The Wolf Of All Streets - Bitcoin to $745,000?! This Billionaire Says It’s Inevitable!

Episode Date: February 5, 2025

I am joined by Joshua Frank, Co-Founder & CEO at The Tie, the leading information services provider for digital assets, to discuss the latest in crypto! Joshua Frank: https://x.com/Joshua_Frank_ Chris Inks will join us in the second part to share some interesting trades in crypto and beyond.  Chris Inks: https://twitter.com/TXWestCapital ►► FOLLOW ME ON ROUNDTABLE! (POST AND EARN) 👉https://roundtable.rtb.io/shortUrl/pts90tg ►► 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.com/ Spotify: https://spoti.fi/30N5FDe   Apple podcast: https://apple.co/3FASB2c   #Bitcoin #Crypto #Investments 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.

According to Pantera CEO Dan Moorhead, Bitcoin is going to $745,000. Why are we discussing that? Because it might get you guys to watch the stream by putting a huge number in the title. Honestly, that's the reason. There's so much more to talk about, like the absolute political circle jerk yesterday that was passed off as a press conference about crypto. Of course, XRPL going down for 64 minutes and what that means. Everything happening with the SEC. We've got a lot to talk about. Luckily, I've got Josh Frank here from the tie to unpack all of it. Let's go what is up everybody i'm scott malker also known as the wolf of all streets before we get started please subscribe to the channel hit that like button gonna bring on josh right now josh do

you want to get in trouble at the very beginning of the stream or should we skip the Ripple thing? It's up to you. It's your stream. Yeah, so I have a team, obviously, that tweets news, and they had the audacity to type this headline. Ripple restores XRP ledger after 64-minute network outage. So the XRP ledger, XRPL was down for 64 minutes. The XRP army eviscerated me

for the claim that Ripple restores the ledger because it's decentralized. And these are notes. I did go ahead and correct it. And it was the validators. They blew on the Nintendo cartridge and they brought it back up. But how are they missing that there's a story here that this ledger wasn't working for 64 minutes? Yeah, I mean, it's also, and what's interesting to me too, is in any other market, things go down. Things just don't always work 100% of the time. And to think that things in crypto are going to have to work 100% of the time, especially when they're emerging technologies, I think is a little bit of a ridiculous idea. Like for example, our database provider, it's a major database company went down and that impacted like hundreds of thousands of businesses around the world. AWS has outages in some parts of the world. Cloudflare crashes half

the internet like once every six months. Right. So I think to think that, to expect that, and obviously, look, the goal is to make sure that things are up 100% of the time. But I think we have an unrealistic expectation of digital assets that we expect things to work 100% of the time. I know that's not the story here. And I know you're looking to get me to shit on somebody, but I think- No, I'm not. I'm not actually. I totally agree with you. I think that that's what I was hoping you would say. Like, things happen. Yeah. It's really, really not that big of a deal.

I mean, it's because Bitcoiners freak out about anything that's not like truly decentralized in their mind. And it rehashes those debates. But if you view these things as tech companies, which I do, like, they're going to have some issues. I mean, I think decentralization was part of the initial ethos of crypto, but it was a lot of it was a facade to avoid the SEC under originally Clayton. Obviously, he was more pro-crypto than Gensler, but still they were, they had attacked crypto. I mean, the Ripple lawsuit started under Clayton, not Gensler, the securities lawsuit and Gensler. But now that our president can launch tokens two days before he comes to office, I think that this the securities or the decentralization facade or theater that we've been playing, I think, is going to is going to wean away a lot. I mean, I'm not saying it's entirely going to wean away, but as we've seen

with decentralized governance, it's not necessarily the most effective way to govern an organization. Yeah. Speaking of which, should we just launch a pump fund right here, like Josh Token or something? I think we should launch Scott Token. We were talking about this before the episode. I was like, Scott, at this point, you should just launch token live on air. As long as I don't sell any, it'd be fine, right? Don't go on pump. Scott did not launch token. Don't try to pump something

that has a name associated with it. It was definitely not me. I mean, but listen, you just hinted kind of at this changing regulatory environment, which we've talked about endlessly. We know that the minute Genzer was out the door, Hester Purse obviously formed a committee, a crypto task force, a reverse SAB 121. Well, now they're not slowing down. They basically laid out 10 priorities for the new crypto task force.

I don't think we need to dig so deeply into them, but it's very clear that she's trying to get a handle on this, put out rules of the road that are less contentious and more favorable to the industry. I mean, at the same time, we had news that that ain't it, but I don't know that the US SEC scales down crypto enforcement unit while task force gears up. So they like moved 50 people that were focusing on crypto out of there. These cases against Coinbase and such are probably going to go away. I mean, how much does this matter? I mean, I think it definitely matters a tremendous amount, but I do think it was priced in. I mean, and I think you see that, you know, yesterday getting a sell off after the David Sachs press conference and he doesn't, you know, there's no crypto

strategic reserve finalized or announced yet. Right. So I think part of it's priced in. I mean, I think part of our narrative has been, hey, you know, the reason the industry hasn't succeeded is because of the Biden administration. But now that that's gone, what's the next narrative becomes becomes the question. I think it's I think it's a good thing broadly. I do think we need protections for investors. I think, look, as as much fun as pump fun is and launching meme coins and bullshitting is and gambling is, at the end of the day, if we want the pie to grow, if we want the market cap of crypto to grow overall, people's first introduction to crypto shouldn't be getting rug pulled by the president. Or rug pulled is the right word. Come on, man. It's decentralized. It's decentralized. Or going on pump fund and losing their money, 90% of their money. It's just not a good way to grow the ecosystem. You need to grow the ecosystem by bringing people in, giving them reasons to use the ecosystem as we've seen

with stable coins and developing economies, as we've seen with potentially some of these lending protocols and other reasons to use digital assets. The challenge is if you just introduce people with crap that they're going to lose money on, they're not going to stay. And so I think moving to this direction where we have a more friendly regulatory regime is a good thing. I think there needs to be guard rails you know some reasonable reasonable guard rails i'm not saying that i'm not saying that we need to attack tokens as being securities i'm not saying that we have to yes he needs to sue issuers just saying maybe you know let's stop you know you know completely i keep saying maybe like you know like when one party is completely in power and they've been screaming from the sidelines for four years about how everything's wrong with the country and then they get in power and like completely botch it

and can't get their shit together that's the crypto industry now we got everything we wanted and now we have to actually prove that we're worth something and obviously our once you know the lobby came together to get rid of biden but now it's a fractured lobby all over washington and self-interest and we have the president launching meme coins. And we're basically showcasing the worst of what this industry has to offer thus far. And by the way, if you want to know why I would never launch a token, what fucking clowns you're just talking about launching a token made me unsubscribed as shit. You're kidding.

