The Wolf Of All Streets - Bitcoin To Become The Best Performing Asset This Year?

Episode Date: March 31, 2023

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Elizabeth Warren is putting together an anti-crypto army while her boyfriend Gary Gensler looks for billions of dollars in additional funding to fight crypto. We all know that there's something suspect happening with Signature Bank, which was seized on a Sunday, which would be calling a collapse. I'm calling it a seizure. Something fishy there going on with crypto and also just a ton of other news. It's hard to review everything that happened in a week. We're going to try to give you the greatest hits today. It's Friday, which means we rant. Let's go. button with the liquidator. My kids' favorite water gun, the liquidator. Many of you have

probably seen it. That's the dry one. We have a wet one outside. Can't bring that one inside. I might liquidate on my computer screen. Weird. I got an email the other day actually saying somebody wanted me to send them Bitcoin because they were accusing me of liquidating on my computer screen. But they got nothing on me, bro. They got nothing on me, bro. Yeah, you guys get those emails, right? Ooh, you've been a naughty boy. We've been tracking your camera. Send me four Bitcoin or I'm going to send this to your boss. Yeah. Anyways, guys, we have a lot to talk about today as des says it's ranta friday harry hood says busting out the liquidator jeff bialko says f jackie oh it's jackie every time i don't even know which jackie we're talking

about f gary gensler i got that for sure f liz warren warren sucks man i can see uh what the the tone is going to be today listen guys i you, may not be my most popular day of the week, but certainly the most fun. You know, I used to rant by myself every single Friday, but now it's like I got all these guests and we have to act appropriate and such. But I have been enjoying the new move to Twitter spaces on Tuesdays. For now, we're not ramping that up. We're keeping it there because frankly, there's just not that many awesome guests to talk to in crypto. And it

starts to sort of cannibalize itself when you want to have amazing roundtables, amazing spaces, amazing daily guests. It's a lot, man. It's a lot. And you want to keep those conversations moving. But that said, that said, next Tuesday, going to be quite the epic Twitter spaces because I've got the mooch Anthony Scaramucci and Meltem Demir is joining as well you may not have known this but the three of us before the bear market really died we were working on a new podcast with the three of us kind of like an all-in podcast for crypto so this will be like kind of a test case to get the three of us flowing. Yeah, man, listen, I wish we could do Twitter spaces here, but you can't have like 19 guests and they don't know if they're supposed to talk into the mic or talk into their headset or talk into their phone and they're hearing an echo on the sound and it just doesn't

work. Right? But anyways, now we're going to dig in to what we got going on today. But first, sign up for the Daily Close. A lot of you guys have been signing up. We've been getting great feedback, but I need more feedback. If you guys don't know what the Daily Close is, you've probably been living under a rock. You guys know I have the Wolf Den newsletter. It is free every day, Monday to Friday, every week. I wake up at 4 o'clock in the morning to write that shit.

That's how I stay on top of the market. Now I kind of make a joke. If you stay ready, you ain't got to get ready, right? Like if I do an interview or I have a show or something, I don't really need to do that much prep because I spend every morning from like four o'clock in the morning until seven, eight, nine o'clock, just reading about everything that's happening in the market. I feel like I'm on top of it at all times. I was on Yahoo Finance yesterday. I didn't know what they were going to talk to me about. I just answered some questions. Dudes kept interrupting those. Kind of weird. Yeah, just stay ready. So I'm just reviewing this stuff. And this helps me, right? I've showed you guys my tie terminal, right? I've showed you guys this a million times.

This is what I use. Well, this is basically an email version of all of these indicators that comes every day at the daily close, like 8, 15 PM Eastern Standard Time. It's all the main news based on how often it's been tweeted, what futures look like, what the 20 top coins have done as far as return, tweet volume versus trading volume, very helpful. Daily outliers, the coins that are pumping in general or doing something strange that you might want to look at. You guys get the idea. Listen, you can try it for a week for free.

It's the only thing I charge for. It's $25 a month. And frankly, I don't make almost jack shit because it's completely powered by the tie. It's really just the only way that I could give you guys all of this in a palatable manner. Ooh, Bitcoin, $28,500. Moving up yet again today. But let's start talking

about the news. Scott needs a rug and some foam panels in that room. Yes, it's a bit echoey, even if I talk directly into the mic. But frankly, bro, whatever. Whatever. I have a rug, so shut up. I do need some foam panels. I was thinking about doing some paneling on the wall, but honestly, man, this room has like 15-foot ceilings. It's not happening. Anyways, let's dig in. And guys, it's Friday, so feel free to come at me with the comments, the criticisms. You can talk about my mom. You can tell me my face is weird. I don't care, man. This is the day. This is the day to have at it. This from Forbes Digital Assets. This was the big news of the week. We probably kind of talked it to death in general,

but yeah, I mean, it is what it is. CFTC goes straight for the knockout and complaint against Binance. First of all, very important because everybody has an opinion. You go on Twitter spaces, there's 9,000 bad takes. Bottom line, guys, this is a civil suit from the CFTC for now. Yes, there is some language in there that could indicate that maybe some criminal action is

