The Wolf Of All Streets - Crypto Market Crash. Bitcoin To $18,000? WTF Just Happened!?

Episode Date: March 11, 2023

►►THE DAILY CLOSE BRAND NEW NEWSLETTER! INSTITUTIONAL GRADE INDICATORS AND DATA DELIVERED DIRECTLY TO YOUR INBOX, EVERY DAY AT THE DAILY CLOSE. TRADE LIKE THE BIG BOYS. 👉 https://www.thedailyclose.io/ ►►BITGET GET UP TO A $8,000 BONUS IN USDT AND GET MASSIVE DISCOUNTS ON TRADING FEES! 👉 https://thewolfofallstreets.info/bitget ►►NORD VPN GET EXCLUSIVE NORDVPN DEAL - 40% DISCOUNT! IT’S RISK-FREE WITH NORD’S 30-DAY MONEY-BACK GUARANTEE. PROTECT YOUR PRIVACY! 👉 https://nordvpn.com/WolfOfAllStreets ►►COINROUTES TRADE SPOT & DERIVATIVES ACROSS CEFI AND DEFI USING YOUR OWN ACCOUNTS WITH THIS ADVANCED ALGORITHMIC PLATFORM. SAVE TONS OF MONEY ON TRADING FEES LIKE THE PROS! 👉 http://bit.ly/3ZXeYKd ►► JOIN THE FREE WOLF DEN NEWSLETTER, DELIVERED EVERY WEEK DAY! 👉https://thewolfden.substack.com/ Follow Scott Melker: Twitter: https://twitter.com/scottmelker Web: https://www.thewolfofallstreets.io Spotify: https://spoti.fi/30N5FDe Apple podcast: https://apple.co/3FASB2c #Bitcoin #Crypto #Trading The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. This video was created for entertainment. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this video constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to "Buy," "Sell," or "Hold" an investment.

Oh, hi, guys. You interrupted my morning meditation because I'm feeling very, very calm today because nothing bad is happening in the world. Oh, my God. Everything is exploding. The thing that was supposed to be different this time was that the banking industry was very stable, not like 2008 when the banks led the financial crisis. And now banks seem to be collapsing left and right. Crypto has also been a victim, of course, Bitcoin dropping below $20,000 on a day that saw it down 8%. It's Friday. We rant. We talk about the news of the week. And holy crap, is there a lot of it. Let's go.

Let's go. Let's go. What is up, everybody? I'm Scott Melker, also known as the Wolf of All Streets. Let's go. It's all bad news. We have a banking crisis seemingly on our hands. I don't want to be hyperbolic, but we saw Silvergate collapse already, of course. And now Silicon Valley Bank feeling the pain as all bank stocks continue to crash. Man, there is a lot to talk about today. How are you guys doing? Are you guys having fun? You guys having a good time? Aesthetics over here says that my shirt is accurate. Yes, it's red.

Yeah, it is red. Drucify says it's going to be a good stream. I can tell. I have my doubts, man, because to be honest, I've been reading the news for an hour and a half and it changes every like seven minutes. This is why you can't do the news every day, but trying to do it one day a week and parse all of the information that's spastic and back and forth, and it's good and it's bad, and I have no idea. There's a job report, and then there's banks,

and then crypto's going down, and I don't know what's happening. But it's okay. First of all, I just want to tell you guys about something. They're not actually officially a sponsor, but I've had a lot of friends of late who've having been not using VPNs, and I think they're dumbasses.

So I just wanted to tell you, you should use a VPN, and I use NordVPN because your privacy is really, really important, especially in the context of the world that we live in. We reached out to NordVPN. They give our people, it's down in the description, a 40% discount, 30-day back guarantee. I might make like 47 cents if you use their VPN. Seriously, I have no idea. They're not writing me a check. It is what it is. But guys, I don't care what VPN you use. Use a fucking VPN. Use VPN. Let's dive into jobs. Let's dive into jobs.

They took our job. You guys watch South Park, right? This job report makes no fucking sense. I have no idea how to read it. I don't know what's happening. Job support. U.S. economy adds 311,000 jobs in February as labor market stays strong. Ooh, strong, strong. That's the headline. Okay. They were expecting a 225,000 jobs added. We

ended up with 311,000, but oh, since all that matters is what happens versus what we expect to happen. We were expecting unemployment to remain at 3.4%, but it went to 3.6%. Can you believe it? Can you believe it? I can't believe it. So that means now, yeah, that means now we have good news and bad news. They're conflicting.

