The Wolf Of All Streets - Bitcoin: Is The Pre-Halving Top In? [When To Buy]

Starting point is 00:00:00 Bitcoin is correcting ever so slightly. So of course, that means we have to have a conversation about whether the top is in and the cycle is different and whether we have to wait until October or November to see new highs. I have my thoughts. And I know that today's guest, Noachan, has her thoughts as well. One of my favorite people to talk to about Bitcoin macro, what's going on in markets. It's going to be a real treat for myself and for all you guys. You don't want on in markets. It's going to be a real treat for myself and for all you guys. You don't want to miss it. Let's go. Welcome to YouTube. Bitcoin is the pre-having top in when to buy. Noelle and I are going to discuss that and a lot more right now. Good morning, Noelle. I guess good afternoon probably

Starting point is 00:01:10 for you. Good afternoon. Good morning, Scott. So good to be here with you. How are you today? I'm doing great. I'm doing great. It's been a lot more fun enjoying a bullish market rather than a bearish market. People are in a better mood. There's more people around. I think we have generally positive sentiment. We've got an ETF. What could possibly be wrong in the world, right? It's very easy to complain about the hype that always emerges from the woodwork when the market is heading up. And it is kind of ache often, but it is still better than just the doom and gloom that we've had for the past couple of years. It's amazing how fast we erase the memory of all of that misery and just how bad it was,

Starting point is 00:01:51 and just how few people were here, and just how upset they were, and all of that contagion. So I'll take anything over that, certainly. And I will especially take massive inflows into Bitcoin spot ETFs. I don't know if you saw this, but yesterday, VanEck, out of nowhere, did a 2,200% volume surge in a day. And Eric Balchunas said that this was really, really curious because it wasn't just one investor. It was 32,000 individual trades in a day, which was 60 times their average. Guys, this is VanEck. They're one of generally the smaller or mid-range, I guess we could call them, ETFs. And they did the third largest volume after BlackRock and GBTC yesterday. Maybe this was an unlock of an RIA platform. But in general, just to give you guys a bit more information, yesterday was the biggest net volume day we've had since the

Starting point is 00:02:45 first day, about $2 billion. So long way of saying there's still a ton of interest here, right? Maybe after the holiday weekend, we had three days off, inflows come back in. It's so interesting that it is still strong. Everyone was talking about when they launch, it's going to be a sell the news event. And we did actually see something like that. But then we were blown away by the strength of the initial days i think very few of us expected the strength to continue the momentum all the way through i think you're right it sounds like an ria unlock which points to more of this kind of stuff going forward because i take their time in getting their heads around the concept and explaining it to their clients and getting their platforms set up

Starting point is 00:03:22 to be able to deal with this and institutions institutions as well. Institutions are not necessarily going to be piling in right away. They assume they have some time and they're going to be careful about this. They have to. Their compliance departments make sure they're going to do that. And also Bitcoin takes a while to understand. Nobody really, I think, invested a lot of time into it before the ETFs launched because it was touch and go up until the very last minute. It was actually going to happen. So why waste the time if it's not going to happen? I think we're going to be seeing some of the benefits of that continued education and the

Starting point is 00:03:53 investment in the platform and build up in the coming months. It's really interesting. It's also making it the most successful ETF launch, I think, ever. Yes. And individually, some of them would be the most successful launches launch, I think, ever. Yes. And individually, some of them would be the most successful launches ever, even when you don't aggregate and give credit for the fact that there's 10 of them effectively competing with one another. The success in the ETF world is absolutely astounding. I mean, it's really just hard to even express. I didn't think that

Starting point is 00:04:22 we'd be at $37, $38 billion market cap for all of the ETFs at this point, having BlackRock, I believe, over $6 billion already. But I find what's interesting is that the market's correcting. We had this massive day of inflows. We know that nobody really is selling ETFs yet. So this is net inflows are massive. They might be selling some GBTs still, but that's under 100 million a day now. So that doesn't really explain it. I'm a bit surprised that price goes down when there's that much forced buying because it means there's a lot of selling somewhere. Yeah. And it's not a sharp drop down like we often see with some derivatives triggered moves.

