. Thanks guys. Great, cheers.

Let's go. ["Let's Go!" by The Bunche Raps plays out.]