The Wolf Of All Streets - Bitcoin Pumps HIGHER As SEC Goes ALL IN On Crypto ETFs!

Episode Date: September 18, 2025

Bitcoin has pushed past $117K just as the SEC makes its biggest moves yet in crypto, approving new ETF listing standards and giving the green light to the first U.S. multi-crypto ETP. These decisions could open the floodgates for digital asset funds, driving more institutional money into the space. In this livestream, we’ll break down Bitcoin’s price action, what the SEC’s approvals mean for investors, and whether this marks the beginning of the next major crypto rally.

Bitcoin is trading higher, pumping back above $117K today after the massive nothing burger that was the Fed meeting yesterday. We also have really huge news from the SEC for crypto, not necessarily for Bitcoin, but for crypto, going to lead to a lot more ETFs hitting the market and a lot more kinds of ETFs hitting the market. We're going to discuss all of that today with Yago. it's just the two of us going back to the basics here for what we used to call Bitcoin and bullshit. Let's go. Good morning, everybody. Happy Thursday and welcome to Bitcoin and BS.

That's a more algorithm-friendly way of giving. the title today, Yaga, I'm going to bring up something really fast and I want your first take, okay? First word, like a Roershack test. Ready? Here comes. Go. Boner. Perfect. She goes over. So, yeah, we had a statue of a gold statue of Donald Trump holding a Bitcoin out, you know, in the national mall in Washington, D.C. Yeah, look at the giant boner in the background. The splendor.

I see the boners of Washington Monument. You didn't even see the statue. That shows really how sick you are. But I love that about you. That's why we're friends, probably. National monuments about, what do you think? I mean, somebody put that out there to commemorate our Bitcoin president. The Statue of Liberty had to walk so that the gold-encrusted statue of Donald Trump holding a Bitcoin could run.

I mean, here's where we're asking. We have a, we have a, Houston, we have a problem. The United States and the entire world has a problem. The Fed meeting yesterday was exactly a description of their problem. They're being squeezed. They're in a catch-22 situation, right? And as a result, all of us are, right? The economy is slowing down.

Debt is increasing. With the increase in debt, the increase in debt payments is increasing, making the debt increase even faster, but they can't stimulate, right, because that would cause inflation. And so they're being squeezed. On the one hand, you can pick this door, it's inflation, you pick this door, it's debt, and the whole world's skewered on this problem. And so one of the big issues with Trump is that he has not instituted, what could potentially be the savior for the United States economy,

which is to actually begin to build a Bitcoin reserve because that Bitcoin reserve is going to be needed by the United States and by every one very, very soon. The executive ordered it, you know, he tried. Now we need to get there. By the way, when we get in a statue of Alon Musk doing this, this is going to be when we know the top is in. The executive order gave 180 days for them to come up with a plan.

I believe the 180 days passed and they did not come up with a goal. Yes. Yes. Crazy how that works. Well, the guy working on the plan went and became the CEO of Tether U.S., right, Bill Hines. So anyways, we do have alumnus working on the plan. They did have a meeting about it that included Saylor and Tom Lee yesterday. So there is some movement, but I think now the strategic Bitcoin Reserve is really far down the docket.

as we get into midterm season, and we still need to get market structured done, be honest. But let's go back to the Fed. I had a cut. I, I, I tweeted this yesterday when price went down like $12 and then came right back to where it started as expected. Fed cuts mean jack shit. They're neutered, placid, limp, weak, fiscally driven market. I mean, you just pointed this out, right?

I mean, we had Powell basically say, inflation's heating up a little bit. Job numbers are kind of bad. I'm going to cut for risk management. In other words, he cut because he was. bullied and felt like he just had to do something. But if they cut inflation is going to go up, debt's going to continue to go up. And if they don't cut, nobody has a job. So it seems like a stagflationary situation here. Right. Look, something's got to give. What is clearly already giving is inflation. The inflation target 2% hasn't been hidden three years.

