The Wolf Of All Streets - Bitcoin To Die If Biden Is Re-Elected | If Not, Dogecoin Will Be World Currency | Review Of The Week

Episode Date: May 26, 2023

►► OKX Sign up for an OKX Trading Account then deposit & trade to unlock mystery box rewards of up to $10,000!  👉 https://www.okx.com/join/SCOTTMELKER Week in review! Here are the topics I am covering: - Bitcoin's options market signals a six-month weakness - The Solana Foundation has developed a ChatGPT plugin  - Tether's Paolo Ardoino: U.S. is unlikely to default due to the severe implications on its economy - Ledger delayed the launch of its controversial private key recovery service - Gemini accused DCG of failing to make a $630 million loan payment  - Elon Musk warns that AI could potentially control humanity for world peace - Worldcoin has raised $115 million for various projects - Florida Governor Ron DeSantis predicts the demise of Bitcoin if Joe Biden is reelected ►►THE DAILY CLOSE BRAND NEW NEWSLETTER! INSTITUTIONAL GRADE INDICATORS AND DATA DELIVERED DIRECTLY TO YOUR INBOX, EVERY DAY AT THE DAILY CLOSE. TRADE LIKE THE BIG BOYS. 👉 https://www.thedailyclose.io/   ►►NORD VPN  GET EXCLUSIVE NORDVPN DEAL - 40% DISCOUNT! IT’S RISK-FREE WITH NORD’S 30-DAY MONEY-BACK GUARANTEE. PROTECT YOUR PRIVACY! 👉 https://nordvpn.com/WolfOfAllStreets   ►►COINROUTES TRADE SPOT & DERIVATIVES ACROSS CEFI AND DEFI USING YOUR OWN ACCOUNTS WITH THIS ADVANCED ALGORITHMIC PLATFORM. SAVE TONS OF MONEY ON TRADING FEES LIKE THE PROS! 👉 http://bit.ly/3ZXeYKd  ►► JOIN THE FREE WOLF DEN NEWSLETTER, DELIVERED EVERY WEEK DAY! 👉https://thewolfden.substack.com/   Follow Scott Melker: Twitter: https://twitter.com/scottmelker   Web: https://www.thewolfofallstreets.io   Spotify: https://spoti.fi/30N5FDe   Apple podcast: https://apple.co/3FASB2c   #Bitcoin #Crypto #Trading 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.

Of course, it's Friday, which means it's time for us to review the entire week in both cryptocurrency and markets. And no topic has been bigger than the debt ceiling, which apparently is a done deal. If you had any doubt that the 79th time that the debt ceiling would be up to be raised, that it was going to happen, then I have a lovely condo with an ocean view on Mars to sell you. Guys, we've been watching the dog and pony show of the debt ceiling negotiations, watching Janet Yellen complain that the United States is going to run out of money and pay a $35 overdraft fee.

Well, none of that's happening because it's a done deal, which you will hear announced in the coming days. We're going to talk about that and a lot more right now. You know it's Friday. You ain't got no job and you ain't got shit to do. Friday, which means that we're going to just hang out here, talk a little smack about what's happening in the market, review the week in news, take a look at a couple charts,

and frankly, just go in whatever direction my ADD addled brain takes us. Now, you may have noticed I made a joke the other day about our thumbnails and clickbait. We didn't really go as hard as we could have here. But as you can see, I didn't do this. But we do have Bitcoin to die if Bitcoin is reelected. That's hyperbolic, right? If not, Dogecoin will be world currency. Now, we're going to get into those things in a moment. But first, we're going to get into those things in a moment, but first we're going to talk about something that I've been hinting at for, I don't know, a very, very long time. And that is we locked it down, guys. Got a very long-term sponsorship spokesman deal with OKEx. bright orange and like a McLaren hat and a Manchester city Jersey and a tuck so that I can be on the red carpet at the Tribeca film festival. Cause those are the other people that they sponsor and work with. But yeah, guys, listen, you know, that we've been largely unsponsored here for,

I don't know, since roughly Jesus turned water to wine. I've been really, really, really, really hesitant to, uh, work with any sponsors because, you know, rug pulls, exchange collapses. But OKEx is the second largest exchange now by volume, continuing to hire while everyone's firing, doing these huge deals. And more importantly, I know this sucks for Americans because we can't use their centralized exchange. But more importantly, like if you listen to my podcast conversation with Hong

Feng, their CEO, which really convinced me that this deal worked for me, is the fact that they're disrupting themselves and going all in on DeFi and Web3 as well as the centralized exchange. So they have the centralized exchange, which you can use and high volume, but also fully capable of everything in DeFi, which I'm confirming this, but even Americans can use all of the wallet and Web3 decentralized parts, even if they can't use the exchange. That means earning yield, NFTs, yield farming, all these things you can literally do here on OKEx. So I was just really impressed with the way that they continue to build. I've spent already five hours talking to their product team, unpaid, literally just me saying,

well, walk me through the product. What can we do better? What can we do worse? What are you guys presenting? What are you guys working on? So that I could be more of a part of it, make sure that I was confident that this was for me. And I can tell you that it's a really insanely impressive techie product.

