The Wolf Of All Streets - Bitcoin Will Hit $170,000 After The Halving | Anthony Scaramucci

Episode Date: January 24, 2024

Anthony Scaramucci will share his thoughts about the ETF approval and its recent performance as well as his price predictions for Bitcoin. Chris Inks will analyze the recent market moves and will offer his best trades.  Anthony Scaramucci: https://twitter.com/Scaramucci Chris Inks: https://twitter.com/TXWestCapital ►► DevvE DevvE is a next-generation cryptocurrency - DevvE addresses Bitcoin’s most significant weaknesses—regulatory compliance, energy consumption, costs and speed! 👉 Follow DevvE on X for Updates: https://twitter.com/DevveEcosystem  👉 Join the DevvE Telegram group to stay in the know! https://t.me/DevveOfficial  ►► JOIN THE FREE WOLF DEN NEWSLETTER, DELIVERED EVERY WEEK DAY! 👉https://thewolfden.substack.com/   ►►OKX SIGN UP FOR AN OKX TRADING ACCOUNT THEN DEPOSIT & TRADE TO UNLOCK MYSTERY BOX REWARDS OF UP TO $60,000!  👉 https://www.okx.com/join/SCOTTMELKER  ►►TRADING ALPHA READY TO TRADE LIKE THE PROS? THE BEST TRADERS IN CRYPTO ARE RELYING ON THESE INDICATORS TO MAKE TRADES. USE CODE ‘2MONTHSOFF’ WHEN VISITING MY LINK.  👉 https://tradingalpha.io/?via=scottmelker   ►►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/   ►►NGRAVE This is the coldest hardware wallet in the world and the only one that I personally use. 👉https://www.ngrave.io/?sca_ref=4531319.pgXuTYJlYd ►►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  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  Timestamps: 0:00 Intro 1:00 Anthony Scaramucci 4:50 From 1 to 0 13:10 30 seconds of Elizabeth Warren 16:50 Larry Fink & Bitcoin 23:40 More black swans ahead? 32:00 Bitcoin chart 40:00 Snowflake 41:55 Spirit Airlines 44:55 Cake 48:30 $100 Giveaway 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.

Today's guest, Anthony Scaramucci, says Bitcoin will hit $170,000 after the halving, to which I say, why so bearish, man? I bet he actually wants to give us a bigger prediction, but we're all gun-shy now about being hyperbolic after the last market. Also believes we can hit the previous all-time high this year. We're going to talk about this, the ETFs, and more. Of course, got Texas West Capital on the back half of the stream and a giveaway, as always. You guys don't want to miss this. I got the mooch. Let's go. What is up, everybody? I'm Scott Melker, also known as the Wolf of Wall Street. Before we get started, please subscribe to the channel and hit the like button.

I'm going to go ahead and bring on Anthony right now. I was just telling you before, man, I can't let my wife watch these because your hair is so perfect. There's a lot of matting going on here. A lot of matting. Okay. I can tell you all my tricks. Thank God i still have it though melgar i mean that's the key but but i have a question for you okay there's a rumor out

there that you're funding the jim cramer tweets is that true is that no comment because literally i am jim cramer i'm actually his social media direction he's unbelievable he says the thing can't find any footing and that's literally the bottom, the interim bottom. I mean, it's just unbelievable. So I just, people think it's you. It's not you. It's not me, but I might be getting paid to be an advisor. I mean, it's uncanny. Are you friends with him? I feel like you guys would like have crossed paths. I went to, I would listen. I, uh, I have my, I have my very famous Jim Kramer story. Uh, it was 1987. He had just left Goldman Sachs. He was a private banker there and he'd started a hedge fund. I co-called him. I was a second year or first year student at Harvard. I said, Jim, I want to get a job on wall street. And he said to me, do you read the wall street

journal? And I admitted, no. Do you read the Wall Street Journal? And I admitted, no. Do you read the business section of the New York Times? I said, no. Do you read Barron's on the weekend? And I said, no. And Kramer said to me, go F yourself. You're not ready for a job on Wall Street. And he hung up the phone. That is a total true story. Okay. And he was right. And it was a very big lesson for me. And so now I'm Mr. Absorption of Information. And then when I ran into him two years later, he said, oh, you know, you weren't the only person I said that to. But I like Jim. I think Jim's a very smart, very capable guy. But like people of his ilk and his generation, he really doesn't understand the technology. And what I would submit to you,

whether it's Jim Cramer, Jamie Dimon, you pick the person. They haven't done the homework. But when somebody like a Paul Tudor Jones does the homework or somebody like a Stan Druckenmiller of their vintage does the homework, it's a one-way ticket towards Bitcoin. I have yet to meet a person of my vintage or older that has actually done the homework and then drew the conclusion, oh, Bitcoin sucks or digital assets suck or the blockchain sucks. It is a one-way ticket towards the asset class, and that's the upsetting thing for me is that the superficiality, okay, you don't understand it, that's fine. Either do the homework or don't comment about it. I agree with that. Just keep your mouth shut. You can't hate something that you don't understand.

But to your point, not only is it a one-way ticket to Bitcoin, but once they get there, nobody ever leaves. Even if they go through a bear market, even if price draws down 80%, you never see any of these guys say, I was wrong, except for Nassim Taleb. He left. Okay. But was that a fight with the kid that wrote the Bitcoin standard? He's a very bright kid. Yeah. With, wow, how am I blanking on that? Because I can't remember his name. You know that that- Safedine Amoos. All right, Safedine is, yeah. Yeah, Safedine Amoos. So he was fighting with him.

That's a Lebanese pride thing. You know, even Noreal came up with his own token, right? So ultimately, you know, I mean, you got to look at it for what it really is. And so there's a new asset class and there's an old guard. And the old guard, it took a while. Listen, I'm old guard. The old guard, it took a while. Listen, I'm old enough to remember Web 1. It took a while.