Starting point is 00:05:03 This is organic. This is trending down and sort of bouncing a bit on the bottom. Yeah, I have absolutely no idea who would be selling. But obviously, we've got some people taking profits. And we could be seeing some miners selling because they probably many of them need to raise some cash to upgrade their machines before the upcoming halving in the end, if your rewards get slashed, the win, you know, the winners are the ones with the most efficient machines. So there could be some of that, but it doesn't really explain the offset that would be needed to compensate the inflows.

Starting point is 00:05:33 I think it's a good reminder that there are just massive players in this market behind the curtain that we have no idea of that have always been able to drive price in one direction or another. Yeah, absolutely. And we also, it's very hard to get some transparency into the flows in different parts of the world. You have your ear to the ground in the US, you pretty much have a good idea of what the mood is, but it's very different in different parts of the world because it depends on the local jurisdiction, the local economies, the regulations that the different areas have coming down the pipeline. And that's hard to keep. That is hard to keep a track of.

Starting point is 00:06:08 Interesting question. And what's the sentiment around these where you are? Obviously, you're in Europe and Madrid. Do you hear about ETFs and Bitcoin in the news right now? We obviously have it as a part of the news cycle to ticker on CNBC and Fox Business. But really, we're still not getting the huge hype here. It's in the news that we have Bitcoin spot ETFs, but I don't think your average person cares. That's a very good point. And the fact that the average person still doesn't care, still doesn't get it shows how early we are in this cycle still. Here I am in Europe. I mean, you have to separate the UK from continental Europe. Here in continental Europe, yes, there is quite a lot of excitement, but it's muted and it's been steady

Starting point is 00:06:47 all along because, to be honest, here in Europe, we don't really care what the SEC is doing. That's like over the ocean. It's their problem. We do have Mika coming. We do have very large institutions, legacy banks gearing up to offer crypto services to their clients. It's a fairly steady but constant march forward in developing the infrastructure needed for these to be a regulatory, that's not even the word, accepted form of investment. And so, yeah, there is some excitement here.

Starting point is 00:07:14 I was having a conversation yesterday, actually, with an RIA, a very large company based in the UK, and the head of investments asked me, yeah, but how much of it is used for crime, which shows how much education is still needed. Many RIAs are very risk averse, as they should be. And there is still that mistaken image that crypto is used by criminals. And while we can point out to a blue in the face that not nearly as much as fiat, for instance, it still has that tarnish. There is still some environmental tarnish as well, bewilderingly, but it is still there.

Starting point is 00:07:53 It's encouraging to realize, though, that given this reluctance, this innate reluctance, because it touches on certain sensitive points, culturally sensitive points, we're still early. And this cycle does have a long way to run. I was looking at the figures the other day, Scott, do you remember back in March 21, when the Bank of America fund manager survey had Bitcoin as long Bitcoin as the most crowded trade. And this was when Bitcoin was more or less where it is now. The most crowded trade of all of the Bank of America fund managers said that was long Bitcoin. It's not even on the list now. It just does not appear. Long tech, and then you've got some China in there, but Bitcoin is not mentioned, which is another reminder that we are very early still. Yeah, I keep talking about the fact,

Starting point is 00:08:41 the glaring discrepancy, as you hinted, at sentiment at 50,000, previously on the way up, but even on the way down from 69,000, we were still extremely excited at 52, 53. It was Lambos and LaserEyes and million-dollar targets and new paradigm and all the things you see on the Wall Street cheat sheet for that last bear trap before the market. This time, not a peep. No. And last time, Coinbase app was number one on the Apple Store, for instance. Now I think it's in the top 100 maybe, but not very high up there.

Starting point is 00:09:15 So we're not even seeing signs that retail are coming in en masse yet. Listen, we've talked endlessly here on every show about how incredibly bullish and what a net positive the ETFs are for the space. But very few people have mentioned some potentially glaring downside. I would say not huge, but it's not all puppies and roses and unicorns, the spot ETFs, right? Absolutely. I've been talking about this a bit recently, thinking about it. And to be clear, net positive, definite net positive. Very excited to spot ETFs right here.

Starting point is 00:09:48 A big step forward for the industry. But there is a very big risk that I think we really need to be aware of. And that is that Bitcoin trades 24-7, 365, and the ETFs don't. And this could be a big strain on the market infrastructure. Again, net positive. We're getting more liquidity. We're seeing that now. We're getting new market makers in.

