The Wolf Of All Streets - Can Donald Trump Make Bitcoin Great Again?

Episode Date: June 12, 2024

Donald Trump is making headlines with his bold statements about Bitcoin. Is he truly convinced it's the future, or is he simply trying to garner more votes? Join Mike Alfred as he delves into this intriguing topic and more. Additionally, today is a crucial day for Bitcoin, with the FOMC meeting and CPI report set to impact the price of Bitcoin and other cryptocurrencies. Don't miss this insightful analysis! Chris Inks will join us in the second part to share some interesting trades in crypto and beyond.  Mike Alfred: https://twitter.com/mikealfred Chris Inks: https://twitter.com/TXWestCapital ►► 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 #Trump 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.

We know there's nothing more I love than talking about politics and especially presidential politics. And probably the first time we've ever had in the title Donald Trump's name. Can Donald Trump make Bitcoin great again? If you had told me six months ago that I have a title like that on my show, I would have told you that you had fallen on your head. But here we are now on the docket. Bitcoin, one of the main drivers, one of the main narratives for the next election. And Donald Trump, certainly, whether you believe him or not, going all in on the narrative of Bitcoin, meeting with Bitcoin miners. And today's guest, Mike Alfred, one of your favorites and mine, told us that was going to happen in advance as he often does for things like this.

We have so much to talk about, guys. Let's go. What is up, everybody? I'm Scott Melker, also known as the Wolf of Wall Street. Let's go. It's me and a bunch of players. I'm on the team now, guys. Sorry. That's my breaking news is Donald Trump may make Bitcoin great again. I'm going to make football great again. Imagine that. All right. I'm bringing on Mike. I can see you giggling at my idiocy in the background. Thank you.

Dude, you've been right a lot lately. That tends to happen from time to time. We got to stay humble. It's Bitcoin, though. I've been advised by the Maxis that I must stay humble and stack Sats. So I've stopped stacking full Bitcoins in deference to the Maxis. Have you by any chance sold your house to buy more Bitcoin and moved into your hardware wallet? I did that several years ago. I didn't want to offend any hardcore Maxis. I also only eat steak, as you can see from my tweets.

Well, there's one thing you've been super right about that I have to point out because, man, miners, but in particular, you came on the show multiple times and sort of spoke the gospel of Iris Energy, 13 bucks pre-market. I think the first time you and I were talking about it on the show was three or four dollars-ish. It went up, it went down. But here we are with Bitcoin miners ripping. But there's kind of more to this story, obviously. And I'm not sure that they're necessarily related, but you did tweet former President Donald J. Trump will be meeting with a handful of the largest U.S. public and private Bitcoin miners in a few hours. This obviously was yesterday. Miners will be advising Trump and his policy team. The photo opportunities will be endless if the images just start popping up and then yeah the images uh so you knew that was coming do you think that that's related at all here you think it's

just uh risk on i mean it's a much iron itself is a much bigger story right because iron just executing so i think the first time i mentioned it specifically was in November last year on your show and the price was bouncing around $280, $290, $3. And you took a position and ran up to eight in December, eight, nine, and then fell back. And that's been the theme with these miners since the bottom. Even though they're up more than 10X, the best ones like CleanSpark, Iron, Cypher, et cetera, they're up more than 10x the best ones like clean spark iron cypher etc they're all up 10x off of their december 22 lows it's been really really painful for most people to hold them and in fact like several months ago a lot of people capitulated a lot of analysts and influencers like sold all their miners at the lows to buy micro strategy

at 1900 and you know what's happened since then. Not that MicroStrategy is not a great company. I still think MicroStrategy can go up a lot. But you never want to sell the thing that's in the tank to buy the thing that's been skyrocketing right at the turning point. But yeah, Iron's just executed so well. Their growth trajectory is unlike any other company in the space. And I think there's a good chance that within the next year, they're either the largest public miner by continuous production or one of the top two or three. And of course, the stock price a month ago was not pricing that in at all. And so, Scott, the thing that people need to understand is that these re-ratings can happen really quickly. So I told you all about this company six months ago eight months ago etc what i couldn't predict is exactly when the market would understand what i knew to be true then like

nothing's really changed with the trajectory of the company but what changed was the market's perception of the company and that's kind of cool to see i just might remember you pointing out and telling me obviously privately as well you're like these guys own more assets than the stock is worth. I mean, like literally just the infrastructure and the buildings and the miners are worth more than the entire stock. Yeah. It's a classic Buffett, you know, margin of safety value investment, almost like a cigar bubble with growth. Right. And so it's like, it's one of those things you rarely, rarely seen in markets where you've got a value investors traditional framework for value where you can define the asset base and you can show that the equity value in this case, particularly like in November of last year, was below the value of the hard assets. But then you also have exponential upside from the utility

