The Wolf Of All Streets - Bitcoin's Biggest Advantage Is The One Wall Street Can't Buy | Saeed Badreg

Episode Date: October 23, 2026

Live crypto markets with Scott Melker. A new lawsuit alleges Trump's World Liberty crypto venture improperly profited from UAE deals, plus bitcoin ETF outflows, banks racing into stablecoins and tokenized funds, and The Weekly Wreckoning. Learn more about your ad choices. Visit megaphone.fm/adchoices

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Mmm, lovely. Feel the fun. Play Ojo. 19 plus Ontario only. Please play responsibly. Concern about your gambling or that is someone close to you. Call 1866-531-2600 to visit connectsontera.ca. Trump's crypto venture faces new allegations over UAE deal.

He is being sued by an ex-employee of Circle over allegations that he's taking bribes in crypto. But, yeah. I mean, stop in Trump. Anyways, we've got a lot of other things talk about. We had Jack Mahler scheduled today. That's being rescheduled because he called in sick. But luckily, we have another amazing guest joining. We've got Said Badraig from Sunrise here to break down everything that's happening in the news, tokenization, and beyond.

Of course, the back end of the show. We have a Friday recap called The Weekly Reckoning. Let's go. What is up, everybody? Happy Friday and welcome to the show. This has been a weird week in the crypto space. There's been a lot of news, but kind of no news at all. seemingly the same every single day.

We talk about ETFs in and we talk about ETFs out. We talk about the war being on and then we talk about the war being off. Of course, you know, talk about Donald Trump. There's a lot going on here. So I had an amazing conversation yesterday that'll come out on Sunday with Brett Winton, who's the chief futurist at Ark.

And let me tell you, man, And being Kathy Woods chief futurist, you've got some wild takes. So you should look forward to that on Sunday. It's mostly a conversation about AI agents and AI. And, of course, on The Daily Wolf today at noon, I have a special 30-minute conversation with Grant Cardone about the crossover between Bitcoin and real estate. But now I have today's amazing guests. We got Saeed. Good morning, sir.

How are you? How's it going? Going good. Thank you for, uh, thank you for, uh, thank you for pinch hitting today.

You don't, you know, if you were going to be Jack Mullers, though, we would have had to have you in an empty closet with like, you know, empty shelves on behind you. As long as I don't get called the chief futurist, I'm good. So I,

I must have made the joke like nine times in the conversation. I was like, how the fuck do I become a chief futurist? Like, that seems awesome. Like, you should, you got to listen to this conversation.

Like, this guy went on so many, I couldn't even keep up. Smart guy. Anyways. But yeah, you can be a chief futurist of the Wolf of All Street podcast. Saeed. There we go.

There we go. Moving on. All right. So before we get into things that are more interesting, we have to talk about the main topic here, of course, which is lawsuit accuses Trump of illegally profiting off foreign crypto deals. When you dive into it, they're saying that he corruptly profited for more than $2 billion in payments from a foreign government

in direct violation of the Constitution. So there's kind of two parts to it. One is like the guy profited, but the other is that they're directly sort of attacking the constitutional side, the emoluments clause, saying that it was a violation. I'm not asking you to play Barack Obama and be a constitutional lawyer. But, I mean, just generally, you know, broad strokes,

Trump's involvement in crypto now to this point, as someone who's building in the space, you know, net positive, net negative, Has it caused any problems for you? Has it made life easier? I think it's a net positive simply because I've been traveling around the world and I've been meeting with banks and institutions and startups and different companies that are coming to the space.

And you would be surprised when you talk to non-U.S. government officials, what the Genius Act and what America's posture means to them. So they see America doing something and they follow. Like this is like verbatim what they would tell me is like, well, now that the U.S. is doing it, we can too. And so before our central banks would issue like, you know, guidelines or guidance against stable coins. Now they've completely 180 on that. So I think there's a lot of stuff that survives post the Trump administration. And I think that's the stuff that builders like me,

are more attached to and want to see continue. I think this lawsuit, I mean, this is, you know, anyone in the U.S. can raise a lawsuit. I think the real signal here is that people are getting ahead of the midterms. And kind of, you know, there might be something to look into there by seeing people start to take these types of actions. Yeah, I agree with that. I think that I actually think it's a net positive too. I mean, I think his personal grift is kind of atrocious. but if you're looking at it from perspective of building in the industry,

people feel a lot more secure doing things in the United States than they ever did in the last administration. So even the fact that we don't have the last administration, I think, is a massive net positive. Right? Yeah. You certainly like, you're the CEO of Sunrise, right? So like you're focused on largely on tokenization on Solana, right? Yeah. You wouldn't be doing that three years ago here.