coming, but that is conjecture and not fact. And we basically just need to sit here and wait. Need to sit here and wait, right? So for now, we all know the allegations by now, basically, right? That Binance US is basically the same company as Binance. There's no wall there. They're effectively the same thing. Bad news for Binance US, potentially bad news once again for Voyager creditors because fuck my life, right? Can we just get paid already? But also allegations that basically in a BitMEX style, FTX style maneuver that Binance is potentially counter-trading their own customers up to 300 accounts, wash trading, CZ himself could be trading on there, right? All these things, they know where your stops are. They're sweeping them, bro. I mean, we all know that BitMEX

literally had a prop desk that would just trade against its customers with knowledge of their customers' orders. Oh, oh, right? So a lot, a lot of things happening and most important that they're allowing Americans to come in and trade with a VPN, turning a blind eye. There was this whole thing that they were like letting Hamas launder money. No, if you guys actually read what it said, it was like someone was like, what if a terrorist organization, they were like, well, they'd probably move small amounts. It was literally them talking about what they would do

if something like that happened and we've blown it out of proportion. Hamas is not openly trading on Binance that anyone is aware of. Maybe Al-Qaeda, you heard it here first. No, you didn't. But there's a lot going on here, right? Basically, though, the big criticism that they're allowing illegal derivatives trading, that's what the CFTC covers in the United States. But strangely, that's not available on Binance US. So it seems like that would only be an issue

if an American is using a VPN to get into the site, which you're not allowed to do. But that kind of then becomes the person's fault, not the platform's fault. But whatever, man. Whatever, man. Binance US has done things in a compliant manner, as far as I'm concerned, as far as not allowing derivatives trading, which you can't do. I'm sure there's some other shit. But we all know that, man, it's been a rough run here coming after Binance and the complaint specifically naming CZ himself. That's not the next story that I wanted. Binance CEO Zao calls

CFTC suit an incomplete recitation of facts, right? He wrote this long blog post, really good, you should read it. He basically said they don't agree with the characterization of many of the issues and touted their compliance technology. He also wrote that he only had two Binance accounts. He's like, of course I have a Binance account, bro. I'm the CEO of Binance. So I'm not, I'm not like trading. It's like where I keep my money. Yeah. But basically saying they have the best KYC that there is. If anybody's actually tried to get a Binance account since like 2020 or whenever they really started kicking Americans off, they have very, very strict KYC. He said that they have 750 people on their compliance team, law enforcement. Man, I don't know. A lot going on here. But basically, he said in his blog post that Binance is 90-day, no trading policy,

that employees are not allowed to sell a coin within 90 days of their most recent purchases. This is to prevent any employees from actively trading, right? Listen, guys, it's a shit show. It's a shit show. So we're going to see what happens with all of this, but I think it's just important to remind you that people not named SPF are innocent until proven guilty in this country because that dude is guilty, man. Meanwhile, I don't even have the article, but you saw SPF like tried to bribe

Chinese officials with like $40 million. Yeah. Yodoya says, Scott, you spinning shit. Spinning shit was my job for 20 years, bro. Stop. CZ let his minions do the VIPN speech to use it. You got me for 20 years, bro. Stop. CZ let his minions do the VI VPN speech to user. You got me confused.

Yeah, dude. It looks like they turned a blind eye to the VPN thing. That's a problem. But the question is, was that in the past? And they'll pay the fine and move on just like everybody else who's gotten in trouble has paid the fine, move on. Or is there literally ongoing fraud? That's what's going to matter here. That is what is going to matter here.

Yeah. Signed up for Binance US two years ago and absolutely did KYC, took weeks. It's miserable getting an account on any of these exchanges right now, to be honest. Yeah. Fiboswani would like you to know that your mom is so skinny she hula hoops with a Cheerio. Druzified said it's been a while since someone mentioned Scott's eye bags. Feel like we should at least point it out today for old times' sake. Yeah, dude. They're rocking. They're kicking today. They're kicking today.

Have you guys seen my series of Janet Yellen jokes on Twitter? Just like Janet Yellen knew the Burger King when he was just the Burger Prince. I mean, some classics. It's too old to do this job. Too old to do this job. But anyway, so we've seen that he's refuted all of this stuff, right? We know they're going to still move this one back. I'm just going to move that one way back here so it doesn't get in my way. Right. But Coinbase chief legal officer, there's a lot

to unpack in CFTC's filing against Binance. This is Paul Graywall, the chief legal officer for Coinbase. I had him on my spaces for 30 minutes on Tuesday. If you want the real story, I got that scoop first. Right. But actually, when I talked to him, I said, let's not talk about Binance. Let's talk about Coinbase. Right. Talking about the Wells notice from Coinbase. That's already last week's news, bro. We don't even have to talk about that anymore. But this is what he had to say, because this to me, finance, CZ, fraud, whatever, what's the real story going on here? What's the real story going on here? The real story, obviously, is that the CFTC and the SEC are jockeying for position in a turf war over who gets to regulate what. They want to choose who gets