They don't commingle your funds, really important. But always building, always entering. I mean, these guys are asking me questions every single day about the product. I say it's really, really important. So listen, all I can say to you guys is the best way to support me at this point is just click on the link that's down below in the description. I'm not asking you to leverage trade. You don't have to do that at all. Just sign up and show them that you care. If you're in the United States, you won't be able to, obviously. And it says, what is Mystery Box? If you sign up, this is all the stuff you can get. You can read about it. New referral, you get up to 10,000 bucks, you download the link, you get a box, you buy crypto, the more friends you prefer, the more rewards rewards you get then there's featured attractions

whole bunch of stuff guys cool cool so guys i'm just asking you know if you're in a jurisdiction where you can do this go sign up check it out i've been walking through it endlessly sad i can't use most of it myself but hey let's take a look at the market uh kind of mixed doesn't matter but oh we want to talk about the debt ceiling first. So forget that. Here we go. This is the news as of two hours ago, Biden McCarthy appeared near two-year deal on US debt ceiling as default looms. This deal is done. This deal is done. So you guys may know I've talked about this every single day starting next Wednesday, right after this stream at 1015. And right, we're going to be doing a Twitter spaces every single day, myself,

Mario Nafal, and Rand Nooner. The idea, guys, as much as the news makes me want to puke, I think it's important that we attempt to get it right. Very important. And so it's a general movement that I'm passionate about. I feel like will reinvigorate my energy about this at Citizen Journalism, right? Mario is dominating the planet. He did Twitter spaces when Elon Musk and David Sachs crashed with DeSantis. Mario's stream was live, had 5.5 million people live watching his Twitter spaces when DeSantis Mario stream was live, had 5.5 million people live watching his Twitter spaces when DeSantis was announcing his candidacy. This is not a political comment, by the way, we take no sides as you guys know, but that's insane. The CNN town hall with Trump total viewership was like 2 million, 2.3 million people. There were 5.5

million watching this one Twitter spaces. We have an opportunity here to really disarm mainstream media and to tell the truth and to do it in real time. Of course, we're going to miss sometimes, but I think this is an extremely, extremely important movement. And so I'm heavily committed to doing the same for crypto. I think that we will be seeing presidential debates on Twitter spaces. I think that I will be able to host and discuss the biggest guests. And most importantly, just so you guys know, I'm the lead on this, right? There's only, yeah, there's not that many of you here today, but this is, it's our thing collectively, but I'm the one who's committed to being there every

day to hosting it. Patrick says, what the fuck kind of title is that frankly it didn't work there's only 158 people here i thought we'd get 15 000 people if we were hyperbolic didn't work i told you guys we're just gonna be uh over sarcastic over hyperbolic clickbait for fun that's the kind of title is bitch going to die gonna die. It's dead. It's over. But so you guys know, myself, Donish, Mario, others, because of now the access we have from doing these Twitter spaces, I've been participating in his other ones. We've got confirmation from eight to nine separate sources that this debt ceiling deal is done. It is finished. They shook hands last night. Everything you see otherwise is done. It is finished. They shook hands last night. Everything you see otherwise is them lying and playing politics.

This will either be announced today or after the break on Tuesday, but it's done. And one of the most shocking things, I think, in the deal for a lot of people that you'll find is that defense spending went. Guys want to make a guess? What do you think is happening with defense spending as part of this deal, knowing that the Republicans want to obviously put everything on the table and cut and reduce spending? What's going to happen? Military spending is going up 3%. Military spending going up 3%, pissing off people actually on both sides and pleasing people on both sides.