No. I mean, the previous administration thought stable coins were a systemic risk to the And now everyone has, you know, everyone who is working in crypto at the time, we're like, how is that possible? These dollars are being held in U.S. banks. Like it makes no sense. Now it's like, Tether's a top 10 buyer of U.S. treasuries. It beats out like G20 countries in terms of purchasing U.S. debt.

It's like, you know, stable coins is playing a non-trivial role in America in America being able to borrow and fund it. it's deficits and stuff. So, you know, for me, the world has changed so much in the last three years. I hope it continues because I do think it is unlocking a lot of cool stuff. Yeah, I mean, when you see stories like this, you know that we've seen a change. JP Morgan asset management expands access to its tokenized money market funds on Solano. Like, you could have, if you had sent me that sentence three years ago, I would have told you that you were out of your mind and told you to go back to the mental institution. I mean, J.P. Morgan and the United States government were like the two biggest crypto haters that we have, and now they're tokenizing money market funds on Salada. Right? I think we saw yesterday or two days ago that JPMC was also coming to Ethereum. Right? So I mean, this is all happening in real time, and none of that would have happened once again unless we had all this kind of regulatory clarity.

I don't know if people remember, but a couple of years back, Jamie Diamond had this famous line. He said Bitcoin was Rat Poison Squared. That came from Buffett originally, I think. Yep, exactly. Yeah. Or Munger. Yeah. Yeah, he said Bitcoin was Rat Poison Squared. Yeah.

And then I think Mungo was the first person. I like how we responded to that. I think our response to that was like, yeah. And you guys are the rats. Yeah. Like Jamie Diamond, he would get so triggered by any conversation about Bitcoin. I mean, he said that if he found out an employee was trading it, he would fire them. Right? You said that. And then there was that random one where he was like at Davos and had his arm in a sling, like in a broken arm. And he was like, stop. He like cursed. He was like, stop effing, you know, fucking asking me about Bitcoin is the last time I'm going to talk about Bitcoin and has just lived rent free in his head ever since. Like he's calling Coinbase CEO Bright Arbor. I'm sorry, shithead or full of shit on TV. Right. So clearly, listen, I think there's also, it's important to know, like he can think whatever he wants. But J.P. Morgan is.

is not a monolith and it's not him and they're going to do what they need to do to make money and keep up and not get replaced, right? So I think he's a markets guy too, right? He may have felt that way before, but as far as the investments that JPMorgan is making, like we've talked to them plenty of times, they have, you know, an entire team, entire like subsidiaries focused on crypto. They're investing significant amounts of money and not just on one product on like a whole string that maybe five, six, seven major initiatives within the company. So you can see that like

crypto's always had to fight for its place in the world because it is it's going, it's trying to it's trying to help if you will or transform an industry that's been going on for thousands of years. It is the most entrenched incumbent, I think, besides like governments, right, is the banking industry. And so when you come and you bring technology that's supposed to make banking better, you know, it's going to be fought until they realize its benefits. And then once they do realize its benefits and they kind of stress test it and see how it goes through a decade of development, you know, you can't ignore it. Yeah. So before we dive more deeply, I guess, into the tokenization side. You were at jump.

You were a jump before you were at sunrise, right? So you're a markets guy. You say J.B. Morgan's, that J.B. Diamond's a market guy, but you're a market's guy, too. I mean, what do you make of the market in general? I mean, stocks, futures remain under pressure. Every day, right? Oil's 110, oil's 40. Oil, 700, oil's 12. Like, rates, you know, the whole world collapsing, France's rates are the highest they've ever been. Japan's markets crashing, Kaspi crashing, China crashing, yields out of control.

Oil spiking. How do you make sense of this as a market's, you know, enthusiast? and where's crypto I would say, I would say my thoughts on this are I don't know if this is just a momentary time like a lot of people like to blame the president or the leaders

or you know all these other things. I think the world is just moving faster and this is what it looks like and I think it's accelerated by AI. I think you know the news over the last three days has been absolutely insane right every single major piece

the foundational technology is telling you, hey, don't, you know, please update your phones, update your websites, update your everything. It's absolutely insane. It's never happened before. And the reason why we're, you know, why I'm saying it's insane is because of its pace, right? We do get these zero-day attacks.

