The Wolf Of All Streets - Buy Ethereum Now! | ETH ETFs Are Coming

Episode Date: July 16, 2024

Dan Roberts, the veteran crypto journalist joins me to discuss the latest in crypto! Ethereum ETFs, massive Mt. Gox Bitcoin dispatch, Trump trade, etc. My friends from The Arch Public, Andrew Parish, and Tillman Holloway, are joining in the second part of the stream to provide an update on the $10K algorithmic portfolio.  Unleash algorithmic trading with The Arch Public: https://thearchpublic.com/  Dan Roberts: https://x.com/readDanwrite Andrew Parish: https://twitter.com/AP_Abacus  Tillman Holloway: https://twitter.com/texasol61  ►► LEAVE YOUR COMMENTS HERE! THERE ARE 0 BOTS! 👉https://roundtable.rtb.io/shortUrl/OBKErCO ►► JOIN THE FREE WOLF DEN NEWSLETTER, DELIVERED EVERY WEEKDAY! 👉https://thewolfden.substack.com/   ►► The Arch Public Unleash algorithmic trading. Discover how algorithms used by hedge-funds are now accessible to traders looking for unparalleled insights and opportunities!  👉https://thearchpublic.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 'TENOFFSALE' for a 10% discount. 👉https://tradingalpha.io/?via=scottmelker  ►►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   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 #Ethereum 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.

The Ethereum ETFs are set to start trading one week from today on July 23rd. According to Eric Balchunas, the SEC is finally in line. The S1s will be approved by this week, and we should see these things trading. Does that mean it's time to buy Ethereum? Nobody knows, but we have some ideas. We're going to talk about that and a lot more with one of my favorite guests today, Dan Roberts, and of course, the boys from Arch Public on the back end. Let's go.

What is up, everybody? I'm Scott Melker, also known as the Wolf of All Streets. Before we get started, please subscribe to the channel Let's go. So screw you guys. Anyways, I've got Dan Roberts here today, and we're going to talk about Ethereum. How are you, Dan? I'm great, Scott. GM, what's up? GM, GM. I actually posted a GM tweet this morning for the first time in a long time. I was feeling inspired.

Wow. ETH is back. That's why. Is it? I guess we will talk about that now. We've got the endless, endless guesses about what's likely to happen when these things get approved. Citibank, 5.4 billion of net inflows in first six months. That would be about a third, by the way, of what we've seen with Bitcoin, right? 15 billion. And a lot of people,

we've talked about it endlessly here, but based on products in foreign countries, the market share of Ethereum versus Bitcoin, we kind of get this like 20% to 30% guess of what the Ethereum ETFs might do versus Bitcoin. My guess, there'll be a little less because we haven't had the educational curve and people are just kind of confused and it happened on a fire sale. But I still think these will be popular products. Yeah. Look, I think it's fascinating to see what happens because you're right. There's the educational curve, not just about how spot ETFs work in this case, but I think Bitcoin versus ETH for the general public.

Like, let's remember, who are these products aimed at? These are a way for boomers to get exposure to crypto without having to buy crypto. And so, you know, if we back up a little, there's a huge irony to me in the crypto world excitement over ETFs. Now, obviously, if it pumps the price grade, and that's what people want to see. But the irony is if you go all the way back, and I've been covering this stuff since 2011, this wasn't supposed to be the point. In other words, people said this is going to be outside mainstream markets, outside government control. It's about a separate rails system. Get out of the unfair and unjust and dusty old creaky financial rails. And yet now here we are, we're celebrating because there's

a mainstream market way to buy exposure to Bitcoin and ETH like it's a stock. And so whatever pumps our bags is decentralized future. We know that. I literally like just listening to you talk about it. I wrote a newsletter this morning, Bitcoin doesn't need heroes. And it's literally, listen, it was like, cool that there's some politicians who are like on board. But at the end of the day, that wasn't the point. It's exactly what you're saying. But not only was that not the point, but these situations with the government, they come and go and Bitcoin's inevitable with or without it. Sure, it helps. I'm not dismissing that having tailwinds instead of headwinds is a good thing, but you make

a great point. ETFs are for investors, not for believers, but we need them. It's so true about politicians come and go. I mean, look at the Gary Gensler era. It's been mostly ruinous, but people are excited about the Trump-Vance ticket, people in crypto, because they think maybe that means the end of Gensler as SEC chair. And my thoughts of that is like, okay, let's say it's someone else. Who knows if that person will automatically be more of a supporter. We cheer for Gensler. Gensler was our boy.

People forget that we were like- MIT class. He's a block traded MIT man. The guy gets it. He's so pro-crypto. Right, right. Elizabeth Warren dug her little, rubby little nails into him, that woman. Man, the political stuff is also fascinating.