of those assets to do things like AI in Bitcoin. It's again, one of those rare things you don't see that often. And I don't think this run is anywhere near done. I'm not saying there won't be a pullback. We could certainly pull back from here back down to seven, eight, nine, whatever, but those would just be buying opportunities to ride it up to 20 or 30 or 40. And so early days for this company, the best analogy, and I've said this before on your show is Aquinix, which is a data center read focused on the traditional internet data center business. That stock in 2003 was $3. It went to like $900 over the next 15 or 18 years. That's what could happen with these types of stocks. There's a next generation compute generation story going on now

with AI and Bitcoin and some of these other HPC categories. And it's just not something that the public markets are really fully understanding yet. Elon Musk understands it. Sam Altman understands it, but like it's still early days, right? Yeah. I mean, Core Scientific had a announcement last week. It was like a potential $3.6 billion revenue generating deal with an AI company because these are at the end of the day, they're data centers, right? And people need compute. And so I think a lot of Bitcoin miners are going to eventually take advantage of that. And we're talking about kind of the miners that have been moving. I think things are moving more. We just saw, I woke up, price was one thing. I ate breakfast, I refreshed and price was completely different. That's because CPI hit,

right? We just saw some huge CPI numbers. So this sort of leads to that maybe it's going to be risk on here for a while, people are going to start expecting interest rate cuts, or at least pricing them in one or two for the year once again. But we just saw a pretty impressive CPI print here, right? Yeah, so we came in like 0.1% below forecast on both the core and the regular. The core was at like 3.3 versus 3.4 expectation. I said yesterday in spaces, if anything, it would be a bullish catalyst that's sort of programmed into risk assets already, but there wouldn't be any surprises. And there were no surprises. The market is now pricing in one interest rate cut by November for sure. And so it makes today's Fed meeting sort of irrelevant. It almost doesn't matter what they say. He's going to say the same. He's reading

from the same script. He's going to say the same thing he always says. We're data-driven. We're focused on 2% inflation. We're focused on our dual mandate of full employment, et cetera. He's going to say the same exact things that he always says. And so the market now basically is looking past that and saying, okay, when is the actual interest rate cut coming? And of course, now we're like 99.9% certain there's not going to be any interest rate increase. So I think that's the key point. I think that's what the market is responding to. There's no hike opportunity now. You can have a couple of Fed governors like Jawbone. You might see that over the summer.

If risk assets run too far, they'll start saying they might have to raise. But the market doesn't believe them. It's not going to happen in an election cycle. It's not going to happen with $34 trillion of debt. The dollar is front running it right now. The Bitcoin mining stocks are front running it. Bitcoin's back at 69.5. I said yesterday on X that the Bitcoin miners were basically signaling running it. Bitcoin's back at 69.5, right? I said yesterday

on X that the Bitcoin miners were basically signaling that 66 was the bottom. You really want to listen to the miners. They're the best forecasters. They're the best predictive metrics for what's going to happen with Bitcoin next. I know a lot of people don't fully understand that. And they point at one day's performance and like, see, I told you the miners don't know anything. but no, like over long periods of time, the miners have more data on what's happening with the Bitcoin network than any other players in the ecosystem. And the entities trading those assets, like a lot of the quants and high frequency traders, like they are looking at more data than almost any other investor on the planet. And so the miners are pretty good indicators of where

we're headed. And the miners are saying Bitcoin's heading higher and probably soon. Yeah, I agree. I mean, look at a coin market cap. Pretty impressive. I mean, Bitcoin up two and a half percent an hour, right? That's a pretty sizable move, cutting in half sort of the downside of the week. At the end of the day, we were always just ranging, right? I mean, I show the chart all the time.

And that's delayed. That's a delayed quote. The price right now on Coinbase is 69 430 and just a second ago when you started the show was like it was 69 6 and i wouldn't be surprised by the end of the fed mini today if it taps 70 or 71 right and we just need to keep bumping up against that 71 72 73 level maybe one or two more times and then when it breaks through whether that's a week from now or a month from now probably not more than a couple months from now it's gonna run to like 75 or 80 like it's just a question of timing it's sort of like the re-rating of iron where i could

tell you with like virtual certainty that at some point when even when it was a two dollar and 75 cent stock that it was going to be a 12.75 stock. I just can't tell you when the market's going to re-rate it. But from a fundamental standpoint, like Bitcoin needs to trade higher and will trade higher. Just got to give it a little bit of time. All right. So you were invited, obviously, to the White House. That's how you knew that Bitcoin miners were all going to be at the White House. It seems like Donald Trump is, whether, like I said, it's hard, I think, for a lot of people to understand whether it's just words and he's playing to the bass who he's listening to, or if he's really deeply going

down this rabbit hole. But either way, his rhetoric is certainly extremely pro-Bitcoin. I mean, to the point where now he said he wants all remaining Bitcoin to be made in USA, which obviously is not possible, but good to know that he understands at least the importance of that and that this is maybe the best, I think, defense he said against a central bank digital currency. Bitcoin mining may be our last line of defense against a central bank digital currency. I mean, is somebody in his ear or is this really like a football he's picking up and running with? Well, I think it's RealPolitik. I think he's smart enough to know that he needs to use whatever strategic levers he can to win. Obviously, losing that trial in New York really helped boost his fundraising. Appealing to crypto