They come out like once a year, and it's isolated to a specific incident and you feel good after you put in the patch or whatever, right? I think what you're seeing in markets is the same type of acceleration, right? And a lot of it is due to AI and the ability for people to consume, analyze, and digest information. And if you have these inputs constantly coming in, you're going to get a lot of volatility. And so, yeah, I don't know if it slows down any time soon. I think there's going to be a new normal where the world just

go just operates a little bit faster or a lot faster than uh maybe it did 10 20 years ago right so i yeah i mean the hacking side's insane like i was sitting uh so it was like sitting at my kids baseball practice on wednesday and my i just kept getting alerts it was like php hack railway hack you know or like all not not hacks but you know the potential for for exploits and then you know every single day it's like rock bot's telling you like you know it could click on fishing links in your email. Be careful. Every single day it's some new, like, threat factor, it seems. And I do think that that's driving a lot of it, like you said, the speed. But then there's also just the debt side and the actual fiscal side. And, you know, like what's happening with core weave, all these things.

Like, I mean, do you generally think, and then listen, you can open an article like this, I'm rambling. Hedge funds are now short of U.S. stocks at close to five-year highs, raising the chances of a potential short squeeze, says Goldman Sachs. I think what I'm getting at is I I think there's an equal amount of complete doomers who think that we're at the top and the world is about to end with people who think we're just starting the greatest stock market boom like in history. And I've never seen. I don't know. There's nobody in between. I think, yeah, I think, I think, you know, there's always a bubble somewhere in the world.

I just don't know when it's going to pop. But the idea that it popping means that it's complete fugazi and nothing, you know, AI just doesn't matter and isn't going to have. like a major impact on the world. I don't believe that. I think it's just like every other massive leap in technology where people invest a crazy amount of money, trying to capture some of the value, some of the potential value that's going to be created. A lot of those bets are going to be off and wrong and won't exist in five, 10 years. Corweave may be one of them, I don't know. You know, simply just it may not be that their technology is bad or their business model is bad. It might just be that they took on way too much debt in a time where you have rising interest rates.

And, you know, like, it's just, it's bad luck. But anyways, yeah, I think, I think it's, there will be winners and they will be massive. You know, when I talk to the guys who holds SpaceX, I mean, these are like, you know, cult-like, you know, investors. The chief futurist at Arc, which wouldn't surprise you because, you know, they're always extremely bullish. I mean, what did he say? Like, it's a 10-X. He was like, all he wanted to talk about was SpaceX. I think you may have said it was 100x from here.

I don't want to miss 1.10. Whatever it was, he was like, he was like, SpaceX is so cheap. All this is so cheap. Like he's like 20 trillion, 30 trillion. Who cares? It can go. And I'm like so, yeah, okay. Yeah, they keep saying the 100 trillion number.

Yeah, like it's, again, I don't know what that world looks like. I remember when I think it was Apple hit a trillion dollars. Like, one of these companies hit a trillion dollars. And it was unimaginable. And it was like. That's insane, right? I remember when Facebook bought Instagram for a billion, and as like a startup guy, I was like,

you can sell your startup for a billion dollars. Like, that was insane. That was like, what a deal. What a deal. Yeah. And what a deal? In hindsight. How cheap is that?

Yeah. Right. And then we look at all, we look at the price appreciation on all of these assets, right? Like stock markets aren't that far from all time highs. They probably hit all time highs like a week ago or two weeks ago, right? So it's like how much of that is real value and how much of that is just inflation that we don't really properly calculate, right? Yeah, it's just another form of inflation.

It's very hard to jump there with the valuations. $100 trillion SpaceX would be quite a feat. What does the world look like where a company can be worth $100 trillion? I don't know. How much is my milk? Yeah. And we also, we have a trillioner. We had a trillioner.

I don't know what the price of SpaceX is today, but like you want to have a trillion. Musk is a trillionaire. So these numbers are what would be like we can't even fathom. We don't even understand how much value that is or how much wealth that is. Yeah, I mean, it is being achieved in our lifetimes. Yeah, I mean, does your car even float, bro? No. Yeah, not yet.