I took a peek at your show yesterday. I know you guys talked about the political stuff is also fascinating you know i i took a peek at your show yesterday i know you guys talked about the trump stuff off the top and you know we don't we don't have to spend time talking about the this you know gruesome news from saturday and it was obviously insane and we're like living through history all that said we the crypto people have moved on to wow this is the most pro crypto ticket trump Vance, and look at what they've done. And Vance is sponsoring a bill that supposedly is going to be even better for crypto than FIT21. That's all great. But again, just as you say, politicians come and go, presidencies, administrations come and go. And what I always say, again, having been covering this stuff since

2011, how many times have we all heard from people in our lives who are still skeptical? And that's fine. How many times have we heard, well, you know, couldn't this stuff all go to zero tomorrow? And couldn't the whole thing collapse? And you just kind of sigh, it's like, we're still answering this. And so they're still going to say that. In other words, people who want to insist that crypto is either not interesting to them or a fraud or a scam, or it's stupid, or it's unnecessary. They're still going to say that for another 10 years. But Bitcoin has been around for 15 years, whatever it's been, and it's going to continue to exist. You're right. Separate from pro or anti politicians.

Yeah, the irony of the ETFs is thick, but I do think it's a net positive in an environment where a lot of people can't access spot Bitcoin. So there is that element of, I want to put Bitcoin in my retirement account and I can't, so I buy it that way. And I do think a lot of people did it for that reason, but those people are now in, right? So it's the future of institutional investment we're going to see. I mean, Larry Fink came out again with some massively favorable comments in the past few days. Did you see that? I did. I mean, this is, you know, what a sea change from even just like five or six years ago, where, you know, Jamie Dimon had to eat crow from saying that Bitcoin was like tulip bulbs. I mean, everyone notable and influential is changing their tune. Again, I keep going back to this, but I wouldn't have thought when I first started covering this

stuff that the degens and leaders and biggest voices in the room in crypto would be celebrating what Larry Fink and Fidelity and PayPal say. But again, I get it. It's positive for the overall space. Rising tide lifts all boats. But people who actually are in crypto, if they're going to use this news, if they're going to buy the rumor and start buying up right now, well, it's not going to be, those aren't the people investing in the ETFs. I mean, those people can just load up on actual Bitcoin. I always used to say, if you want exposure to Bitcoin, how about buy Bitcoin? But it's like you said, it's not for those people. These products are for people who in a million years, they're not going to go to Coinbase even. The most centralized,

easy to use option they have and create an account, go through the showing their driver's license. It's just too many things. They don't know how to do that. And you can't do that in your IRA anyways. I just wasn't even planning to talk about it, but I have Fink's comments right here. It's pretty astounding. If you want to talk about irony, because first of all, Larry Fink was dismissive of Bitcoin. He's admit that, strong opinions, loosely held, as we like to say. I mean, this is the guy who is behind ESG, which Bitcoiners hated more than probably anything in the entire world, right? The funny thing is that like the anti-mining Bitcoin bad for the environment narrative, that was championed by

Larry Fink policies, right? So it's kind of a wholesale reversal, but he did say this. I mean, he said, it's a legitimate financial instrument that allows you to have uncorrelated returns. It's an instrument you invest in when you are more frightened. It is an instrument you invest in when countries are debasing their currency through excess deficits. Bitcoin is an opportunity to invest in something outside your country's control to give you more financial control. I believe there's a role for Bitcoin in portfolios.

I believe it'll be one of the asset classes we all looked at. It is digital gold. I mean, one of us ringing the asset classes we all looked at. It is digital gold. I mean- One of us. It's a ringing endorsement. Now let's focus on one thing there. Saying it's digital gold and it has a place in your portfolio, we've gotten to a point where that's not very controversial. In other words, that's like table stakes saying there's a place for it in your portfolio. I mean, I've been saying for years, it's possible for certain old Wall Street types to just say, I believe that it's worth allocating 1% or 2%

of your portfolio to this without that equating to rah, rah, this is the future. Bitcoin is going to be the global reserve currency. It's going to replace the dollar. They're just saying it's legitimate and it has a place. 1% to 2%, that's it. So in some ways, it's not like you say one of us, maybe. I'm saying one of us in the currency debasement and the reasons. The funny thing is that people forget RIAs also don't recommend gold. It's a 60-40 portfolio, not a 60-39-1 portfolio. So it's really getting them off stocks and bonds. That's the problem. Like digital gold doesn't even resonate. What you just said, when I talked to the Bitwise guys and everyone who's out on the roadshow, that's the pitch. It's the dude,

look at what happens if you add 2%. Your portfolio has gone up every year for the last two years, even if Bitcoin goes down because you have an idiosyncratic asset. Amazing, right? And that's going to be the pitch for Ethereum. It's not going to be the decentralized internet. The pitch for Ethereum to RIA is going to be like, oh, now do 1% Ethereum and look what it does for your returns. Your Sharpe ratio is great. So wait, let's talk about this because this is an ongoing fascination for me. And this is why I think we won't quite see, I mean, I'm not a financial analyst and, you know, TINFA, this is not a financial advice. I don't personally think we'll see quite the same numbers flowing into the ETFs as we did for BTC. If anything, maybe we'll see more people

go into the BTC. I think we have actually seen that in the last week in anticipation of both will go up rising tide. And the reason is, you know, if you do even a little bit of reading and a little bit of self-educating, you start to learn that, okay, there's Bitcoin, that's over here. That's the, the alpha and the Omega as the former, you know, there was someone years ago at one of our Yahoo finance conferences who framed it that way. I always think about that. You know, you've got Bitcoin over here. It's digital gold. The sort of thesis for that has already been made. You can not buy into it. Fine. But that's the case over here. There's digital gold. The sort of thesis for that has already been made. You can not buy into it. Fine. But that's the case. Over here, there's ETH. And yes, it has also gone up. And in fact,

it's done better, I think, in the last week or two because of this news than Bitcoin has by percentage. But for the most part, the ETH people, the ETH crowd say it's not about digital gold. ETH is going to create this whole world of decentralized apps, dApps, and consumer cases. And I'm here to tell you guys, it's all been interesting, but it's all theoretical. And for the most part, we haven't really seen many or any real legitimate consumer apps running on Ethereum. And for the most part, I think what we've seen is it's just digital gold. Yeah. Okay. Right. It doesn't count as an app.