Strong labor market, but unemployment's up. Right. So in theory, you would think that 311,000 jobs, which means more people got jobs, which would be a good thing, that would be bad for the market, right? Because when we have more jobs than expected, that means Jerome Powell gets a woody and wants to raise rates higher, but not so fast. Unemployment went up, which gives him the potential signal to say, whoa, whoa, whoa, whoa, whoa, we can't go up.

But what's most important here that you guys may not have noticed, once again, markets are pricing in a 0.25 rate hike. Do you remember how many times in the last months, weeks, and definitely in the last few days, I've said, ignore predictive markets. It's complete stupidity. Nobody has any idea what the hell is going on. Well, just the other day, it was 0.25 expectation. Then Jerome Powell went to Congress. Then it was a 90% chance of a 50 bps rate hike. Now we're back to predicting a 25 bps rate hike like after this job report it took all of one hour to erase the 90 chance of a 50 bp rate hike nobody knows

what's going on none of this matters do not make your financial decisions based on predictions over what the fed might do because jerome powell also has no idea what the hell is going on, right? We've been talking about higher for longer all week. We go to 0.5, then we do another 0.5, then we get 0.5, and we have to do some more 0.5s, and we're all going to die because the Fed rate is going to be 400%. No, no. Every day it completely changes. Nobody cares and it doesn't matter. All we do know is that likely they're saying we will be higher for longer. And we're all going to need to be higher for longer if they continue to do this. Let's be honest. But now, now we have banks failing. I can just hear it. You hear that whir, you know, the burr of the money printer heating up. Man, if we start to see unemployment going up, the banking system failing, I have a feeling we might get that pivot a lot sooner than many of us expect.

So what is Jerome Powell going to do? I have no idea and neither do you and neither does anyone else. But I would say that with the 3.4 going to 3.6% and seeing some serious contagion potentially in the banking industry, we could have a problem. Crypto-friendly bank Silvergate to wind down after FTX blow up. That's a shitty title because it's not after the FTX blow up. Yeah, there was an FTX blow up and this is happening after it, but they're not inextricably tied together. Why? We talked about this yesterday, and this will lead us into the

next story of Silicon Valley Bank. But Silvergate Bank had a problem. And that problem, let me back this up a little bit. When you deposit money into a bank, it's not your money anymore. What you're doing is giving the bank an extremely low interest loan. What do I mean by that? Well, you get paid under 1% to put your money in the bank, and they're allowed to keep fractional reserves. So they take your money and they loan it out, or they make balance sheet liquidity decisions based on what they think they will need. None of these banks, even after seeing it happen in crypto, apparently realized that a bank run is a real thing even in 2023, even after Dodd-Frank, even after the 2008 financial crisis. And if a lot of people withdraw,

you might have a problem. Well, what was Silvergate's problem? Their problem was that right before the Fed started tightening, they bought a whole metric shit ton of US treasuries at under 2%. I don't know, maybe 1.5, 1%. I haven't seen it. Yield. Okay, great. Getting that sweet 1%, giving you nothing. They're making a little money, strong balance sheet. We're good to go, right? Not so fast. The worst thing you can do besides go into a land war in Asia is to buy a whole bunch of shitty treasuries before the Fed starts hiking rates and they get higher. Why? Because nobody is going to buy your 1.5% yielding three-year bond when they can go get 4% or 5% risk-free directly from the United States Department of the Treasury. And so what did they have to do? Dump it at a massive loss because nobody wants those. And then they didn't have enough liquidity for the bank run that came in because of crypto. And now they are completely screwed. No bailouts, no help, no private investment. They are winding down and

liquidating. We will see what that means for them, for creditors. If you want to see what that looks like on a chart, boom. This is the weekly chart. Absolutely astounding. $2.92. This stock was trading at $241 at the end of 2021. It's two bucks. Two. I want my $2. Do I still have that here? Can't tell if that said it. Did that say it? I can't hear it. I can't hear the things. I don't know why. Can't hear them. Can't hear them today. Oh, let me see. I want my two dollars! You guys hear that? I want my two dollars!

Anyways. So Silvergate's fucked. Let's move on. Silvergate is done. Now, is there contagion from Silvergate? Seemingly, not really. This seems to be well contained. They're going down.