Not yet. Me either. So, yeah, I mean, and obviously with those trillion-dollar valuations we've seen Anthropic is coming, that's going to be a huge event. I think, you know, Open AI most recently. was like 1.3 trillion or something. I think Anthropic was as high as two. I'm probably misquoting, but who cares once you're over a trillion. But interestingly, and probably something you can speak to, crypto markets are pricing these things before they're even live. Like one of the

biggest stories say crypto traders price India telecom company reliance. Geo Geo Geo. I don't know. IPO at about 110 billion. Pre-IPO contract on BigGade is trading trading near $12, roughly 4% premium on the top price ban. As India's largest public offering remains over. open for subscription. So we're in this, also this new world where kind of, you know, you can't necessarily get access everywhere to pre-IPO shares. That's still kind of behind a walled garden, but you can certainly get access to pre-IPO exposure pretty much anywhere in the world, which is something that never existed before and I have to admit and I have to imagine is kind of pushing these valuations to some degree. Yeah. I mean, they've been, they've been largely

pretty good at predicting the price, or not predicting the price, but basically like setting a mark price that's not too far from listing day. But yeah, I mean, look, access is one of the biggest drivers of tokenization, right? Most countries, like, you know, when you offer U.S. equities, you're not offering it to U.S. users. You're offering it to the rest of the world. These are, the rest of the world, by and large, has not been able to participate in the massive wealth creation events over the past 25 years. I mean, they couldn't buy Google when an IPO, they couldn't buy Amazon when an IPO, they couldn't buy, you know, so many of these like generational companies that have kind of dominated the last quarter century

of not only technology but value creation in general, right? The MAG-7 accounts for a substantial amount of the market capital. of U.S. businesses, right? So I think, look, when you talk about geo, you know, that allows the U.S. audience to kind of understand why is it, why are people so excited in Asia and in Europe and Latin America for tokenization, right? The same way that you want access to deep seek IPO or Unitri or geo in this case, like you know these are great companies. These are companies that are going to be building this AI future at a global scale. And, uh, and, uh, and, uh, you know, these are, you know, this is an opportunity for you to be able to buy them.

Yeah, and I think not only for people all around the world, but even just your average American. I mean, I guess we probably still have to kind of do it with the VPN. But we do have platforms in the United States where you can trade pre-IPO now, but your average person also buys the IPO and gets rinsed. It's not like your average American guy who wanted SpaceX could get that, right?

Or any IPO in history, we still can't because of accredited investor laws and obviously these walled gardens and access. So it's really opening it to every, And I think that, you know, to kind of pivot, that that's probably true of tokenized equities in RWA in general, which is what you're building. I mean, maybe you can give us the brief kind of rundown on Sunrise and what you guys are doing. We help asset issuers, any company in the world, get on chain, deploy its equity, its commodity. You know, we're really kind of expanding the category of financial assets that we're bringing on.

and we bring it on for a international audience, right? So anyone can have access to a Mag 7 stock or to any of these types of things that does not live in the U.S. Vice versa, U.S. users who want to access Asian markets, those are coming online as well. So that's pretty much what Sunrise has done. We've done over 100 listings on Solana, you know, over,

300 billion in volume, and that's rising, cumulative. You know, when SpaceX launched, we launched that within minutes of the IPO. So a lot of cool stuff when it comes to tokenization. It's so funny. I think that it's like telling how much of a narrative it is, even just by looking at like my show and guests and content. Yeah, Wednesday I had Nicola from Robin Hood, who's in charge of crypto there, and all she wanted to talk about was their tokenized stock offerings

and the way that they're kind of, you know, going to move forward with the innovation exemption. Yes, Chad, Carlos, to Bigot, the CEO of Securitize, which obviously I would imagine is very similar to what you're doing, maybe in a different arena. We're partnered with them. We're partnered with the securitized. Carlos is amazing.

Yeah. And you're today, right? So, like, it's, what are we talking about every single day? It's exactly what you guys are doing. People underestimate how big of a story this is, right? like at least if you're if you're paying attention to crypto like this you know we we we fight about is this protocol worth a billion dollars or is it worth a hundred million or is it worth is this coin worth 10 million the entire rwa market or the equities market globally is over a hundred and

sixty trillion dollars right um like there is when you're thinking about um frozen you know that that one point that 160 trillion dollar market coming on chain is, I think, a driver for more participation in crypto. I don't think people really understand how big of a market. We're not going to create another 10,000 tokens in crypto and bring in a trillion dollars with the value. But you can do it with RWA's, and I think that's why so many people are focused on it. Yeah, I can't say the last time I saw, like, a compelling new token pitch.