But I've long made the argument that stable coins are the killer app. Yeah. We do have Polymarket now, which I guess is on Polygon. So it's a layer two. But we're being intellectually honest. Polymarket is just a predictive markets app that you happen to be able to use crypto to bet on. It would be effectively the same platform if you PayPal'd your money in. And I'd like to see it become widely used for something other than predicting the election. For now, everyone in crypto says, Polymarket, oh my God, it's so big. It's been big for one specific use case. After the election, what are people going to use it for? I haven't really seen much activity

on using it to predict sports things and other areas. I mean, I believe Polymark is interesting. I think it's probably, you know, the most interesting of those prediction market options. But for the most part, I mean, I'm talking too about,

you know, we were going to see crypto-powered publishing, crypto social, ooh, Web3 social media. Remember FriendTech? Buy my keys. And if I own your keys, we can talk to each other in a chat room. It's all just-

Just DM me, dude. Just DM me. It just goes back to it's a financial asset. For now, that's what crypto is. And that's okay. Okay. So are there any of these things that are bubbling right now that you think do become killer apps?

So obviously, we talk about Larry F fink buidl biddle build whatever however we pronounce these things in crypto 500 million okay drop in the bucket you know but but but it is accruing assets there's over well over a billion dollars in tokenized treasuries okay you can buy treasuries but like is rwa do we start to like, am I going to sell you my house through NFT or something? Well, it's funny. You mentioned you slipped NFTs in at the end there. The NFT stuff really kind of, I don't know. We got to stop using the acronym and then maybe it'll take hold again because the very term is so toxic and it's become a punchline.

Now, RWAs, that's worth discussing, like tokenized real estate, okay. But there are some folks, mostly crypto VCs, I feel like, who have really pushed like RWAs, RWAs. And for the most part, there would have to be a sea change in general, people who even have a crypto wallet, people who understand the value prop. If you ask a person who's not already a mega crypto native degen, would they use that method? Would they invest in something when it's a tokenized form? It just, I think, seems too weird to most people. They can't get there yet. They can't cross that bridge conceptually. So again, it's still early days. Now I do kind of tease when people say we're still early. We're not that early anymore, but it is in general early days for

all this other stuff. You're not early anymore if you're just buying Bitcoin and ETH now, but it's still early for things like tokenized assets, RWAs, stables, a separate kind of rails system. It's going to take years. Okay. So RW, I agree that these are the hype terms for things that will happen in five to 10 years, just like, you know, still not there. NFTs on Saturday Night Live, still not there, right? A cycle later. But do any of those things really get there this cycle?

I mean, I've seen some legitimate AAA level games coming out now that have at least a crypto element. So maybe gaming is ready for some level of mainstream adoption. Although people are only going to do it if the game's cool. They shouldn't care about the crypto side. Yes, 100%. And in fact, I think that was the mistake, having been editor-in-chief of Decrypt for two and a half years, when we would try and do kind of gaming coverage. I mean, every day we had pitches coming in, ooh, our game, our game. And it's like, all you'd have to do is lift the hood a little bit to discover there wasn't much of a game yet, but we're going to build it out. Or we've got a metaverse landscape, a metaverse realm, but what can you do in there?

Well, for now you can walk around and chat with other people and it's powered by blockchain. So I'm with you that, you know, the, the crypto games that will work are the ones where it's a cool game. So here, here's what I keep thinking of. If you remember at the beginning of the pandemic, Animal Crossing, and I think it was the sequel, it was like Animal Crossing 2 2 blew up big time and people were basically living inside Animal Crossing. Now that wasn't a crypto game per se, but it was a metaverse realm, arguably. I'm always surprised when people don't mention it as an example in which you lived a whole world. Now, if we want to go, you and I are a little older. If we go back decades, Half-Life, right? Or no, Second Life. Second Life, yeah. That was a metaverse. Even The Sims, arguably, was a metaverse game. And there were in-game

items, whether it's an outfit, a helmet, your bike, skins, whatever. I know Fortnite is one people use. I'm too old to have played that and too young to have a kid who's old enough that I've played it. So I don't know Fortnite. But point being, it'll be things like that. I think now again, let's not call them NFTs. Let's just call them in-game items, digital items. I think totally those will take off. And there are a few examples, but I don't think it's going to be like blockchain powered metaverse realms. I know people say Decentraland, the sandbox. I remember when people were paying millions of dollars to live next to snoop and oh my god i mean that was a moment captured you're right we had a great headline on that that was like one of the biggest clickers we've ever had and i think it was kate irwin who was our gaming reporter she

has since gone to pc mag she wrote the story and the headline was like man pays 350k to live next to snoop in the sandbox oh my god cheap deal i wonder i mean i don't know but i wonder what that 350k is worth currently 450k okay do you think that that plot is worth more than 450 dollars is it worth more than 50 dollars i'm just saying like is there a market for it i don't even know i haven't looked at it i'm not as much as i would love50? I'm just saying, like, is there a market for it? I don't even know. I haven't looked at it. As much as I would love to say I'm just being sarcastic, I literally have no idea because I haven't heard someone even... Okay, so NFTs, I still hear people talk about Bored Apes and talk about punks and there's some value.