But you know a deal is good when both sides are unhappy with it, and that's what's happening here. But interestingly, now we have debt service of U.S. debt is the number one item now on the balance sheet. Like defense spending is a lot going up 3%, will be almost $900 billion a year, 60% of which is completely unaccounted for and false audits. But we can get into that in a lot. Going up 3% will be almost $900 billion a year, 60% of which is completely unaccounted for in false audits, but we can get into that in a minute. But more than that, almost a trillion now is paying off our debt. And now we're going to issue more debt and more bonds when the debt ceiling goes up. So that will increase. So it's important to note that it's basically a huge dog and pony show now because nobody's touching defense. It's going up. Debt service is more than defense. That leaves literally like a hundred bill here, 50 bill here. I was just on Spaces with Robert Wolf and he said, yeah,

they've basically said that you would have to just spend, you know, cut everything else that's cuttable 85% over the next 10 years to even make an impact. They may be able to find a hundred billion to cut here, which is completely irrelevant. And guys, a really important metric to note that I've pointed out, God, more times than I care to admit here, but how many times do you think that the debt ceiling has been raised? We have this debate, we talked about it, we poured over it every single day. Is it going to happen? Are they going to default? McCarthy, Biden, Biden, McCarthy, Finkel, Einhorn, Einhorn, Finkel, Finkel, Einhorn is Finkel. 78 times, batting 78 Since 1960, the debt ceiling has now been raised 79 times. And who do you think has raised the debt ceiling the most? Not that past politics are

similar to the current parties, but here's the stats. Since 1960, Congress has acted 78 separate times to permanently raise, temporarily extend, or revise the definition of the debt limit. 49 times under Republican presidents and 29 times under Democrat presidents. More often under Republicans than under Democrats. And it always happens quietly when the Republicans are in power because it's inevitable. The only time that you see this become a huge, massive debate like 2011 with Obama is when the Republicans have some power in one of the houses and there's a Democratic president and they use it as an opportunity to make a big stink and to turn it into a big heaping political hot potato. Well, now it's done again.

We're 79 for 79 greatest batters in all history, slam dunk, America, raise the ceiling, raise the roof, raise all the things, right? As Crypto Golfer says, those are Hall of Fame numbers. We don't fucking miss. We don't miss, right? Dead ceiling, again, dog and pony show. It's sad we wasted so much time. We will see the details, but this is apparently a done deal. And frankly, we were the ones who broke this news on Twitter spaces. So if you find out it's not true, blame the other people on spaces and not me. Right?

Yeah. Blame them. But speaking of presidential candidates, which we have to because we have a title that says Bitcoin to die if Biden is reelected. You guys think we just made that shit up to clickbait, but no. Justin Sun's Tron DeSantis tells Elon Musk Bitcoin will die if Joe Biden is reelected. What kind of stupid shit is that? Listen, everybody's like excited. Woo, Ron DeSantis. Go woke, go broke. Fuck Disney! I hate Mickey Mouse. He's a bitch. Right? This

guy. There he is right there. Think what you want about him. I express no opinions. That was just my you know, I have it for both sides. But he literally said that Bitcoin let's get the quote. You have every right to do Bitcoin, first of all. Every right to do Bitcoin.

First of all, where I'm from, no means no. And whatever you do to Bitcoin has to be consensual. But apparently you have every right to do Bitcoin. The only reason these people in Washington don't like it is because they don't control it. Bitcoin represents a threat to them. They're trying to regulate it out of resistance. The current regime, clearly, they have it out for Bitcoin, DeSantis said. And if it continues for another four years, they'll probably end up killing it.

Now, guys, everyone is celebrating this and saying, yay, DeSantis is pro-Bitcoin, which he is. But the very notion and comment that the biden administration or anyone else could kill bitcoin shows a fundamental misunderstanding of what the bitcoin network is how it works and the fact that it's decentralized around the entire planet and no administration, politician, person, anything, anyone, entity can kill Bitcoin. Now, what I do find interesting is that we obviously saw Robert Kennedy talking about Bitcoin. He's talked about it before, but when he was on stage at a Bitcoin conference, he was very pro-Bitcoin. I found it interesting that Sachs and Musk asked DeSantis about Bitcoin on a Twitter spaces that had nothing to do with crypto. So to me, the real story here is that every single

politician now, every presidential candidate has to have a position on Bitcoin. It's becoming part of the platform. Sachs and Musk didn't have to even ask Ron DeSantis about Bitcoin. I'm surprised they did because frankly, I think there's political risk to having an opinion and it's just not that big. But maybe this means that it is actually bigger than we think. And let's be honest here, you can draw party lines wherever you want. You can think this is a Republican versus Democrat thing, but that is complete horseshit. It's the old dudes who hate it and the slightly younger, RFK is not young, slightly younger guys that kind of get it. Right? Like Biden obviously can't even spell crypto. I don't know how he wakes up in the

morning. This is coming from Elizabeth Warren. I have it on very close information. Dave Weisberger said the same. Elizabeth Warren controls the power of on very close information. Dave Weisberger said the same. Elizabeth Warren controls the power of the purse for the Democrat Party. She's the one who makes the decisions on finance. Everybody else gets in line and they fear her. This has nothing to do, honestly, with Biden. He doesn't know what crypto is. He's fucking 400 years old. But let's not pretend Donald Trump likes crypto. He's actually been more negative and against Bitcoin than any other candidate, right? RFK gets it. And DeSantis knows that he needs to have a position on this. He's anti-CBDCs.