Starting point is 00:10:07 That was what Bitcoin needed, to be honest, to get itself off of the doldrums. But think of the strain on the infrastructure if, for instance, Bitcoin starts heading down fast on a Friday night after the US stock market is closed. This has happened before. It can happen again. And so suddenly we've got a wall of redemption orders building up over the weekend that will meet the open on Monday morning, causing perhaps even a free fall and putting a lot of strain on the infrastructure. And that is a risk. We do need to be aware that it is not all up only from here. Bitcoin is volatile. And I believe the ETFs and the

Starting point is 00:10:41 liquidity that they're bringing in is going to make Bitcoin even more volatile. That's not necessarily bad. You can put in hedges for that, but it is a risk. Yeah, I agree. We keep hearing this notion that now that we have these steady inflows, Bitcoin can never go down again, as if people can't sell ETFs. Exactly. They're not selling them now, but watch Bitcoin go down 15% in a day and see what retail, who's not done their real research on it and just has casual exposure, see them panic sell.

Starting point is 00:11:11 Absolutely. And they can't do it 24-7 like those of us who hold our Bitcoin on crypto exchanges or self-hostile custody can. Yeah, we've seen it countless times, right? I remember very specifically when Tesla had bad news over a weekend and was dumping on tokenized markets on the weekend in crypto exchanges, you know, very small amounts. And then you saw that reflected when the open came in spot before. It's a real risk. It's just part of the market, right? Like you said, I don't think it's a risk to Bitcoin as an asset, but I do think that it's worth noting that we're going to see those things and it's going to increase volatility, not decrease it, as you said, which I don't think most people are aware of. I agree. Exactly. One of the reasons the volatility has been so low in

Starting point is 00:12:00 Bitcoin since the big crash in 2022 was because the liquidity was low. It wasn't so much that low liquidity increases volatility, which you would expect for a lot of normal assets. It was that the low liquidity and the low volumes had a lot of market makers simply exiting the market, which took a lot of the movement out, which reduced the volatility. Now that we're seeing liquidity come back in, I think we'll see the volatility pick up, which will in turn bring in more liquidity because the lack of volatility has been one of the barriers for many market makers and high frequency traders to come in. With more liquidity, there's more volatility, there's more way for them to make money, come in more liquidity, more volatility, and so on and so

Starting point is 00:12:36 forth. It works differently from most assets. And I do think the ETFs are going to exacerbate that because like, you know, I've been talking about, they don't trade 24 seven, just like Bitcoin can. So we could see wild moves as orders build up when the market is closed. We have a small statistical sample set of one weekend that I want to point out. But this weekend, Bitcoin basically just traded around 52,000 all weekend. Right. And then we saw volatility come back right when markets opened. Yeah, exactly. And we also have to remember, Scott, that the Chinese market has been closed for a week. It came back on our time Sunday night. And that, I think, is material, especially given some of the flows we were seeing in the Asian trading time zone, I should say.

Starting point is 00:13:19 Because who knows where they come from, really. But in that time zone trading on the schedule, just before they all went off to their holidays, partly perhaps because of some of the stimulus measures, who knows why? But let's talk about that. That wasn't my next topic. But let's talk about the stimulus measures, because in my opinion, digging in, it's been much ado about nothing. This is not like widespread helicopter money stimulus checks being sent to the citizens. It feels like it's small relative to the economy, first of all, and relatively targeted assault, so to speak. Yeah, absolutely. I do think that many of us who have been expecting liquidity from China, this is going to move the market as it has done in previous

Starting point is 00:14:03 cycles. And let's face it, there's no such thing as small numbers in China. Even is going to move the market as it has done in previous cycles. And let's face it, there's no such thing as small numbers in China. Even just a bit of liquidity coming from there is enough to move the market, especially given Bitcoin's characteristics. But I think we're going to be disappointed, I think, and not just crypto market watchers, but also I think Chinese investors are going to be disappointed. What we've seen so far, it's muted. There are signs of some desperation peeping in, but it's very, very targeted. It's very focused on property. Buy houses. That will fix everything once you buy houses. But there's just not the confidence, the consumer confidence to get that going. And yet some more measures will be coming. But Xi Jinping, President Xi Jinping has said many, many times he does not want speculation. He's emphasized quality growth, which I read as warning everyone, there's not