to liquidate us. Not if we get liquidated, but whether it's going to be the CFTC or the SEC that does said liquidating. So what did the CFTC said? They said digital assets like, so they left a big umbrella, Bitcoin, Ethereum, Litecoin. Then they listed stable coins as commodities. So this, a direct spit in the face of Gary Gensler, who says everything is a commodity and I am the hammer and everything is a nail. Let's take a look at what Paul had to say. The CFTC complaint that has been taking up the headlines this week against Binance. Just want to get your initial reaction when you, if you've read the complaint. Well, thanks for having me on. And while I have had a chance to review the complaint, it's clear that there's a lot to unpack and that the CFTC has undertaken a great effort to

understand what's been happening with finance and to take action where it sees an issue. I will say that from CoinDip the most striking part about the complaint was the fact that it specifically called out a number of digital assets as commodities at the very same time as those same assets are being labeled or suggested as securities by the sec and elsewhere i'm referring to eth of course but i'm also referring to stable coins which are deemed as commodities as we believe they appropriately should be deemed by the cftc even as again there have been suggestions by the securities and exchange commission that stable coins and other digital assets like stablecoins fall within their jurisdiction.

We think this confusion only underscores and highlights a fundamental problem we've been calling out for now many months, which is we need sensible rules here to define these terms reasonably and to provide everyone in the crypto economy, including investors and consumers, with certainty and clarity in making their decisions. Yeah, right? Yeah, right? I mean, if you think about this at the most fundamental level, we are all just trying to have fun, make some money, opt out of the system, invest in assets that we think are cool. We want CumRocket to go to the moon, right? It's all we care about.

We want to live our lives. And we can't even get the most basic definition of what these assets are. We can't even get the government to decide who gets to punish us. We can't decide what the punishments are. We can't decide what the assets are. So maybe we need to start at the most basic definitions and work our way up from there instead of just suing everybody out here, which is what seemingly we have our regulators doing, right? SEC, CFTC, FDIC, Fed, Just put some letters together and they'll sue you. That's how it works. I had Oliver Lynch, you guys have seen him on my show many times,

from Bittrex Global, the CEO. I had him on the podcast last week, and he made the argument, obviously, that regulation is very good. And he said, this is very easy for someone who's not in the United States operating a business that is not in the United States. He's right. We just need basic definitions. And he's the one who said, listen, you can't blame the regulators. I blame the regulators, Mountup. I blame them. But he said, you can't blame the regulators if there's no legislation or laws in place to make this clear. So he said, don't really blame them, blame Congress, right? Let's get Congress popping off.

Let's get those dudes talking about this stuff. Let's get them to pass some laws. If Congress said, these are the things that the CFTC covers, these are the things that SEC covers, we'd be good to go. And we wouldn't have to watch the regulators attempt to jockey for position and control it is so lame so lame and in other countries they're fixing this shit you can just go to dubai

love them start a company do some web3 type things and move on with your life man but not if you're american no land of the free home of the brave. My absolute ass. Okay, next. And speaking of Chairman Gensler, cheers, $2.4 billion funding proposal for SEC and Biden budget. Man getting given $2.4 billion is happy. That's the headline. Guy's getting a shit ton more money to do a shit ton more bad things to our industry, and he's super excited. Yes. Right? Smithers. Mr. Burns. We know that. We know that. Here's what. I'm pleased to support the president's 2024 request of $2.436 billion for the SEC to put us on a better track for the future. Yeah, I'd be on a better track for the future if you gave me 2.46 billion too, Gary. So this is what they said. The funding,

if approved by Congress, would allow the agency to double its headcount, just what we need, allowing the division handling crypto affairs to investigate misconduct on a larger scale. Hide my YouTube channel, bro. Addressing this requires new tools. Yeah, you're going to hire a lot more tools. Expertise and resources, Gensler said. It would also speed up the pace of enforcement investigation through resolutions. In other words, they're just going to find the shit out of everybody

and they're going to get paid. These additional resources would strengthen the division's ability to protect American families. I feel protected by addressing risks in the crypto market, cyber and information security, and the resiliency of critical market infrastructure. Hey, do you guys feel protected? Do you? I don't. The SEC, right? Okay. Listen, we all go to like sex ed in high school, right? If you want to prevent pregnancy, you wear a wear a condom right this is like putting on the condom like when the baby is like eight months baked it's like I better put on a condom to protect the people

right oh you gotta put on the condom after you're pregnant very Very protective. Works every time. Like who has the SEC protected? SPF? Maybe? Right? SPF was all up on Capitol Hill. Maxine Waters, Gary Gensler, Elizabeth Warren, chilling with his parents, doing the Humpty Dance, right? Like having a party all up on in Washington. The reason we're all getting punished is SBF. He embarrassed these people so bad that they have so much egg on their face that they're just like, dude, fuck this. I can't say a good thing about these people.

It's so awful what he did to us. So awful what he did to us, you know? It's messed up. So listen, I get that. I get why they're so angry, but is what we really need, like twice as many SEC officers and two point something billion dollars so that they can just punish more people for shit that happened in the past? Is that what we need? Like where in here? It's all talks about enforcement and going after misconduct. Where in here does it even make a single quote, a single quote about protecting consumers in advance, about disclosures and transparency, right? You know what would have protected?