He understands that this should be a talking point for the election. But listen, it's awesome that we have candidates on both sides who are theoretically pro-Bitcoin, but it's also very clear that one of them has no understanding right now of Bitcoin. Take that for what you will, but you can't do Bitcoin however you want. That's a dumb comment. And nobody's killing it. So Bitcoin to die if Biden is reelected? Absolutely fucking not. That's the entire point, guys. We Bitcoin because Biden can't kill it and Trump can't kill it

and DeSantis can't kill it. And if it goes woke, it can't go broke. That is why we love Bitcoin. Cool. Are we over it? Do you see why I put it in the title? Bitcoin options market signals weakest over six months amid debt ceiling drama. Oops.

Oops. You guys missed this. What the story is telling you here is that there's a shit ton of puts. People are starting to hedge because they believe that the debt ceiling deal won't get done and they want to be prepared for a financial meltdown. Well, sorry, guys. 79 for 79. 79 for 79. Not going to happen in this case. But the six-month call put skew, a measure of what investors are willing to pay for bullish calls versus bearish puts, has dropped to lowest since March 13, as per data from crypto options exchange Deribit. Yeah. Crypto investors are advised to closely monitor the 10-year

treasure yield as its climb has coincided with the decline in Bitcoin prices. Investors suggested to wait for the yield to lose momentum before buying crypto again. Basically, a whole lot of people are shook by the debt ceiling. They shouldn't have been because 79 for 79 and they've been largely bearish. Makes this conversation really not that much worth having. Now, speaking of Bitcoin, we've talked a lot about inflows and outflows, obviously. This is from Glassnode. Transfer volume from whale entities to exchanges down bigly, down bigly. As we know, we've seen net exchange outflows largely because nobody trusts their exchanges anymore. Obviously, people had to get their money off

of a lot of these in advance or after the last contagion. But this is interesting because it's not just about outflows. It's the fact that whales themselves are not sending money to exchanges. Whales only send money to exchanges for one reason, and that is to make you have fun staying poor so that they can dump on you and take profit. They did that from like 69 to 30. Here's what Glassnode said about that chart.

When whale inflows to exchanges have remained extremely quiet year to date, recording a current transfer volume of 187 million. That's nothing. When comparing the current value to the peak inflow value of 1.82 billion, a stark decline of 85.4% can be noted, highlighting the severity of the inflow contraction. Pretty, pretty epic there, guys. Nobody is sending Bitcoin in large amounts to exchanges. Let's take a look at the chart really quick. We have the weekly chart right here, guys. Listen, the story for most people, because you want to be looking at the thing that everybody seemingly is looking at, that's the 200 MA here on the weekly. That's this little red line. You guys can see it right there,

right? See it? Still holding his support. If it loses support, does it really matter? I don't know. Right here, went above, below, above, below. We've seen it many times where it dances. But you guys may remember that the 200 MA before the 2022 drop of last summer, Bitcoin had never stayed below it. I've reported on this quite a few times. One candle closed below and the next candle on the weekly was above. But these were the three times in history, going back to 2015, 19, March of 20, of course, right? We all know what happened then. And then it lost it here on that big dump last summer, right?

And recaptured it on the big move this year. So now we're dancing around it again. We can continue to dance around it, but for years, this line never broke and we are back above it. It's pretty significant. A lot of bots will be trading it. A lot of humans trading it. So for now, nothing to fear. I honestly think if it breaks, we maybe just come down and test the 50 head up, but you know that I've been calling for, or at least looking at 25,212 for a long time. And that's kind of just below that line. Looking at the daily, we did have that confirmed head and shoulders breakdown, multiple retests as resistance. Now a break of the 100 MA. Listen, there's a decent candle. I still think we should just go down and test 25,

12 panic people. Maybe we get one of those long wicks under the weekly 200 MA and then we keep moving on. So yeah, guys, now that we're done with Bitcoin to die, if Bitcoin is reelected, we have to move on to, if not, Dogecoin will be world currency. What the fuck kind of title is that? Says What's-His-Face from before in the comments. Elon Musk warns AI could disarm humanity to achieve world peace. Seems like a good thing, to be honest. Like, they take away all the guns and things, and we have world peace, and AI did that. Seems like they would get a Nobel Peace Prize. Anyways, must vision for the future of artificial intelligence could place us humans under strict controls for our own good. Well, I mean, I guess if it's for our own good, it's fine.