Starting point is 00:14:50 going to be much of it, but it's going to be quality, you know, that marketing technique, right? So it's, I also read an astonishing article in the Financial Times yesterday, day before, I forget, saying that most state-owned enterprises are setting up internal militia departments. And this is to head off what they see as social unrest possibly building, which tells me that the stimulus is going to be disappointing if they're getting ready for that disappointment. You know what I mean? That was quite an eye-opener. So it doesn't mean it won't have any positive effect on the crypto market. Again, even just a little bit of the liquidity bencher seeping in is enough to make a big difference.

Starting point is 00:15:35 Advanced prep for torches and pitchforks in a communist nation is probably something worth paying attention to. As if there wasn't enough going on in the world this year already. Yeah, I had not heard that and that it makes sense, right? Because what you're saying is effectively they're telling people get ready to tighten your belts and for a bit of the austerity feeling and people are not going to love that, especially in context of the shutdowns of all these years, the lockdowns in China and everything that they've suffered through. Which is absolutely astonishing coming from such a managed economy.

Starting point is 00:16:14 Yeah, that's my, yeah, exactly. Very astonishing. And they have a CBDC coming, which I'm sure will be very, very popular. Yeah, and already being used, in fact, has already been used cross-border for iron ore, for gold. It is already part of the Enbridge project, which we could see launched even second quarter of this year. The Chinese CBDC is something I've been keeping an eye on recently, partly because of the geopolitical impact it could have, but also partly because it is another way of one, not just local influence, but international influence as well. I have noticed that one of the advantage, and this is slightly off track, and we'll come back to markets in a

Starting point is 00:16:50 second. But you and I talked before about how one of the risks of CBDCs is surveillance, one of the potential advantages is targeted stimulus. We're not even seeing that mentioned in the Chinese efforts to get the market going. There's no mention of using the cbdc for targeted stimulus which they could because it is actually used in certain areas there are some areas in which even civil servants get paid in the cbdc so the fact that they're not targeting stimulus per se what they want is people to buy houses says a lot about what's coming. I struggle with the notion that loosening economies and these rate cuts and even stimulus are actually a positive because I've looked at charts and I've looked at history. That's what you do right when something breaks or when you know that something's

Starting point is 00:17:36 going to break. And we historically see major extended market corrections after the pivot. I've talked about a million times. You have generally the yield curve in the United States. Yield curve inverts, we get the un-inversion, the Fed pivots, the market crashes. So why is everybody excited for a pivot? Exactly. I don't think we're going to get the pivot that everyone's hoping for, but here's a fascinating and very sobering and quite alarming stat. A figure came out, it could have been a week ago, I forget, the last few days, that the US deficit in the first four months of the fiscal year increased 16%, 1.6%, from the same period the previous year in peacetime, when the economy is not doing so well, which let's face it, has to happen with the interest rates where they are. And when you can argue that we're not exactly heading into a period of peacetime anymore, just imagine what the budget deficit is going to do. So this is part of what I've been looking at recently, what I call my thesis, the race to

Starting point is 00:18:38 the bottom. It's not just the dollar. It's pretty much all fiat currencies, in my opinion. We have U.S. spending very likely to keep on heading up. One, because the U.S. does need to increase its military spending, unfortunately. Two, it's going to need to increase its social spending should the economy turn down. And three, it's got those interest payments it sort of has to keep up with. You've got China increasing its spending for pretty much the similar reasons minus the social spending. You have Europe now scrambling to increase its military spending, and it does take its social obligations very seriously. All of these countries have very high debt with relatively high interest rates and no sign that

Starting point is 00:19:15 they'll be coming down sharply anytime soon. So we have fiat currencies printing money with not much of an end in sight, not much of a political will to end that in sight either way, except perhaps, no, not even in China, I would argue. So you have fiat currencies increasing in supply, a race to the bottom in terms of spending and valued against a basket of hard commodities, gold, Bitcoin, they are losing value. This is sort of the Bretton Woods three thesis that was bandied about that was started by Zoltan Pusak a few years ago. It's starting to fall into place, which is alarming. Well, there's the argument for the pivot, whether something breaks and the this time is different mentality, right? We obviously hear, hey, rates have to be lower for the debt