holders is a really smart strategy. Bitcoin is kind of pro-America in the way it's designed. It allows people to hold their own money and have freedom. It's the same ethos that would have you have a gun and live on a farm where you have your own well so you can be self-sufficient. Bitcoin is that. And once you understand that and you realize there's no reason to attack it, it makes sense to adopt that community, right? And so his policy advisors are just smarter. His policy advisors are just more forward looking than than Biden's. And so, yeah, whether he understands all the granular details or not is sort of irrelevant. Like none of these candidates actually understand

all the details. So what happened yesterday was was a meeting actually at Mar-a-Lago. It wasn't at the White House. You had to get Secret Service clearance to go, which I provided all my information. And I was set up to go as of the very end of last week. But Iron was actually the company that was going to kind of sponsor me to go, right? So I was going to go as their U.S. representative. And we decided for various reasons to not attend. And there were several other miners who didn't attend. Those other miners I know didn't attend because of the price tag. Obviously, a pretty expensive meeting.

These meetings and these dinners, like the one that David Sachs had last Thursday in San Francisco, they typically cost $250,000, $300,000 plus. And so it's all going to be large corporations that can justify it almost as like a marketing budget or a lobbying budget. Right. And it makes sense because actually I think you can justify it from a legal and compliance standpoint from the fact that like, if you don't have federal government support and you don't have state level support, like it can actually be an existential risk to your business long-term. And we've already seen that in a number of places around the world where the government has cracked down and shut down mining completely, like in China, or made it very hard, like in certain parts of Europe.

So I think it makes sense for a lot of these miners to go. And it looks like they had a good time and it looks like Trump is getting the messaging. And I think it's sort of like human nature, right? If you're around smart people that have good talking points, you're going to sort of adopt some of those talking points as your own. And Trump's not stupid. He knows appealing to this group is probably a smart strategy and, you know, I applaud it. Yeah. So do we, do you think that Biden continues to soften in response or do you think that, uh, that was just a very temporary sort of moment with SAB 121 and all of these things.

Also, I've noticed just anecdotally, a lot of the people that were stumping hard for RFK, even advising are now whole team Trump. Yeah. Yeah. I think he might've, might've grabbed some of the independent vote within the, the, the Bitcoin wing and Biden, like, I don't know if he's going to be fast enough to, to pick this up or whether he's going to be willing to offend Elizabeth Warren and her goons. Uh, cause if, if he isn't, then he's going to lose the Bitcoin vote. And I think there's a pretty good chance that he doesn't win, um, the election. Cause there are actually far more motivated people, uh, who own Bitcoin and crypto now than there are this like normal people who are

like who actually care about this election. From my perspective, I think people are pretty fed up with all of the major candidates for president this year. Like I know if if Trump didn't take a view on Bitcoin, I wouldn't even consider voting for him. Like he said to put Lysol into your body to fight COVID, right? Like I could go on there, like hundreds of examples of very odd things that Trump's done historically. So I don't want to like gloss over that. Like, I don't think he's necessarily like a completely stable, thoughtful person in every respect. But as long as he has good policy advisors that make intelligent policy that will actually make Bitcoin better and make America more competitive, et cetera, then I'm

going to go that direction even if I otherwise find it distasteful, some of the stuff that he's done. And I think there's probably quite a few people like me. I still see the far left liberal people who could never in a million years tolerate Trump. Even if he said the right things and did the right things for five years consecutively, they would still vote for Biden because they're true political people. I'm not a political person. I'm more a, hey, I'm interested in what happens in the real world. And I've been an independent voter since I was 18 years old. I've never been a Republican or a Democrat. And so I'll vote for whoever I think has the right ideas. And so whether that's Trump or RFK or whatever, I'm open-minded about it. And I think his support for Bitcoin mining helps push me a little bit further in his direction.

Yeah, guys, Mike knows it wasn't actually telling you to eat Lysol, by the way. The comments are blowing it closely, I don't think he was sure whether you should, when talking about politics, I think that the crypto market has really swung this in his direction, which is very interesting. I think it is a big enough voting block that it's going to be meaningful. Poly markets right now, which, of course, like there's a bit of echo chamber bias to the numbers on poly market because it's crypto based. So I think the people who are using it are probably more likely libertarian or maybe right. But he has a 56% chance of winning with people actually betting with their money right now, which is a 22% lead over Biden. So this is a majorly huge gap that he's leading right now with people actually betting with their money. And even if you go to the more traditional polls, it's like a 50-45, which is still really,

really significant. I mean, seemingly, regardless of your position on either candidate, this issue, this has holes it's like a 50 45 which is still really really significant i mean seemingly i don't regardless of your position on either candidate this issue this has all happened since he took up this issue this is really starting to move the potential here for the election in which direction i'll go it's crazy to me yeah i don't what i'm wondering is if that kid who asked the question that kind of started all this if he was just if he was just a plant by the campaign to get him on video saying these positive things about Bitcoin and negative things about CBDCs

or if it was all organic and he just pulled the thread. My suspicion is that it's some combination of both. And David Bailey, the founder of BTC Inc. and Bitcoin Magazine seems to be in his ear. He's kind of like one of his cryptos are now was very much behind rfk and one of his advisors so there's a perfect example and i think he's playing both to be quite honest and i don't think that in a negative way i think people want bitcoiners to be in the room and those guys are gonna make sure they're in the room regardless which candidate wins yeah and it's's funny because the only two candidates I'd consider voting for right now are candidates that Bailey's been influencing.