It happens. I don't hear anybody talking about Land in the Metaverse and it's been years. Right, right. 100%. I mean, even Bored Apes, like, and, you know, I'm not, I shouldn't run my mouth. I'm not up to speed

on the current value. I know they haven't like plummeted precipitously and they're still worth something. But any of those celebrities, I mean, didn't Justin Bieber pay like a million for his? I think two.

Maybe a million. It was kind of a punchline. Some of them paid two. But there was like, that was another, talk about a moment in time. There was like some agency, I can't remember the name,

that effectively was facilitating the difficult purchase of a board for celebrities. And they were paying 50 times market to do it. Great business. You could have gotten that in for probably like 200K. Yep. The smart businesses were the ones that jumped on that shit. Oh, excuse me. That jumped on that stuff immediately.

You can say that. Okay, good. They jumped on that shit. And it excuse me. That jumped on that stuff immediately and didn't. Okay, good. They jumped on that shit and it didn't take them long to set up. The other ones were like, we're building out an NFT power. And it's like, man, you better get to market. You better get to market right now because it was just so obvious that this mania would not last more than a year. I mean, 2021 was crazy. I mean, if you were still running Decrypt, how would you be covering all of this political insanity in the United States? You just have to do at least five minutes of politics on every show now because it really is driving things. Good question. And I can't talk much about it, but I am actually returning to media soon. We

haven't announced yet, but I'm taking a new job in media after doing a year inside a crypto VC fund. So a couple of thoughts there. Wait, you didn't last more than a year at a crypto? I did one year. Yeah, it was educational. It was interesting. It was educational. We'll leave it there.

But I'll go back to when I was back at Yahoo Finance, and my main things were crypto and sports business. And a mega story that just, it was like off the charts traffic. The interest was insane, was Trump and the NFL and the Kaepernick protests, Trump tweeting about it. Trump saying, I don't like this. Don't disrespect the flag. I mean, it was the story that kept on giving. And so the only reason I bring that up is like, man, if I were at a crypto news site right now, my philosophy would be like, hit it and hit it and hit it again. Every single incremental update is worth a story. And I think some places know that. Other places, sometimes you

see a philosophy of like, well, we wrote about that last week. It's like, man, write it again. You know, one of my old saws as a newsroom leader is like, don't assume anyone saw your story on it last time. If there's an update, even if it's just up, JD Vance said another interesting thing about crypto today on Squawk Box, write it up because the appetite is huge and insatiable. And not only that, it's a real story. It's not even an example of clickbait. It's not like when everyone was covering Elon and Dogecoin every damn day. And boy, did that bring in the traffic. Yeah. And that was nothing. This actually means something. This actually means something. And again, I will say my big caveat to all that is I'm still not even convinced that Trump, if he gets reelected, will necessarily be the huge

friend of crypto that everyone thinks because he wasn't in his first term as president. I mean, let's remember for his first three years as president, the only thing Trump had ever said about Bitcoin was a tweet that Scaramucci said, the financial Steve Mnuchin actually wrote. And the tweet was, I am not a fan of Bitcoin and other digital currencies because I like the dollar and I believe in a strong dollar. Now he has pivoted because he sees the political capital value in saying go crypto. And I do think, no joke, that people have that one guy to thank who got into the NFT event by holding the Trump NFT and said, what are you going to do about Gensler and Biden and Warren who have been anti-crypto? And Trump saw the opportunity. Listen, the second he saw how the crowd reacted,

he's obviously a deft marketer and he understands the sort of zeitgeist of humanity and does an exceptionally good job of grabbing onto things. That said, like J.D. Vance owns up to $250,000 of Bitcoin for years. At least he had to give that in his public Ohio. We know Vivek is close to him. We know now that David Bailey from the Bitcoin conference is in Trump's ear. We know Ryan Selkis. I mean, it may have started. I have no idea, dude. I don't believe any politician, anything they say. No offense to the people in the comments who love them. Let's see when they take off.

This is how I am. I want to wait and see it happen. So I'm going to just have my doubts for any politician until I see policy. Like, I don't believe in the Biden thaw because he vetoed SAB 121. Yep. Right. So like, show me the money. Well, and it was a follow instead of lead. In other words, Trump went, you know, rah, rah, crypto and the crypto people celebrated and said, we're going to literally, we're one issue voters and we're going to vote based on crypto. And the Biden stuff was just a follow on that. Do I believe that if Biden gets reelected, suddenly he'll be, you know, pro Bitcoin and ease up regulations? No.