Starting point is 00:20:01 service because it's now the number one line item. And when they refinance all of this debt, going from 2% to 5% is not really an option, right? And that's not the Fed's job. That's the interesting thing. Theoretically, the Treasury should be dealing with that, right? I mean, the Fed is supposed to worry about inflation and jobs. That's their mandate. So does the Fed step in, though, and pivot and start

Starting point is 00:20:26 printing to basically bail out the Treasury? Did you notice the other day, or did you watch, Scott, because it would have been your time zone, Powell's interview on 60 Minutes? I watched the highlights, and I found it astounding that he just said the quiet parts out loud about the lack of sustainability of our fiscal path. He said the quiet parts out loud about the lack of sustainability of our fiscal path. He said the quiet parts out loud, beautifully put. And two things to take away from that. One, he wouldn't have just said that off the cuff. It's just not something he would have done. And two, he chose 60 minutes to say that. Arguably, he has a much bigger audience on 60 minutes than in his much-watched FOMC press conferences. But I thought that was what he said

Starting point is 00:21:07 and where and when he said it, I thought was very significant. And we all are told again and again and again that the Fed is not political. But in the environment in the United States, and Scott, obviously, I'm speaking as a non-American, you can confirm this, everything's political at the moment. Everything is political. I want to talk about, before we get to actually talking about the title briefly, but I want to talk about the idea of correlation, right? I've been sort of, you talked about your thesis. I've been building a thesis that at this point, it's damaging to Bitcoin as an asset class to call it digital gold on the one hand, or to say that it's a high volatility beta trades like a tech stock.

Starting point is 00:21:50 My new thesis that I think that we should be pushing is that Bitcoin is Bitcoin. Its greatest advantage actually is its idiosyncratic nature. The fact that it improves your Sharpe ratio, that it isn't necessarily correlated to these other things. But we go through these phases where you see a very clear correlation with what's happening in stocks or a correlation of what's happening in gold. Then it's a random walk in the park. To me, that means random walk in the park, right? But what are your thoughts now on the correlation or moving forward and how we kind of explain this asset class? Oh God, so much to pull on there. I love that you asked that question. I'm never a big fan of looking at correlations

Starting point is 00:22:28 because they're backward looking and you can tweak the timeframe that you're looking at to get pretty much any correlation you want, to be honest. So I don't look at correlations. I focus on narrative correlations more than anything. And we know that Bitcoin hasn't many times moved with the S&P. We know that many times it hasn't many times moved with the S&P. We know that many times

Starting point is 00:22:45 it hasn't. My opinion is, focusing on the narratives, sort of things start to fall into place. And one is that Bitcoin will always, to some extent, be a macro asset. It will trade like high risk assets, because there are many large investors who treat it as such. They have it as a diversification position in their macro portfolios. When things get squiffy, most liquid assets get dumped first, so Bitcoin will move along with the leather risk-off sentiment. If Bitcoin is treated like a macro risk asset by large investors, it will behave like one, but then other narratives kick in and they can push Bitcoin up, pull it further

Starting point is 00:23:25 down, depending on the other things that are going on. There are many other narratives today, Scott, that are affecting Bitcoin's movements that we didn't have really last cycle. Last cycle, we can argue it was just a risk asset. Then again, the environment was favorable to risk assets. You could argue right now it isn't, And yet Bitcoin is up 110% or something over the past 12 months. So the other narratives are part of what we've been discussing already, the increasing risk out there, the decreasing fiat value regarding to, I just got English, escapes me sometimes, sorry. But the race to the bottom on fiat, the increasing military risk, the increasing geopolitical tension, all of these are enhancing interest,

Starting point is 00:24:10 global interest in Bitcoin. We've seen currency volatility kick in and absolutely demolish the savings of people in many jurisdictions around the world, while the Bitcoin value in those currencies is at all time highs. So Bitcoin is different things to different people. We don't need to be able to bucket it, but people like to bucket things because often they have to, their investors insist on that. But one last point to make, this begs the question of, is Bitcoin a macro asset? And my response to that is, what do you mean by macro asset?