I can talk personally. You know what would have protected me from getting washed out on Voyager? Right? You know what would have protected me? If there had been an email that had gone out and said, Steve Ehrlich just gave $700 million to Three Arrows Capital for a handshake and no collateral. And you know what I would have done? Taken my fucking money and ran. The SEC's job is transparency and disclosures. Give us that. I don't care if you can trade DentaCoin or StudentCoin or CumRocket on Coinbase.

People have the freedom to choose to trade those things or not. That is not hurting them. They're hurting themselves. But yeah, put a big ass, like on the cigarette box, big ass warning. Cumrocket is not a real asset. If you would like to trade Cumrocket, you may lose your money. Oh, by the way, the government will also sell you five fucking lottery tickets because you have a good chance of winning that. Yeah. Land of the free, home of the your ass is about to get sued. And now, ladies and gentlemen, for the moment you've all been waiting for, Elizabeth Warren is building an anti-crypto army, feeding serious US Bitcoin ban warnings. We're back to banning it. Right? She basically like,

Coin Center, Coin Center was like, hey, all this stuff you're doing against TikTok could really hurt Bitcoin people. I'm not going to get into that act because I do not understand it well enough. And people are saying, if you use a VPN, you're going to go to jail for 20 years.

I don't believe that shit is true, but we can look for more. And she said, I'm building an anti-crypto army. You go to her Twitter, there's literally a tweet and it's like this moving GIF. And the first thing it says on her Twitter, anti-crypto army, right? First of all, how is this, how is this possible? How is this possibly going to please voters? Right? Like I get the anti-crypto sentiment on Capitol Hill, but like the people out there in this world, like they don't need you to be anti-crypto. They don't care that much. There's a lot of us who care to be pro-crypto, but everyone else is like, whatever, man, like who even cares? But going like full anti-crypto, she's just asking to get pelted

with rocks. I'm not saying to do that. That was a euphemism for a theoretical rock pelting of her and her face yeah like you don't need to say you're against it and you're building an army and whatever man there's like shouldn't also like if you're far left you're progressive shouldn't crypto just be like the greatest thing since Elizabeth Warren's birth. Awesome. Apple pie and baseball and all those American things that we love. Take me out to the ball game. Like doesn't helping people who don't have good banking access, live their lives and freedom seem like a progressive ideal to you? Man, it does to me. Yeah, maybe crypto is good for you, but not for all of us. Okay. That doesn't mean you ban it. That means you give people the choice. Dude, if someone wants to buy a lottery ticket, they can. If someone wants to come rocket to the moon, that's their own stupid

fault. And if someone wants to go to Vegas and play slot machines until they've spent every quarter minted in 2022, that's also their choice. I don't like it. I don't like it, but that's a choice. So yesterday I tweeted this and maybe I've been told that I'm a bit of an ageist because I keep making fun of people. I love old people. I just don't love the old people that are in our government. Breaking exclusive. Elizabeth Warren is forming an anti-crypto army. We found this leaked photo of her lieutenants and generals. Scary stuff. Here they are, guys. Here they are. The anti-crypto army coming for you. Coming for you. Now, listen, like, it's a bit of humor, but actually there's some truth. You know why? Because these are the people in America who actually vote. 25 year olds who care about crypto

don't even bother to show up. And that's why we still get Elizabeth Warren and friends like, who is voting for this lady? Like, do you care about your freedom and your privacy or anything? Crypto leader says old people suck and I'm one of them. You ain't that old, man. Yeah. Crypto golfer says a lot of bondholders in that picture. These people have well diversified bonds and no exposure to the market. Yeah. They're so scared. They're so scared. Okay. Should we move on from Elizabeth Warren's Gary's girlfriend? Cause this is the shit that is just, man. So I don't, I know I like harp on the same points, but I had Caitlin long CEO of custodio Bank on my podcast last year, April, right? You guys remember it was in Bitcoin, Miami. I sat down with her and she said, everybody's looking at the SEC, CFTC. Yeah, that's bad. But who do we need to really worry about? OCC, FDIC, Fed. She said,

nobody's talking about this, but the easiest way to crush the crypto industry in the United States is to cut off their banking access. If Coinbase and Binance US and FTX and Gemini and Scott Melker and Yodawoya, I still don't even know if that's how we pronounce it, buddy. If they can't get dollars in and out of crypto, we will just quietly crush this industry. No problem. Done deal. And everyone was like, nah, bro, man, they wouldn't do that in and out of crypto, we will just quietly crush this industry. No problem. Done deal. And everyone was like, nah, bro, man, they wouldn't do that. That's not cool. Pass the ball. Right? Well, it's happening. It's happening. And we've seen, obviously, Nick Carter talking about Operation Chokepoint 2.0. They asked me about that specific thing on Yahoo yesterday. It is now mainstream, Operation Chokepoint 2.0. They asked me about that specific thing on Yahoo yesterday. It is now mainstream, Operation Chokepoint 2.0.

But we all know what happened. Listen, Silvergate was a shitty bank. Yeah, they were servicing a lot of crypto customers. They didn't manage their treasury well. We can talk about whether that's the Fed's fault or the yield on bonds or whatever. But they were taking some risks, obviously, as a bank. Holy crap, Emmy Melker is here.