You're kidding. We were mocking people who launched tokens, but thank you. Thank you for that. But yeah, so I mean, now we have to actually prove it, right? Like we have to do something with this technology. Is anybody using it? You always have the data. Like, are we using this more than we were? Are we still just gambling? Yeah, I mean, there's definitely increased usage of different applications. I mean, I think as we've talked about before, I know you're an investor in them, but with Godzilla, people are actually using Godzilla.

So there definitely is usage in pockets of crypto overall. There are definitely places in which there is not usage. One fun example, I went and I looked at the number of daily active users on Decentraland just as like a fun little throwback. We're in the universe. Let me look at the number today. But this is the problem with crypto, right? You have narratives that pop up, right? And people get really excited about a narrative and something pumps, but that doesn't necessarily mean So I'm just pulling data from their website. How many unique active wallets there've been on Decentraland over the last 24 hours?

And by the way, it trades at, if I'm not mistaken, let me just pull it up. It trades at a $800 million market cap. How many users are using Decentraland today? Six. 37, six. Oh, I exaggerated by six times. Yeah, yeah.

37 little avatars running around with no arms and legs in the metaverse trying to find Snoop's house that cost $10 million in the last cycle. The more fun question is, how many employees does the central end have on LinkedIn? More than 37. They have 138 employees. So 101 of them haven't even used the application to that. I was going to say, so they're not even using it.

My God. Okay. So we know that we see these narratives come and go and die, but it does seem like we're making a lot of progress, right? We had that, as I alluded to, the worst press conference I've ever seen in my life, led by David Sachs, Crypto Day. Listen, I think the problem is that we all of a sudden expect things. And if you went into

these press conferences with no expectations, they're exactly like every other political press conference. It's a bunch of like word salad and guys like complimenting how great they all are. And, you know, hair leader Trump is like doing a great job and whatever. They did say, to be fair, that we are going to get bicameral, I believe was the term. Now I'm trying to find the article because I'm struggling today. I don't even know where it went. But yeah, a bicameral committee on crypto assets. So we are basically going to get, you know, a push on market structure, a push on stable coins.

Hagerty actually put forward a stable coin bill yesterday in the Senate. For anyone who missed that, called genius. So listen, like everything that we want is happening. It's just like not happening in the way that our little echo chamber wants it to. Yeah, I mean, we need to onboard new users. That's at the end of the day,

we need new money to flow into the space. We need more users and we need more capital and it can't just be coming from us. And that's the most important thing. Hopefully, you know, I think the way that this plays out and we kind of alluded to this or we spoke about this. Sorry, rather before before we started the live stream is with multi asset ETFs. The Bitcoin ETF has been an incredible way to onboard people into crypto, both individual investors, but also institutions, also hedge funds that are doing

the basis trade between CME futures and the ETF and getting exposure to the market, which has caused a tremendous amount of buying pressure for Bitcoin. It has not worked out quite as well for the Ethereum ETF, but ETH has had other problems beyond that recently. But I do think it is perfect. Come on. other problems beyond that recently. But I do think as we start to go down the list of tokens by market cap, more and more assets are going to get ETFs. Hopefully that drives up liquidity. I think it will, especially if they're matching CME futures. The CME, for example, announced

they were going to launch Solana futures. I think that that is going to be a really big deal. I think that's going to make it easier for people to get exposure to crypto. But I also think with the repeal of SAB 121, I don't think that that should be understated how important that is. You can now have banks offering more services around digital assets. So I think, you know, I think the legislation change is going to enable more traditional financial institutions to come into the market, offer more trusted solutions and solutions that are coming from firms that have really strong balance sheets. Potentially, that means they build technology can also mean that they buy crypto companies. So I do think in the long run, it's going to create better infrastructure that's going to enable more

capital to come in and size capital to come into the space point where i was making earlier though is just like you know the introduction of people needs to be more legit than what it is today yeah we actually i wrote a newsletter about it this morning there's some interesting etfs that launched i wasn't even aware of in january which from a company called calamos their cbojJ, CBTJ, actually, which have 100% downside protection, 90% or 80%, meaning you can lose nothing, 10% or 20%. They basically hedge it out, earn yield on USDC, do all these creative things to make sure that you can't really have much downside, but you also have capped upside. But it's really an interesting way, actually, for someone with a conservative portfolio to start to think about getting exposure to Bitcoin. I have

no idea how successful they have been. But to your point, indexing is where it's going to matter. That's how everybody invests. Like a top 10 token index, a DeFi index, a metaverse index. Yeah. I mean, I think where that's really going to drive value is once you start to get these larger indices, right? So once you start to get top 25, top 50 asset indices, I think that's really where you're going to see value-driven. The reason you're going to see value-driven is twofold. The first is, as we know, when a new asset enters the S&P 500, it gets a tremendous amount of buying pressure because the amount of people that hold SPY and other S&P ETFs. Right. And so it introduces a ton of buying pressure.