I was telling people, well, there's going to be a costless phone call over the web. People are looking at me like I was crazy. What are you talking about? It's not going to happen. Yeah, I think we all agree there. Let's talk about the splash you made at the World Economic Forum because, man, you're all over the headlines for this one. Hey, you said you plan to buy the U.S. Bitcoin ETF. 2023 was the best year for your crypto fund.

So I want to talk about that because 2022 was miserable for everybody. You were pretty public about it being exceptionally miserable for you, especially obviously. You crushed it. Yeah. Well, you said something earlier, you know, that if you're in it, you don't get out of it. Okay. So let's talk about 22 for a second. I could have been a monkey flipping coin, Scott, and I could have done a better job. Okay. Every decision that I made in 2022 went bad. I bought more Bitcoin, bad. I bought more Ethereum, bad. Got long Solana, bad. I teamed up with Sam Bankman Freed. Looked good in the beginning. We had a spectacular conference,

Crypto Bahamas. I can't tell you the number of people that congratulated me on the partial sale of SkyBridge to Sam in November, I'm sorry, of September of 2022. But by November, I was a goat. I had taken one and turned it into zero. You know how entrepreneurs like to go from zero to one? I went from one to zero. And so it was humiliating. It was brutal. I was subjected to four and a half hours of testimony with the Department of Justice. I had to turn over my cell phones, my signal, my WhatsApp. It was absolutely brutal. But here's the thing I would say to young people listening, you hang in there, okay? And you tell the truth and you hang in there and you own your mistakes. Because if you have integrity, there's always opportunity. There's always people looking to help you if you have integrity. And so by the end of 22, I thought 23 was going to be the worst year of my

career. I was expecting Bitcoin to go to 8,000. I was expecting to hold it the whole way down. I was expecting the aftermath of Sam to deplete all of my assets. But it turns out when you think things are really bad, that's probably where the bottom is. And lo and behold, our coin fund was up 160% last year. Our core fund of funds, which has crypto exposure, but also a collection of hedge funds up 36%. And our sort of lower volatility fund was up 25. So it was the best year of my career. I'm very happy about that, obviously. Made the bet. I think that if we're going to be right about this, the next two years for these funds will be spectacular, Scott. You mentioned my $170,000 prediction. So I just want to go into that with you for 30 seconds. That's a data dependent

prediction. Go back and look at Bitcoin halving cycles. The day that the Bitcoin halves, multiply it by four, 18 months later, and it's been uncanny that that's been the price of Bitcoin. So I'm using a $35,000 number at the halving. And that's conservative. You're correct. That is conservative. Let's say we're at $50,000 in April. Okay, then it's a $200,000 handle. Let's say we're at $60,000, it'll be $240,000.

But my long-term price target is that Bitcoin gets to easily half the market capitalization of gold. Gold now at about 14 and a half trillion. If Bitcoin goes to seven or eight trillion, that's a 10x from here. It's a $400,000 Bitcoin. And I think it would be ridiculous for people not to understand the asset, not to understand the dynamics of it as a store of value, and not to have a position. One last point, if you don't mind me saying this, we were the first money into BlackRock. I think I broke it on your- You did.

I broke it on Wall Street. We gave BlackRock the first money last January. They converted successfully into the ETF. They have not even started the marketing process. And as you know, these 11 ETFs, this was the best ETF launch in ETF history. So we have some sludge going on with the Grayscale Bitcoin Trust. The real experts know that. But when that sludge clears out, you have clear skies ahead for Bitcoin and you have a lot of demand for Bitcoin. You have institutional demand finally for Bitcoin because it's now an asset that's wrapped in something that the hoi polloi can understand and that the institutions can now be comfortable buying. So all of those things hopefully make me wrong about my prediction to the low side. But let's just say this, people need to get in there. They need to understand this asset. They need to work harder to do the research on an asset like this.

Yeah. I mean, the last cycle did about a three and a half X from that 20-ish to 69 or whatever it was. And that was by far the most muted cycle we'd had. And that was without any of this institutional involvement. But I love what you just said about the marketing campaigns that are coming. People are like goldfish. If it's not the 10 billion in AUM the first week, they think it's a failure for some reason. You've pointed out that it's a success. We know that Vanguard, Merrill Lynch, a lot of these aren't offering them. RIA platforms haven't even done the research yet, are not offering them. They haven't chosen which ones to offer.

We're in the first out of the first inning of judging these ETFs. Yeah, I don't even think, I think we're getting a count on that. I don't even think we got an out yet. I think there's two balls and one strike on the first batter. My thing about this, because I was an FA and I have distributed product into these wire houses, they're cautious, they're slow moving, but when they get there, it's going to be overwhelming. And remember, this is a fixed supply asset. Jamie Dimon said something, and watch his interviews very carefully

because I think he's very smart, but he said, you know, Satoshi is going to press a button and it's going to create another 21 million Bitcoin. And okay, but that, that actually mathematically and from a programming analysis and from a decentralized point of view, it actually cannot happen. But to say that it either implies you're joking or it either implies you don't have the expertise or the awareness, you know. And so I don't know, maybe he's got the regulators on him and he doesn't want the regulators on him too hard like the Elizabeth Warrens. But I got to tell you, it's not an informed view. And it's shocking because if you said to me, who is the smartest person in financial services, he's got to be in the top

five. I mean, he's done an unbelievable job with that bank, unbelievable job navigating the global financial crisis, unbelievable job of being there at the right time with the right core assets. I mean, the bank never really shook or got knocked into insolvency. But I mean, this thing, I think he's just really missing. And then when you talk to the guys there, they're like, yeah, well, we're spending hundreds of millions of dollars developing. That's what I was going to ask you. I mean, they're the AP for BlackRock and a number of other ETFs. They have JP Morgan, Onyx, a platform for tokenizing and settling on change. 100%. And they want to make money from it. Where's the disconnect?