Like, five, you know, five years ago, it was like 20 of them in my inbox every single day. you know now everybody's seemingly with a brain has pivoted to building plumbing for exactly what you're talking about right just like build the infrastructure and know that that's where the liquidity is going to go i kind of made the point and now it was almost probably last december when i saw like prediction markets really proliferating i was like if you want to know where alt season went now you can just like bet on the weather on the same platform so why do you need to like gamble on some you know l2 number 14 it just doesn't doesn't matter. Well, yeah. And so now, like, if you're going to be able to do everything on the same rails, I do think that will bring a lot more volume and liquidity to a select few tokens and, you know, all coins, but largely, you know, it's probably going to go mostly the other way, which is what we've seen, that the crypto people went on hyperliquid and are trading other stuff.

Yep. Yeah. Again, it's, you know, it's infrastructure for financial technology. and if you want it to grow, you're not going to be trading 10,000 new tokens, right? People want to buy real things, real companies, companies that are generating value. Some of them will be crypto companies. That's 100% going to happen. But not all of them will, and not the majority.

I don't predict in the next five or 10 years the majority of trading volume on chain is crypto-native tokens. That doesn't make sense to me. I think this is a picker's market. You have to pick the companies that you actually think are going to be here and actually have real sustainable businesses. The previous world of just launch a white paper and release a token and do some marketing around it, I think that's largely dead.

I think people are more sophisticated now and they want to trade real stuff, whether it's crypto, whether it's real estate, whether it's equities, whether there's commodities. whatever they're training they want it to be real yeah i i agree you know like i have this guy i don't know if you know mike mcglone but i have a guy mike mcglone he's on my channel every monday for macro monday and he's the guy that like has become famous for now saying like bitcoin goes to 10 000 and like the world ends right and he's everywhere used to be a bitcoin bull but that is the point that he makes he's like why are people he's like he talks about the fact that you know there's so

much crypto so many tokens that need to go to zero still um and why would you buy those instead of Tesla stock if they're on the same platform in the future, right? So I'm not agreeing with him about the market going to zero, but it is true that when you have those two menus side by side in the same place, nobody's choosing layer two number nine over SpaceX. Absolutely, absolutely. And we, you know, you can't put all the blame on the crypto industry. A lot of this has to do with regulations.

Like up until very, very recently this year, like you could not. pass value back to your token holders. And so you have this whole generation of crypto companies that couldn't raise money on chain, so they couldn't do ICOs and fair launches, you know, like they would have liked to. So they had to go to VCs, and then everyone hates the VCs for funding these projects and getting better terms than the retail investors. That was largely a industry response to regulations. And then after that, when you do launch a token, you can't pass along the benefits of holding that token because you're worried that it'll be labeled a security. So you have things like Uniswap, right, where token holders versus equity holders, you have all of this divergence.

A lot of the problems in the crypto industry are largely to do with a lack of regulatory clarity and the industry trying to continue innovating and building the future while not stepping on. line mines, whether they're real or not, because, again, the rules aren't clear, and they still aren't, but they're a lot clearer than they were three years ago. Yeah, just as hope that they remain clear after 12 days from now when the midterms inevitably swing us back and the anti-crypto army starts screaming, but the regulators aren't changing. So I think we've got a nice race, Goldilocks period here coming where, you know, Carlos and I joking about is just kind of becoming too big to fail. Like if everything's tokenized, there's no reversing it. You can't undo the plumbing because you don't like, you know, the word

crypto. Absolutely. Absolutely. Yeah, you look at these public company CEOs that come again, come out against tokenization. Not a single one of them can articulate an actual real reason why they're against it. It's just other reasons. Yeah. They have other reasons. Yeah, I kind of got a couple more questions specific to what you do before I let you go. So how are our WA issuers bootstrapping liquidity for on-chain stocks? Seems like this is the question that seems to be challenging when you have disparate markets and everything's going to be 24-7, 365, and you're offering kind of the same product on multiple venues. It seems like a dream for market makers.

But right now, you know, where's that liquidity coming from? How's that happening? There's a couple things I need to go well. Obviously, you mentioned market makers. They play a pretty big role. And the ones that are really good and have figured out how to do weekend trading and after hours trading well, they get to benefit from the rise of tokenization. And so there is a lot of appetite for them to be engaged and involved. The other thing is for these asset issuers, you have to have a really sophisticated or thorough,

mint and redeem functionality so that traders can arb the prices on chain against their off-chain counterparties, right? So whenever you see a price dislocate, if it trades at a premium or a discount, like that is a clear arbitrage strategy for anyone. But that only works if you have clear mint and redeem and you can redeem for the underlying. That's why at Sunrise, we've only worked with asset issuers where we have very, very, we've worked deeply with them to make that they have a one-to-one backing. It isn't a debt security for almost any of the issues that we work with, especially the tokenized equity side for us. We work with an exchange called Backpack. They're one of the best kind of builders in this space in terms of the model. We worked with them