I think you'll have an instance in which, you know, you could have these indices potentially equally weighted indices. They could also be market cap weighted indices, whatever it is. But the smaller cap assets that get to be part of these indices that become ETFs. And I do believe sooner than you think you will see multi-asset ETFs. I think it's going to happen relatively quickly. I don't mean necessarily in the next quarter, but I do think within the next year, we're going to start seeing more creative products and we're already starting to kind of see the pieces come together. You know, if the SEC's view is that, you know, these things are generally not securities and they're, you know, the Trump administration is trying to support the crypto industry, why not launch a

top 50 asset ETF or a top 25 asset ETF, right? So I think it's going to create buying pressure, but I also think there's going to be a lot of demand for those products from hedge funds that want to short them. And the interesting thing there is like, right now it's really difficult to kind of short the overall market. So imagine you are a hedge fund, you want to pick five or six or seven winners, and you basically want to say, hey, I think these things are going to win relative to the overall crypto market. Right now, there's no way to really get that exposure. You have to pick individual assets to short. So what you could do is you could long an individual asset and then short the market, which I think also potentially could create a situation

in which we're seeing more outperformance of certain assets than others as well. Yeah, I mean, imagine having been long Solana through this cycle and short everything else. But yeah, short a basket of top 100 altcoins. Yeah. You would be so rich. I think there will be a lot of demand for that product.

I think there'll be a ton of demand for that product. I think there'll be a ton of demand for that product. Do you think that that will be in ETF wrappers? I do think it will be in ETF wrappers. I think it could not be in ETF wrappers, but I do think it will be in, it could be in both too. It could be the same index, you know, one could be launched by,

I mean, Coinbase did launch a Coinbase 50 index through Coinbase International. I don't think there's so much volume behind it yet. I don't think you can do size on that. But I do think we'll see more products that look like that, both, you know, both within crypto native form and within ETFs as well. I think CoinMarketCap has a top 100 something or other you can also get exposure to somehow. I'm not sure. Yeah, I'm not sure. I mean, there's a lot of these. There's a lot of indices that have been built.

I'm not sure there's necessarily liquidity behind any product. Yeah, that makes sense. Do you find it curious that every time these like government councils basically talk about crypto now, they very rarely mention Bitcoin. Now, David Sachs in the conference yesterday was forced to because they asked him about strategic Bitcoin reserve. But it's like they're allergic to actually saying Bitcoin. Now, David Sachs in the conference yesterday was forced to because they asked him about strategic Bitcoin reserve. But it's like they're allergic to actually saying Bitcoin. I'm not saying for better or for worse. He did go on CNBC after the conference and say that he thinks Bitcoin is an excellent store of value, pointed out that it's never gone down. But it seems like they're very non-committal to the Bitcoin side of things and that they're probably looking at this more as a basket?

Yeah, I mean, I think that's kind of the opposite of what the last administration did, where the last administration was, I wouldn't say they were supportive of Bitcoin, but they, you know, through litigation, the Bitcoin ETF and the Ethereum ETFs got approved. I think, you know think the lobbying that came in was from the crypto industry broadly. It wasn't just from the Bitcoin side of the crypto industry. And so I'm not necessarily surprised. I do think there is a difference between Bitcoin and the rest of crypto though. Yeah, I think so too. And I think that will slowly become very, very clear. I mean, Bitcoin already has regulatory clarity at ETF and it's Bitcoin. I'm curious as to what the next round of ETFs then will be, because we have Solana, obviously,

XRP, Doge. It's going to be, yeah, Litecoin, Solana, XRP, like anything, anything that, yeah, it's just going to be single assets. And it's just going to, like, once it starts, it's just going to be everything. And look, a lot of these things are going to have zero demand, right? Like, yeah, if you're if you're an ETF issuer and you've already done all the paperwork to launch a Bitcoin ETF to change the word to Litecoin or something else, it might not. And a lot of people are just going to piggyback on the work that the larger ETF issuers did. Like, you know, a lot of the legal costs that was bared on getting the Bitcoin ETF approved. That was on BlackRock and Fidelity and some of these larger issuers that invested a huge amount of money. And then everyone kind of copy pasted what they had done and submitted it to the SEC. on BlackRock and Fidelity and some of these larger issuers that invested a huge amount of money. And then everyone kind of copy pasted what they had done and submitted it to the SEC. And I think once you get, you know, once you get, you know, further down the risk curve, you start getting some of these altcoins approved, people are just going to copy paste those applications, submit a million of them, list everything and hope some of them get AUM.

I mean, if a few get approved and do actually well, it would almost be like those are the ones to bet on as winners for the cycle just because there's institutional access to them. It becomes this kind of interesting have or have nots. Maybe, maybe. Well is a spectrum, right? So I think it just depends what well means. Yeah, absolutely. So listen, you showed me this on the tie, so I'm going to bring it up. Josh is the CEO of the tie, by the way, which is what I use for getting all of my information and data and everything. But you have this new news tracker, which is amazing. You literally just showed me and I was looking at it as we were talking. I see one of the top stories here. Peter Thiel backed crypto firm Bullish Global considers IPO. So first of all, like I am impressed they're big enough to consider an IPO bullish. Obviously, they now own CoinDesk, quite a few things. But is this the next other

wave? Is these companies all IPOing now that it's sort of safe and we're not? I mean, IPOs in general, forget even crypto, have just died for the last four or five years. Yeah, I mean, I think there was a lot of, well, I mean, yes, IPOs have died. Broadly, you know, public markets haven't, you know, valued things as much as private markets have necessarily valued things. But I do think a lot of it has also been the SEC rejecting anything that looks like crypto. I mean, if you think about it, obviously, you have a bunch of the Bitcoin miners that have listed publicly. That side of that, you really only have Coinbase. I mean, keep in mind, Galaxy is a gigantic company that is still listed in Canada. It

hasn't even had an opportunity to uplist to the US yet. And so I think you're going to see a massive, or massive is a big word. You're going to see a wave of U.S.-based listings. I think Bullish is a good example of one. I think Galaxy will definitely uplist in the U.S. Kraken will list as well. Not this year, but next year. And there are some other firms as well. I think, you know, once you know, they're not they're not yet quite big enough. But Fireblocks and Chainalysis and a few others will also go public. And I think it's an incredibly important thing. And the reason that I think it is an important thing is it's going to spur a round of venture funding into crypto. Because right now, one of the problems that exists for equity businesses in crypto is they can't really exit because there's no buyer, right? There's no public market buyer of some of these companies.