She hasn't been here in a long time, and I thought she was playing tennis. She's here, and she wants to know if I said Nick Carter because she doesn't care about our Nick Carter. She was obsessed with the one who was in the New Kids on the Backstreet 98 in-sync face. Which one is he? Is he a Backstreet boy? He was the Bane Back the back street, 98 in sync face. Which one is he? Is he a back street boy? He was the main back street boy, right?

Nick Carter. Emmy, didn't you have posters of Nick Carter on your wall? Did you have posted? Did you? Yeah. Backstreet boys. BSB token guys. See it right there. Oh, Druzified,

your wife's favorite band. They're not a band. Not a band. We're going to see New Edition this summer. Also not a band, but if it isn't love, why do I? Anyways, yeah, cool it now. Going to see them. It's going to be amazing. Eric Richardson, Scott, is that your wife? Sheesh. Yes. That's fine. You haven't been here a long time. She's checking all the time. She's been here all the time. Jonathan Taylor Thomas. Who's that? Is that the, the, um, not full house. What was that construction show with the Tim guy? Is that that guy? Yeah. Should we chart BSB? It's good. Yeah. Yeah. New kids on the back street. The new kids were huge. My first home improvement, I'm ruining this stream. That's going to like end up on Spotify and people can be like, what the hell is he talking about? But new kid, my first

two CDs that I ever owned in my whole life. I had records by the way. So it's not like the first two things I ever bought my first two CDs, um, new kids on the block and Millie Vanilli, the lip syncing guys and the boy band guys. Pretty, pretty sad for me, but awesome. Also, also awesome. Yeah. Anyways, so let's talk about their tactics for choke point 2.0. Yeah. Christopher calls it tool time, home improvement. Anyways, so distracted. US FDIC tells signature banks, crypto clients to close accounts by April 5th. And by the way, she has to deal with that all the time. Like, what were we talking about? What were we doing? Tells a mom joke. So what's happening here? Silvergate crappy bank

failed. We know that. Then obviously Lizzie Warren and friends went out on Twitter and in the world and said, Silvergate bank, I told you so. It was because of crypto. All these small banks can't cover your deposits. They suck. She basically screamed fire in a crowded movie theater and everyone went, wait, they don't have my money in a bank. I'm going to go take it out. And they went to Silicon Valley Bank first and started taking all their money out and First Republic and all of these and started crashing banks. It their fault true story but mysteriously silvergate dies on friday we're like oh silicon valley is screwed what are they going to do on sunday they came out obviously with the historic we'll backstop literally everybody like yo banks are safe we got trillions if you need it. You're good, man, right?

But quietly, we had the third biggest bank failure in history on a Sunday when banks are closed, and it was Signature Bank. Biggest failure. No. Even in the article, it says seized by the FDIC. It was a seizure of a bank and not the collapse of a bank and Jeff Bianco is bringing out Ricky Schroeder out here like he doesn't know that I watched Silver Spoons. Silver Spoons was one of the best shows. Had Alfonso Ribeiro aka Carlton from the Fresh Prince of Bel-Air when he was a kid who came in and did Michael Jackson impressions.

Anyways, they seized Signature Bank on a Sunday. No clear evidence that it was going to fail. There are over 4,000 banks in the United States, and the three main banks that service the crypto industry go by no other name than Silvergate, Silicon Valley Signature Bank. Huge coincidence, probably. Huge coincidence, probably. No way that that was not a coincidence. But they just closed Signature on a Sunday. And not only did they just close Signature on a Sunday, you guys may have seen this story. I don't even know if I have it here, but whatever, man. They sold it, right? So they sold the bank. This is great. They sold the bank to New York Community Bancorp. This is just a side note. New York politician, the representative to Congress from Staten Island in Southern Brooklyn coincidentally bought a shit ton of New York Community Bank Court stock on March 17th, 24 hours before they bought signature,

and the stock went up 40%. Coincidentally. Total coincidence. Right. But the story you may have missed is that was a $4 billion in deposits that they bought. But they quietly said right here, yeah, here it is. I was actually on the article and it's not letting me look at it because I didn't pay, but I don't care because I know what it says. They bought the entire business except for deposits from anyone related to crypto. And what did the FDIC tell those people? Get your money out of this bank. If you don't, in one week, we will send you a check to the last address on file. It's going to send you a check, and you can go try to find a magical unicorn fairy dust bank to deposit that useless piece of paper in because nobody's going to give your ass a bank account. So they literally, literally, literally said everyone's money here is good forever unless you're involved in crypto.

Operation Chokepoint 2.0. And what you may not know is that Silvergate had a platform called Sen, S-E-N. That was one of the ways that people in the crypto industry, which was blockchain-based, extremely fast, settled 24-7, 365. But the bigger one was Signet, run by Signature. That's how Coinbase settled their transactions, how all these huge companies, some of them not crypto-based, that's how they settled. And nobody knows what's happening right now with the Signet IP in this deal. In fact, the FDIC chair Gruenberg went in front of Congress yesterday, questioned by Tom Emmer and others.