It is what it is. But all bank stocks yesterday started to feel the pain. And that was not really because of Silvergate. This is because of Silicon Valley Bank. Bank stocks sink most in nearly three years as sentiment sours. Is this the dam that has burst? J.P. Morgan, Bank of America, and Wells Fargo all drop 5% or more. There's a KBW Bank Index that kind of indexes all the banks. That went down 7.7% yesterday. It's the biggest drop since June 2020 in the COVID crisis. In the COVID crisis. And why is that? Largely because of what we're seeing with Silicon Valley

Bank. And so listen, there's all kinds of news about Silicon Valley Bank. Is this the right one? Is this the right one? I'm going to bring it back here, over here. Right? Genevieve Rockdector, you guys know, we have Genevieve, excuse me, who we've had on the show a number of times. She wrote a thread about this. Now they're not apparently going to be selling the exact amount of stock listed here, but they had to sell off 21 billion bond portfolio for a huge loss to shore up liquidity. They lost $1.8 billion on that sale. Same shit as Silvergate, bought a bunch of crappy treasuries, mismanaged their balance sheet, and now are low on liquidity when people need it. Why do people need it? Because who is using Silicon Valley Bank, one of the biggest banks

in the country, would be the second biggest banking collapse in US history if it goes down, VCs and tech companies, VC-backed tech companies and big tech companies. So who needs money right now? I don't know if you're a VC-backed company and you're burning through cash like crazy, you're going to keep needing cash from your bank, period. And now the rate of borrowing is higher. They've got a lot of problems here. So they're also experiencing a mini bank run, experiencing a mini bank run.

But this, guys, this is so much worse than Silvergate, right? So now they're looking, Silicon Valley Bank Financial in talks to sell itself after attempts to raise capital have failed. Sources say, I'm going to be in talks to sell myself on the corner if this shit keeps going. And so will you. So will you. Yeah, they're trying to sell themselves. They were not able to raise money. There will be no government bailout because of Dodd-Frank, which says there won't be bailouts. Now, we can talk about bail-ins later,

and that's when they repurpose your deposits to save the bank. Yes, that is a real thing, but there cannot be government bailouts. Even though Bill Ackman is going to go on TV and cry again, he was tweeting again today saying that we need to have a bailout of Silicon Valley Bank.

But what is kind of potentially possible right here is that a bigger bank, although we saw what happened when JP Morgan bailed out Bear Stearns in the financial crisis, the Fed didn't like that. It's possible another bank will come in, shore up this balance sheet, give people some confidence, and hooray, right? But the problem is, as we saw with FTX, as we saw with Silvergate, once the bank run starts, it's very hard to stop it. Now, I have friends who are massively exposed to Silicon Valley Bank because they are venture capital or run venture capital-backed

funds, or they are at tech companies, called them all in the last two days, excuse me, since yesterday. I mean, that is two days, but in the last 24 hours. One of my friends said, I can't talk. I've been on a hundred calls today. If all of these VC-backed companies wake up on Monday and don't have access to the cash they need to operate, we are talking about an extinction level event for VC backed companies, which is effectively every tech company on the planet. Right now, listen, they all called the bank. Banks and we're fine. We're good. We got liquidity.

We're fine. It's great. We're good. Don't worry about it. Right. But that's what everybody bank says. We're fine. It's great. We're good. Don't worry about it. Right. But that's what everybody bank says. I mean, Morgan Stanley went on TV. A guy from Morgan Stanley was like, there's no problem at the bank. And even if there is a problem at the bank, there's no problem at our bank.

Dude, that's the scary shit. Banker says that problems with bank will not affect his bank. Right. You guys might not have noticed, like I'm seeing you guys talking about it right now, but there's a trading pause on all of these bank stocks right now. They are dumping to hell, right? I can't speak to whether there's gonna be contagion or not. I don't know. I don't know, I'm just a guy.

But like if I, so the bank was calling all these companies basically apparently and saying, listen, we're good. Don't take your money out. And my friend said a lot of companies actually in faith to the bank were depositing more money. Oh, I think convince them. Hey, man, you know what would shore up our balance sheet if you guys deposit more money. OK. Yes, that's cool. Not me. Ooh, like they convinced them, hey, man, you know what would shore up our balance sheet if you guys deposit more money? Okay. Guess that's cool.