Yeah, neither do I, but I do think there's an off chance that we would at least see Gensler gone because he's become so unpalatable for the Democrats and that can be a net positive. Although they've really, you know, they're bringing Carolyn Crenshaw, but I mean, they're not doing anything. Honestly, this for the Democrats. And that can be a net positive. Although they're bringing Carolyn Crenshaw. I mean, they're not doing anything. Honestly, this is the election. I'm going to tell you, this is the election. I've been saying it here a lot, but that matters, right?

Dipple, ripple, ripple, ripple, ripple. Donates $1 million to unseat Warren Winklevoss twins. Donate to pro-Trump super PAC. You guys might not know, but James Murphy, metal lawman who's on this show all the time, has a super PAC set up for John Deaton to beat Elizabeth Warren and Ripple Labs donated a million. So that's huge because the first reporting was that Deaton had raised 1.4 million, but one of a million of it was his own. So a million for him against Warren should open a lot of people's eyes because he getting

rid of Elizabeth Warren, who actually is a functioning thinking human person who's actually anti-crypto could affect White House policy more than even who's in the White House. So this is really interesting. I'm literally looking through my likes, which are now private to try to find the tweet. But the other day, Politico wrote a story and it was like about, you know, crypto affecting politics and that people in D.C. are concerned about this. And someone else retweeted it. And it was so, so on point. Someone said, OK, so we've gone from, you know, dismiss it as a fraud and a scam to, oh, it could impact elections and it's too powerful. It's like, so the people outside crypto still aren't quite sure what narrative they want to settle on for making it a boogeyman. Is it that it's bad for the environment? What happened to

that? Well, by the way, it turns out AI is also really bad and uses a lot of electricity. And it turns out Bitcoin miners are all just going to become AI data centers anyway. Right, right. So what do you say about that? And then it was, you know, it's influencing innocent people to lose their shirts. You know, they invested in Genesis and whatever the other one that was, it went down that they, that was too good to be true. Yeah, Exploiter. And now it's, oh, we're going to have tarnished politicians because crypto money is getting in and putting people in office. So, you know, it's it's in a way it's progress. It's like the wheel wheel of FUD.

Yeah. In passing, you just spin it and you wait and see which one it lands on. Then Elizabeth Warren gives a speech. It's all interesting, though. I mean, it's it's's sort of like, I know it gets so played out and I used to roll my eyes at this, but there's people love to treat that thing. First, they dismiss you. First, they ignore you. Then they actively dismiss you and insult you. And then they try to stop you. And it's like, yeah, I mean, they're not ignoring you.

Then you win. Yes. That's what it is. Feels like we're winning. And a year ago, it didn't felt like they were just fighting us a lot. Well, and yet, okay, so you asked me about if I was still running a crypto news site. I'll do one more sort of dorky journalist media comment. And that is that even though, so you say it feels like we're winning. Okay, look at the price, look at the momentum, the markets, the ETF. Okay. But I would actually say that in terms of just narratives outside of crypto space, the ETF, okay. But I would actually say that in terms of just narratives outside of crypto

space, you know, the media narratives, I haven't seen that much change. In other words, like big legacy news sites just don't think crypto is worth their time and they don't think it's interesting. And I feel like they all hope it'll just go away. And it's like annoying to people that it hasn't. I've basically described to me my entire life with any social group I was ever in. So it's perfect. You know, I've gripped onto Bitcoin so much because it's so familiar. That's just that annoying guy. He just won't go away.

But he's in the group. I don't know. I don't know why. Dan, any final thoughts before I let you go? And when are you making this announcement? The big, big new. Very soon, like next week. So check back. I will always be interested in what happens with crypto. I think it's fascinating. That's why I first started writing about it in 2011. I was just like, this is one of the most interesting things happening

in finance and tech. I still feel that's the case. I guess my parting thought would be like, I've always said, and even though people don't want to hear about it because usually it's negative or maybe it seems dry, regulation and the government and its effect on crypto and its relation to crypto has always been and continues to be the most interesting factor and the most important story. And look at the fact that here we are talking about what the current presidential candidates think about crypto. It hasn't gone away. Let's see what happens with regulation, but let's really make sure that we leave people the thought that you and I said right off the bat, which is whatever happens, it's not going to last forever. If it's a pro-crypto president for four years, okay, but let's see what happens after those four years. If it's another

anti, crypto will weather it. You get the policy policy you want then they get rid of the policy then a change policy then it comes back but that's what is there's one comment i need to read to you because it's so good uh before i let you go i logged out of second life for like two years one time and literally all the land around me got turned into a mall and my house was stuck in the middle like a courtyard and the land developers were losing their shit they could not contact contact me. Love that. I love that. Well, there's no guarantee that your neighbor is actually going to live in their house or ever show up again.

What happens when Snoop moves out? You go from being worth $45 to $4.5. Oh my God, you think Snoop has logged into that thing in four years? No, but his son's still around in the industry pretty heavily. So, you know, I guess we'll see. Dan, man, thank you so much and for dealing with my little technical issues at the beginning that you guys missed.