For our own good, it seems like that bad. As we said, one way to achieve world peace is to take all the weapons away from the humans so they can no longer use them. I don't think the AI is going to try to destroy all humanity, but it might put us under strict controls. Then he went on to say, the pen is mightier than the sword, so one of the first places we have to be careful of AI being used

is in social media to manipulate public opinion. Listen, he was one of the first massive investors in the non-for-profit OpenAI before Sam Altman took it and made it for-profit. Yikes. Right? But what you're here for is the Doge comment. And this is what he said. Dogecoin is my sort of favorite cryptocurrency because it has the best humor and has dogs. I'm not advising anyone to bet the farm on Dogecoin, he said, but added that the most ironic outcome would be that it becomes the global currency. I will have what he's having in this picture. Let's get high as shit because I think we all know that thing he just said is not

happening, but he loves to troll. It's really fun. And I guess all hail Doge, the world currency. Yeah. There we go. Did they okay human testing for Neuralink? Asked Fiboswani. I believe that was news yesterday. Didn't view it as crypto news. It didn't bring it to us, but yeah. Whatever, man. Next story.

Solana blockchain integrates chat GPT plugin launches AI accelerator. This is pretty cool. Pretty cool, man. Next story. Solana blockchain integrates chat GPT plugin launches AI accelerator. This is pretty, pretty cool. Pretty cool, guys. So the Solana Foundation has developed an open source reference implementation that allows users to interact with the Solana blockchain network directly from chat GPT using a new plugin. What kind of things can you do? You might ask. This tool available on GitHub

simplifies the comprehension of Solana data and protocols, thank God, because nobody knows what the hell's going on there, and can be used to purchase NFTs, transfer tokens, analyze transactions, interpret public account data, and locate NFT collections based on floor price. Listen, guys, say whatever you want about Solana, and you guys have said a lot of what you want about Solana, but it didn't die after FTX. Transactions keep going up. Developer activity keeps going up. They released a fucking phone. That's cooler than what most people have done, whether it succeeds or not. You guys should listen to my recent podcast conversation with Anatoly Yakovenko, who is the CEO founder of Solana. But guys, they keep pushing forward. I get it.

You can be a Bitcoiner and you can hate Solana and be mad when anybody else has fun literally anywhere on the planet. Wizard hats and debates and hate and God, it's so embarrassing. But the reality is these guys keep building things

and they keep integrating things we actually want. Phones, AI, blah, blah, blah. You have to be bullish on what Solana's doing whether you're bullish on the network or not. Yeah. R. Ahmed says, you've been hanging with James

in best answers too much. I found out that he loves Solana over the last few shows. I don't even own any Solana, to be fully transparent. I had some right before Voyager collapsed and when I was trying to get more things in dollars, I sold Solana like 40-something dollars. I sold Solana like 40 something dollars. I don't own it.

I don't have a dog in the fight, but it's my job to report when interesting things are happening. And I, unlike most people, apparently in crypto, I can do that without having some like deeply emotional, butthurt bias about every other protocol that isn't my favorite protocol. My favorite coin, my favorite layer one, my favorite layer two, my favorite team, my favorite religion, my favorite political party, my favorite country. It's all the same nonsensical tribalism meant to divide us all. Crypto is so small. Bitcoiners should be like, cool, let Solana innovate and let's see if they can do something that's awesome. But no, the butt-heartedness never ends with the communities, fucking communities. Hate to tell you guys, I'm not trying to be like a negative Nancy, but these communities do not

exist without price pumping. NFT communities are based on price. Coin communities are based on price. These are not real communities. Crypto Twitter is not a community. It's a bunch of people looking for an excuse to shit on each other. Not a great place. Some good people, but not a great place. Live and let live, man. If Solana wants to keep Solano-ing, be excited about that. Let's take a look at their chart. No movement here on their AI integration. I mean, we looked at this the other day. I think, yeah, we break this line, head up. Great, cool.

I mean, this is sideways. Solana is just sideways, right? Fine. Maybe we wait until it gets oversold on the daily, comes, rides down here and pops. But I think that 27 is in the cards if we break that blue line right there. Cool, sweet, awesome.

Tether CO says US default unlikely because it would be catastrophic. Paolo Ardoino is really fucking smart. Had him on the show no less than 473 times. I've had Paolo Ardoino on the show almost as many times as they've raised the debt ceiling. Right?

Listen, this isn't news anymore. We're doing the week in news, but he says he says yeah they won't do it because it would be catastrophic and blow up the world and nobody's dumb enough to blow up the world letting the debt ceiling expire and blowing up the u.s economy is like a financial nuclear bomb nobody's firing off nuclear weapons right so palo in advance like other people said it ain't happening right it's so exhausting sometimes to talk about these same things over and over again when we know it doesn't matter oh let's load ledger delays plans for private key recovery service following controversy oh i should now i'm realizing we do not have the Trezor hack story.