Not me. I've learned. Know how I learned? Because I got fucked on Voyager. And then I needed a new off ramp. And so I opened an account on FTX US. Luckily, I didn't have money there because I was using it just as an off-ramp. They had a bank run, opened a Binance US account because of Voyager,

got a Coinbase account. But man, it is a mess. It is a mess. And personally, I would be getting my money out of one of these. Peter Thiel even said, get your money out of this bank, dude. Thing is, a bank run doesn't have to be rational. A run on the bank can just happen because people want to protect themselves and be the first ones out the door. And that can crash these institutions that have fractional reserves or no liquidity. Banks are fucked up, guys. Banks are fucked up. Protect yourself. What do we got here? We talked about that. Oh! Oh!

This one just kills me, man. I'm not even going to make you hear him. But one month ago, Jim Cramer urged investors to buy a Silicon Valley bank stock, saying it was still cheap and has room to run. Stock's value has since dropped by 66%, following concerns that the bank is on the brink of collapsing. And that was before it gapped down today and they had to put on the pause. Jim Cramer, ladies and gentlemen. You want to see what the stock looks like right now?

Okay, there's the monthly. Trading at $106. Pause. Circuit breaker on. This was also trading at $765 at the end of 21. My God. Inverse Kramer, dude. Inverse Kramer all over your face. Let's see what it looks like on the daily. Oh, look at that selling. Holy moly. You can't even trade it right now. Not a thing. That's yesterday after the gap down. Holy moly.

Which then leads you to the 10 banks that may face trouble in the wake of the SVB financial group debacle. Here you go. Silicon Valley Bank wasn't well positioned for rising interest rates, leading to losses and a dilutive capital raise. Other banks show similar red flags. Also, by the way, I mean, if you want to know, like Silicon Valley, since they're taking it, they'll be like, invest your 10 million into our bank, you know, like use our bank for your 10 million that you just raised and we'll loan you back a favorable rate, two, three, four million, loan it right back to the company that deposited it. You can see why there would be some problems here. But yeah, other banks showing similar red flags. Listen, we can get all into it. These are other banks that have sort of similar situations with low

yielding treasuries, blah, blah, blah, Customer Bank Corp, Sandy Spring, New York Community, First Foundation, and of course, First Republic Bank, who I have heard today is getting a monster influx of business from Silicon Valley because they're very similar. So we should probably think that First Republic is good to go, right? Oh my God, this morning, Jim Cramer tweeted that First Republic is new focus. Very good bank. It's over. And what happened after he tweeted this at 9.21 a.m.? Circuit breaker.

This bank is down. Circuit breaker. Circuit breaker. Over. Frozen. All right. I breaker. Over. Frozen. All right. I'm not even going to get... I was going to go through some of these threads on why there's a meltdown happening with all these banks and all the news, but here's the general gist of it. Okay. We'll just go to the conclusion here. Bottom line is there's a couple of ways that banks manage their treasuries

and their balance sheets. Some of them are extremely liquid. Some of them are not. But here's the gist. Less financial liquidity reserves in the system, right? The Fed is quantitatively tightening, which means they're taking liquidity out of the system. Eventually, that hits a critical mass and becomes problematic, especially for smaller banks. A tougher funding landscape with plenty of safer and higher yielding alternatives for depositors. Here's the other side. If you are a business or an individual and you want to put money into savings, I'm not talking about the money you need like tomorrow, but have a savings account, the bank gives you nothing. You can go buy a 5% yielding treasury directly from the Department

of Treasury as well through your broker as an individual and keep that as your savings account. Nobody is putting their money in banks right now. Banks suck right now. And of course, nobody's really talking about the fact that Credit Suisse is also in massive trouble. At least they're not a U.S. bank, I guess. Right? At least they're not a U.S. bank. Yeah. He talks about why there cannot be bailouts, but then he talks about bail-ins. Have you heard of this? In essence,

a bail-in is when a bank's creditors, yes, depositors too, must forgive some of its debt to help save the bank from collapse. Is that even legal? Three hips and a hooray for the Dodd-Frank Wall Street Reform and Consumer Act of 2010, which makes bank bail-ins totally legal. Three hips and a hooray for the Dodd-Frank Wall Street Reform and Consumer Act of 2010, which makes bank bail-ins totally legal. In fact, the U.S. has declared that the federal government will no longer inject taxpayer dollars to prevent big bank failures. I like to call this capitalism on the way up and socialism on the way down. They socialize your losses to protect them, right? So what does that mean? FDIC insurance is good, great, terrific, but only for $250,000 in deposits. Voyager creditors learned about that even though they were not actually FDIC insured,

right? We learned about that. So if you have a million dollars in a bank, $750,000 of that is not insured. And if there is a bail-in, your capital will be used to socialize the losses of the bank and you will lose, just like one of these bankruptcy hearings. Yes, this is real. This is what will happen to these banks and is likely to happen here, as he points out with Credit Suisse. Now, something even more, I think, maybe astounding. I don't know if you guys saw this. Caitlin Long, now I got to look it up. Now I got to look it up.