on launching their first tokenized equity. The industry has largely copied that model over the last three or four months, and you've gotten announcements from Coinbase, Robin Hood, and Binan saying, hey, we're going to switch from 245 to 247. We're going to switch from, you know, basically a debt obligation to an entitlement. You know, they saw what, what we were able to do with that first tokenized equity launch. We did that with SpaceX, right? And so that was very validating and see that this is actually the right model. Yeah, and then so that answers that. I think it's naturally going to just come as like more exchanges and more people come on chain and there's more tokenization.

One last thing, because it's so outside my wheelhouse, we had this trend with the launch of Robin Hood chain. Obviously, I guess memefi, pairing meme coins with tokens or stocks. And I don't know, did that die? Like, it feels like we had it. And then it's the classic crypto thing where, like, things get massively popular. Now it used to happen for like three months. Now it happens for like three hours. Because we're all ADHD riddled like lunatics.

But I tried it. I bought something my friend told me to call. It was called stonks. Yeah, stonk on Solana. No, no, that's the good one. I had stonks on Robin Hood chain, which was apparently going to be good. And I said, when I did it, I was like, if you all want to know when the top of this entire trend happens, it's when I've finally been convinced to just try it. And it was, I think, to the day the dead top.

So that it's like two-eighth or something. And I think it's worth like $40 now. But the good news is I got $100 worth of tokenized SPX. So I'm feeling pretty good about that trade. I felt it, though. I got, you know, when it was worth something for the first three hours and I got something out of it, I was like, this is kind of. I was like, this is kind of cool. Yeah.

I think it's not doing too well on Robin Hood. Even though it started, that that memefi meta started on Robin Hood. It is doing actually very well on Solana. It's doing really, really well and sustaining. So it's completely overtaken Robin Hood. And I think, you know, it's definitely not at its peak, but it's still very substantial amounts of volume on the chain. simply because it's a, it's like a kind of like a game.

It's like CryptoKitties for ETH, right? It's like a way for people to get involved and understand that they can get exposure to real equities. And it starts to open up the door for people to kind of have these wallets or portfolios that not only just hold a bunch of meme coins and maybe like one or two majors, but now they're holding SK Hynix and Micron and Krispy Kreme. Like it's the, you know, the stuff is, it's kind of all over the place. Boner.

Boner, yeah. Yeah, for, you know, that was paired against hymns. Yeah, there's a lot of funny ones. There's a lot of funny ones. I didn't know shit about it. And I had Mike Belchie, like, a very serious person. You know, like the CEO of Big God is like, did you see the dick one? Yeah, yeah, yeah, yeah.

Now I did. That is now a criteria, right? where respectable analysts are actually watching things on chain. People work at hedge funds or writing reports about the memeability of a of a meme coin paired against a specific stock that they hold and how that can be a, you know, a driver for, you know, price appreciation. Like, I've seen this. It's a funny world that we live in now.

Yeah. And I think the crazier part is that now we're seeing which institutions favor that and which are against it, right? as they start to opt out because of the innovation exemption of even having their stocks tokenized at all, which I think is the next kind of, I mean, I get that like a big company may want to wait and see. They don't want to necessarily be first, you know, like, see how this goes. But it is funny.

You saw the Robin Hood AMC spat and that's kind of continued into a lot of these companies already opting out before this is even real. Yeah. Yeah, I thought that was funny. I just, I think it was funny that AMC is the one who has a problem with this or like it was R a main coin, like you literally. Yeah. It's like, do you have no memory of Wall Street bets and how it saved you from bankruptcy several times? Like, it was the internet that saved AMC.

It was not AMC nor its leadership. It's just unbelievable. And now the internet does another fun thing with AMC and the, you know, the smart move there, according to the executives that AMC is to say we're against this. Yeah, I mean, you would think of everyone, they'd be like, dude. Dude, whatever, man. Run with it. Bring me that sweet liquidity. Yeah. It's not logical, which means that there is a reason. Not at all. Yeah, I think it kept you over time, man. Anything else I missed? Oh, man. Appreciate the time. Thanks for having me on.