Didn't they basically just say yesterday, 3% is fine? Yeah, I mean, my rating of what he said yesterday is actually two percent's out the door because you don't cut if you're not well they didn't they didn't so what they haven't done yet and probably what they want to do is is is readjust the inflation target what has actually happened is they've abandoned the inflation target and so now two percent or two percent adjacent right three is adjacent to two percent's a made up number anyways but yeah yeah so so what's going to happen is we are going to see persistently higher inflation and we've seen this whole idea of transient inflation that's out of the window as well. And this is not great for anyone because even though we're seeing inflation, we're not seeing

the same rise in asset prices anymore. And so it's even hurting asset holders. We're now at a place in the US. So I'm not American, but I read your economic data. 50% of all consumer spending is now coming from the top 10% of income in the US. So the sort of middle class doesn't exist anymore. What is the middle class today is people earning $200,000 as a household or more? They represent the US economy and they're obviously a very small percentage of the total economy. it's a very, very difficult time for most people and going to get more difficult. Yeah, I fully agree with that.

So after the Fed meeting, where we kind of joke that the most obvious thing would be for everything to just go sideways because it's a nothing burger because it was the most projected rate cut ever. And we knew Powell was not going to come in Dovish and promise a whole bunch more rate cuts. I went back to basics and you said, hey, you have a tweet that I want to talk about. Right? And this is what I said. I was really on one yesterday. A lot of bad words. I was told, by the way, that the algorithm hates when you use capital letters and it hates when you cuss. So I started reusing capital letters and cussing a lot because the algorithm is just feeding me to AI bots anyways. So I'm just going to be human. We are super fucked, but probably right after we get super rich. And you said to me, what do we mean by that? And we have this history of after rate cuts when markets are at highs. Basically, I think it's 20 out of 20 times that we've been. within 2% of all-time highs on the stock market and they cut the next 12 to 18 months close much higher things go up there's more inflation of course but asset prices go up so what i was saying

when i said this is that the more we inflate the more we kick the can down the road the worst the inevitable crash i mean that's just nature right so you get rich you hopefully take profit and then uh the mike mcgloan collapse yeah and then i i said that this is the this is the up optimistic take. And what I mean by that is that that used to be the playbook. And the reason that used to be a playbook is because throughout, from 2008, all the way up to 2020, 21, every time they would do rate cuts, they would juice the economy and there would be inflation, but the inflation would only show up in asset prices. But what's happened now is the trickle-down effect, right? The rich get richer and then inflates for everyone. The rich inflate and

now the inflation is trickling down to everyone else. And so the problem is that the impact that we're seeing on asset prices is being reduced and the ability for the Fed to juice is being reduced because it's politically not palatable to increase inflation. I suspect that they will do it anyway. There will be midterms in the, you know, upcoming next year. And so it is going to be in the best interests of the incumbent party to juice in a short time for long-term pain. And that inflation will be long-term pain. And so we're likely to see that. But at the same time, these weakening economic conditions, they are a real problem. So there is a chance because we're stuck in the horns of a new dilemma that instead of getting rich before we get fucked,

we just get fucked. Do not pass go. Do not collect 200. So I'm going to stick with the optimistic view where I'm not homeless, or at least I could afford a home before I'm homeless. So I get to have a nice vacation before things go back. You're not a homeowner, Scott? I am a homeowner, but they're going to take it away when it all goes down, obviously. Or hopefully I'll be able to at least refinance. Tax. I think the future, actually, what I think really is going to happen, I think one of the reasons that real estate is less attractive to me as an investment avenue than it has been in the past is I think that governments are going to need to close this debt gap and that one of the ways to do that is going to be to tax the one thing which can't run away, which is real estate. And so I think what we're going to see is property taxes or wealth taxes tied to. kind of real estate.