I'm not going to quote it. But the vice chair of the Fed or the FDIC yesterday tweeted or made a statement, and it was in a tweet. He said, banks regulated by us cannot have bank runs because we have systems in place, literally not realizing that they regulate both Silvergate and Silicon Valley Bank. Literally the guy in charge, number two, didn't know that he was regulating the banks that he was answering questions about saying this could never happen to his banks. Holy shit. Holy shit. I'm going to find it. Or should we find it?

By the way, James Lavish and Caitlin Long will be on my Twitter spaces on Tuesday. And that's the only thing I'm doing next week. I'm not doing a newsletter. My kids are on spring break. I'm taking the week off. I'm not doing YouTube streams, but I will be doing that.

Let's find it. Let's find it. Let's find it. We're going to get there. She's clowning Jim Crater too. Jim Cramer. As Ackman calls for a bailout of SVB Financial, here's a reminder that Fed Vice Chair for Supervision said this today while the panic was unfolding. The banks we regulate, in contrast, are well protected from bank runs through a robust array of supervisory requirements.

She had a better tweet around it below. It's really, really funny. But yeah, they're the ones who regulate it. That's the bottom line. And sitting here talking about regulation. It makes your brain hurt, guys. It's so impossible to make sense of any of this. But all I can tell you, once again, is that whoever is making these decisions, the people in power running this, are incompetent fucktards.

I don't even know if that's a word. I don't think you can say that. I think I just canceled myself. Damn it. But anyways, anyways, bottom line, the banking system is a shit show.

You're insured up to $250,000. If you have a lot of money in banks, spread it around, I guess. I remember the feeling of staring at my Voyager withdrawals, wondering if they were going to go through. I have friends who are now feeling the exact same thing with their entire company and life on the line from Silicon Valley Bank. It's impossible, man. Impossible situation. Meanwhile, on the crypto front, all's well, it's great.

Crypto traders suffer over 300 million of losses in liquidations amid market crash. Yeah, everybody was fucking long, right? It is what it is. We don't even need to talk about it. We know that when there's a major event like this, we see massive liquidations. This was the biggest in months and blah, blah, blah, blah.

And yeah, people are using leverage, dumb. Bitcoin falls below 20K as 2023 rally reverses. Yeah, you think? I mean, how many times have I, listen, CryptoGolfer says you can say fuck just not tarts uh sweet tarts i said tarts fuck tarts fuck tarts bitcoin falls below 20k is 23 23 rally reverses a hawkish fad the demise of crypto friendly silvergate bank and impossible government sales silk road related bitcoin have given it i don't even know about that shit.

Like, is that really a thing? We got Mt. Cox. We got the Shanghai Fork. We got Silk Government apparently dumping crypto I don't even know about. By the way, Crypto.com today, it was reported that they're having trouble with their banking relationships and only now have a banking relationship in the EU. It's pretty bad.

Anyways, so yeah, we know. Let's look at the chart. Here's the monthly chart, and oh, it sucks. I told you guys. Listen, you know what? I don't want to do the thing. The thing is when like I used to do the thing, 2018, 2019, had like 30 or 40,000 Twitter followers. And I was posting my charts. And then I would come back like two weeks later and be like, two weeks ago, I told you guys that this was going to go up. And it went up 75%. Look at me. I'm right. Yeah.

Right. I try not to do that shit anymore. See, I told you guys a week ago because honestly, man, I'm wrong like half the time and so is everybody else. And who cares, man? I'm not charging you for my fucking trading advice. So fucking take it or don't. I don't care. But anyways, I've told you guys 25,212. I told you. 25,212. But this is the monthly, right? Perfect doji. That's a crazy candle for a monthly to open at exactly the same price and then close at exactly the same price with equal wicks up and down. That is a perfect doji over like 30-ish days, right? What you don't want to see after a doji, which is a pause or indecision, is a big-ass candle down. But you could not get a more picture-perfect rejection at the most important level on the chart than $225,212.