Starting point is 00:24:42 Does it move with the stock market? Sometimes. Is it susceptible to macro considerations in the bigger picture? Always, always. So Bitcoin, yes, it's a macro asset, perhaps not exactly the kind of macro asset many people understand by that term. It's so many things to so many different people at so many different times. It's like a chameleon. That to me, that just means that it's so uncorrelated. The amount, I've only been here since late 2016, obviously, but the amount of compelling narratives that were accurate for a brief moment in time. People remember, obviously, when the Ukraine war started, for example, and all of a sudden you saw Russians and Ukrainians rushing to Bitcoin

Starting point is 00:25:24 because they were cut off from SWIFT or their own systems, the truckers rally in Canada. Those were temporary narratives, but you did see sort of an inkling of what could come if we saw larger problems en masse. So to me, we're doing it a disservice to constantly compare it to other things. And I think that its best use case moving forward will be that it is. We have the question, of course, Bitcoin is the pre-having top in and when to buy. I'm going to give my answer first. I think we're very early in the cycle. The having is 50 days away. If you're trading or looking at this asset on a 50-day timeframe, you're doing yourself a disservice. I think right now, especially in context of this conversation, it's always a good

Starting point is 00:26:05 time to buy Bitcoin. Just doesn't mean you should put everything you have into Bitcoin today, right? Just dollar cost average. I don't think the pre-having top is in. We're down $2,000 from the highs, but we're seeing people talk about that. But who cares? If in two months, we're still at 50 or 49 or 52, next fall, I have a feeling we're going to be much higher. Yeah, no, I totally agree. Timing the bottom, can't really do it. Timing the top, can't really do it. Just ride the trends.

Starting point is 00:26:34 And, you know, I should disclose I hold a position in Bitcoin that park and forget about it. I mean, I'll look at it when I need to retire kind of thing. But until then, timing the halving, it it's you know it's a basic it's a random walk game as you mentioned before i've had so many people tell me no it's priced in like well it's priced not everyone knows about it i mean you and i know about it and the people watching your videos they know about it for sure but there's a big investment world out there that doesn't know about it that will start seeing it mentioned in the headlines more people will get curious especially now that we have the etf marketing kicking in and all of this scott is going to be happening against a backdrop of money printing

Starting point is 00:27:14 across fiat currencies as we've been talking about and that contrast and we didn't really have this last time around that contrast is going to resonate with more people than it did last time around we haven't seen that interest really kick in yet, partly because everyone now has heard of Bitcoin. They sort of know what it is, even if they don't get it. But also because it is still kind of early. We're not seeing those headlines yet. The mainstream media will be picking up on this, though, because it is a juicy story.

Starting point is 00:27:40 And that's when the marketing effect of the halving, which is significant, starts to kick in. Yeah, I agree with that entirely. And I think it's important that we talk about priced in and we talked about the ETF being priced in. Narratives can be priced in, but the underlying fundamentals cannot. And I think the ETF was the perfect example of that. As you said, we saw that big move up to $49,000. We saw all the leverage liquidation on the fake SEC approval the day before. We saw

Starting point is 00:28:06 all the nonsense that came with the narrative trade. But when you have a billion dollars or 500 million or whatever number it is flowing in every single day, that's not something that is news that's priced in or not. That's not a sell the news event. And having whether anybody knows about it or not, there's a reduction in supply. And this is also going to be happening, Scott, against a backdrop of a walk back of the ESG considerations that have been a barrier for the past few years. I don't know if you're seeing this as much in the US as we are here in Europe. Larry Fink won't even say the letters anymore, and he created it. Exactly. Exactly. And here in Europe, we're

Starting point is 00:28:45 seeing some political pushback against the whole transition economy that we have been navigating over the past few years. And there was a time recently when the European Parliament was even considering banning Bitcoin mining for environmental considerations. Mercifully, somebody talked some sense into the right people there. But the halving is going to awaken some considerations about Bitcoin mining. And this is going to be in a less antagonistic backdrop that Bitcoin mining has had to navigate the last time we were here. Totally agree. I know I have to let you go, but there's one more thing that we have to mention because we're talking about when to buy and sell Bitcoin. And there's one guy out there who's just never selling it. Michael Strategy. Michael Strategy, Michael Saylor, obviously not