Companies can't raise a ton of debt to go out and acquire other crypto businesses. They can't be rolled up into public markets. You know, people don't necessarily want to trade their equity for somebody else's equity, which isn't liquid. And so what these companies going public means is I think there's going to be a massive, a massive amount of acquisitions of equity crypto businesses rolling into these public companies or roll ups of other crypto businesses that then go public. And so I think that's going to create an environment where you start to see a slew of acquisitions, you know, venture funding starts coming to space. I mean, you know, we've seen, you know, kind of a move away from equity businesses and crypto raising capital

to token businesses raising capital over the last few years. The reason being is because as an investor, you're trying to get a return. And with equity companies, I mean, you think about like obviously bridge was acquired by for 1.2 billion. But outside of that, if you look at some of the biggest acquisitions in crypto ever curve by PayPal for $200 million, right, you know, like Kraken acquired, what was that, like futures trading platform in Europe for a couple hundred million dollars. I mean, there's a few, I mean, MasterCard bought CypherTrace for, you know, I think a few hundred million dollars. I mean, there've been some, but they're not gigantic, you know, acquisitions and gigantic deals yet. But once a few of these equity businesses go public, I think you'll be able to start seeing some of that. These businesses are going to want to add diversified revenue.

They're going to want to grow EBITDA. And so I think there's going to be a lot of demand and competition to acquire companies beyond just Coinbase. I mean, Coinbase has kind of been able to pick and choose what they want over time. But now there are multiple people that can be buyers of these businesses. I mean, with a couple of minutes left, sort of circling back to our original conversation, which is we just need people to use this stuff. OK, you gave Gunzilla, obviously, off the grid as an example. That's a game that people are actually playing. It was a top three game. Amazing, right? It's got a blockchain base. I mean, what else excites you? What else do you think can get people actually using this stuff? I mean, we often talk about, obviously, stablecoins.

We'll see how that legislation shakes out. But beyond tokenized US dollars in one video game, what's coming? I'm not necessarily the expert at that question. So I mean, I think there's so many different narratives now in crypto. Obviously, you have AI. D-PIN was a relatively large narrative a few months ago. You have gaming. I think it's a difficult question. I mean, if I, if I knew, if I totally knew the answer, I'd be, you know, I'd be making a ton of money betting on those, those different areas. So I still think, and I know I talked about a lot, but I still think stable coins is, is just a really big thing in payment rails, payment infrastructure, anything that's kind of payment related that allows for, you know, seamless cross-border remittances. I mean, like I, as an example, I was at, so, so my wife, you know,

has a, has a, a jewelry business on the side and I was at a gem and mineral show with her buying, you know, buying stones last week. And there were multiple vendors from outside of the U S where it was almost impossible to pay them. They couldn't take credit card. They like they couldn't they couldn't use Zelle. They need a wire transfers. But we were doing the transaction on a Saturday. So the wire wasn't even going to clear until the Monday and we could cancel the wire on them. It's just like it's just not great. Like cross-border payments are not good. The infrastructure that exists is not good. It's expensive. So I genuinely think anything within that kind of payment space. And I think that can benefit a

lot of different areas in crypto. Like I think layer ones that facilitate payments, I think will benefit because the native gas token is going to be used to facilitate those payments. You have stable coins that I think are going to start offering yield to clients, which I think are going to be interesting. I think there's a lot that will kind of benefit out of that. But I think to me, that's the biggest thing. It's payments, I think, is the most exciting thing. Still stable coins. The answer is it's still stable. I went broader. I threw L1s in there and L2s. Yeah, I like it. Yeah, I agree. I agree. The L1s and L2s that have stable coins on them. At least they're consistent.

Yeah, no, I agree with it. I mean, that's been my take for a very long time. I'm just excited to see some other things show up. I mean, you guys, but you guys at the time, you got a lot of crypto on the balance sheet, right? Yeah. I mean, you guys are believers. Yeah. Look, between my liquid and illiquid net worth, I mean, I'm very, very, very exposed, more exposed than probably all of your listeners to crypto. So I have very strong exposure to the market. I believe in the market broadly. I think that the market is going to grow overall, right? I mean, I think if you look at crypto outside of Bitcoin, it's maybe a trillion dollars, a little bit more, maybe a trillion and a half. I mean, crypto broadly,

if you remove Bitcoin, is smaller than AppleVIDIA and a lot of giant tech companies. Right. And so I think betting on that market overall growing is a worthwhile bet. Personally, I take more of an index approach and we do on our balance sheet. We have exposure to a wide range of of of assets where, you know, we support all the builders in this space. I think there's a lot of great tech being built, but I think it's a rising tide lift all boats. If we build good tech, if we build good experiences to onboard users, if we take care of the users that are coming in, if we make it easier, I think that's one of the biggest things. I needed to get die on optimism to pay a subscription fee. And it was just this incredible experience, like bridging, bridging, bridging assets to optimism, needing to get ETH to then bridge ETH to optimism to then have enough money to bridge die over to the chain. It's just an awful, it's just, it's just not a good user experience, right?

It's just, it doesn't create, it's just not like if user experience, right? It's just, it doesn't create, it's just not like, if I'm struggling to use it, no one else is gonna figure out how to use it, right? I'm not saying no one else, I'm sure a lot of you guys are more intelligent than me, but the broad majority of people that we want to onboard, you know, into crypto, can't be told, hey, the only way to pay something is to bridge Dai to a different chain.

Gotta click one button, man. You gotta click, and it's, I mean, it's all being built, but you just have to click one button and send money. Yeah, that's it. It has to be completely abstracted away. That wasn't a dig on DAI or optimism or anything individually. It was a dig on the way that the product owner

thinks about onboarding the user onto that thing. It just doesn't work, right? And so, yeah, it's building seamless interfaces where you can interact with it, not knowing you're touching crypto. I mean, at the end of the day, that's the way we get users. That's how Gunzilla has done that, where you interact with the game, you don't even know that there's NFTs and things behind the scenes. And so I think there will be other ways, like Stripe has the ability to pay invoices using stable coins now. That's great.