You just can't. That would have made a higher high, a break-and-bearish market structure. Instead, we got Mutomboed. No, no, no, no, no. Instead, we got Mutombo'd. I've met him. I've met him. I have a picture with him. Let's look at the weekly and why we should have been not bullish at 25,000, which I odds of us going up there were so slim it was absolutely ridiculous and here we are in the daily chart man we're just trying to live you know passed through that 21 473 support like it was nothing like it was nothing. There's that rejection multiple times at 25, 212.

Well, pass through the 50 MA like it was nothing. Bounce right through that 100 MA like it was nothing. Well, here we are, guys, 200 MA. And if that fails, 18, 373 is the last line of defense. That was the line broken to give us the catalyst to break out above the FTX prices, all that shit. 200 MA, it's right there. It's the same on Ethereum basically. Yeah. Jeff says, me mom taking a vacation. Hey man, my kids don't care about the market and so I shouldn't either i remember the nut and honey commercials be better if it was

nothing in a honey commercials hey what are you eating nothing honey right it was like who's on first clever that was the name of the cereal it was nut and honey you guys might not know that ethereum hits two month low under 1.4k is coinbase premium index dwindle yeah a bunch of it was being sold on coinbase and why are people giving the reason it's just because prices are going down by the way uh dimes call me the wolf of gay street hey man all streets there's a gay street i'm the wolf of it new york attorney general alleges ether security in a kucoin lawsuit she can shut the fuck up all these regulators and legislators i'm gonna do a i'm talking i'm saying bad words a lot i'm sorry to the people who are

listening this on audio stream with their with their families or watching me with their kids I'm sorry like you guys have seen the movie half-baked right fuck you fuck you fuck you you're cool fuck you I'm out right Letitia James Elizabeth Elizabeth Warren, Gary Gensler, all lining up to hate, hate, hate, hate, hate, hate, hate. But like, Ethereum is not a security. The CFTC already saying they want the power over that. It's going to be a commodity. Pretty clear. commodity pretty clear but now she has a q coin q q q coin lawsuit as if that has anything to do with new york where new york doesn't even allow registered united states exchanges to operate tenacious b would like you to know he worked on a gay street for four years was it called gay street or was it a street that you have declared is gay i lived in a neighborhood in philadelphia do not cancel me for this it was a 13th and 13th of chesa i lived on

like 13th and latimer 13th and lorem or something and it was called the gayborhood like that's what it they called it it had flags all over the place i lived on a gay street as well by the same rationale anyways let's look at the ethereum chart yeah it was right say harry hoods at sands it was right it was like between walnut and chestnut there's a little alley it's across from there used to be a strip club right there and woody's was on the other corner if you know about it that's where i lived wasn't on sansom but it, but it was like 13 and something. It was that little baby street with the 2-4 club on it and the gym at the end of the street on 12th. So old, I can't even remember the streets I lived on. Oh, you lived across from Alves right around the corner, a little Stephen Starr. Stephen Starr owned Alvez and Jones and the Continental and Budokan and Morimoto.

And I worked for Steven Starr as a club promoter when he only had the Continental and one club in Philadelphia. And then he expanded all over the world. Spike knows about Woody's. Sansom is Diamond Row if you go up the street. You go up the street. Anyways, like 17th, 18th, 19th. That's how I think, if I remember correctly. Anyways, Ethereum battling the 200 MA here as well, looking like a heap of dog shit. Things are down, guys.

Let's not look at charts. It's depressing. It's depressing. Amazon NFTs will be tied to real world assets. Token possible. That'd be sweet if you had an Amazon token. Yoda would like to remind us that nobody can cancel me because my viewership is already so low. Say what the fuck you want.

All right, I'm going to do it. Oh, Jewelers Row 7th and 8th. That's right. Further down. Yeah. See, man, it's been a while. Amazon NFTs will be tied to real world assets. Token possible.

What do you guys think of Amazon coming into NFTs? Listen, most companies have tried to do NFT stuff. It's been slow at best, right? But it's nice to see the Starbucks, Nikes of the world still committing to this. But Amazon, this could be different, man. Amazon is laying the groundwork to give its customers the ability to purchase NFTs tied to real world assets that are delivered to their doorstep

according to three sources, right? This is bigger than just their original NFT platform. There you go. Amazon shoppers, for instance, would be able to purchase a fashion-oriented NFT, because there's so much fashion, tied to a pair of jeans and pay with a credit card, sources said, just as they would with any other Amazon purchase. But here's the kind of big thing. At some here, they said one mechanism

Amazon is considering for spreading the word about digital collectibles push is sending on email blasts to every US-based Prime subscriber. And I think I read that 70% of American adults are subscribed to Prime or something absolutely insane. I am sorry, Deidre. I try not to do it too often. Fridays, I lose my mind sometimes. I'll try not to fucking, I I try not to do it too often. Fridays, I lose my mind sometimes. I'll try not to fucking, I'll try not to do it anymore. Amazon NFTs. Guys, what do you think? Seriously.