Appreciate it, man. Great talking to you. Have a good one. See you soon. All right. Now, you know, it's time for one beard. We're going one beard today, Andrew, one of our three, one of our three regular beards. Just before we get into it, we got Bitcoin dips below 63K as Malcox moves 2.8 billion Bitcoin to internal wallets. Seems that they've moved a bunch of coins over to Kraken now. And we're going to start seeing these disbursements. So was that the reason for the great bear market

this morning? That's a great bear market of 6.15 a.m. Yeah, it's funny. Yesterday, you have Larry Fink on all the business channels saying that Bitcoin is a legitimate financial instrument. That's game, set, and match. Oh, by the way, what if that guy that bought that stupid piece of metal land for 400 grand had just put that money into bitcoin back then how'd he be how would he be feeling today yeah but he can't live in his bitcoin that's true that's true you make a good point there um the the headwinds you know i listened

to your previous guests and and he he's he's got a long story history in media and a great guy. I disagree with the reality that out there in media, they just want crypto to go away. Again, you and I both know there's a difference between crypto and Bitcoin. There always has been, there always will be. Bitcoin is a brand much like Kleenex. Bitcoin is well known, will continue to be well known and will continue to be accepted on a higher and higher and higher and higher level. And yeah, there's not a bad time to buy the dip. There never has been. So you have a dip from 72 down to 55.

And what happens? Right after the 4th of July holiday and somebody's finished with their Montauk vacation, he ends up on the news channels. He ends up on the financial news channels talking about his bag, right? Larry Fink saying Bitcoin is here to stay. You guys may have questioned it. I questioned it back in 2017, just like Trump did. Apparently he was questioning it till 2022, according to Scaramucci. Yeah. And so, you know, shifted, created product around it. And when that guy creates product around something, it's not just a I'm goofing off here. It's a long term play where not only that product will turn into another, turn into another, turn into another, turn into another. There will be derivatives. There'll be options. There'll be lots of ways to get your hands on Bitcoin as an asset. And so I'm hearing a couple of things. There are

changes to the political landscape. We know that. That's very obvious to everybody. It's something everybody's talking about. That's going to have ripple effects. That's going to have ripple effects down That's going to have ripple effects down to wealth management organizations. Did you just say by ripple? No, I did not say by ripple by any stretch of the imagination. I've never bought ripple and never will buy ripple. My brain wants to be a degen and say what Ripple rhymes with, but I'm not going to do that here on this particular call. The password is. But from a political standpoint, that has Ripple effects down the line, down the financial line. And I think we're going to see some headlines with Wells

Fargo and Morgan Stanley here either end of the month or early August. There's going to be some adjustments to their internal policy. You can't have meaningful adjustments in the narrative and have political movements that are very, very well funded. Right. So the pro crypto pack is extremely well funded. And so you can't have those movements and then ignore them to the tune of not giving high net worth individuals access to Bitcoin ETFs. That's not a tenable position. So there'll be adjustments. I put a tweet out that was somewhat nebulous about five minutes ago. Wells Fargo and Morgan Stanley are moving up their timeline. So that also tracks with Larry Fink spending time again on the shows yesterday and talking about the virtues of uh of bitcoin and then of course ethereum etfs

looking like they're coming online next week or the week after um you know breathlessly waiting for those to uh to to make an appearance i've said all along that would take longer for those to happen than than uh than they probably should um and that's the case because Gensler is gritting its teeth and allowing it to happen. So, yeah, interesting stuff going on in the world that we

spend time in, no question. So, yeah, speaking of Bitcoin, I have an amazing tweet from you guys at ArchPublic here that we're discussing. ArchPublic is a Bitcoin company undeniably. To that end, we'll be announcing a Bitcoin algorithm at the Bitcoin conference next week. Guys, if you're coming to the

Bitcoin conference, you can hang out with Andrew and I at the same time in person. A product that is unlike anything currently available in the market, access, speed, versatility, accelerate Bitcoin. So first, I want to just give people an update. You always ask the $10,000 portfolio we've been trading is up 27%. It's currently sitting at $12,700.

Amazing. You guys have a new NASDAQ product that's taken three trades. Yes, that's correct. All winners. No losses. Undefeated. Undefeated. Right now.

That's right. We released that product about three weeks ago. It's taken three, actually four trades, and it's in one right now that have all been positive. Some have been positive to the tune of plus 3%, a couple 1.5%. Yesterday, just a smidge under 1%. And again, I come back to this concept, right? Our products are focused on liquidity and risk mitigation, and then performance comes from that patience. And so if you think about it, whenever our algorithms don't take trades, the positive outcome there is you're not losing money, right? You're not losing money when they don't take bad setups. So when they do take

setups, more often than not, you're making money. So, you know, we continue to add products to our shelves. The idea is, and we've believed this for four years, there is no silver bullet when it comes to an algorithm that makes you money. It has never existed, will never exist. And that's why institutions use all different kinds of algorithms for all different reasons. We want to do the same. We want to stock our shelves like a grocery store and give you lots of opportunity to choose. To that end, our Bitcoin algorithm, we're going to launch initially and we're going to have several levels to this. The initial level is this is an algorithm that's not going to ask you to deposit a certain amount of capital into your account right off the bat. You'll be able to use this algorithm with as little as $200, $300, $500.