Anything like that that's easy, I think, is a great way to kind of onboard and on-ramp users. So you're more exposed, but they're more intelligent. They'll take it. 100%. That applies 100% to me as well. I know you have to go, but because we did it in the title and people are very mad at our hyperbolic lives, I have to show you Dan Moorhead saying this. Okay?

Can I show you? Yeah. That's not going to be zero? I used to tell people it could definitely go to zero to try and be conservative. I don't think it's possible now. 50 million people in the U.S. own it. 300 million people globally. BlackRock and Fidelity are selling it.

It really has reached escape velocity but you're 745 thousand I mean that I heard 13 million from Michael Saylor the other day at if I think you can go it's going up three orders of magnitude since we launched our fund I think you could go up a fourth and that puts it at 15 trillion market cap, which still seems relatively small versus 500 trillion of financial assets. That's doable. I mean, I literally what's hilarious is that like I met Dan in Singapore, maybe two or three years ago, I was like, I got to get this guy in the podcast. And as I was looking at that, I found because I'm an ADD like complete spaz, I literally like found his business

card after all this time sitting here in a pile on my desk right under this uh shiba thing um he's basically saying it will be worth gold i mean gold is at about 19 19 trillion so is is basically a little bit smaller than gold if you think it's worth gold it's you know whatever 900 whatever the math is 745 000 is great man thank you so much as always uh gold. If you think it's worth gold, it's, you know, whatever, 900, whatever the math is. 745,000. Great, man. Thank you so much as always. I don't know why it's been so long since we've done this, but glad to have you back and we need to do it again more regularly. Thanks for having me. Bullish stable coins.

Yeah. So bullish. Stable coins are going to the moon. Yeah. Speaking of, speaking of stable coins, and we were, you guys know, as we're talking about all these blockchains, that working very closely with Aptos here as a very long-term sponsor of the show. And one of the biggest stories, obviously, that they had of late was launching native USDC and cross-transfer protocol,

one of the big pieces of news for Aptos. Literally in the last two months, they've deployed Aave, integrated Chainlink data feed, launched native USDC, and introduced their Zapdos architecture. On top of that also, I mean, this is crazy. This is their monthly active addresses, which hit 16 million. Looks like it's actually pushing towards 20 because it's a few days ago. And that was 3 million wallets added in the last week alone with 50 million total wallets.

I mean, absolutely going parabolic. So the good news is that as Josh and I have this conversation, people are actually starting to use this stuff. Like we're seeing this with Aptos, of course, but we all know how booming activity is on Solana and others. I think that pretty wild to see the growth when you abstract away all the news and the press conferences and the White House. People are actually using this stuff. So check out Aptos. No affiliate link or anything, of course.

Just check them out. And without further ado, Mr. Christopher Inks here to talk about charts. Bitcoin to $745,000 by next week. Next week? Yeah. Can you make us wait that long? People get mad. People are like, your titles are so hyperbolic.

Dude, you clicked. You're here. Thank you. And that's the thing, right? My title should be, nothing's changed since yesterday. But please come talk to me. Everybody wants to complain about it as far as the titles go, but they won't click unless the title is that, right? So it's ridiculous.

You can't make people happy, dang it. It is what it is, right? I said something bad about it. Accidentally, one of my team members said something sort of maybe slightly inaccurate about Ripple today, and that was really bad. Yeah, I saw that. You know you're going to get some hate with that.

Yeah. But, I mean, you you know at the end of the day you know people i i don't know i i you know i you know that i trade based on charts so i don't trade based on fundamentals which means i tend to not get overly um into whatever it is we're talking about, right? Other than Bitcoin, other than Bitcoin. And so, you know, but a lot of people, unfortunately, they buy, and really they buy something that's really low of value, so they, low price, so they can feel like they've got a lot of it. And then they hope that it goes to the moon and they start talking about all the nonsense about, oh, it's going to do this, it's going to do that.

Guys, the reality of it is we're still kind of in this area where, I mean, your guest said it, you know, look at Decentraland. Decentraland has been around for how long? And what, 37 active users? I mean, you know, maybe they'll pick up at some point in the future, but really that's still where we're at with most of these things. If you trade the charts, you'll be a lot better off, I think. But here we are with Bitcoin, right? And so anybody who was following me knows I talked about the S1 pivot here on the daily as a target. Oh, damn. Look at that. Just absolutely beautiful. Kissed it right all back up. Nice reversal here. And now we're just kind of hovering right here, you know, below that daily pivot. And so, you know, again, another higher low. We got demand showing up here. This is demand.

When you have a candle that's got a smaller body toward the top of it, large lower wick, and you have a big spike of volume, that means demand has shown up. That means demand is really there. And how do we know? Because if demand wasn't, you wouldn't have this much volume because it wouldn't take that much selling pressure to push it down. It's because it kept trying to sell and demand kept showing up and ultimately won out. And so, I mean, just absolutely beautiful move here.

If we zoom in here real quick, really, this is all we kind of need to look at at the moment here now. I've also, I believe I posted this chart as well. We've got this descending channel. We've got, you know, one, two, three, four touches here. Let me move it down to one hour. A little bit easier to say, there we go. And, you know, again, at the top here, everybody trying to figure out why did, why did it dump? Oh, it was what he said on his, you know, his his little speech thing. You know, he didn't say, oh, there was a Bitcoin strategic reserve. Oh, yesterday, yesterday.

That was the worst press conference. But like the fact that we expect anything from these press conferences is on us. Yeah, yeah, exactly. If they were like big announcement press conference on corn subsidies and like five guys showed up and like had a boring conversation that didn't really allude to what they were going to do. We'd be like, ha ha politicians. We would have never paid attention. I mean, that was just a normal press conference that. Yeah. Yeah. But I mean, all you had to do, you didn't worry about that. You could just count five waves up. There we go. Boom. Right there at the, uh, you know, if you, if you had drawn in support here and pulled that channel up here and

you're right there, I mean, everything's screaming. Okay, well, let's pull back. The fact that we rallied on Monday, something like $11,000, 12 and a quarter percent, something like that. Yeah, there we go. Just over $11,000, almost 12 and a quarter percent. Guess what, folks? Most of the time, that's going to pull back a little bit after that. I mean, so here we are three waves back potential throw under of this of this local descending channel here um we pulled back uh as you can see here just beyond 50 percent into the one hour fair value gap i mean you know everything says there's a good chance we're gonna see this pop back out so as long as we break out above and this is the uh as always like to say what chart it is this is that bitcoin all-time index chart um if it break out above, and this is the, I always like to say what chart it is, this is that Bitcoin all-time index chart.