People, SHIB is falling and the haters comes out apparently. I mean, everything is falling to be fair, but SHIB is going to fall further because it's SHIB. Yeah. Anyways. I hate Amazon. is falling to be fair but shib is going to fall further because it's shit yeah anyways uh i hate amazon i don't know anyone that uses it in australia we all use ebay but those are like totally different business models like i can't like get like all the household products i need delivered the same day from i don't i don't get that sorry for for being so aggressive. Take a look at USD chart. I mean, I assume you're calling it looking at DXY, which is not USD. It's the DXY. And look, I have it. I've always got it pulled up. Yeah, the dollar's dumping. The dollar is dumping hard. And I told you, man, the dollar

looked toppy up here at 105. Maybe we get an inverse head and shoulders, but that is a ugly weekly candle if you are a dollar bull, bull, bull. Are stocks up? Stocks are up a little bit. Up a little bit. See on the daily. Nah, not up. They're down. They're down. And Bitcoin, 19,925. Anyways, where were we? Amazon. Real world assets. Cool though. US mortgage rates hit highest since November at 6.73%. That's the whole story. Sucks to get a mortgage right now. Everybody's expecting the real estate market to crash. Right now, you just can't do anything because nobody in their right mind is giving up their 3% mortgage to buy a house and pay 6.73% on a mortgage. It's not happening.

The weekly fix. Jobs day could make or break bets on 50 basis points. We already talked about that, dummy. Arthur Hayes proposes Bitcoin-backed stablecoin called NACA dollar. I don't know why he called it that, but it seems you could get canceled. I don't know, man. It seems bad. What is a NACA dollar? Anyone? NACA? Don't know. NUSD. I don't know, man. Basically saying that it would be backed by exchanges and it would never be volatile because you would have a short contract and you'd have to hold spot Bitcoin and it would equal out. And I am not doing any more dumb stable points.

Grayscale chief legal officer has spot Bitcoin ETF will protect U.S. investors, consumers. Craig Psalm discusses what happens next after court action on a lawsuit against the SEC. We've talked this to death, right? We've talked this to death, right? Talk this to death. We know, literally. Do you want me to talk about it again? Have you guys been paying attention, or do I need to talk about it? I'm going to talk about it. All right, anyways, Grayscale suing the SEC. They had a great first day in court. The judge was all over the SEC, dissing them left and right, saying they had no grounds for rejection, et cetera,

causing people to say that we're going to get a Bitcoin spot ETF and it's going to protect US investors and consumers, which it would. We all agree with that. Investors should be able to buy an ETF that tracks the price of spot Bitcoin with very low fees and no discounts and have true. But Grayscale winning does not mean that we will get a Bitcoin spot ETF. And it certainly does not mean that we will get a Bitcoin spot ETF from Grayscale. In fact, I would say they're going to be at the end of the line because of all the things that are going on with GCG. But OK, fine, great. If Grayscale wins this, that would effectively be the judges saying that the SEC cannot reject it on the grounds that they have,

which means the SEC can just come back and reject it on different grounds. It also means they could theoretically go away, go ahead and throw away the Bitcoin futures ETFs that we do already have. But I would say that even if we do get a Bitcoin spot ETF, which will not happen under the Biden administration and certainly not under Gary Gensler

under any circumstances, it would probably be another company other than Grayskid. Yeah, that's what I got. So what's up with bank stocks, guys? What's up with bank stocks? How are we doing? That's all the news I got. Let's hang out. What do you guys got for me over there? Ask me some questions. I'll answer them. I got a little time. That's it. I said bad words. I got canceled.

I'm sorry, Deidre. That was your name, right? Mom, what do you guys got? So listen, I'm just going to tell you guys, for this Twitter Spaces on Tuesday, which will be the only thing I'm doing next week, I already got, listen to this line. Man, my face is jacked up.