And he said, first, when asked the question, he said, Cignet was part of the sale. We're good, bro. You're good. We've had mixed reports, whether Cignet is even running or not, and whether people can settle on it, whether funds are stuck. And then literally 10 minutes later, somebody else asked him about it. And he was like, we're looking into what to do with Cignet. The FDIC still controls it. Like it's the same question to the same person and he couldn't answer it 10 minutes apart.

There's a problem here. We got a banking problem. We got a banking problem. And as Caitlin said, this is the single point of failure. Nick Carter said it too. And then he's saying, oh, that was New Kids. You are my fire. That's Backstreet, right? I want it that way. What way do they want it? Hmm. Yeah. What way do they want it? Yoda is not happy with me selling tin hats or protect me from shilling this shit. Hey man,

call it how I see it. You think I'm shilling shit? Don't buy the shit. I would highly recommend not to buy it. Anyways, into, yeah, Frisco has caught up. Nick Carter was Backstreet Boys. We already, since literally we talked about that, Frisco, you're behind and you'll catch this later, but we literally already launched a smart contract token, BSB. And what won't Meatloaf do for love he won't do that everybody knows it's that that's like literally in the song he won't do that city says mass adoption of crypto will be driven by cbdc's tokenization so this is awesome right he says crypto is approaching a point of inflection says analyst at city pointing to the rise of tokenization and CBDCs around the world. It starts really good, right? It says the industry is finally approaching an inflection point and that blockchain technology will soon see billions of users and trillions of dollars in value.

Right? Yeah. Reads on that's because of central bank digital currencies. No, but he's right. He's right. The problem is he's talking about blockchain technology and he ain't talking about crypto. You see this article and you get really excited. Crypto, mass adoption of crypto. No, a lot of central bank digital currencies will be blockchain native. I guess you could call them crypto, but they will not be cryptocurrencies really. And a lot of them will be run on other technology as it says deeper in this article. So basically he's saying that CBDCs are coming in mass and that is the adoption of this technology, not our beloved Bitcoins and Backstreet Boy coin. Right? Not Backstreet Boy coin. But he did go on to say tokenization of real world assets. Where

is it? It's here. It was here. But that tokenization of real world assets. Where is it? It's here. It was here. But that tokenization of real world assets, which I think we all agree is a huge use case, will also drive mass adoption. Bottom line, we're at the point of inflection for mass adoption. Now, listen, a lot of people are very terrified of CBDCs. I am one of them. I do not want the government to airdrop me some cash and tell me that this is my grocery money for the next week. And if I don't use it, I can't buy Jordans. I like Jordans, right? Not tight,

not cool. But I would make the argument that if you're in crypto, CBDCs have a bullish case for Bitcoin and other cryptocurrencies because the biggest problem that we have right now, besides the fact that literally everybody hates us and thinks we're losers and huge nerds, besides that, the biggest problem we have right now is our UX UI sucks and people just afraid to transact digitally, right? And I get it. They trust their banks. They like Venmo. They trust PayPal. They know the money is going to arrive, which is pretty daunting for the first time. If you're not really technologically native, pretty daunting to dive in and do this for the

first time. Well, if the government forces everybody to get a digital wallet and to send money back and forth using this technology, everybody in the world is going to know how to do it. For me, that's a huge leap, huge technological leap and a huge adoption leap. And so even if like 1% of those people that are forced to use central bank digital currencies look at it and go, wow, dude, this sucks. They're violating my privacy. They're tracking my social credits. They know exactly what I'm buying. They're airdropping me stimulus and they're taking my taxes out without telling me why I owe them. That's bad. Maybe those people who now know how to transact digitally and have a wallet will come to the better asset class, right? Speaking of the better asset class, ripples. XRP trading volumes surges to billions

of dollars on South Korean crypto exchanges. Now, I'm not saying this as a judgment against people or a country or anything, but we have seen many times in the flash in the past that the highest volume, most degenerate gambling on shit coins comes from Korea. They do massive monster volumes. If you guys dig into the volume on any exchange, they absolutely crush it. These dudes love to get, and ladies probably, they love to gamble on crypto. Well, XRP is 37% of all volume on Bithumb, 18% on Upbit, and a staggering 50% of all volume on Corbett, which apparently is a real thing. Data from CoinGecko and CoinMarketCap shows. These volumes are against the U.S. dollar on Upbit and against the Korean won on Bithumb and Corbett. Now, this is interesting because we don't know why. I just think it's because price action leads to more price action.

And people have been talking about XRP, SEC case ongoing. A lot of speculation for no good reason that XRP Ripple is going to win the case. But in this article, they're saying that the interest is coming amid speculation that the tokens might be classified as a commodity after the CFTC classified Bitcoin and Ether as commodities in a lawsuit against Binance. And that, my friends, is the literal definition of stupidity. Don't you think if the CFTC specifically wanted XRP to be a commodity, they would have been like Bitcoin, Ethereum, Litecoin, XRP, and stable coins? I mean, come on, man. It literally isn't listed as one of the things that they're calling commodities.

So I think this is speculation, but if that is the reason that's driving all these volumes, I have a feeling we're going to have some people that are going to be sorely disappointed. My assumption is that these volumes on XRP right now are coming because the volumes are there. Like they want to trade things they can get in and out of with massive size and XRP is it for the moment. XRP is it for the moment. Now, let me say here. This was the, what was the title of our thing? Bitcoin to become the best performing asset this year. I was going to talk about this first, but then we got Elizabeth and Gary and FDIC.