Here's one thing you should know. If you have a private banking account at JP Morgan, you can call them today and say, I want to buy one of those ETFs. They will accept the order on an unsolicited basis. They will purchase it for you and they will put that QSIP in your account. So you can hold the BlackRock or the Fidelity ETF in an account at J.P. Morgan. I think that that's meaningful because some of these other places, whether it's Vanguard or Merrill Lynch, Bank of America at this time, they say no, they won't even accept it on an unsolicited basis. Is this a watch what I do and not what I say situation? I mean, is he like wagging the dog, you know, so he doesn't look bad?

Or is this literally like he has to do it to make money, but also has to, like you say, kind of cowtail to Elizabeth Warren? Because it's a big bank and there's a lot of people inside that bank that understand they want to make money from it, but he's also got to sit before the Congress. And we should go, can we go 30 seconds to Elizabeth Warren? Because I have a long relationship. You can go 30 hours to Elizabeth Warren and I won't cut you off. Elizabeth Warren, I graduated from Harvard Law School in 1989. Elizabeth Warren joined the faculty in 93. Elena Kagan, who is now on the Supreme Court was the Dean of the Harvard Law School. And so Bruce Wasser student who's no longer with us was building a

building there to support the university. They turned a a garage on the corner into this beautiful, magnificent building and they were asking alumni for donations. Elizabeth Warren, when I met her, she could not have been more charming. Okay. And she could not have been more nice. She was soliciting alumni for solicitations. Fast forward to 2017. I'm on the Trump transition team. I'm in Davos. There was a gentleman there from the Sovereign Wealth Fund of Russia. He came over to my table at a restaurant, said hello to me. A picture was taken,

obviously on somebody's cell phone. And the reporters said, oh, Scaramucci met with the Russian Sovereign Wealth Fund. Elizabeth Warren sent a letter to me demanding that she fully understand my involvement in the Russian collusion case. OK, so this is so this cost me about fifty thousand dollars in legal fees. OK, now, whatever you think of Donald Trump, I was on that campaign. Scott, we couldn't even collude with ourselves. OK, so I don't even know how they could think for a moment that we were colluding with the Russians. OK, it was not not possible. Of course, it was proven that we didn't collude with the Russians. Okay. We're literally fighting with each other. And so that's when the fight started

with me and Elizabeth Warren. Okay. And I find her to be absolutely repulsive, and absolutely hypocritical. And I said in Davos that her and Gary are the access of regulatory evil. They literally have decided that Scott Melker may have made some money. I always teach Mike Novogratz. I said, it's really you, Nova, because you made over a billion dollars with this shit. She knows you personally. She's very upset about that. She's literally the type of person that doesn't like to see rich people get richer. A result of which, she's willing to close down a product that would help the people she's supposedly advocating for. This is a product for the unbanked. This is a product for the people that can't afford Jamie Dimon's fees or Brian Moynihan's fees to be involved in the financial services process. This is a product where if Jack Mollers continues to execute, there will be a rail system, a payment system

where people outside of the United States that can't trust their currencies, don't trust their banks, will have an ability to transact with each other and use this technology as opposed to bartering with each other. And so to me, I don't understand it. Now, you've got 52 million people that own it. I do believe that Joe Biden will win this election. But if he doesn't win the election, some of it will be related to this regulatory nonsense between Gensler and Elizabeth Warren. Yeah, I think everyone believes they're a hypocrite. I want

to ask you about another huge name, obviously. You said at the beginning, it's a one-way street, Bitcoin, and that once you get it, you never leave. Sometimes we question whether someone is here because they really have been orange-pilled or whether they're talking their book. What do you make of Larry Fink's complete conversion here? He's on a roadshow, man. And not just Bitcoin, tokenization of everything, flight to quality, Ethereum, spotting next. I know him personally, so I want to say this to you. I met with Larry Fink in November of 2020. I was in the, excuse me, 2021, because it was closer, 2021. I was in the lobby of the Four Seasons Hotel in Abu Dhabi, okay, on the El Mariana Island where the global markets facility is for Abu Dhabi. We were standing there together. He says, you really like this Bitcoin? I said, I do.

And then he looked at me, he says, Bitcoin sucks. I said, it does? He goes, yeah. He goes, it's a stupid asset. It totally sucks. He goes, but I just made an investment in Circle. I think the blockchain is good. And I think that the stable coins on the blockchain will be successful. And so BlackRock just made an investment in Jeremy Allaire's company. I said to Larry, OK, I said, I think you're wrong. I just think you need to do more homework. Now, there's a guy named Robbie Michnik at BlackRock. He's a young kid. He came into BlackRock with the idea of creating a Bitcoin ETF. He orange-pilled Larry. And I'm going to give Larry a lot of credit because Larry actually did the homework. Larry did the reversal. Larry was on the road to Damascus and converted as a result of being steeped in understanding exactly what it was

and why it will be an international store of value. And I got to tell you something, it takes a very smart leader to pridefully say that Bitcoin sucks. And then 24 months later say, you know what? I've got this wrong. BlackRock needs to be a part of this and BlackRock needs to have a significant stake in it. So no, I don't think he's just talking his book. He's not that type of person. And he has said two things that you should pay attention to if you're an investor here. Number one, it's a store of value. And number two, it represents a flight to quality, Scott. I want you to think about that. Okay. This asset has experienced 100 vols. Okay. It's gone from 80 to 100 vols. We've seen the asset go from 69 to 16. We've seen it do all different types of haywire things.