I get this thing called Seborrhea. It's red. You see it? Happens. Had to shave. I get it all over the place. And I put lights on my face. We're going to be talking about the banking collapse and, of course, the effect on crypto. Caitlin Long, CEO of Custodia Bank, who had their master account rejected by the Fed and who we quoted here. James Lavish, that amazing threat on Credit Suisse. Bill Barheit from Abra, who's trying to get a banking license. Mike McGlone, of course, from Bloomberg, who's all over this. And Preston Pish so far.

So far. So far. Christopher says only one show next weekend. It's going to be a Twitter spaces. The key to the universe is not listening to me or watching any financial news of any sort. How much did you pay for that haircut where I live? Haircuts are not expensive. I used to pay like 50 bucks for a haircut. Now I pay like 25 bucks for a haircut, but I give the guy 50 bucks anyways, because I'm that kind of person. Was Voyeur nightclub around when you were in Philly? Wild nights there. I don't really think so. Bro, I'm not rubbing weed on my face. I shaved. It'll go away tomorrow. I got it. Thank

you. Weed face. Stay positive. The next bull run is gonna be accurate epic that's true uh jeff says fire golden gators basketball bro he's my friend my wife plays tennis with his wife like four times a week play golf together i like him he's gonna be great uh what do we got? Did I say CDB? CBD? Do you know much about Canadian banks? Yeah, they're north. There's a snake in my boot. They used to call me Woody in college. Some people.

So yes, I do look like Woody from Toy Story. What's your target for the Litecoin having? I don't have one. I'm sorry. What's the difference between investing in bitcoin and getting married i don't know and one of them you get fucked probably the bitcoin one that's gonna be the joke right uh yeah it's not when they cdb the shit is taking i taking it. I don't know, man. CDB. Did you say CDB?

Not CBD. Oh, you literally said the CDB cream. Oh man. I was gonna put weed on my face. Yes. I have seen Tom members supporting us in Congress. Uh,

nickname. Uh, do you believe Mika will be approved in April? Honestly, I'm not educated enough on European regulation to comment on that. When merch? I don't know, man. I'm lazy.

Oh, if your marriage fails, you only lose half your wealth. That's right. Bitcoin's worse. That was the kicker. Good restaurant in Tampa. I went to an amazing restaurant in Tampa, but now I can't remember the name. It'll come to me before the end of the stream, I hope. You could ask Emmy, but she's not here right now. My wife is from Tampa. We go there a lot. What was the name of

the restaurant? I don't know. There's Armature Works, and there's a pretty good restaurant right next to that on the river. I can't remember the name. I'm stupid and old. Scott, do you still see a recession happening? Probably. Probably, but I'm not sure how bad it'll be. But probably.

I mean, yeah, Burns in Tampa is a classic. Fun steakhouse. Like, it's an experience. It's old school. You get some bomb-ass French onion soup. You get to go up to a different room to have dessert, and they take you for a tour of the kitchen and the amazing wine cellar, which I believe is the largest in the United States.

Burns is cool. The price of condoms have remained pretty stable. Any ideas why? Is there a kicker to this, or are you just telling me? God help us, coin jumping off a cliff. I mean, no surprises. I'm going to look at coin,

but I'm not going to tell you that I'm looking at coin. Tell me you're looking at coin without telling me you're looking at coin. It's not that bad. It was like $31 at the beginning of the year.

It's still $54. I ain't worried. Did Hedera go offline? I have no idea. I'm still waiting for the kicker on the condom thing. Anyways. Yeah, it was 80. It's fine.

Anyways, guys. Yeah, that's all I got for you. See you in a week on Monday. Yeah, people are saying something about a Hedera exploit. No, I didn't hear anything. Let me look it up. Let me look it up. Is that really a thing?

Are you guys like fighting in the... Oh. Here's the article. I can't speak to it. Hedera confirms exploit on mainnet led to theft of service tokens. Not impacted the network or its consensus layer. So it seems like maybe a nothing burger.

I don't know. I don't know. Anyways, guys, that is it. It's fun. Actually, I hated it. I'm going to be honest with you guys. I don't like doing the news. I like ranting on Fridays, but my blood is boiling.

This shit pisses me off. It should piss you off too, man. I'll leave you with one final thought, though. If this tells you anything, it should tell you guys to buy Bitcoin. This is the system we're opting out of. It's broken. Banks suck. I got to go.

I'll see you guys soon. Come to the Twitter spaces on Tuesday. Peace.