Thank you. I really appreciate you. Like I said, jumping in. We'd love to have you back in the future. Awesome. We'll do. Awesome, man. Thank you, sight. Everybody check them out. Your X should be linked down below in the notes, I'm assuming, so everybody can give you a follow. Thanks, man. Take it easy. All right. That was cool. I'm just probably not

buy that many more meme coins that are linked to tokenized stocks personally because I lost real fast. As is tradition, right? You know, like I did make the joke that I would be the top and generally I'm pretty conservative and I don't

pay attention to any of the trends. So if I'm jumping in, I've already missed it. You're welcome. You're welcome. I am the best counter indicator there is in the world what's going to come to things like that. All right, before we move on to the weekly reckoning, we have your good friends at People's Reserve.

You can almost see them. They were there on the screen. Look, look, I can do it like this. Look, people's reserve. Every Friday, we talk about their amazing Bitcoin-powered mortgages. Their amazing Bitcoin bonds. Well, the Bitcoin bonds, what we're talking about today. 100% downside protection, full Bitcoin upside.

Finally, I've actually been talking to a lot of people about this product when I was at. the arch public thing last week. I was breaking it down for Grant Cardone because obviously he has a blended real estate and Bitcoin fund very similar conceptually because you have the real estate. In this case, you have, you know, 80% of it is in United States treasuries. We get the risk-free rate. So you basically can't lose money, but you have massive upside if Bitcoin goes up. And obviously if Bitcoin goes to zero, you don't lose your money. You just don't make what you would have sitting in those very boring treasuries.

You can check out the bob calculator here on peoples reserve.com right here. the Bitcoin bond. I've showed it to you. Just to give you an example, I love going from the five years of the 10 years. So if you bought $100,000 bond at a 4.95% rate and Bitcoin goes up 35% a year. In five years, you have 185-183, so you're up 85%. But if you do 10 years, that jumps from 180 grand by adding five more years, you go up to $76,000. The power of compounding. You guys check out People's Reserve down there, presumably in the notes. Can't confirm. Can't deny.

Are they there? It should be. But otherwise, people's reserve.com should be very easy. I'm going to have a missing from my team. People Reserve in the notes. If not, please add. Been having Grockbot do my show comments description, honestly. and I'm not sure he knew.

Rockbot a guy? Rockbot, it's a guy. Maybe. I know that Bill Barr Heights's name, it's Maxine. It's a chick. Good for him. All right, so now,

what the fuck are you doing here? We got to do that thing. Weekly Reckoning. Guys ready? Let's go. What's up, everybody? Welcome to the Weekly Reckoning where I very, very quickly review

everything that has happened this week in Crypto News and Beyond. And we started the week with J.P. Morgan puts a number on Bitcoin for the first time. 10% a year with a big caveat. The big caveat is we think it will outperform stocks, bonds, real estate, literally everything else, but we're not allocating to it. What are you guys smoking? High conviction play that they're not going to take themselves. But either way, this is the first time that J.P. Morgan has put a number on Bitcoin performance projected forward.

said 10%, which I say is a prediction for ants. But either way, still, they believe that it will outperform every other asset class. Yes, that's the same J.P. Morgan, led by Jamie Diamond, who is a notorious Bitcoin hater. People who are not Bitcoin haters, the one Michael Saler. Strategy repurchases $193 million of STRC, acquires 267 Bitcoin. What is that a Bitcoin purchase for ants? And increases digital credit securities repurchase program to $3 billion. Listen, he's trying to get STRC back to par. He's spending 8 to 9x on STRC over Bitcoin right now. The Bitcoin machine is on, but once STRC is back up to par, that's when the Bitcoin machine can really start humming again, much like we're seeing over at Strive. What else happened this week? BlackRock files for

Bitcoin ETF offering downside protection, upside exposure to Ivan. This is pretty big news because this is something that only small issuers have offered so far. Basically, it will play in the options market, be actively managed, and will cap your downside, but also cap your upside. We'll protect your downside and also cap your upside. We've seen yield-bearing ETFs around Bitcoin already. Well, this is one that may appeal more to people who are fearful of Bitcoin volatility and just want to get exposure to it and say, hey, if it doesn't go to a million, it'd be nice to not lose all my money. It's not the only BlackRock story. Bitcoin ETFs post their best day in nearly a month as BlackRock does all the buying.