But the largest asset manager in the world, the CEO of that company says it is a flight to quality. So that implies that he understands it. Last point of the story, it's now 23. It's January. Robbie comes to see us. My partner, Brett Messing, who I don't think you've met, he says to my partner, look, I'm getting a lot of bureaucratic resistance at BlackRock. I need some outside money in this Bitcoin trust. So we sent them 10 million bucks. We said, okay, we're in. So we were the first money in. He then went to the ETF committee and said, we can raise outside money for this. And they said, okay, if you could raise outside money for this, let's give it a go. And they were watching that Grayscale case carefully. Their lawyers told them that Grayscale was going to win that case.

And then they dropped the application. And the first thing Larry Fink said after the Bitcoin spot ETF was approved was we need an Ethereum spot ETF. Do you think that it's coming soon? Okay. Now here's how you know he's been completely pilled. Okay. We need an Ethereum spot ETF. And oh, by the way, we're going to tokenize all these assets. The future of exchanges is going to be tokenization. Okay. so he actually has taken it a step further. It's not just, okay, I got a Bitcoin ETF. And remember, they're charging 21 basis points. Okay, is that going to really move the needle at BlackRock?

No, it's not going to move the needle. That's always my point. No matter how successful this thing is, no matter how much AUM it gets, it's a fraction of a fraction of a fraction of a percent of their total profit in AUM. 100%. So he's doing this because of the intellectual gravitas associated with it. And he's doing it because he wants to be at the forefront of it. And he's also recognizing that he's playing the back nine of his career. And he's also recognizing that, you know, he's playing the back nine of his career and he knows that part of his legacy will be, was I a visionary leader or did I get stuck in 1987? You know, let me tell you something.

I have buddies of mine. I mean, you know, they're mentors. They're in their 80s. I'm not going to name them because it'll piss them off. But they don't even read their email, Scott. So what they do is they have their assistant. The guy's 87. You send them an email. The assistant gets it. And then they turn to the guy and said, OK, Anthony, read me the email.

And they read him the email. It's OK. Right back to Anthony. And then he dictates. Then we open the email. OK, you don't want to be that person. You want to evolve and move with the times. You want to bring young people into your organization that can teach you about the future. Okay, you can give them maybe some experience on market volatility and handling crashes and not losing your cool when Sam Bankman Freed is declared a fraud and he owns 30% of your company. You can give them some temperance and you give them some experience, but the young people can teach you about the future. And I give Robbie Michnik and Larry Fink a huge amount of credit for that.

I do as well. And I agree that the way he talks about it, it can't just be forced, right? He fully understands the asset class. I wonder how many more Larry Finks we're going to see through this next cycle as things begin to scale up and how much the spot ETF approval, even though it was done begrudgingly by the regulator, how much that's going to start to bring others in. I mean, literally, Gary Gensler cried like a little girl on approval. You know, I don't endorse Bitcoin. This is just because of the court. I can't go against the court. Wah, wah, mommy. Right? Well, he's doing that. He knows. See, he knows better. I know Gensler forever. I worked with him at Goldman. He taught the

blockchain courses at MIT. He knows better. And he has openly admitted that Bitcoin is a commodity because he actually knows better. but he wants to be the secretary of the treasury. And he knows that Elizabeth Warren has the keys to that kingdom. And he's decided that he's putting all of his eggs in Elizabeth Warren's basket. Yeah. Do you think that we're going to have any other major black swans that are unforeseen? Or do you think that we've pretty much at least cleansed the contagion of the last cycle? I'm sure there will be things in the future we can't predict. Let me reframe that. Do you think we're done with the last cycle of contagion and bad actors, or do you think that there's more

shoes that could drop? I don't think we're done because I think there's still an unwind of inventory that has to take place with things like FTX, some of the issues related to Genesis, and a few other things that are out there. I do think that there's still inventory. Now, the rumor, not necessarily a rumor because it's more or less been confirmed now, that $1 billion of FTX GBTC was liquidated in the last week. And I think that cleared out the GBTC, but they own a ton of Solana. They own a ton of other assets. I think you have still some leverage in the mix between the arbitrage situation with GBTC and Genesis. I think that also potentially has to be unwound. But if you're saying to me, by the halving, which is let's call it mid to late April, by the halving, will we be done with

the exegesis of the last cycle? I believe that we will be. Are we down to the remnants of the exegesis of the last cycle? I believe that we are. And I think that when Kramer said that Bitcoin can't find a bottom or can't find a floor or whatever the hell he said, and that was like the interim low, it's not inconceivable to me that Bitcoin is 55,000 by the halving. It's not inconceivable because you have the demand pooling and you have less supply that's going to be offered up to meet that demand. And so, and then the other question is, where is the grayscale P&L for the average grayscale trust holder? And so I don't know, if someone bought that in 2015, are they willing to pay one and a half percent? And let's just use the differential 1.33%, because BlackRock's at 21. So your question

is, I've got a XYZ gain. Do I want to cash in that gain, pay the taxes, move it into BlackRock, or take it and move it into USD? I don't know. Or am I going to say that? And I think Grayscale- They did that math. They did that math. And I think the, probably off a little. I think Grayscale – They did that math. They did that math, and I think the – probably off a little. I think Grayscale would have benefited from like a 1% or 1.25%. I think you would have seen less selling, actually. Oh, well, we can thank Gary for that as well. The SEC made such a botchery of this entire process by never approving any of them that we had a fee war, and nobody – I mean, if one of these had been approved. The cash thing too, you know, that, that was done to hurt Grayscale, obviously.