I'm going to bring that up here as well. We can talk about that. But yeah, so guys, we all know that Ledger came under fire literally the day that I had Pascal Gauthier, their CEO on the podcast, because impeccable timing, where we talked about how amazing this new product recovery was. Well, they're not doing it anymore because people are mad as shit. But the thing is, they got this vicious backlash because there was a way that a firmware could be updated that could potentially extract part of your private key, which by the way, I'm not saying is a good thing by any stretch of the imagination. But this recovery service was

optional. People could opt into it. And I think it's probably a good thing to have a way that if you lose your keys to be able to get them back. I'm not saying this is the best way to do it. But the part about the still being able to update the firmware, none of that changes with this. There was something fundamentally in the technology with almost all hardware wallets, unless they're air-gapped like Engved according to ruben who i had on last friday this can happen i mean i think what we're finding is that even self-custody the bigger we get is pretty uh shaky scary to me right we're supposed to be our own bank but now we can't even trust the devices that we use for self-custody. Right? I mean, crypto security firm unciphered claims ability to physically

hack treasured T-wallet. Fucking great. Bunch of people sold their, they like, we had videos on the internet of people like super squirting their ledgers and hitting them with hammers and fuck you ledger, it's over ledger, right? And they

did that and then they were like, buy a Trezor, and now you can apparently literally physically have one of these. Now, there's not been much clarity on the veracity of this claim, but guys, what are you supposed to do here? If we're terrified of Ledger, and then you move to Trezor, and we're terrified of ledger and then you move to trezor and we're terrified of that what are you supposed to do the fact is that most people are going to want a trusted third-party custodian i'm not saying they should do that that's what they're going to want honestly yoda says i think you're burnt out used to be a better host than this uh now is non-stop shitting yeah well uh guys i call it

how it is and if you don't like how it is there's nothing i can do about it it's been bad news i can come on here and tell you about all the sunshines and rainbows and things that are great but that's not a fact sometimes you gotta prep for war you know yeah yeah so anyways i respect You know? Yeah. Yeah. So anyways, I respect that opinion. I do feel, I'm not burnt out. My opinion has changed. I've told you guys that. I literally tweeted yesterday, like 99, like you can love crypto, believe in it wholeheartedly, which I still do. My conviction is only raised, but except that 99% of it is complete trash. Right? And someone was like, 99%, that's crazy.

I think we literally mint like 500 new meme coins every single day. If you go to like Dex tools and go to like the newly released coins or whatever that thing is, there's like, it's just coins, coins, coins, coins, coins. To be clear, my conviction in Bitcoin, in the technology, none of that has changed. It's great. I just have less conviction in the communities and a lot of the people surrounding it. That's what it is. And Valentina said the bottom is in. Yes. If my attitude is any

indication as a counter indicator, I agree with her, but the bottom is in. And guys, I've told you a thousand times, I use my own feelings and vibe towards the market as indicators. And this bear market, whatever you want to call it, winter, bad news, the exhaustion and the fatigue that comes with it should be a signal of a bottom to some degree. I'm not saying a price bottom, although I think that was already in. I'm talking about a sentiment feeling bottom, feeling bottom. I mean, where's the good news, right? Gemini says DCG missed $630 million Genesis loan payment. Fucking great, right? Yeah, I'd love to give you good news. The good news is that Dogecoin, I guess, could be the global reserve currency. DCG missed a Genesis loan payment. Hard to dive into the details of this, actually.

I was kind of trying, but Genesis, who's bankrupt, is the one who owes the loan. DCG is the parent company of Genesis, so I'm not sure where the responsibility is there. I just know that in general, this is bad. This is bad. So this is what they said.

The Winklevii have accused Digital Currency Group of failing to make a $630 million payment due last week. The payment pertains to a loan Gemini extended to Genesis, a crypto lending company and a subsidiary of DCG, who has now filed for bankruptcy. Gemini had previously warned that should DCG fail to meet the required payment or restructure its debt, the digital assets conglomerate could default on its obligations. Currently, Gemini, along with credit committees, is considering granting forbearance to DCG to prevent a default.

We've known since December that things are bad at DCG. We've had quite a few people say that there was potentially criminal activity at DCG. There's a lot of pretty damning evidence about the circularity of these loans between companies like Gemini and Voyager and Three Arrows Capital and all of these companies going in and out and taking loans on their GBTC, which is another subsidiary of DCG. There's a lot of really, I'm not saying it's criminal,

but a lot of really questionable shit that's gone there. Yeah, man. Yeah. Flatsmack says, I think Voyager is supposed to pay us back today. June 1st is the release date I read. Yeah, I'm actually not updated on what day it's going to happen. I just know we're getting about 36% of our assets.