Sounds awesome. I'll be looking forward to that. So we do have a catalyst here for the crypto side, obviously, actually quite a huge one and one that a lot of people have been waiting for. And I think just in the Fed news and all this, this is just another story at this point. But this would have been the story of the century. SEC approved generic listing standards for faster crypto ETF approvals. It's not actually specific to crypto ETFs. It's for all markets. But in the case of crypto, basically, if you have futures trading available for six months on a registered exchange. Spoiler, the only one that qualifies in crypto is coin base. Then you automatically get an ETF approved for your token after

it's been six months. If you apply, it massively diminishes the time to get it done. I think the averages have been 200 days as comes down to 40 to 60 days or something. I'm probably misquoting that. It might be 80 days somewhere in that ballpark. So that now applies. So that now applies. to basically a bunch of tokens that I thought I had a tweet up for. Here they are. These are all the tokens. Bitcoin, nano-Bitcoin. That's their small contract. Okay, ether, light coin, Bitcoin cash. Look forward to that. Dogecoin. Gold. Crude oil. Cool. Pocodot, Shibu Inu ETF, coming in hot.

Avalanche chain link, stellar, silver. Salana, Hadera, natural gas. Cardano, XRP. So you can expect that all of those could get approved literally right now. Yeah. Who would have thought that the biggest competitor to Binance in, in 2026 would be the NASDAQ? Yeah, seriously. That is a hundred. That is a hot, spicy take because that is accurate.

I thought you were going to say Coinbase. I mean, it's whatever is public. It's good for Coinbase. This is good for Coinbase is institutional and, and, perpetual business, right? But what we're seeing is the stonkification of tokens and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and, and the overall regulatory environment is doing a embrace bear hug so that basically by embracing crypto, they are dragging crypto into traffic. And this is going to work great.

It's going to be good for number go up, not great for number go up, but good until things get bad. But they're basically setting up honey pots that they'll be able to tax in the future. You said stankification of tokens? Yes. Remember we were talking about this? We're talking about the tokenization of stonks, but you're talking about the stonkification of token. That was, man, you're on, you're, you're in fire today.

We got to do these just us shows more often, good. Because you know, you're like, you got to get warmed up. I'm more polite when there's someone else on the call. I know, you got to get warmed up, though, you know, you got to get in your rhythm, the flow state of, of catchphrases and stoncification of tokens is really good. And by the way, it's not just that news. This other story, I just like not even being reported. SEC approved the first U.S. multi-asset crypto ETP from Grayscale. This has Bitcoin, Ether, XRP, Salana, and Cardano.

We've literally, I've had Matt Hogan on here so many times talking about how the future of investing for crypto is index funds because that's how Americans are used to investing. Why choose a Bitcoin one and Ethereum one when you can just choose a crypto index the same way that everybody buys a mutual fund? It actually just happened. But it happened while Jerome Powell was coughing and sneezing to the left and Right, and driving global markets, haywire. Yeah. The thing is, I think the impact that we are seeing so far from this has been muted. Bitcoin had an amazing storming out of the gates, ETF,

and had an amazing storming out of the gates, sort of Bitcoin treasury company, micro strategy, metaplanet, they're amazing. What we've been seeing since has been diminished from there. So we saw the Ethereum ETF sort of get a slow start and then grow over time. I don't think this is going to have an immediate impact. What it might do is start get Wall Street analysts looking at these assets. And then over time, as a result, brokers, financial advisors will be reading about them. They're going to have to understand what they're buying and what's underlying to your point.

I don't think, I don't know how you would possibly understand what any of this stuff is, but, but, uh, even people in the industry don't know what any of this stuff is, but, um, um, that's, you know, that's, that's the bullshit side of the ledger. Yeah. Um, but, you know, while we're on the subject and on the subject of stonkification of tokens, um, I think the biggest news out of this week is the 50% drop in one day of, uh, Nakamoto, N-A-A-K-A-stock. Yeah, I wrote a whole newsletter on it. It's all we've talked about because it needs to be talked about. Yeah, well, I mean, I don't want to belabor the point, but we've seen massive compression of the premium on these digital asset companies. I can also give you a little bit, you know, you probably know this,

but the inside scoop on how the sort of non-Bitcoin treasury companies are being done is they are raising money at a discount. And the only way that that's possible and still give the investor a premium is they are getting an even bigger discount from the treasuries from which they're buying, right? And so it's very, very insidery. Shocking.