So, so they, they did that to hurt Grayscale and, and, and, uh, you know, listen, I mean, when you're growing up, you are taught by books and you're taught a normative thing that's happening vis-a-vis academia. This is the process and this is the thing. And there's no arbitrary or capricious nature to the process. And then when you get older, you realize these are just human beings and there's politics and there's personal vendettas and there's slights and there's this and that and the other thing. I think Gary is aghast that Grayscale took it to him. Okay. I think Gary is aghast that the ripple guys took it to him. Okay. I think prior to Gary, Mark Cuban going after the SEC for what they did to him and winning. Okay. I think

the SEC has really been tarnished. I think they have to go back to blocking and tackling at the SEC and they have to get out of the politicization. I was in Samaritz at the CFC Samaritz conference and I met with one of the regulators from Dubai and the woman said to me, you know what? We have no politicization in our regulatory process. If it's good for the country, good for the economy, we want to embrace it. If it's not, we don't want to embrace it. But it's not tied to somebody calling me and saying, hey, I woke up this morning. I hate Bitcoin.

And so the laws of the United States is 22% of the world's GDP. I woke up this morning. I'm a little irritable. I don't like Bitcoin and that Mike Novogratz made a billion dollars. Hello, Gary, are you there? Yeah, Gary. Yeah. We need to block financial innovation in the United States. Okay. So can you work on that for me, please? And then you got, Oh, it's just a mathematical blather. Okay. Yeah. Can you block it for me? Thank you, Gary. North Korea. And then she gets embarrassed by Loomis, right? So Loomis is like, okay, there's $900,000 of money laundering on Bitcoin, 900 million on the other USD. But you know, I mean, she's embarrassed. I mean, it's embarrassing. It's actually. I love watching her get community noted on every tweet now, but yeah, go ahead. The one, the one beauty, look, there's a, there's some pain in social media and there's some bots

that are irritating and kids are probably being cyber bullied, but there is a big benefit to this sort of cluster. Uh, I don't want to use the f-bomb but a cluster f-bomb in social media because somebody like elizabeth warren cannot get away with this stuff without being exposed for the insanity and the hypocrisy i love it so final question i know you have to go would you say that it was a more impactful event for you meeting larry fink in the four seasons lobby of abu dhabi or meeting me in the Four Seasons Lobby in Austin, Texas? You're nicer to me though. I'm going to say you. Larry knows me and likes me, but I'm insignificant to Larry. You're a lot nicer to me. You invite me

on the show. I'm usually driving around in the back of my car with bad internet. What's the best? Yeah, let me say you. Reliant. I'll take it, man. You're taller, and then for all your fans out there, you're taller and thinner than you look on the taller and thinner than you look on the air. Yeah, not a surprise. You can use a little move, though, and I could

probably see that. I have something here. I'm telling you, my wife literally sends my barber pictures of Justin Timberlake's haircuts because she loves him. And we never get there. And then she's always mad when I come home. She's like, you didn't do it. Then she sees your hair and it's embarrassing. Make your wife happy.

Make your wife happy. I'm trying. I'm trying. Maybe I just don't have the hair. All right, man, you got to go. Thank you so much. I'll follow Scaramucci on the X Twitter, whatever the hell we call it now. And I'll see you soon when we're back at the all time high. All right. God bless brother.

Thank you, man. Thank you. What a legend, man. Always a pleasure. I thought he'd be in the back of a car. We were taking bets on it, but this time he said, he said, I know you get so angry, which I don't, by the way. So I know you get so angry when I'm in the back of the car and it's all broken. So I literally made sure that I stayed home from work and did this in the office first. What an amazing guy, man. One of my favorite guests. Always a pleasure to have him. We're actually working, honestly, we're working on a crypto kind of Shark Tank show with myself,

him, Mario Noffel, Rand Nooner, and Scaramucci that's hopefully coming down the road. But I have the worst hair of everyone. It's terrible. Look, this part is just standing up. You see that? I can't do anything about that. Can't do anything about it. Anyways, if you loved Anthony Scaramucci,

then you're going to love our next guest from Texas. Of course, Christopher Inks. He's no Texas West Capitol, that guy. You know? He's got nothing on you. Yeah, I love that, actually. That was a lot of really interesting, uh, perspective on Fink. I don't know if you were listening to that, but that was pretty crazy that

he, you know, I'm convinced now he's really orange. Yeah. Yeah. And, and I think it's the first time I've seen him interviewed, uh, not in the back of his car. So, uh, it was different. Yeah. Really special. I feel very flattered. I'm trying to get some of my charts up but here let's take a look how you got bitcoin up first i'm assuming you want to take a look at that of course right it's a big it's a big talk you know again it's dead now chris it's dead it's over the 127th billionth time something like that um dead i mean you know we we talked about the possibility that it could break down and if it did that um you know, we talked about the possibility that it could break down, and if it did, that was looking basically – I think the price target was a little bit higher, just a slight bit higher,

but as this week came out, or as the new daily pivots came out over this month, basically it was the S1 pivot is what we were looking at. So we're there right now. We printed almost a nice- looking, almost a hammer. We have a little bit too much wick at the top there. Importantly, volume here. You know, the volume, this is the bit stamp chart, and each chart's a little bit different in volume. But basically what we're seeing is pretty much the same volume between these two candles.