So I'm glad somebody's doing that work. It's not what I'm interested in, really. I'm interested in the free market response. So create an open road, allow Bitcoin and crypto to do what it's going to do in the free market and then let it go. But I understand when you live in a country like the US, the government can do a lot of things to make it hard on the industries around Bitcoin. And so we want to be vigilant. We want to be thoughtful about how we approach it as an industry. And so it's good to see the activism going on. Do you think that then we will see at least the rhetoric backing off until the election. Like we obviously, we just had the SEC coming after Uniswap and the Ethereum foundation or

consensus, right? It seems like those are very politically unpopular things. So maybe we can get like a five month break here, regardless of who wins and, you know, sort of operate for the summer. I know you kind of think we could be risk on through the election. I think the CPI numbers lend to that. I tend to agree. If anything, a little dip in the summer and then rage into the election. But it seems like the foot should be on the gas for our industry in the United States in a way we never expected a year ago. I mean, I think everything's in alignment now, right? Inflation is under control. Several

central banks outside the US.s are starting to lower rates we're probably going to have our first rate cut by november the dollar is tanking today yields are coming in the s&p looks like it wants to just explode higher like small caps responded right away today to the inflation print like the fed meeting is going to be a non-event today because they're basically just going to say we we're not doing anything. We're watching the numbers, the dual mandate. He's reading from a script. It's the same script every time. Certainly, the dot plot could move a little bit. But again, the market knows more even than the dot plot in a sense. The market knows the rate cut is coming. So you take away the fear of a rate hike, right? You take that completely

off the table and you have a traditional election cycle going up to November. I think the odds of higher risk asset prices between now and November are like 95% or something, right? And so now is absolute prime time to be long. Risk assets, you obviously want to be along the highest quality sliver of that. So Bitcoin and things that are directly delivered to Bitcoin is probably the lowest risk, but highest return. Opportunity side, of course, there are going to be meme coins and other things that run further, but predicting those in advance is like predicting lottery tickets. I don't really do that. I try to focus on the things where you have some certainty around the outcomes and you truncate the left

tail. So you want to remove zeros and things that absolutely collapse. But I think small caps, I think the S&P, I think Bitcoin, I'd be willing to bet a lot of money and I am betting a lot of money that they'll be higher over the next three, four months, not necessarily without pullbacks, but I actually don't really think there's going to be a major, major pullback from here until probably either just before or just after the election. I think we've got at least two or three months of pretty smooth sailing. We'll see. I tend to agree with that. So there's a tweet I saw yesterday I want to show you because I kind of dismissed it, but that looks pretty prophetic today. It's this. I don't even know

who this guy is, but it went viral. This is a scam dump. This was yesterday when Bitcoin dropped. There have been four FOMCs in 2024. Every single one of them had the same scam dump. Bitcoin dumped 10% in the interesting that if you line it up with FOMC that we've seen this dump into it and then here we are today retracing the entire thing to the upside. And markets have muscle memory. So whether most people are paying attention to that or not, the market knows that that's what it does.

So I think it just front ran that just in case it happened. But the setup is just so good right now that any lower prices, 66, 67, 67.5, those were all good buying levels from my perspective. So yeah, I agree obviously with that tweet I said yesterday. I thought 66 was probably the bottom. And the interesting thing too, Scott, is the Elliott Wave folks were all over it as well. They were saying three, four, five, six days ago that we were going to retrace down to these well. They were saying like three, four, five, six days ago that we were going to retrace down to these levels. They never know what the catalyst is going to be,

but their lines that they draw tend to be like fairly accurate. So they said 66, 67-ish range, bounce off that range. And then from there over the following two to kind of call it six to eight weeks, like we're going to trend up towards 80, 80, 85, 90. So I still think that's probably the correct trajectory. Like we might start to see that kind of movement before mid July, maybe, maybe late July at the latest, like we should see all time highs. And if we don't, then I'd be, then I'd really like start to rethink the thesis and say, okay, like maybe this is a, either an elongated cycle or I'm wrong about something, but right now everything seems to be tracking the way it should be. Do you think then that we sort of have a 2021 type repeat in 2025, where that's when we really,