If it breaks out above that wave B there at $100,833.11, we should be good to go. And if this is a one and this is a two, then we've got a minimum expected wave three up here at $115,710. Yeah, but the title says $745,000. Well, this is just the next move on the way up, you know You got to get to 115 before you can get to 745, right? Yeah I mean, that's the way it is Is that...

You're smart, I didn't know that But anyway, once we get that breakout, that really sets up the move higher, right? And so, you know, if you're looking at this now wondering what's going going on, I mean, it really is, you know, keep it simple. This is simple. You can count five waves up. It hits the descending channel resistance. I mean, it pulls back into the fair value gap on the one hour. I mean, this is all very, very simple stuff. I mean, it's a lot of stuff to learn if you're different things, but you know, throw under of the support here everything so we just need that breakout to kind of see okay we're probably headed up to there um so i'm not

overly concerned with it at the moment now this changes if we drop below the swing low here uh below monday's when it was that monday yeah sunday sunday night monday morning kind of swing low there um if we drop below that that changes things but even then you know morning, kind of swing low there. If we drop below that, that changes things. But even then, you know, let me kind of pull us back up here to the weekly. I keep bringing this up. I mean, if we're above this weekly pivot here, if we're closing above this weekly pivot, I am not concerned in the least about the cycle at all. If we close down below it, I'm still not really concerned about it.

But really, we're down below it i'm still not really concerned about it but really we're well above it here to me there's no reason to even consider that the cycle top may be in which i still can't believe people are actually talking about um the dollar like you just like you look at the bitcoin chart it's just it's going sideways man like we went all the way up to like 108 and it's just like consolidating sideways between like 90 and 100 something. Who cares? And even here, it's a high, it's a low,

it's a higher high. It's potentially a higher low. We have to get a breakout to a new higher high to get it in there. But I mean- It's fine. Yeah. Daily stochastic RSI is almost reset into oversold here.

RSI remains bullish above neutral, just below overbought overbought does not mean sell right away look it stays over body can rally look at this one right here you hit overbought down here at you know 41 and a half uh and it peaked out in overbought up there right here around you know almost 70 000. so stop with the nonsense of thinking just because it gets over bought you have to sell it gets oversold you have to sell it. It gets oversold. You have to buy. It can stay there a while, but I mean, it's, it's hard to get really, uh, really bearish on this chart. Uh, and so the dollar, you know, I've been talking about the dollar potentially being topped out up over here. Uh, it looks like we've got one, two, three, four,

five waves down. It looks like we've got three waves up. It was, it was a deep return. So I'll give you that. It went a little bit further than I thought it would. But big rejection on the rally. Coming back down. We're about to break down below here. So we've got a target down here. You know, this being a one and a two, wave three would have a target around 104.69. By the way, this is that long-term kind of support right here from that just around 100.

Come on up there that we actually broke down through here and then got rejected at here so um i still think that looks like that top may be in we're headed down toward 90 93 uh at least um but you know again we need to come on we need to break down lower here and then you know we need to pop these swing lows along the way but uh the setup's there the setup's there to continue lower so if you're of the belief that uh a weakening dollar is good for uh risk assets then guess what feel good right i also thought yeah i'm trying to it's kind of similar but uh now i'm trying to find the layout but i think the 10-year i mean it faked out but also was showing a potential kind of, Oh,

it did not fake out anymore. It's breaking down. Look at this. Yeah. It was at four and a half recently. Yeah. I mean, that's a gratuitous head and shoulders with a very clear, like the support also happens to be right around the neckline. And this is clearly breaking down. Yeah. Yeah. And you know, and that was what people were freaking out going, Oh my God, it's going to get five. It's going to get five.

And I was like, it was up there about 4.9, somewhere up there. And I said, no, I think this is probably the top. And, you know, again, here we are, big move down with that. So not hating it. It's crazy, actually. I mean, you know, you would have expected on that that Bitcoin or these things fly. But Bitcoin really is just is not trading as correlated as people seem to believe it does. Yeah, yeah, exactly.

And, you know, I still see a lot of people, you know, they're still watching the Bitcoin dominance chart. They're hoping Bitcoin dominance drops so alts can go up. But again, you know, some I've talked about multiple times on here over the last year, and it's this idea that, you know, because of the ETF inflows, because of FASB, you know, companies can put it on their books, stuff like that. You know, I think alts are going to rally with Bitcoin, you know, and they have. You know, we had the meme coins last year. I think it's more of a sector by sector basis. I'm not sure we get the all season everybody wants, you know, and as

used to, we could still get it. But even to get it, I don't think you need to have any kind of significant drop in in Bitcoin dominance. Because again, you've got a different type of buyer that's coming in to the ETFs and into you know, the because of the FASB bringing out other books and whatnot, then just the, hey, I'm going to ride it up and then take some out and cycle it through the other alts. So, you know, again, I think if you're just sitting there waiting for alt season, guys, I think you've missed a whole bunch of opportunity already.

Don't miss any more of the opportunity. And just, you know, if you get alt season, you get it. That's great. But, you know, if you're just sitting around waiting for it and you don't get it, what happened then? You just kind of screwed around for a few years, right? Don't do that. Don't do that. Too much opportunity here. If you are going to do that, just be sitting in Bitcoin while you wait. Be sitting in Bitcoin. I'll tell you what, Dan, if you are out there- Don't sit in stables, not financial advice, but like, listen, if you're missing altcoin moves and you're freaking out and whatever, like, and you missed them, but you're sitting in dollars when key. I think if you're in the markets, that's the key because Bitcoin is not just another crypto.