And what you're getting is a pin bar here on that support on that s1 pivot so um you know we still need it to go up we still need it to break out you know basically above around 43 566 depending whatever chart you're on this is the january 26th of my time zone um but that swing high is what we're looking to break out above. We can do that. We're headed up 57,000, maybe 62.5, just on with this count, wave three of the larger three. So we haven't even, you know, as far as this count goes, nothing's really changed other than we just kind of went to a slightly higher count, wave count right here, but it's still this 1, 2, 1, 2 here. So again, this just gets us three of the larger three. But if it does break down,

if it does break down, we've still got that secondary target here at 35,700. And what that is, is based on this count, that's the 50% retracement there, which is a usual secondary target that we use for wave four you can see that the 38 to the initial target was right here at that s1 pivot by the way you also notice on this big channel coming off the swing low here it's also you know we we went down below the eq of that channel there and closed back above it so a lot of potential in this but ultimately we need that breakout there above that um whatever i said here 40 43 566 if we can get that then i think again 57 62 5 um coming up here next so yeah i love that i mean i was looking at this uh just this morning when i was writing the newsletter just kind kind of, I like these days, what I've been doing is just zooming really far out to the

weeklies and just kind of getting really key levels and trying not to waste my time in between. I've had this sort of area right here, that 38,600. I talked about it a ton in the past when it was resistance, right? That's where the Luna breakdown happened, right? Over here, when we really lost the market was when Luna collapsed and we broke below. And so we had this kind of four weeks here that I kept talking about in November, we couldn't get back above that level. So I just kind of made it this area. And if you look where this dropped, I'm not saying we won't go lower. I'm saying you could have very easily expected a major reaction there, right there, 38,500 ish, right at the top of that zooming in you know you can see is exactly where

this ended and by the way each did the same kind of thing yeah yep like a major weekly level right down to 2160 you know i'm not saying i don't know if it'll bounce yet as support but that's exactly the same sort of area where everything lost from from luna like these key huge weekly levels are playing pretty clearly right now as support on this drop. Yeah, very much so. And one thing, if you pull up your chart real quick, your Bitcoin chart again, because you've got it more clearly marked than on mine, but you'll notice that the level you have marked there right before, you can see that there's a couple of pushes into it and pullbacks that create like over about two or three weeks there.

Yeah. And then you get the strong push through the level. And then now we're coming back and testing and get a reaction off it. Usually when you have those significant levels like that and you're looking to continue the trend, most often this is what you're going to see. You're going to see it'll pop up against the level. It won't just break right through. It'll hit it a few times and then pop through, and then it'll come back and retest it, get you a good reaction off it,

and then it'll continue up. So nothing is ever 100% in the markets, but this is something that I like to look for when we're looking at these bigger, more important levels. So definitely something. And again, it just kind of aligns, get confluence with all those other things I was talking about. And, you know, we'll see, we'll see.

I've got my level I'm looking at. And if we break out above it, I think we're good to go up higher, new highs. But until then, you know, if it does break down, we'll get that low volume node right there around that 35.7. So I'm just realizing I'm like scanning through charts. I mean, you keep going, but that a lot of them

have come back and retested and I had drawn all these levels, but they're all from that same area. Yeah. Summer 22. Solana is the same. I was talking about it yesterday. I'm looking at this. I readjusted and bought a little Solana literally on the stream yesterday. I was like, I'm going to just buy a little. I still have bids down to 70, 75, but look, this is the area of that major breakdown. This is coming back to retest it for the first time after the same thing, a couple of weeks of testing it, get above, no retest, and now retesting. See, this is the thing I really like about crypto. A lot of people think of crypto as this big different thing. Now, if you know how to trade equities, if you know how

to trade futures, whatever, you're going to trade the same way. But the cool thing about crypto, probably because it's so small, is that everything generally tends to move in the same way. So you're finding the same resistance, the same support levels in time, right? And you see it over there. And so, you know, it makes it a lot easier to trade, right? You just look and you go, man, well, now I got a whole slew of things I can look at, right? So, yeah, we've got some. Yeah, I agree. I agree.

I appreciate the comments. I was just looking. Andrew's awesome. And so I was like, dang, Andrew's here. I see he's watching on X. He says, Chris does uniquely great work, especially with charts. Everyone should follow. Andrew's AP abacus, I think is what it is on Twitter.

One of my favorites. We talk all the time. And then I also saw that James Lavish checked in just to say that the market says no to GBTC at 1.5%, which I think is very, very clear at the moment. So listen, I think, so to just wrap this in a bow, I think we all agree right now, Bitcoin looks like it could have found the bottom, but we still need to go a bit higher to confirm. Right now, we've got a bounce where we expected, but that doesn't mean yet that it's the bottom. Yeah, yeah, exactly. Trading, yeah. Trading, really, if you want to be in this for any length of time, proper risk management is an absolute must. Again, almost 30 years I've been doing this. Thousands, if not tens of thousands of traders I've talked to over time, nobody has stayed in for any amount of time without proper risk management.

But other than that, you got to learn to understand however you're trading, what are your validation and invalidation levels? You got to have them. You got to have them. Those will help you go along. One last thing, if I may. I forgot, but this, because you taught me this once upon a time. Oversold, bullish divergence with RSI on the four-hour chart. We had it again. got, but this, you know, because you taught me this once upon a time, oversold bullish

divergence with RSI on the four hour chart. We had it again, dead bottom bounce. Doesn't mean it is the bottom, but man, if you get a bullish divergent with oversold RSI or a bearish divergence with overbought RSI, by the way, which we have on the weekly and had on the daily at the top here, you can be pretty sure that the market's going to bounce in the other direction. Yeah. There's a good chance it's going to get rejected there in the opposite way. Yeah. Yeah. But again, nothing's a hundred percent and I cannot say that enough because you're a big

name. A lot of people phone you, a lot of new people all the time and they have to know. We all know how we've all come in. We all came into trading thinking we were going to make it uh you know it's going to make a lot of money really easy and whatnot and uh you know the market has a quick way of humbling you when you do that and so uh you know these things you just you have to understand these things so um yeah so i mean that's bitcoin right there real quick here i've got a stock i've been watching snow um i kind of talked about it back here in june of uh 2022 when we had this lowdown here and this looks a hell of a lot like ethereum look like right yeah i'm not saying it's a sending triangle but it's it's yeah you know it's support consolidating its resistance and now we're getting this breakout we get the pullback on this pin bar

here we've got this nice breakout happening. This is the weekly chart. Now, I think it's possible we could get reject the R1, pull back toward the pivot here on the weekly. So get rejected around 230, potentially pull back to maybe 182, maybe 176 or 75 or so, and then go up. Or we might just kind of, we might just overextend here and just continue going up from here. But either way, I think we're headed right up here at least to four,

about 410, 412 on that. And so I think it's a really good setup. You know, big picture wise, if somebody's looking to say, you know, listen, I don't have the money to just kind of sit here in, you know, in day trade all day. i want to kind of find something that even if it pulls back a little bit i'm thinking about you know months out maybe a year or more out i think it's a great trade i think it's a great setup for it so um and i'm not saying it can't break out new all-time highs either i'm just saying initially that's my target right there is around that four please tell me please tell me that one of those tabs up top, I know we've told you limited, but please tell me one of them is spirit.