Those people in the comments are going to love that. Yes. And so this algorithm is effectively going to be a dollar cost averaging tool into a Bitcoin ETF. We had a long conversation with Bitwise last week. And so, you know, there's going to be information that comes out about that and our involvement with them. The ability to buy something down to every 30 seconds, every one minute, every two minutes, that doesn't exist, by the way, at Coinbase, right? You can dollar cost average into Bitcoin on Coinbase once a day, right? You can do that. You can do that on, you know, Cash App. You can't

dollar cost average every three minutes, every 10 minutes into Bitcoin in a meaningful way anywhere else. And here's the other thing that the Bitwise guys brought up to us. The ability to dollar cost average on a daily basis on Coinbase is expensive. It's expensive to do that. The fees associated with dollar cost averaging with our tool are pennies on the dollar compared to doing it uh at a coinbase so the value associated with what we're bringing and going to announce at the bitcoin conference we're going to do a press release oh by the way we're having a dinner with some vips and scott being a chief among those VIPs at the Bitcoin

conference on the 25th. I'm a very important person. Yes. So, you know, if you want to spend time with us in meaningful time with us, FaceTime with us, have dinner with us.

We have 12 spots available for that dinner at Kane prime in Nashville. Look it up. It's the, it's good stuff. I'm a Kane Prime fan. Reach out to us. We'd love to have you. Guys, the real kicker is I'm bringing

my wife. People don't want to meet me when we go anywhere. They're like, hey, Scott, you're great. Then they ask, every time I go to a conference now, they're like, is Emmy here? It's really annoying. She's really a lot more fun than you. You stand in the corner, they're like, is Emmy here? It's really annoying. She's really a lot more fun than you.

I'm like, yeah. You stand in the corner and you like, you know, like look at your phone sometimes. And like, she's out there on the dance floor partying with us. Yeah, she's more interesting and she's angrier generally. Right. And that works for crypto. Right. I mean, that works for this space.

So, yeah, we'll have a great time in Nashville. And by the way, we, the arch public, our firm may have another event or two again, that will be small, but people, people will enjoy Tillman lived in Nashville for almost 20 years. So, you know, he knows all the spots, the people and, and some of the inside scoop. It's going to be out of control in that town. Oh, yeah.

It was already going to be. First of all, like this conference is a bit big for Nashville. And if we know if they get like bull market numbers like Miami probably can absorb it a little better. Yeah. You had Trump. Yeah. So a little bit of behind the scenes with the Bitcoin conference, folks, because we've been going to this for years. And oh, by the way, we're sponsors.

Archpublic is this year. We're sponsors at the conference. They're not doing it again in Nashville. They can't. They can't. They did it this year in Nashville. That's where they're based. They wanted to get out of Miami.

Yeah. Yeah. They've already told us we're not. This is the only time we're doing it in Nashville next year. We're not going to announce it yet, but next, the venue for the next two years has already been chosen and it ain't Nashville.

Right. So, but that's going to be too big. I mean, next year, you know, the, the like 20,

I guess it's every four years. So the 21 was 21, the conference, either 21 or 22, but it was so insanely out of control it was like 22 navigate yeah i was trying to net like when it moved uh yeah it was like trying to navigate uh like a crowded terminal on memorial day in in jfk if you didn't speak english i mean that was yeah we had scheduling to like go do interviews and it would take us like we were, you know, back to back, like on the half hour.

It was like, oh, that's 15 minutes away walking through the crowd. Yeah. There were 35,000 people there in 22. In 21, there was like 14,000. Yeah. And it was in two different spots in Miami in 21 and 22. 21, it was in like Wedgwood or something, or I forget what it's called. But yeah, it was in like Wedgwood or something, or I forget what it's called. Yeah. Like an artsy, you know, an art focused space.

And then it moved to a real convention center in 22 and it had to, cause it was so big. My last DJ gig that I ever publicly did before, like my official retirement was at Manow winwood in miami with two chains for the barcelona manchester game something that they were doing there i can't know bayern munich barcelona game and i played soccer with a bunch of bayern munich dudes it was awesome and then i dj'd and that was it and then the first thing i ever like really did big in crypto where like really big is was the conference at Man and Woman.

I was like, wow, my life really just tied. Yeah, yeah. I'm back here for a crypto conference after my last DJ gig was here. Yeah, Miami's a great spot to do it. It's just July in Miami, not optimal, right? Yeah, people forget the conference used to be a little bit earlier, but it's going to be hot. And to be fair, July in Nashville, not optimal. Pretty brutal.

But it's going to all be inside. It's in the convention center, so it'll be fine. So I want to be like, yeah, a conversation worth having just about Archpublic. Like we have had a few people that are like, wow, it's like really expensive. It's for higher net worth individuals. That is the case. Right. And I'm going to tell you guys, like my audience tends to be more like we're kind of the older established.

I'm not saying that you're not. Everyone's welcome. You know, I think a lot of channels have like 21 year old kids flipping meme coins. And I think we here to a degree have a lot of adults with portfolios. We're looking to add to it, whatever this product has largely been for those people. It's expensive, but it pays for itself very quickly and you need to have some capital to do it. You can't run it with a thousand bucks, but now being conscious of that, we've discussed the fact that you're adding things. Yeah. We're, we're, we're, yeah, you're adding things. Yeah, we're adding things.