really rip? I mean, if you look at the four-year cycle, it should be 17, 21, 25, 29, right? I mean, every four years we get the warmup, you know, in the halving year and sort of the slow summer and then things absolutely go ballistic i just think that because it's because we've got trump banging the drum on crypto and we've got this like pretty major election cycle in the u.s going this time around um and the liquidity conditions are just even more insane because post pandemic now we have like way more money sloshing around globally um the the debt levels are higher i can see bitcoin ripping a couple times like i think it could rip once between now and call it august september and then it could consolidate and they could rip again after the election between the election and the new year and then it could rip again in the spring next year and potentially if we have a full cycle that goes out to like q4 of

next year it could rip again in the back half of next year so i think you could see moves from like here to 90 and then consolidate back down to 80 and then up to 120 and then back down to 100 or 110 and then up to 150 down to 120 and then a big run to 200 or 225 let's say and then a and then up to 150, down to 120, and then a big run to 200 or 225, let's say, and then a end of the cycle, right? Or a run up to 300 and then back down. That's exactly what I think is going to happen. But I have to be fully transparent that in 2021, I also thought we were potentially going over 200,000.

So it doesn't, you know, my credibility on the high end prediction for the end of the cycle, I don't care if it happens four years later but when we were 69 and had broken 65 last cycle man everyone and their mother myself included thought we were going straight to 100 yeah but like last time the the baseline the the bottom of the pandemic drawdown was like like high threes like 4 000 right and so like we'd we'd gone up 50 x off the bottom right so like if you use the same numbers now you know 20 to 200 000 is right in in line like basically the way i think about it is like the last cycle six seven eight thousand is sort of like 60 000 now right because we're basing off the 60 and 70k level at the beginning of the post-having parabolic advance. Historically, most of the move, most of the serious parabolic move happens

post-having and usually not for several months post-having. And I think the ETFs pulled some of that forward. So there's much more attention and focus on this market earlier in the cycle than this historically been true. But the actual retail uh interest and like the search traffic and all that stuff is still showing like a lot of apathy which is really really healthy like we're we're at 69 100 and like nobody cares and say and leverage in the system is also you know where it was in the early 2020 not where it was in 2021 well and yesterday helped right like days like yesterday and the day before help because they anybody who's trying to front run this next parabolic move like they keep getting wiped so eventually people just stop touching the stove and when they stop touching the stove

all of a sudden right the water boils so uh you know like i think the move is coming and i think it's just a matter of time it's sort of like said earlier, it's like the iron re-rate where I knew that the company was fundamentally undervalued. What I couldn't predict is like what month or what week the market would decide to just fundamentally reprice the stock. And it turns out it was between mid-May and mid-June 2024. Could I have told you that in November? Of course not.

Nobody knows when those things are going to happen and nobody knows when Bitcoin is going to be 80 or 90 or 100,000. I think what I'm confident saying is that it will see those numbers this cycle, which means by the end of 2025 at the absolute latest. But my suspicion is given all the factors at play and the confluence of different things we're seeing with macro that we should see those numbers this year. We should see 100K and 24. I still think that's the most likely outcome. I'm here for it. You got a couple more more minutes anything i might have missed that you want to touch on um no i don't think so i mean the only the only other thing we didn't talk about is the ethereum etf i think you remember i

did mention the grayscale ethereum trust trade at least once maybe twice on your show as like a as like a 50 30 25 zero yeah yeah and so like it was the gbtc trade again and i started selling it early because the market gave you the current price of eth like early in the year this year right like february and march the eth had run from 18 to 35 and so if you started selling there, you basically got the post approval kind of movement without having to wait for the approval, without having to wait to see what happened. And so I had de-risked that position all the way down. By the time it was actually approved, I basically owned nothing, but I had taken so much profit already that it justified the trade. I'm still curious to see how that ultimately plays out and whether those products get any real momentum. But I think staying long Ethereum as the clear number two digital commodity makes

a lot of sense. Because a lot of people are negative on it now relative to Zlana, I think it actually paradoxically has quite a bit of upside again. So look, not putting new money to work there, but definitely not interested in selling any Ethereum that I already hold. I would just like you to know that there's a very clear reason I never put candidates' names in the titles, and I've seen it in real time in the comments the entire time. We're just having a political argument in the comments the entire time, and they're very mad that we said, I think Lysol instead of Bleach. It's like the Trump and Biden derangement syndrome. Some people

can have this conversation without losing their minds, but it turns out most people can't. They're just hardwired to become extremely emotional about this topic. And I just try to look at it as objectively as possible. As I've said before, I never imagined voting for Trump. I don't even really like a lot of the things about Trump, but I'm just focused right now on what is he actually going to do? And I can disconnect my previous distaste for some of the things he's done from what he's saying and what he plans to do now. And I guess most people can't do that. I guess it's an advanced and nuanced concept to be able to disconnect your personal emotions and biases from trying to examine the facts. I guess people just don't do that anymore.