No, no, none of them are spirit. Spirit, guys. You did it with Dollar General a couple months ago where it was like this epic bottom. Spirit went absolutely mayhem parabolic right after you said it here. You got to bring it up. I'm sorry.

We did all right. We did all right. We kind of gave everyone right we kind of yeah it was fine fine yeah we sat here and talked about how it was just fun and it was because the jet blue deal had followed through i mean it was the deadest dead bottom wasn't it yeah um and then uh yeah yeah it was down there for Thursday and then right back up. We just dipped and right back up. That was a rally off that low there. Some huge bid here. What was the price last Wednesday at that bottom? Because that's where we were.

It's about 130% there. On Wednesday, I think it was this one right here. I think it was the one before. It was this $5. Yeah, okay. $5 and change, yeah. And then Thursday, it dipped and shot off there um right back up so casual 100 on an airline in a week thanks chris yeah hey hi man i'm telling you know once we get the break out here above this swing

high that we just made this uh nine dollar and 34 cent area i mean i think we rally up here filling this fair value gap up to around 1414 and 75, 76 cents around that. And if we're doing that, you know, I think, I think we're overall continuing up higher there. I think we can continue up. You know, we talked about the fact that we had this, um, bullish divergence building. Did we finish it on the daily here? Let me see. Oh no, we didn't quite, we didn't quite. Exaggerated bullish divergence, as they call it, the equal level. Exaggerated bullish. But the weekly, look at that weekly and that capitulation volume.

We didn't get a bullish SFP on the weekly. We did close below it. We need to close above it. But the monthly is still in progress here. And again, this volume, I mean, if I'm looking at this, I see little reason to think we're not going to at least get up here to $16, $18, potentially up here at $25. This is capitulation type volume here. There's absolutely nothing leading into it. And then all of a sudden, boom, big volume.

Bullish divergence on the monthly. You know, we might end up with a bullish S&P. I think there's a lot of good potential effort to go further, but we'll see so yeah perfect all right so i didn't mean to interrupt your flow back to what we were back to our regular schedule i couldn't let him get away without dunking on that one that was like 360 from the foul line reverse jam with your eyes closed over a dude yeah well we said we've had some good ones we had save here previously like you said we had dollar general on there and that thing's still going well um i did paypal there on on twitter not too long ago nailed the bottom on that one um and that

thing's just continued to go up since then you know and again in in these things are going in spite of people's um narratives in spite of their, you know, this is why I think price needs to do this. And this is what I have. You know, what I try and warn traders against is stop worrying about the fundamentals, because what you're going to do is you have in your mind what you want it to do. And so any any fundamentals that comes out, you're going to just weave it to make it seem to support what you're saying. You can still kind of do it with the charts, but it's a little bit easier to not do that. But still, it's a tough thing when you're a trader, right? You know, those emotions.

I've got cake here. You what? I said, go ahead. Keep going with the cake. Okay, I got cake on the daily here. We pulled back to daily S1. Same thing as Bitcoin. Almost reset it, oversold on RSI, stoke RSI, bottomed out there and oversold.

We have lack of selling as we've continued down. We've got a lot of overlap, small candles, volume dropping off, mostly indicative of a pullback. Again, you can see the thing right here, same idea. So I'm looking for a breakout of this descending resistance. That's my first clue. That would be the earliest that I would probably want to get in. Uh, so it'd probably be up here around $2 and 66 cents or so. And, um, and then of course I want to see a nice impulsive breakout above the daily pivot. That would be my better confirmation, which is around $3 and 18 cents or so, but I've

got an $8 and 50 cent target off that. So that. So I think Cake is setting up for a potentially decent move coming off this tier. Even if you wait, even if you wait a little bit, getting $3, you're still looking potentially $8.50 target. I've got Tia. I know a lot of people talking about Tia. I've talked about it a few times over the last few months. This one, I'm legitimately pissed off at this one, by the way. When it launched, I think I told you, but I just saw people talking about it. Didn't know what it was. It was on Coinbase. And it was at like three bucks.

And I was looking at the chart and it was flat. And I was like, everybody's talking about it. I bet it's going to go way up. And I bid like 281 and walked away. And I think it hit 285 and then went parabolic. Insane. Yeah. Yeah.

It took a pullback. It's just great. It's a three-way pullback right now we've got some rejection here at this line so i'm looking for a breakout here as my as my initial hey you know pay attention um if we get above this swing high here at uh 18 and a half dollars uh that should confirm that we're going to break out there and i've got a 26 target so uh this here's the daily stoke rsi crossing bullishly and oversold ours i pull back to neutral here kind of bouncing a little bit um not a whole ton of volume here but we did get a little bit down here almost a bullish and

go and candle there a little bit more volume than previous one so um i'm interested to see if this r1 holds here we can break out because if we can i'm interested to see if this R1 holds here and we can break out, because if we can, I'm interested then at that $26 target. And finally, AXS here. Again, same idea. This is what you're going to see on a lot of these. This is where we were talking about earlier, how they all kind of look similar. You're all getting the same pullbacks and, you know, same kind of structure as a lot of them.