So this was that interesting day on Monday when we saw over 600 million in inflows, which was a massive day, but almost all of it was BlackRock. In fact, the total net was $526.7 million, meaning that the rest of them had a net loss. Why was BlackRock getting all the flows? It could be because of things like... that ETF before, right, that people are using, not specifically that product, but are using IBIT as the underlying for trades like the carry trade shorting the futures and buying IBIT as the spot version of Bitcoin. But Alex Thornton at Galaxy said it's because people are converting

their spot Bitcoin ETFs in mass. And this was probably one entity doing that. Something to watch as we see a crisis in self-custody. Swiss regulator FINMA approves country's first spot Bitcoin an ETF for retail investors. BIT asset management's Bitcoin Fund ETF B-bit is expected to begin trading on the six sex

six-six-s-six Swiss exchange in November. Funny. Switzerland has been long ahead of the curve with Bitcoin. I was very shocked to find out they didn't already have ETFs. J.P. Morgan issues there. It's the same

damn story. SpaceX and Tesla boards form special committee to review merger why wouldn't they merge the companies when they've already merged the technology, the car can do what the rocket does, same damn company? Right? So obviously that sent some interest. Things were up, but then you had earnings and things were down.

But this is going to probably be the biggest company on planet Earth in the future. Everybody knew that was happening. The more interesting part probably is that Tesla, they reported their earnings, and like 30 or 40 percent of their total earnings was just for the whole, company for Tesla was their Bitcoin appreciating. And if these two merge, they would be one of the largest Bitcoin Treasury companies with over 30,000 Bitcoin together because they both hold Bitcoin. OCC advances U.S. Digital Asset leadership with final rule to implement Genius Act. We got the Genius Act into law, but we still need all of the regulatory regulators to make the rules. OCC, FDIC,

the Fed. Yes, Kevin Warsh, guys, they have to comment on the Genius Act. Well, the OCC put the rules here out, and it confirmed a lot of what's in the Genius Act, but actually, I don't know, because the Genius Act says that the issuers cannot offer yield on their stable coins, but that secondary platforms can, like Coinbase being able to offer rewards, yield, interest, rewards, terminology. They're saying they're going to go by a case-by-case basis and not to take that for granted. So we could get the stricter version if the bank lobby continues to push against the regulators like they did against the Clarity Act. U.S.Bot Bitcoin funds taken $1.07 billion over three sessions.

So we had this massive run for the first three days by I already told you why. And now today we're seeing like 600 million out. Are you tired of ETF flows yet? I am. SEC crypto rule draws ripple support and public citizen opposition. This is just a cool story because red crypto reached the end of its comment period. That was regulation crypto from the SEC. and a lot of companies rang in saying that they had specific things that they wanted to see in there.

A number of them wanted to be listed as commodities. Ripple formerly sued by the SEC who won and actually made it clear that most of these things were not securities, now on the side of the SEC saying they support most of it and just want to see a few new rules. It shows you just how far we've come that companies in the crypto industry that once were literally being sued by this agency have come into line and agreeing with it and helping push forward. This one we covered today. Lawsuit accuses Trump of illegally profiting off foreign crypto deals. To that I say, no shit. Next story. J.P. Morgan takes JPM coin to Ethereum for institutional payments. Yes, the same asshole JPMorgan we talked about. The beginning is literally on Ethereum. Cool story, bro. J.B. Morgan asset management expands access to its tokenized money market funds on Solana.

Yeah, not just Ethereum, but to Solana as well. J.P. Morgan is all in their full D-Gen. whether Jamie Diamond likes it or not. What's this story? Oh, is that the one that's here? It's the one that's here? No, it's right here. Anderson Horowitz had a crypto fund. It's now called A16Z Frontier.

It's no longer a crypto fund. That's the story. It was a crypto fund. Now it's a Frontier Technology Fund, aka we took it a lot of money. There's nothing to buy in crypto, so let's go buy some other shit. It just shows you how far we've fallen. on the CryptoVC side. And finally, China seeks to see a 61,800 Bitcoin

tied to $5.7 billion fraud scheme. I told you earlier in the week that the UK had made a judgment, basically that they were going to just keep all the Bitcoin from that Chinese fraud case. And China now actually wants the money back to distribute it to victims. Crazy story, I know.

That is the weekly reckoning. I hope that you did not get weekly wrecked and that you are not getting reckoned this week. That is all that I have for you on this show. We will get Jack Mowler's back on. Tomorrow I've got Gracie Chen from Bitgett talking about the hack recently, clarifying a lot of things.

And, of course, Sunday, the chief futurist. See you guys on Monday. Macro Monday. So your decaf oat milk extra but not piping hot, four pumps of caramel, no sugar, small latte, and a large cup. That will be 10 minutes. No worries. I'm having fun on Playojo.

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