Well, I'll just keep listening to what you tell me to non-financial advisor do with my Bitcoin miners because that's worked out exceptionally well. So thanks. And I've seen a lot of people when I mentioned it, that they also were buying iron and other miners based on our conversations in the past, not financial advice, but they're all very happy. So thank you guys, Mike, everybody follow Mike Alfred next time, dude, go meet the, go, go meet a president, you know, fly, fly in and get it done. We'll see. All right. Thanks, Scott. Thank you, Mike. Appreciate you always getting up early. We'll see you soon. Bye-bye. Keep people keep asking me about my Jersey. It's Manchester city guys, Manchester city. There was a really funny comment here though. So what did someone say?

Somebody said that it was a Justin son fan boy Jersey. There's the comment. See, now you guys are commenting so fast. I can't even, uh, yeah, whatever. It was pretty funny though. It was pretty funny comment, wherever that is. Anyways. Yes. It's a, it's a Manchester city Jersey. Cause you guys know I'm a global brand ambassador for okay. Anyways, I'm going to bring on Chris because now we got Texas West capital and now we got a big move So it's a perfect time for us to look at And talk about charts

We were dead, 67 We went below 67, it was over It was over Yeah, well What do we talk about? It seems like every week we talk about How it's over, right? That's just because I like to say that to you Because it's funny

Yeah, no, I mean We're going to start standing there. Yeah, no, I mean, you know, we were looking over the academy there. We were looking for a pullback down to the, you know, Mike was talking about it. He said the LEA people, you know, we're looking for this pullback. We were. We were looking for a sweep of that red range support there right around the daily pivot.

We got that. We're up about 5.5% since that low. So everything's still kind of just going as we expected it to go. It's, you know, it's still I've been doing this for, you know, 30 years, man. It's still amazing every time just just to see just how negative people can get, you know, at times where you eventually learn not to be negative. Right. But the only way you learn that is by actually being in the market for a while. And so, you know, something I think, you know, Mike was talking about, you know, knowing that iron was probably a good buy, but just not knowing when it was going to go up. And I think that's a great testament to the idea that, you

know, time in the market beats timing the market. Uh, you know, I'm a big proponent of taking the bigger picture of, um, you know, of, of not looking at the, at the hour to hour moves. I mean, sure. You can trade that if you want. Uh, but generally when I'm posting, when I'm talking about things, it's usually on a bigger timeframe because it gives people more of a chance that the problem is a lot of times retail traders don't understand that yet. And, you know, they view everything on the very, you know, the 15 minute timeframe in their head. And that's unfortunate because we've had such great buys here, right? We had the yellow circle there that what we call a spring below the range low there. We had that. We had the rejection at the first

descending red resistance there. That pull back to that dash line was another great buy. You could have bought the breakout, that big impulsive breakout of that red resistance. You could have bought, again, yesterday at the swing low. So a lot of great opportunities to buy, especially when you understand, you know, range trading, what's going on there. You know, for anybody that's really interested in it, the best thing you can do is learn Wyckoff. And we're not talking about the silly, you know, schematics that everybody posts out there. You know, the schematics that you see everybody post when they talk about Wyckoff, stop looking at those. Those are training tools. They're just to help you understand the different phases of the range and the different

labels and how the range generally works. But the range itself is going to look different from time to time. And a lot of times your distribution and your accumulation are going to look almost exactly the same. The difference is that price action and volume relationship, not just price action. So just hopefully some helpful tips there for people, because we do see it here in crypto Twitter quite a bit. I'm just I'm never going to call it crypto X. I don't know. I can't do it. But we see that, you know, people get out there and they post the schematics and like, oh, yeah, look, look, look. But you guys are really going to lose a lot more money doing that than, you know, really learning.

Nothing's changed for you. Right. I mean, listen, you draw. We know I draw kind of a different range. There's more like that. But I said to you last week i keep saying like 67 000 your opportunity yeah right i mean you have two halves of a range once you've broken strongly into the top half of the range you play back you know so we're playing 74 to 67 you got that dip below perfect on it right now i mean listen i'm not i don't see a reason to aggressively do anything when we're kind of on generally low volume in the summer and the part of the cycle where we know you're going to get chopped up, right? That's just what's what happens to most people. But like that test of 67 and a bounce, regardless of CPI or FOMC or any of it, that was the most likely

statistical outcome based on the chart. Yeah, exactly. I mean, it was, it's a, it was, but it was more likely to happen than not happen. Yeah. Yeah. I mean, it was, it's a, it was, but it was more likely to happen than not happen. Yeah. Yeah. I mean, it would, you know, even on the range, you know, that you're drawing there again, you know, it's the, the EQ of the range there, the equilibrium area, and it's 50%. I mean, it's just, it was a beautiful, perfect place to, to get to. You can see that it's right here prior or dips right into, as we start getting this low volume node, this is where the market's not so interested um so often uh what you'll get is you'll get a a dip down into it or push up into it a rejection if it's going to go through it rarely goes through in the first time usually

takes a couple of hits and then it'll go through so if somebody's looking at their vrvp here their volume by price level um they can look for those lower volume nodes at least as initial visual areas where they can look for price to potentially nodes, at least as initial visual areas where they can look for price to potentially get attracted to and then get rejected from, even if it eventually goes through it. Usually they'll hit it, like I said, once or twice before it does go through. So just visually, it's a great place for newer traders to also kind of start getting a feel because they're not used to looking left.