Bitcoin heads for best quarter in two years. Outperforms Ether, gold, NASDAQ. RIP to bears who are shorting at 16K so they could get to 12. Also RIP for now for bulls who are waiting for 12,000 to buy. Just dollar cost average, for God's sakes, it's so much easier and less stressful. So much easier and less stressful. But either way, either way, this is going to be one of Bitcoin's best quarters. It's almost doubled. It's up 72% on the month. 72%. That's a lot of percents, right?

And so that begs the question, why? I would say because a bunch of crypto people are panicking out of their alts to buy Bitcoin, as we've seen in every previous cycle. A lot of people out there saying, listen, banks go down, Bitcoin goes up. Okay. I dig that. I think that that's true, but I don't think your average mainstream person is like, oh shit, my bank, I got to go buy some Bitcoin. No. Right. And also if you've ever looked at any cycle of crypto, we know, we know you want to be in Bitcoin when it's going up, all the alt volume gets sucked out into Bitcoin. Then Bitcoin finds like a place to chill. And now that volume

rushes right back into altcoins, right? If it ain't broke, don't try to fix it. That's always been the cycle. I wouldn't be surprised if that remains the cycle. Yeah. Makes a lot of sense. But either way, it begs the question, what's going to happen? I think that Bitcoin will continue to outperform, right? Upside, downside, don't care. Don't care. Bank stocks crashing, Bitcoin up. We're not correlated to the stock market anymore for now, factually, under 0.2 correlation on a negative one to one scale on a 40-day rolling basis, under 0.2, completely uncorrelated. Yeah. TW says, oh shit, I got to buy some Bitcoin. Yeah. Never a better, not financial advice, but never a better, if you're going to panic buy something, that's probably it. Christopher Walker says this BRICS dollar thing

seems huge. I haven't really dug into it that much. I wrote about it in the newsletter this morning, so that's a lie. But yeah, it's the old, ye olde de-dollarization where we talk about countries trying to remove the dollar as the global reserve currency. I don't think they'll be successful, but they're definitely trying right now. Right? Russia, Russia making a deal with China, Iran getting in there, Brazil saying that they'll settle with Russia and Yuan. Saudi Arabia, who's supposed to be our little

BFF on the oil front, they're going to settle outside of the dollar with yuan. But it's very important to remember, guys, the Chinese yuan is pegged to the dollar. And I've dug into this a bit, and a lot of experts are saying this literally takes the trade amount that's done in dollars from 97% of global markets to 94%. So we'll see. Not that worried about it. But guys, I really do believe that as the world continues to melt down, as banks continue to wobble, because that's not over, as problems continue to mount in the world, a few people and definitely all of us will buy more Bitcoin,

assuming we get our money back from Voyager and Celsius and FTX and all the other people who fucked us right and speaking of which we don't just have like anecdotal evidence that people are taking Bitcoin more seriously crypto wallet maker ledger locks in a bulk of 100 euro million funding round right now listen that was if you did that in dollars a little while ago, that would have just been $100 million, but the Euro's pumped a little bit. So now it's like 108 million or something, right? But we know that they're launching their new wallet, which looks, the designer of the iPhone, it'll look like an iPhone, be simple, put it in your pocket, do crypto type things with crypto type friends,

right? There has been a massive move, again, within the crypto community, presumably, to self-custody and to storing and holding your own crypto and being your bank, which is the silver lining of this entire thing. I mean, guys, I don't know if you've looked at the data, but I wish we still had a Surin from bullish to come on on Wednesdays and tell us about the liquidity and depth of the order books that they were seeing because there is none. If you actually, I think it was in that last article about Bitcoin heading up much smaller orders have a much larger impact on price in the Bitcoin market right now, because there's so little Bitcoin on exchanges. Supply is gone. A lot of that has to do with these banking problems, for sure. But a lot of that has to do with people just saying, dude, I'm not getting FTXed out here. I'm going to custody

my own assets. A $100,000 order on Coinbase used to not move price at all. You could literally fill it on spot. Market order, boom, price moves $2. Now, apparently, it can move price at all. You could literally like fill it on spot. Like market order, boom, price moves two bucks. Now apparently it can move price like 2%. There's not that much Bitcoin on exchanges. Market makers are having trouble keeping those spreads, which means they make less, which means they go elsewhere. It's a really, really interesting situation. Sellers are gone. Yeah, there you go. Sellers are gone. Yeah, there you go. Cellars are gone. When you have some wine and cheese with your best friend, Michael Saylor, where she was my best friend, but I have factually had wine and cheese with him and I've eaten wine and cheese on his yacht, but it wasn't moving.

Caveat. It's not like he took me out on it. It's like I was at his house and I got to walk out on it. I have pictures. Pictures. Hmm. There's a shitty story. NFT trader accidentally burns $129,000 CryptoPunk. Oops. Oops. His name's Brandon. Let's go, Brandon. Brandon Riley paid 77 Ethereum for the NFT and then irreversibly destroyed it. He sent it to a burn contract. If you know what a burn, a burn wallet, burn address, a burn address is where you can send coins and there's no private keys.