What I think is going to be interesting is I don't necessarily think this is the end of the story. I think this might be sort of a, you know, a significant correction, maybe even an overcorrection. It will be interesting to see if NACA, ProCAP, 21, Microstrategy, Metaplanet are able to pick up from here and post stronger premiums over the next two months. Because if they're not, if it doesn't happen in the next two months, then I think it's going to be a long slog of trying to build up those premiums again. It's going to be a pit of despair

for a while. Yeah. You mentioned Bidance, by the way. I think this is worth noting that Binance coin just passed a thousand bucks. Yeah. Crazy. It's a phenomenally performing coin. And because not only are you getting a piece of binances, sort of indirectly you're getting a piece of finance as revenues, but every single token that ICOs, you know, the stakers get an air drop and it's, and these are hefty, right? One of the reasons that so many projects, this is not true for all projects, projects that are responsible and sort of, you know, are managing their relationship with finance more closely, are managing to avoid this. But there have been a fair number projects. They have given a huge amount of tokens to Binance. And those tokens are given to the

finance community, which goes within 72 hours, has liquidated all of them. And so a big part of 2025's inability to get significant bid for new projects is actually that dynamic. Yeah, that that makes sense. So listen, let's talk about what you're doing. So I've obviously like very close to Bitcoin OS, very passionate about BitcoinOS. There's a reason that we do a show together every Thursday because, you know, I've always believed in everything that you're building. I'm seeing a lot of chatter again. Transactions, obviously on Bitcoin, seemingly rising massively here.

ZK. roll-ups on Bitcoin, starting to really become a serious thing, which you approved last year on stage live at the Bitcoin conference. What's going on? What we've done with Bitcoin OS is unusual. The system is live. It's on mainnet. It's on Bitcoin. But we haven't announced it being live yet because we haven't sort of, we, no, no, it purposefully,

we haven't announced that we believe it's production ready. So people are using a main net system, but we haven't declared a production ready yet. But people have started using it. And so, for example, the first programmable. meme coin for not just Bitcoin, but the entire UTXO space was launched using our Charms protocol and has delivered close 50,000 transactions of the course of two weeks on Bitcoin, on Bitcoin Mainet, representing a extremely significant percentage of all of the transaction activity currently on Bitcoin. And this is even before we've launched. And at the same time,

the first truly programmable BTC tokens were issued. We now have over $10 million in programmable BTC on Bitcoin. We call it ZKBTC. So it's just taking a BTC token and wrapping it in zero knowledge programmability. And institutional users are using this as a way of turning their Bitcoin into collateral that they could actually use without taking on any counterparty risk. And we now have a line of hundreds of millions of dollars. of Bitcoin that want to enter the system and we're going to be progressively over the next few

weeks and months increasing the cap of the amount of ZKBTC that is allowed. So we're seeing a level of sort of traction and a level of adoption to the system, which is well beyond what I think anyone was anticipating, certainly prior to our official launch. And I think the other cool thing is that we are getting close to an official launch. the Bitcoin OS boss sort of V1 will be launching officially. We will have the boss token, which will act as the gas token for Bitcoin, will be launching as well. And we will be on a number of different chains and a number of different exchanges.

And we expect all of this over the next eight weeks. So it's a phenomenally exciting time. The first programmable Bitcoin, the first programmable non-Bitcoin tokens, massive transaction activity on Bitcoin. It's sort of what I've been working towards for all of the years is materializing in front of my eyes. It's almost as good as watching my kid walk for the first time. Right there. Right there. I won't tell your wife. He said that. So, I mean, with all of this, obviously you have Bitcoin OS, which is, allows other people to build on Bitcoin as well, right? I mean, it's effectively an operating

system. So with people seeing this, what do you anticipate happening? How do you foresee other people just coming in and open sourcing it and using it once it's kind of a flown and the secret is out there because the possibilities are basically to do anything you can do anywhere else on Bitcoin. Yeah, and more. We think there's three big things. One, sort of on the consumer, everyday user side, the ability to bring defy to Bitcoin, the ability to issue new tokens on Bitcoin, Dow's on Bitcoin, meme coins, but really anything people can imagine on Bitcoin. Another big part of it is what we think of is like the B2B or really we should call it C2C chain to chain. So we're working with Cardano and with Lightcoin to integrate them as well