We now have five different tiers that people can engage with. Our $99 tier, you know, effectively you have to have 10 grand to, you know, to be able to engage with that product. But our Bitcoin product... We are cognizant that that's a lot of money, guys. Yeah, we are. No question. But we have constructed our Bitcoin product so that you don't have to have a certain amount of capital. Now, you're still going to have to purchase the product, right? There's going to be a price for the Bitcoin DCA product because it's going to be first and best in class. You're not going to be able to do with our product on any other platform. It's going to be a remarkable

tool. But at the same time, you don't have to have 10 grand to be able to run that product. So entry-level product, a Bitcoin product. We've got another product that's our Atlas product that's underneath our concierge program. Then we have three levels of our concierge program that, that people enjoy. And, you know, so, you know, some of the benefits of the concierge program, we have the quarterly events. Our last event was in Aspen, Colorado. This event will be at the Bitcoin conference with some guy named Scott Melker and a couple other things. So, you know, a lot of benefits to, to being involved with, with our ecosystem. Yeah, that's awesome. So guys, it's in the description, but the arch public.com. I know

so many of you, uh, have checked it out. Haven't found anyone who's unhappy yet. Besides we've had quite a few people who said, I wish I could like get it, you know, and we are totally cognizant of that. Like I said, and, i said and and aware of it you'll be there soon it's a bull market don't worry um and uh but uh you know you should check it out at thearchepublic.com like really listen man you know i try to be very conscious of the things i even mention on this show at this point it's very hard and you know you you never this is one where i have zero doubt that uh it's beneficial for everyone. It's I haven't seen anything bad. So, you know, I think I'm enjoying using it.

I'm making a ton of money like you can't really think about it this way in terms of our Bitcoin product that we're about to release. Our Bitcoin product is not necessarily going to be associated with the performance of the algo. The algo is going to buy you Bitcoin in intervals that you want to buy it in down to very, very small increments. So that algo is going to be focused on the performance of Bitcoin. Oh, by the way, the performance of Bitcoin, no matter when you bought it over the last 10 years, you've done exceptionally well, right? So that product, we think, is going to be the kind of thing where we're going to remove the idea of great product and use it. And nobody said anything bad about it. Those disclaimers are going to go away.

This is going to be a unique tool that's going to be focused on the performance of Bitcoin itself. So you guys are going to, since you're a sponsor, we're going to have a booth. We'll be hanging out there, too, for the people who can't come to dinner maybe in advance we'll schedule like a time that i can make sure that i'm there and absolutely give us a high five and stuff in the comments i never ask you guys for like feedback in the comments are any of you going to nashville are we like screaming at a wall here who in the uh comments over there is going to be in nashville and wants to come meet us? So you and Tillman will be there the entire time.

Yep. Yep. Absolutely. Absolutely. That's going to be awesome. I'm a fan. I'm a fan of Nashville for other reasons. I'm a single gentleman. So, you know, fill in the blanks there.

Nashville is a decent place to hang out. No longer bringing Emmy to dinner. To have a decent place to hang out. No longer bringing Emmy to dinner. To have a decent time. On Fridays and Saturdays, Nashville is a great place to be. JK will be there. If you are coming to Nashville, by the way, please, for the love of God,

stay away from Broadway. Broadway, it's not... They're going to tell you it's a cool place to hang out. That's like the 6th Street. That's like the Austin 6th Street equivalent, right? Basically like shitty Mardi Gras. Yeah, don't do it. Just don't do it.

There are other spots to go. Yeah, just, you know, hit me up. DM me. I'll tell you where to go and the places to be. There are a lot better spots to be than Broadway. On Axie's AP underscore abacus, you're still sort of low-key shadow bands dude anytime i try to tag you i have to type in your whole name and you don't come up in the search how do you deal with that what's the deal with that i don't i've been for a while it's very weird like i cannot search you

yeah i don't know maybe larry fink doesn't want me to talk i try to tag you all the time and i'm like let me remember it's like having to remember a phone number in the 80s it's like you're right it probably it it probably was associated with larry kink versus larry fink i mean that's probably yeah yeah seth will be there we're gonna see seth sweet awesome all right man well guys again thearchpublic.com cannot recommend it enough. They have the funniest sign in, by the way, for their newsletter, navigating the markets, get the guide. I prefer being mediocre. Yeah, that's a free giveaway that we do for folks. It's a 90 page

sort of dossier associated with trading and emotions and the right way to do things, of course, focused on the fact that you don't know what you're doing. If you're doing it by yourself, use our products. So. Yeah. Yeah. So read the 90 pages or be mediocre. It is what it is. I don't make the rules. I make the rules. And also, if i learned one thing from today's show it was that you should probably apparently you need to buy ripple no no no god no when tillman gets back on here in a couple weeks oh my god i'm gonna tell him to buy ripple he'll no no no he he's owned some ripple he's on some yeah he owned it at the wrong time let's say that it's ripple some guys got that i did see that we have some people that got the uh cable guy reference which was good yeah all right that's all we got for you today we have to go on uh with our lives next week uh i'll see you next week but

we'll be here but then uh when i'll be in nashville wednesday so you got it all right man there man thank you guys for listening. Always a pleasure. Check out the arts, public.com later.