So there's no way to send them back. Like if you want to get rid of something forever, you send it to a burn address. There's no way for it to ever come back out. No way. Yeah. No way for it to come back out. Crazy. Crazy. So yeah, this dude was trying to like, I don't even understand this shit, man. So over my boomer head, but he like wanted to wrap it so they could send it somewhere and take a loan and earn interest. And he just sent it to a burn address instead of to wrap it. Like wrap up your punks. Yeah. But brutal. Really, why does this matter? It's just a reminder that like even people who are very, very, very, very,

very deep and understand this stuff make huge mistakes that cost them a ton of money and get hacked. So really you just got to kind of dig, dig down in. Yeah. Uh, yeah. Someone said I had a good, yeah. Damn you. Chilva sailor. I've been there a couple of times. Good name drop. Yeah. I got lots of them. Lots of them. I shared a story the other day on Twitter about how, uh, I sang Al green, let's stay together at a karaoke bar in Tokyo. And as I was singing, Justin Timberlake walked in the room, grabbed the other mic and sang backup for me.

True story. True story. Part of the reason that I'm married is because I've met Justin Timberlake and Emmy thinks that's cool. It's not true. It's not true. But it's cool.

She really likes Justin Timberlake. Disney shuts down Metaverse unit as part of first wave of layoffs. So lame. It was huge, exciting news that Disney was going to do Metaverse things and NFTs, and you were going to go ride Pirates of the Caribbean with your goggles on, and then you were going to go on Dumbo and get nauseous because those goggles are so nauseating. Oculus, dude.

Like someone was like, go on the International Space Station in your Oculus goggles. I was like, let me try it. Instapuke. Instapuke. I love, yeah, Instapuke. So, but either way,

Disney for now is completely giving up on Metaverse Web 3. They fired everybody. Nobody has a job anymore. It's over. Sad, sad, but true. Sad, but true. Real raid boss, bro. We want to see pics. I think my favorite thing is when, uh, and I get that, but you're not saying this, but when people are like pictures or it didn't happen. And I try to remind them that these things happened in the early two thousands when we didn't just like carry around like a Canon camera on our shoulder and our phones flipped. Like you think we were like pulling out our cameras.

We didn't have video cameras with us. You guys are so young. I don't have video or pictures of most of the amazing things that happened in my life because I didn't carry a camcorder with the shoulder thing when I went out to the club. Ridiculous. Ridiculous. And the final story here that's just huge and not crypto related. Virgin Orbit fails to secure funding, will cease operations and lay off nearly entire workforce. I just think this is sad. Sad because all the people who troll me on Twitter who have wanted

to go to space will never be able to do that because they're not taking virgins. It's all the news. It's all the news. He old. Yeah. Emmy, she's not old. It's fine. It's fine. It's fine. Emmy and I, I got to say, we've seen some things. We've done some things. Really had an epic, epic life. My DJ days, were, were key to that because it was like, Hey, I'm going on tour for the entire summer with the yin yang twins. And she was like, well, I can, I can work from anywhere. So let's go. Right. And then we would just like be out for the entire summer. Like, okay, see it, see you wherever we live in two months. And every night was some ridiculous party with like the yin yang twins drinking entire bottles of Patron and like 17

other rappers showing up and whatever. Who is Samantha Fox? Wasn't she a singer? As this is the part of the show where we don't do anything. She was, wasn't she? Isn't Samantha Fox the lead singer of whatever? She was also like topless or something. She was a singer. Samantha Fox was a singer. I'm pretty sure I could Google it, I guess.

But yeah, Crypto Lee bringing in the inspiration. You'll get older way faster than you think. I already got older way faster than I think. I already got older way faster than I think. I feel like I'm 25 years old. My wife can attest to the fact that I act like I'm 25 years old. I just do. 46. I'm 46. I remember being 20 and there was this dude who was like 23 who had graduated from Penn who had been in my fraternity and he would like come back to parties and we were like dude you're 23 get out of here you are the oldest person in the world he was 23 and I was like get a job and have kids man 46 is like

that's crazy I think my parents were barely older than me when I was like graduating college. It's crazy. They were like 55. So old, so old, but it'll prove to you, man. I can tell you age, just a number. The problem is that number only gets bigger, but I feel great. I feel great. Feel terrific. Anyways, guys, that's it. That's all I got for you today. I don't cry. I have to go record a podcast right now with Paolo Arduino from Tether.

So that should be really interesting. Considering all that's happened in the stable. Real raid boss. Also 46. Awesome. Yeah. I'm double 23s. Yeah. Phil Boswani is 53. You do not look 53, man. You are gorgeous. It's great. Yeah. Age Like Bitcoin,

up and to the right. Flatsmack, 47. See, I had a feeling that I know the audiences on some of these channels are a bunch of 20- year olds. We're all like all the old guys come here for my nineties and eighties references. I get it. I get it. Anyways, guys, that's, that's it. It's all I got. It's all the things I will talk to all of you people very soon. I will see you on Monday for macro Monday with Mike Lone and Dave Weisberger back. Peace, guys.