as Doge, Manero, integrate all of the UTXO chains into Bitcoin as why. giant super chain and so those ecosystems will basically plug in directly into bitcoin and be supercharged by bitcoin both by its security and by the asset value in bitcoin and so there's a huge excitement there within those communities around that as well but the third thing i think is maybe the most mysterious most interesting thing. Today, 6 million BTC is held and managed

by professional money managers. And these are people, you know, for all of the years of Bitcoin and crypto that we've had, all 15 years, basically there's been two kinds of people involved. Hoddlers who want to take no risk except for holding this asset in their wallet.

And DGENs who will take any risk without any risk management. But we have this huge amount of BTC now with a third group, which is the institutional money professional, money manager. And they see taking no risk as a risk, but they only want to take risks that they can manage. And the first thing that they want to get rid of is counterparty risk. And so what we're starting to see is, and this is what we saw with, you know, the first few million dollars of ZKBTC entering our system. And the fact that we have agreements for, for like a queue now for more BTC to enter the system is that we're, we're making the 6 million BTC active. We're letting it do something, be used as collateral, be utilized in trades, transactions, and for the first time, institutional defy.

And so we're basically bringing, you know, we spent the first part of this conversation talking about the state. stonkification of tokens. We did. We started a conversation talking about boners. Yeah. Well, we're going to end with the Bitcoinification of TratFi. So we're bringing, we expect to bring tens of billions of BTC and then with it other assets as well on chain, Bitcoin and by extension, the other chains that are integrated into

Bitcoin via Boss as well. I know we've only got like two more minutes left. I see this comment. I bet the knots guys just love this BOS idea. I'm assuming that's sarcasm. Dude, I missed like these are, there's some things at this point where I like have to make a major effort to opt out of. And core versus knots is one where I saw two stupid words

and wanted nothing to do with any of it. But it keeps coming up in my thread. Can you give me the like 30 second TLDR on core versus knots and why we should care? fundamentally what it comes down to is there is the sort of like not's community who are trying to build a alternative client for bitcoin so instead of the bitcoin core client the nots client which will strip out um non transaction data from operator um in other words transaction data that is in bitcoin that they consider spam and And so they believe that anything which isn't like a simple BTC transaction on Bitcoin shouldn't exist on Bitcoin. And so it's a bit of a holy war right now. Ultimately, I think it's completely meaningless because what Core want to introduce is a very insignificant change, which wouldn't impact this at all. And the fact that people are running knots clients which strip out this data just means.

that they don't see the data, but other people can, which I think proves the point that this is great, right? Like, if you don't want the data, you don't need the data. And if you do have the sites blocked on my, I have those sites blocked on Google, therefore they don't exist. Awesome. Yeah. Are these the people that are pushing for it? Yeah. Yeah. You know, the, the, the, the, the, the, the, the, the, the, the, the, basically what's happened is the sort of toxic mexy bitcoiner. That's not as now become nuts. They've gone from being nuts to nuts.

Dare I, you'd never say this about anyone. But if I was Bitcoin core and was trying to cause trouble, I would call them Nazis. Oh, to be honest, I'm not really involved in the debate. That's what we do in the United States. We call everybody Nazis. So you could, K-N-O-D-S-A-C. Okay, I'm going to go. Yago, where can everybody take out what's happening?

happening with BitcoinOS before I get it off to your call? Check out BTC underscore OS on Twitter or BitcoinOS.Bold on the internet. This one's good. Dees-knots. I would go with that one, having been a kid of the 90s wrap. All right, guys, we're going to end this before I get myself with a lot more trouble. We will see you tomorrow for the Friday 5. Thank you so much, I'll go. See you later. Thank you. If your mobile number was stolen and your passwords received, reset, would you even know it until it was too late? Your crypto wallets, exchanges, email, bank,

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