You can get that in coins, although it's going to be a hell of a lot less coins than you expect because it's based on dollar value. And then if you wait 30 days, you can get it in dollars instead of coins. And then we'll see on the Alameda claims, we could get a bunch back more, more back. But we all know that we would have gotten about 75%, 80% back if they'd just done it the first day. So not that. Rasmus says I'm 99% maxi. You're almost there. You have laser eyes, obviously. No, I'm not. Guys, that's the thing. I've never changed my opinion on Bitcoin. I've always literally from day one said there's Bitcoin and everything else. Problem is I have 200 bags of

everything else that's down 99% that I believed in in the last cycle. I wasn't shilling shit. I literally believe that everything being crypto-created was going to change the world. I was a victim of the everyone's a genius in the bull market. Now, can we talk about Sam Altman's WorldCoin raising $115 million in round led by blockchain capital? Man, this is some... I don't know.

I wrote my whole newsletter about this this morning. I should probably just bring that up. It was fun to write, to be honest with you. My title was that... What do we got? World Coins 2024 Mirrors Orwell's 1984. If you guys are not familiar with World Coin, this is from Sam Altman.

Old news, actually, predating the hype around OpenAI. But this is the guy from Open ai chat gpt sam altman and yeah he basically is releasing world coin and they raised 115 million dollars and what world coin does if you didn't know is they have an orb and this orb scans your eyeball to confirm that you're human and not a bot which allows you to claim a certain amount of free WorldCoin. Free money. So that seems kind of cool, right? But then you dig into it.

Then you dig into it. I wrote about this all today, right? But it says that their quote is that WorldCoin presents itself as accessible to everyone, irrespective of their country, background, or economic status. Then you dig into their terms of service. WLD tokens are not intended to be available for use, purchase, or access by U.S. persons, including U.S. citizens, residents, or persons in the United States. You are not located in under the control of a national resident of Syria, the Crimea, Donetsk, Luhansk, Kyrgyzstan, Ukraine, North Korea, Iran, Cuba, or other country or region with whom the United, Iran, Cuba, or other country or region with whom the United States, European Union, and other country or jurisdiction has restricted trade

in goods or services. It's for literally everybody in the world, except for Americans who can't do it, but also people Americans don't like. Like we can't even get it, but if we don't like you, you also can't get it. Accessible to everyone, guys, regardless of anything, except for most people. Now, this is what... What can I do with World Coin tokens? Because this is my next question. I dug into this pretty deep, guys. I dug into this pretty deep. So my next question was, okay, free tokens. That's got to be awesome. This thing has to have like serious utility. There's got to be a reason. The WorldCoin token is best understood as providing utility and giving users a say over the direction of the WorldCoin protocol.

Ownership of WLD paired with a verified WorldID, that's your eyeball, provides access, ownership, and participation in the protocol. Cool, we, you know, governance and shit. Following the main net launch, the community of users will determine the token's uses. What? But a few use cases are expected to emerge. First, governance. WLD will give its holders the ability to shape the future of the protocol. Second, users may use the WLD token to pay for certain actions in the world app. Maybe. Last, some users may also use WLD tokens as a store of value or to make payments for men's tip artists, buy and sell

goods and services. That was me spinning back the record. Okay, guys, here's what I've surmised. They scan your eyeball to get your biometrics. Now they have that data. They give you free tokens and there's a yet to be determined use case for this token. And the three that they think might, could, maybe should potentially happen are all completely nonsensical things that already exist. You get the token, which gives you the right to use the token to vote on what the token's going to do. What? And maybe you'll then be able to use it for in-app purchases, maybe? And then maybe it can be a store of value like Bitcoin, or you can do remittances like you would with any other cryptocurrency. And they gave these people $115 million. Here's what I said. So the plan is to distribute tokens that govern more tokens and potentially

enable purchases. Wonderful, great, terrific. Hooray. Yeah. They literally don't seem to know Here's what I said. you have to literally scan your eyeballs and deliver biometric data to a company that is inextricably tied to open AI, which is training artificial intelligence on new data. I will keep eyeballs to myself. Thank you very much. I don't get it, man. What am I missing? Is this not like Big Brother is watching dystopian future in real time? Am I missing something? Do we need another coin for remittances and maybe a store of value and governance of itself i vote myself to elect myself to make my own decisions i need a coin for that man i don't get it don't get it that's all the news that i uh wow i'm jealous of gregory nine o'clock tea time time to go have a great a great weekend, one and all. We won't be here Monday, guys, because it's Memorial Day in the United States,

which is an excuse for us to memorialize people who died in foreign wars. Also to wear American flag bathing suits, drink Budweiser products that are not named Bud Light. You can drink any, by the way, you're not allowed

to drink Bud Light because they went woke, so they go broke, but you can drink everything else that makes that same company tons of money. But we're going to wear American flag tank tops and barbecue to honor America. Fuck yeah.