It's not just another alt. And, you know, buying and holding has proven to be very successful way of building wealth with it. And people now are scared to get in like, oh, God, it's 100,000 for one. Oh, that I can barely buy any of it. So I need to go buy this shit coin where I can buy a million of them and feel like I'm holding a whole lot. You've got exponential risk when you're doing that, right? You have to look at Bitcoin. Yes, there's going to be more upside to Bitcoin.

On top of it, it's working as a hedge against inflation. So that's two things. And so the third thing is risk, right? Risk-adjusted return. This is the least risky time in Bitcoin's history, the least riskiest time to buy Bitcoin, precisely because of all the tailwinds coming in. Are there headwinds?

I don't know of any headwinds at all when it comes to Bitcoin right now. Everything's a tailwind, and every day there's new tailwinds coming in. So, it's it's so simple but people talk themselves out of it because they want to get rich quick uh you know they don't understand about protecting what they do have and what they may have in the future you know and so you guys need to be holding bitcoin i i can't say it enough again not financial advice obviously do what you're going to do, but it's my personal belief, which is why I do it. So I've got a couple of charts here. This is Neon, man. Neon, we did really well with a few trades

in here last week. Absolutely insane. Did really well. Got this deep pullback just beyond 78.6 here. It looks like we're on wave three, which has a target minimum expected up here at about just beyond 80 and a half cents. Breaking out above wave X here at 39.3 cents is going to add confidence to that. But looks really good at the moment here. So, you know, I just I like it. It's one of my favorite potential setups right now. We're back above the, you know, the hourly pivot here and whatnot. I do like that setup there. Shipping USD. Let me kind of pull this out here a bit. There we go. This looks like a one and a two here. Now, what you're going to see,

a lot of alts have this, this Sunday night, Monday morning pullback with a large lower wick at the S1 pivot. And they're, they're either right on it or above it a bit that they close, but they've got the same kind of candle structure at the same support. Uh, this right here was a 70 and a half pullback. So if you see, uh, these charts that you have here, right. And you can just go up here to indicators and type in pivot points and just get the one that's up there in TradingView's technicals area. Just pop that on there. That's all this is right here.

And if you're seeing, you know, a candle with a large lower wick, support around the S1 pivot, you know, it'll dip through that pivot for most of them. If you're closing on the daily above the daily pivot, which I've got my blue in this case, but it just, you can't see here, it says P right there. So it's actually the pivot. If you're going to close above that, you should probably go long to the previous swing high, at least. Now, most of these, they look like a one and a two on that pullback. But again, if we're doing that here on this one, it's right there about 0.099. There's no reason why we shouldn't be looking at least to this swing high up here at 0.0189 up here. And likely to break out higher.

These setups look really strong at the moment. If we can get the daily close above the daily pivot, it really adds a lot of confidence to the idea that that pullback is probably complete and we're going to break up beyond the most recent swing high there. By the way, I agree that Bitcoin dominance, I just have to say, I agree that Bitcoin dominance charting is silly. It's not a traded asset. And honestly, you need to take stable coins out of it probably to do it right

because, you know, historically they weren't. But like if you were charting it, that week the other day, and then there's this like failure to get above that 61.53 level. Maybe there's something coming for alts, as you're saying, with all these setups. It's just good confluence when you see good setups. Yeah, yeah. You know, not surprised that it went higher. And I think there's a good chance it continues higher as well, ultimately.

But again, to me, that doesn't mean that alts can't move. Again, we're talking, you know, before we were talking about the same pool of players in both. Now we're talking about same pool of players in both and then additional players, big money players in Bitcoin. So, you know, again, if you ask me, I think, you know, you can still make a lot of money with alts here, even with Bitcoin continuing to rally. I understand we're not allowed to talk about Ethereum here because people are, you know,

butthurt about it or something, or they think it's the end of the world or whatever. So we'll talk about ETC instead. The original. And that Ethereum, that Ethereum day the other day was crazy. There was, I just, I mean, it was all. I mean, that was all leveraged, by the way. For anyone who was wondering, that wasn't like some fundamental like shitting on Ethereum that happened. It was insane, though. I mean, this was one of those things. A market maker pulled liquidity while people were selling and it caused a liquidation cascade. This is kind of like when Bitcoin went from 6 to 38 back to six on March 12th, 2020.

Yeah. You know, like the liquidation engines were just firing into empty order books and just liquidating people with no buy orders. And it just, it's crazy. I'm not saying this, I'm not saying that like anything amazing about Ethereum here, but that's what happened. Well, what's amazing is a 25% drop, a 25% drop and round trip back up. I think at one point it was like 36%, depending on where you were looking at

these first dollars, because Bitcoin was also going down. But that's an insane round trip in less than 24 hours. I mean, just absolutely. I bought 2150. I bought 2150. Literally, I was on Twitter. Like I said, my rationale is very mature. I said, I'm buying Bitcoin and Ether because fuck this shit or something like that. But it was so irrational and people were panicking so hard on tariff news. And you're like, it's a weekend. People can't sell anything else. It's like when brains start functioning again, it's going to go up. Well, and for anybody that watches the Beards of Bitcoin show on Wednesdays here in a few hours, I've got the same guys that you got on Tuesdays, Andrew and Tillman

on there with me. And Tillman over a month ago said, hey, listen, guys, what I've noticed is every Sunday we're getting a drop into a Monday rally. And it's happening, it continues to happen every weekend. So if anybody had paid attention to that, they've seen it. Now I've mentioned it the last few weeks as well. So if you're paying attention to my tweets and you didn't pay attention then, maybe hopefully you're paying attention there, but until further notice, you know, generally be expecting a, you know, a pullback on a Sunday, a drop on a Sunday, and then a rally on a Monday. But, you know, here we are again with Ethereum, same type of candle, just absolutely insane candle. It's almost got a perfect descending channel here.