Starting point is 00:29:28 interested in selling. Bitcoin is the exit strategy. He was asked in an interview when he intends to sell. You got $10 billion worth of this stuff. You're up 40%, 50%. When are you going to do your fiduciary duty and sell some of this and lock in some gains for your shareholders? And he said, what are you talking about? Day one, I said, this is how I get my treasury out of dollars and into Bitcoin and hedge against inflation. And I've never stopped. Yeah. And hats off to him. He's one of the first to talk about the melting ice cube of fiat currency. Yeah, absolutely love it. Noel, thank you so much. I can see in the comments how much people absolutely love this. They loved your perspective. We got to have you on more often. I love that. Thanks so much. Always great to talk to you,

Starting point is 00:30:07 Scott. Guys, you should follow Noel, if not only for the beautiful pictures of Madrid that you get to see almost every single day, then definitely for her incredible perspective and insight. She doesn't just offer it here. You know, it's available at all times. Thank you so much, Noel. Thanks, Scott. Bye-bye. All right, guys, a few housekeeping things before I let you go is that Chris will be here tomorrow. Christopher Inks, Texas West Capitol. Dan from chart guys is not going to be around. So we pushed Chris to tomorrow. Hugh says, Scott, stop these crappy clickbait titles, please. My answer to that is no, we have to get

Starting point is 00:30:45 people to watch. I'm sorry. You can't compete. At least I'm not doing these. If I did those, I would be going fully in on being a YouTuber. I can't bring myself to that. But no, we have to have titles that feed the algorithm or else nobody shows up and watches these after they're recorded. But the bigger thing that I wanted to discuss, guys, I've mentioned this before, working on adding a lot of new content because I hate fun, free time and family, apparently. But I'm adding shows in the afternoon every single day. 9am apparently wasn't enough. Doing Twitter spaces apparently is not enough. So every day, either 3 or 3.30, depending on the schedule, going to be doing a new show. I have Market Mavericks on Thursday afternoons with Garrett Soloway and Mike McGlone. You guys show up and you absolutely are just complete assholes, being honest to them, because they've been bearish and you never give the guys a break.

Starting point is 00:31:38 But it makes for a very entertaining conversation. but today I'm starting a brand new afternoon show 3 30 p.m eastern standard time called trading alpha with wick who you guys know I always have on Tuesdays you guys have loved him I put up a tweet yesterday saying send your chart requests but the afternoons are going to be much higher like fast analysis charts views less of the. And so tune in for that because we're just going to be cooking through coins and charts looking for actual opportunity in this market. Guys, that's all I've got for you today. Please tune in 3.30 Eastern Standard Time today, three o'clock tomorrow. And yeah, the afternoons are coming for you guys. Yeah. Brian says, Scott, I'm watching with the title. Macro Macro Monday is the best show on YouTube.

Starting point is 00:32:28 I agree, by the way. And I think it's funny because I always get the criticism. You guys are even saying it. Kick McGlone off like he's been wrong. Guys. Is there any show in the world more boring than four dudes who completely agree with each other and have no different perspective. Like seriously, seriously, is that what you want? You don't want anyone to ever present you a bearish case because it hurts your like little baby bull feelings. Mike McGlone is an absolute

Starting point is 00:32:58 genius. He's been around forever and I'm never, ever, ever considering getting rid of him. Right. Just makes for great conversation. It's very important. Even if he ends up being wrong, first of all, I think he'll be right. Eventually timing is hard, but even if he's wrong, who cares? Who cares? I don't really care what you guys think. I'm going to make the shows that I want to make the conversations that I want to have. And you guys get to show up and be the flies on the wall. And that's great. That's great. Because I get to talk to incredible people like Noel and I get to ask her questions and I get to learn things and I get to hope that you guys do that alongside me. But now guys, I've got to go because my wife is playing in a very important tennis match. I'm

Starting point is 00:33:46 going to go watch before I get on Spaces in about 45 minutes. Also, Spaces today at 1025 Eastern Standard Time instead of 1015, a solo show with Peter Schiff. We'll be interviewing Peter Schiff alone for about an hour at 1025. You guys should show up for that as well. I will see you guys soon. And by soon, I mean this afternoon. Show up, 3.30 Eastern Standard Time. Be there. Bye. Let's go.

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