You know, they're not used to looking over here and you can kind of see in those uh support and resistance supply and demand structures all through that so it just kind of helps out a lot but yeah man we had the stoke uh rsi as you can see down here we had that uh it dipped just it reset just into oversold pop back out it's threatening to cross bullishly right now rsi bounced at neutral threatening to cross bullishly. I mean, price bounced at the daily pivot. I mean, it's just anywhere, you know, right here just prior to the range resistance. I mean, it's so great. I think it's just such a beautiful setup here. I think we'll probably go up sooner than most people realize.

And I do believe we'll rally into the 80s pretty quickly once we do. And then, you know, eventually heading up there toward 100,000. I think 100,000 is probably our real like next 95 to 100,000, our real next level before we get a significant kind of pullback, you know, maybe 25, 30% or something like that, if we get that much of a pullback. But I think the setup's there and people have been waiting for it and people are pretty bored now and worried that it's going to go down still.

And, you know, it's a perfect storm. Yeah. What else do you got when you're looking at it now that we're bouncing again? Yeah. Yeah. So, um, you know, we've got, uh, injective here, you know, injective something that we've looked at multiple times throughout the year, uh, continue to do so well. Uh, we've got a breakout of this local range here. I've got an initial target about $40.22, and then a secondary target should follow up after that with about a $46.85 target. So I think it's a good setup right here. As you can see, we kind of came down to the, again, like you were showing on Bitcoin there, the EQ of the range, right around that daily pivot. Nice move up off it, pull back.

Nice move breaking out this morning. We've got a lot of price acceptance in this area. So as you can see, as I was talking about the low volume nodes, again, we kind of hit it, pull back, hit it a few times. And now we're finally breaking out through it. Price acceptance means you're going to get trading in it with the market. The market's going to continue to buy and sell along the way, rally it up there. So easier movement through price acceptance than there is through the low volume node. So again, I think we've got a good setup there.

Rose USDT, another one. We have, let me kind of zoom out of here a little bit. You can see we've got this nice support resistance level right here, which we just kind of wicked below and kind of found some support there and rally back up above now. And so right here, we're about 12, 12.7 cents. Looking at an initial target up here, about 15.8 cents. And then a secondary target again should

follow on through to get us around 18 and 50 cents or so which kind of gets us right around that swing high up there uh so you know again another good move here you had the capitulation on the drop um if we're looking at this you know it's basically a you know an abc or a WXY actually. So breaking out above about 15 and a half cents, not only should be these targets, but should indicate that we ultimately end up heading out higher, new highs coming out of that. We'll probably pull back prior to that though, decent little pullback and then go and break out. But rows, you know, set up. Price is looking good. Price action right now. Again, low volume node. You can see, you know, the support over here,

the rejection over here, and then the support again on this pullback. And here we go heading back up. So looks good. KCS, another one here. We have this nice expansion to contraction here. And then we're getting this impulsive breakout right now today. Again, bounced off pivot on the daily here, rallied up toward the R1, this overall resistance area here. Again, kind of lower volume node here. Pull back to the

daily pivot again and boom, here we go. My target on the upside here, we're about $10.70 right now. Got a target of $14.97. Again, hitting that level, you know, we should see probably a pullback, but then we'll see a breakout overall. So if some of your viewers are looking for maybe a little bit longer term play, I think now is a great entry and looking for that breakout hire eventually. And what else do we got? We got one more here. I've got STX. I know Fibo.

I think Fibo is a big fan of this one. He's been really doing well with the rally up through this for a few months now. And I think this looks great. We've got this nice breakout here, this nice impulsive breakout of this descending resistance. Again, retest of the daily pivot here, kind of getting through these lower volume node areas here. So getting some rejection and movement here. This is a three wave pullback though. So we've got a one, two, wave three is up here around $3 and $3.50. And then five waves minimally should get us up here around $4. So we've got a one, two, wave three is up here around $3 and three and a half dollars. And then five waves minimally should get us up here around $4. So at $2 and 38 cents,

it's a pretty good entry for a $4 run. But once again, breaking out, you know, to these levels up here, we'll see a pullback and then we'll see a breakout higher. So, you know, those that are maybe looking to get in would probably be a good area to jump in there and look for that, you know, those that are maybe looking to get in would probably be a good area to jump in there and look for that, you know, that four plus dollar rally, easier trades, you know, get your money in, don't sit there and stare at the chart all day, go back out, mow some lawns, do something else, make some more money to put back into the market and kind of do it. That's my, my mantra lately. Yeah, I like it. I'm just, I'm listening to you while also, uh, reading the comments, which are hilarious. Aren't they always?