So again, we've got three waves here. I'm not saying we can't pull down a little bit further, the S1 pivot, but I'm looking for, again, a breakout of this descending resistance as the initial, you know, how do you do? And then this swing high right here is my definitely, I'm, you know, at that point, I'm like, you should be long. It's, it's a higher confidence trade right there around, what is that? $9.09. If we can get that, 1520 is the initial target. If we continue on through that though, 3515 and $52 become the next targets on the way up. So potentially a really, really good setup with AXS here. Awesome.

And yeah, and that's what I got, man. Perfect. That's exactly right exactly on time i'm gonna let you off the hook today on the giveaway and i'm gonna make misha do it again uh so that so that we don't have to sit here and waste your time scrolling through things man thank you so much everybody follow tx west capital everything else that he's doing he's always on our twitter spaces too uh these days of course here every single wednesday thank you man hope you have a wonderful day take it it easy, man. Thank you. All right, guys. Time

to give away $100. I'm going to bring on Misha. What's up? Your hair is looking impeccable today. That man bun is strong. See, I couldn't... What you guys missed is that Misha and I were actually talking about Misha's hair before the show.

He was the shining light of hair goals. I have a pretty long hair, it's true. What's our question today? In the spirit of Mooch, something about a president, right? Yeah. Who should be the next president of the US? Wrong

answers only. Who should be the next president of the United States? Wrong answers only. Yesterday's winner something about a vasectomy. Congratulations. Again, if we choose you, you email mike at thewolfofallstreets.io, and Misha sends you $100. For $100, who should be the next president of the United States? Wrong answers only.

While they're doing that and we're scrolling through, man, that interview with Mooch, I was just saying to you in the background, people sometimes see me typing. I'm always typing to Misha and saying that, man, that was like the best interview ever. But he, like the insight about Elizabeth Warren and Fink and all of them was absolutely amazing. Should I bring

some of these up or you want to do it? Let's start. Yeah, let's start. Gary Gensler. What do you think about that? We have a lot's start. Gary Gensler. What do you think about that? We have a lot of people saying Gary Gensler. Paris Hilton. Sam.

He cannot be a president. Come on. He's in the prison. Yeah, well, there's a chance that one of the guys who's running might also be in the prison. True. What about Scott Milker? No, I do not want to be president but thank you

elizabeth warren no way um yeah i got some experience um i don't give that one to des but we already gave des money last week okay put in no way no fucking way sorry um

this guy up here is really trying to win Okay, put it no way. No fucking way. Sorry. This guy up here is really trying to win. Right here. Oh, sorry. Rails of Victory with Emi Melker. He said he's really trying to win. Good answer. Michael Saylor.

Okay, Jamie Diamond. No. This is the answer I gave you. Somebody said nobody. When Marisha asked me the question earlier, I said nobody. She's like, nobody. Just let it end. What do you think about Max Keiser?

I think it would be really bad for Elizabeth Warren. I could give it to Max Keiser. I could give it to that. Homer Simpson, I like this one. Definitely would like to see him as a president of the US. Pat Rock. Oh, that's a nice profile pick. George Costanza.

Yep. That's good. All right, we got to pick one now because I have to get ready for spaces. All right. All right. So I guess, you know, I will leave George Costanza because I really like him. Okay. George Costanza for president wins. Matthew Chalice.

We've seen you up here before. Did he win before? Did he almost? I think he almost won yesterday. Oh. Or one of the days. Matthew, you win. Email Mike at thewolf of all streets dot io he

will get your uh address and send you tether we're paying in stable coins in case you guys are wondering still some great ones coming the dude babowski bit boy and a bag of snow that's fucked up uh tim allen camacho for videography you guys are great rick flair rick flair you guys know i met rick flair last week and tried to orange pill him. I was sitting at a bar in Tampa before a lightning game. Ric Flair came in. You might not know who he is, Misha, but he's an old wrestler. Woo!

And so I walked up to him and I started to ask him if he, you know, just trying to hang out with him and ask him if he knew about Bitcoin. And he basically was like, yeah, whatever. And he pushed me out of the way and took a picture with my wife. Which is somewhere on my Twitter. Now I've got to find it. It's great. It's definitely here somewhere.

I don't know where it went. It's really funny. We're going to get out of went. It's really funny. But we're going to get out of here. But it's funny because I have the photo proof that it happened, if I could actually find it. But I can't seem to. Oh, well. We'll find it another day.

Anyways, get your money. $100. We're going to do it again tomorrow, I assume. What do we got tomorrow? Do we have anything planned yet for tomorrow? We're still booking. Yeah, we have Sheldon. tomorrow? Or we're still booking. Yeah, we have a Sheldon.

Oh, Sheldon sniper tomorrow. Guys. So it's going to be mostly a trading show this time. And I'll tell you guys about the fact that I'm going to be working with Sheldon on his sniper school, which is a free, free,

free, free. I ask you to sign up for anything free educational platform that they do to teach people how to trade. I'm going to go on with a couple of the cohorts. We'll talk to you guys about that tomorrow. Can't believe I can't find the Ric Flair picture now. Annoyed.

I bet it's on her profile. No, it's on Emmy's profile. It was on my profile. I said that she got the job done. It's just really... Oh, here it is. I found it. One second. He doesn't look as young as Scaramucci. But there he is.

Looking a little bit older, Ric Flair. But yeah, she got the job done. Although I doubt he still owns any Bitcoin. All right, guys. That's all we got for you today. We will see you tomorrow with Sheldon the Sniper. And of course, Dan from Chart Guys. I'm assuming on the back half.

Misha, thank you for your assistance and your wonderful hair. See you guys tomorrow. Bye.