So, you know, I said, you know, if we're breaking out above the daily pivot, in this case, it would be also this descending channel resistance. There's little reason to believe this thing's not breaking out higher up here. And heading up, you know, above this 41, 42 area. So, you know, do with that information what you may. But I love the capitulation volume at the end here. Looks like three waves down on that. So if we can get that breakout here, that's our confirmation, right? That's the big confirmation there. We do that. We should be good to go. Hourly, you know, we're just kind of doing

some sideways here, right around the S1 pivot. So, you know, you could even look here for the hourly pivot. In this case, it's around $24 on ETC as a potential indication that the low is likely in where to head up. But, you know, again, Ethereum here or Ethereum there, ETC here, same idea. We're looking for that breakout higher. Remember ICP, Internet Computer? Of course, man. People still mention it to me all the time in the chat. So they've still got a community for sure.

Well, it feels like I'm talking about the 1980s and Nintendo. I'm sorry. I'm not trying to say like I don't know deeply about it. I haven't. So I know, guys. I know. I haven't looked into all the tech on every chain. I'm sorry.

Well, in this one, you know, we had this swing low back over here in September of 23. It looks like we've got a one up and three down here we swept liquidity over here from July of 2024 and so potential bullish SFP printing there great volume on that large lower wick again let me kind of zoom this in a bit but again it's that same thing I was talking about. You know, a lot of these alts have the same large lower wick, large volume, small body at the top, you know, dipping below the S1 pivot and closing to some degree above the S1 pivot. So again, if you're popping above this daily pivot here at about $10, $10.05, this should be good to go and break out higher here and probably break out above up here at 21, you know, and continue up there. Because again, if this is going to be a one and a two,

you've got some great upside potential on that. But, you know, locally, again, you can just look locally, look at the swing high, the swing high targets and go from there. So a lot of setups looking like this. Lit has to be one of the better um recoveries uh which didn't even really have so this was the saturday was the up and then you had the pull down and now you're getting ready to get up here right but what it looks like here again as you can see i've got on here uh it does look like we've got five up it does look like we've got five up. It does look like we've got three down, a really deep dip.

But then we broke out higher. So, you know, again, wave three here, one, two, three, minimum expected target about $3.09. Secondary target of $4.69 and a half cents or so. But if that's going to be a one and a two, then this is going to be a one and a two here. And that would say, or probably a one and a two there. And so that would give us five waves up on here, potentially. So this three could potentially get up here around $7 and 82 and a half cents on this. So, but that, you know,

big move up, pull back and, you know, here we go kind of doing some sideways after that. But we broke out above that third wave, so we should continue higher. Now, on all these, you know, if we're breaking down below this recent swing low here, that'll invalidate what we're talking about. You know, so if you're wondering where I put my stop loss, well, you know, no lower than here, right? But like I said, the setup's there. And then one more here.'ve got a le pH USD have no clue what it's all if oh yes yeah first letter in the Hebrew alphabet the more you know well look

at that I did not know that but what I do know is look at this again large I love that candle. That is a beautiful candle, large, lower wick, close up there at the top of the, you know, small body top of the candle. We've got to pull back into the wick. S1 pivot still holding his support here on the daily, big move up, looking for a breakout here on the daily, a breakout and close above that almost 12 cent area, 0.1189. And, you know, again, and if we're're doing that kind of zoom out here to the weekly uh there's little reason to think we won't at least get to the weekly pivot up here at 23 cents uh most likely we'd end up getting up here you know at least a 36 cents here at the r1 pivot potentially up here around the swing high or around the all-time high area at about 43 cents. And, you know, getting up there really opens up the case to

move higher. So, I mean, you know, it's an easy kind of trade. Just look for, you know, once you're getting through and closing above the daily pivot, target the weekly pivot. You get through that. Look up here at the R1 pivot on the weekly. Look up around the all-time high. And once you're through that, then you kind of open up a move, potentially up through even the R1 pivot on the weekly, look up around the all-time high. And once you're through that, then you kind of open up a move, potentially up through even the R5 pivot here on the weekly at almost a dollar. So there's a lot of really good setups, but we do need the confirmation.

We do need the breakout, right? And so if we're jumping out to the daily and you've seen these candles looking like this around that S1 pivot on the daily, look for a daily close above the daily pivot. And while nothing is guaranteed, that is about as close to guaranteed as you can get that that low is likely in, and we're going to head up higher, at least to the swing high, most likely above that.

So a lot of potential. Then we need to stop the BS because the top. I love when people. He took profits. He's just here for the laughs. Oh top is in. I love when people... He took profits. He's just here for the laughs. Oh my God. That's so funny when people act like that because they really are clueless, right? You know, social media

really gives people this because they can be heard. They think that their opinion is really valid, right? So I've been doing this for 30 years, going on 31 years here. You don't do that unless you get it figured out, right? There's nothing saying that the top is in, absolutely nothing. Does that mean the top can't be in?

No, it could be in. But that's why risk management is absolutely the most important thing you do day in and day out as a trader, right? But there's nothing happening on-chain. If you like to use on-chain metrics or uh or on you know the charts that say that the top is in people can't read volume and price action and so anything could happen as you said but like this is the best our industry's had it ever so far so it would be pretty disappointing possible well if that's his real picture man i at least applaud him for you know not hiding behind a fake name and a fake picture and, you know, spouting nonsense.

I said this yesterday on X. I know we got to go like people who still have PFP like NFT avatars on X, like from three years ago of like projects you've never heard of. Like, I love those people. They're so dedicated. And so I say it half sarcastically, but like imagine that they're committed, right? And maybe they just love it because they liked it. And that's cool. And they weren't trying to like make a gajillion dollars flipping their thing. Very impressive. Yeah, for sure.

We're getting rugged. We can't read the room. Thank you, Jamie. I love this place. Okay, Chris, so you and I are going to have a huge announcement. I keep saying it every week. I'm committing to you and I, I'm going to say it to my audience

that by next Wednesday, we will announce it. Yes. I like that. Because then I'm going to have to, we have to like get things set up. I messaged you this morning, by the way. Okay. I messaged you.

I literally just messaged you back while we were talking because I'm a multitasker. Oh, okay. Check your one time. Oh, okay. And everybody else, check out Texas West Capital

and TX West Capital on X. Follow him. It's 10.01. I got to let Chris go. Guys, Bitcoin to $745,000. Whatever. Book it. It's done.

It's in the title. It's got to happen. All right, guys. Thank you. Thanks, Chris. Thanks. Let's go.