I mean, everything looks pretty good right now. Yeah, it does. It does. You know, um, I think, you know, Michael's making some really good points, uh, generally, you know, I was listening in, uh, he talked about, you know, the know the way people feel uh and how it's usually a good uh you know sentiment uh when it's at extremes if you can learn to understand when it's at extremes not just going oh my feed says this you know uh but you know is really a good indicator of when um price usually bottoms or tops and a lot of these you know i've been talking about if anybody's following me knows i've been talking about bitcoin monitor for the last year and a half. I was talking about CLSK.

That was my favorite down there about a year and a half ago. Rallied from $2. It did a 12x already. You know, and I kind of talked about it in this week's newsletter and some other ones. But I think miners are great. If you're into stocks, I think miners right now are getting ready for their next move up. I think they're a great place to be if you're looking for stocks, especially Bitcoin or AI related. A lot of these Bitcoin miners, I think you guys were even talking about it,

moving into hyperscaling and AI uses. There's a lot of retrofitting they have to do because it is a different thing than mining Bitcoin, but they have access. I think JPM recently said that those miners that have access to well-priced energy are going to be potential takeover targets. So when you look at Bitcoin miners, I think it's more than just Bitcoin. Look at how they're expanding into the know the hbcs and you know ai stuff like that um because that that's really going to be uh i think where they're where they're kind of pushing their diversification um you know again iron bit deer um a few others as well kind of really getting into that already so i think bitcoin monitors absolutely a great play they've

been for the last year and a half and i think think they're going to continue to be as we roll forward here. So. Yeah. Yeah. And as you're talking about this, I'm looking up the Trump comments for fun on the bleach Lysol and ultra light and a jury's out. Okay.

You know, very, very vague to be quite honest guys. You can follow TX West capital, obviously check him out on Twitter. Check out his group. Guy's got a million things going on. He taught me he should teach you. That's all I got. It's the best endorsement I can give you. Appreciate you, man. All right, Chris, I'm going to talk politics for a second, so I'm going to let you go, all right? Sounds good.

All right, man. Guys, it is my job to report what's happening in our industry. I know you guys get very worked up in the comments. I happen to be a very sarcastic person. I don't really care. I like to say things that slightly trigger people. But we have to talk about the fact whether you love Donald Trump or you hate Donald Trump, whether you love Joe Biden, whether you hate Joe Biden, we have to talk about the fact that Bitcoin and crypto have become a part of the political narrative and therefore have to talk about those people's positions on that. And objectively, Donald Trump, who you guys know, I have a unfavorable history with his son and other things. I don't particularly love the guy, still owes me money for a dude I played at Trump National DJing. This is what he's saying,

and I'm going to report on it. And that's going to be the nature of it. And if you would like to hear actually what he said, I got it. You can just read it. Here you go. Here's what he said, because he did not necessarily say to ingest bleach. Here's what he said. Question that probably some of you are thinking of

if you're totally into that world, which I find to be very interesting. So supposedly we hit the body with a tremendous, whether it's ultraviolet or just very powerful light. And I think you said that hasn't been checked, but you're going to test it. And then I said, supposing you brought the light inside the body, which you can do either through the skin or in some other way. And I think you said you're going to test that too. It sounds interesting, right? And then I see the disinfectant where it knocks it out in one minute. And is there a way we can do something like that by injection inside

or almost a cleaning? Because you see it gets in the lungs, and it does a tremendous number on the lungs. So it'd be interesting to check that, that you're going to have to use medical doctors with, but it sounds interesting to me. So we'll see. But the whole concept of the light, the way it kills it in one minute, that's pretty powerful. So he didn't say to drink bleach. He implied that maybe you would inject it or sanitize the lungs in some way, shape or form. You guys can interpret it how you want. But for those who are yelling at me saying he was talking about hydrochloric

when no different conversation, he definitely didn't say Lysol. So Mike was wrong in that regard. And also like who fucking cares? It's 2024 people. If your panties are that in a wad about somebody making a joke about your guy people make jokes about me every day people make jokes about my family people make jokes about crypto i have enough self-confidence and worth that like somebody insulting some person in an irrelevant

manner that has nothing to do with me doesn't actually trigger me to uh get my panties in a wad and cry on the internet. So yes, I did type the word snowflakes earlier. Yeah. No, that's not from CNN. It's an actual quote. He said the words. You can look at the video. That's the video. That's what he said. That's what he said. I remember it. I watched it. It's not a big deal. Who cares? The guy was pondering some ideas. He didn't tell you to drink bleach. You're right. He didn't tell you to drink bleach you're right intelligent police he was just thinking out loud that's what it does but jesus christ guys like get some self-worth and some self-confidence and some self-identity and every time someone maybe makes a joke about somebody that you like let it go be like elsa be like elsa let it go

all right i probably just lost half our subscribers is what happens when I do streams and mention it. And you know what, I'm going to keep doing it because I'm going to tell you what these political candidates think about our industry, because it's really, really important. I'll see you guys later. Let's go.