Yeah. So we won't be here Monday. I won't write a newsletter on Monday because as yoda said i'm burnt out man listen i i there's a lot of positivity in here too if you if you dig into it we know that the best things for the next bull market that will inevitably come are being built in the bear market just trying to reset my brain for the present reality and prepare myself not to be such a dumbass in the next bull market. You guys feel like you were dumbasses in the last bull market? Wait, Des says we scan your eye and fix your golf swing, input both eyes in. If you could do that, I would literally sacrifice all

of my privacy. Pirate says no days off, LFG. Guys, I'm about to massively, massively up my content game starting next week. So I need Monday off just to prepare. Like the infrastructure and planning behind doing this Twitter spaces and the manner we're going to do this with full teams. I have my whole team, myself, Misha, my assistant, Adam, who handles a lot of our research. We don't have a very big team. Mario's got a team of like 4,000 people. I don't know, but there's like five of them we're interacting with. Rand Neuner's entire team at Crypto Banjo is producer Fred, their team, all of us interfacing in different time zones

to book guests, make plans, work on topics. It's going to be every single day. It's a lot of work, guys. And then I'm the one who's committed. They're all going to be there, but I'm the one who's committed to show up for a couple hours a day. Yeah. Three Day Death Cross says, hey, Scott, please include content on psychology and mental conditioning for traders. It's crucial for their success. Thank you. If you've read any of my newsletters back in the day when it was really heavily trading focused, that was literally all I wrote about for years. So I have tons of content. Yeah. Anyways, Cloud Casino says, I'm on my 15th Twitter ban. It is going to be going to rebroadcast on YouTube.

We're working on potentially doing them on YouTube, but they will definitely be on Spotify and Apple Music and anywhere that you want to listen. But guys, listen, we're not going to get everything right, but the idea is that we're going to basically put my roundtables that I do here on Thursdays and my podcast on steroids and do them every day and keep them very, very relevant to what's happening in real time. Like, you can think that I've gone negative.

I get that, that I'm fatigued, but my answer to negative and fatigue is to triple down and go harder. Like I'm not trying to float my own boat. I've been a lazy shit at past times in my life, but nobody, save for maybe Mario and Ran, because those dudes are machines. Nobody's going to outwork me in this space. And it's not about money. I've been unsponsored, as you know, for a long time. Twitter Spaces, as of now, there's no sponsors. We're paying people.

This is about doing the right thing and trying to report accurately on what's happening in the crypto world. And if that's bad, we're going to report on it honestly because it's bad. And if it's bad, we're going to report on it honestly because it's bad. And if it's good, we are going to report on it honestly because it's good. But I'm not going to blow a ton of smoke up your ass about bad stories to make them sound good so that more people will listen to my YouTube and come here and get fucking wrecked. Nothing against any other YouTubers. I don't watch them. I don't know what they do, but I'm not going to, I'm still just not

going to be telling you to buy Pepe, even if it might go up. It's not my vibe, right? So guys, that's it. It's Friday. I hope you guys, especially those who are in time zones where it's already Friday afternoon, have at it. Mario is NFT guy. I'm expecting to throw a cup of my bum from him. I will say this to you, Cloud Casino, Mario was NFT guy. You haven't been paying attention. And I will say one of the very unfair things I think that happens in crypto and beyond, people change, man. I used to never on YouTube, but like like on twitter i used to be sharing charts of low caps that i thought were awesome and this technology is going to change the world and all

that shit went down eventually some of the trades were great went down 99 you know what i mean like yeah he used to like nfts now he's talking to elon musk andSantis and RFK on his channel about the news in real time. And people are still going to be like, that was that NFT guy, right? I'm not saying you're wrong. I get that. We all change. We all evolve. I'm very different.

And my approach to this space is extremely different than it was when I came in. It's extremely different even than it was two or three years ago. And I hope that all of you also evolve with time and with new information and with new inputs, your outputs should change. That's what's happening here. And I do it in real time. So yeah, when I'm doing that, there's going, yes, we are not journalists. What we're going to do is try to bring on the citizens who are and get more accurate takes on what's happening. Anyways, that's all I got for you guys today. Guys, remember, OKEx. We're going to be talking about

them a lot, their features. I'm not asking you to go trade there, man. I'm not asking you to really do anything. Just ask you to sign up if you can. If not, does. Content's going to stay free. We're good. Anyways, guys, have a wonderful weekend gonna stay free. We're good. Anyways, guys, have a wonderful weekend. I will

be back on Tuesday. I will see you then. Peace.