The Wolf Of All Streets - Is Bitcoin About To DESTROY The Dollar's Reserve Currency Status?

Episode Date: April 1, 2025

Is Bitcoin a real threat to the US dollar? Larry Fink from BlackRock thinks Bitcoin could dethrone USD as the world's reserve currency. Joining me to break this down is Paget Stanco, Principal at Gemini Institutional, alongside Andrew Parish and Tillman Holloway from Arch Public, who will also share an update on their $10K algorithmic portfolio. Unleash algorithmic trading with Arch Public: https://archpublic.com/ Paget Stanco: https://www.linkedin.com/in/pagetstanco/ Andrew Parish: https://twitter.com/AP_Abacus Tillman Holloway: https://twitter.com/texasol61 ►► 🔥 LBANK Exchange - No KYC Required! Claim up to 50% trading bonus! Join today & get rewarded! Start trading to claim up to 50% in trading bonuses!! 👉https://www.lbank.com/activity/ScottMelker-Cashback?icode=4M3HD ►► JOIN THE FREE WOLF DEN NEWSLETTER, DELIVERED EVERY WEEKDAY! 👉https://thewolfden.substack.com/ ►► Arch Public Unleash algorithmic trading. Discover how algorithms used by hedge-funds are now accessible to traders looking for unparalleled insights and opportunities! 👉https://archpublic.com/ ►►TRADING ALPHA READY TO TRADE LIKE THE PROS? THE BEST TRADERS IN CRYPTO ARE RELYING ON THESE INDICATORS TO MAKE TRADES. Use code '10OFF' for a 10% discount. 👉https://tradingalpha.io/?via=scottmelker Follow Scott Melker: Twitter: https://x.com/scottmelker Web: https://www.thewolfofallstreets.com/ Spotify: https://spoti.fi/30N5FDe Apple podcast: https://apple.co/3FASB2c #Bitcoin #Crypto #Investments 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.

Bitcoin could soon become the global reserve currency, replacing the ever inflating Fiat Ponzi scheme of the United States dollar. Not the exact words of Larry Fink, but the exact sentiment. I don't know how this guy has become the most orange-pilled human being on the planet, but I'm here for it, and I know that today's guests, Patrick Senko from Gemini, and of course,

Andrew Tillman from ArchPublic, are here for it as well. We're gonna talk about that and everything else happening in the market and news. Let's go. What is up everybody? I'm Scott Melker also known as the wolf of all streets. Before we get started, please subscribe to the channel and gently tickle that like button. I can't with Larry Fink. It's unbelievable. I'm going to go ahead and bring on Andrew and Padgett. We could discuss it right now. Like his comments now are more clickbait and insane than my YouTube titles, which I always feel bad about having. Like every time my producer sends me a YouTube title,

I'm like, come on, we have to, and then we do, right? We're going to 7 trillion next week. I'm waiting for, did Larry Fink put a picture on his chairman's letter that was like, you know, did he do that with his chairman's letter? You know, like in your YouTube, right? Or very sad, or very inquisitive, yeah. Like we're still using my pictures

that like my producer has to steal from past podcasts, like the screenshots, because I won't, look what I just did. That was crazy, Did you see that? My camera, apparently when I do this with my fingers, my camera does something really weird. Okay. Anyways, here I am.

But yeah, I mean, he still has like steel pictures from old screenshots because I refuse to do thumbnails. Well, Larry has become and it's extraordinary. It really is extraordinary because that chairman's letter lives on Black Rock's website for forever. It never goes away. That never changes. That's going to live there for forever. Meaning, you know, Larry's got to feel pretty good about the fact that, you know, Bitcoin isn't going anywhere right and I think Larry disagrees with Mr. McGlone about Bitcoin going down to ten thousand dollars right I think Larry feels differently about that um and so Larry has become and again this is wild you know Larry has become the guy the reply guy on Twitter that says Bitcoin fixes this for everything. Like anything that comes up Larry is Bitcoin fixes this or asterisk asterisk

iBit fixes this. Right. So, yeah, is there a portion of this where he's talking his book because their iBit product is the most successful launch they've ever done of anything ever? Probably. product is the most successful launch they've ever done of anything ever, probably. But again, putting it in a chairman's letter that Bitcoin is something that could potentially dislodge the dollar as the world's reserve currency if things get wacky. Again, putting that into writing, four years ago, in any version of the world that wasn't hardcore Bitcoin, Twitter, if you said Bitcoin could could replace the dollar, you were completely laughed off

the stage, you know, completely laughed off the stage. And now the largest asset manager in the universe is is positing that you know that position. I mean, it had to be a Winklevoss twin to say things like that. I mean, I was I was thinking he was going more the April Fool's route, but but I don't think that's it. It was pre April Fool's. The letter came out. But this echoes his previous comments, right.

And people forget these same letters from BlackRock years ago before the ETF even existed months before they were approved. He was saying the same things just not as hyperbolically, right? He it's like we've seen him slide down the scale to going full Satoshi. And it's it's crazy. But do you think Padgett that this is possible? I mean, are we really in a in a world where the United States dollar is so threatened by our debt that Bitcoin could become global reserve currency?

Even I'm a pretty hardcore Bitcoiner and even I have my doubts. Yeah. I mean, I think, right, let's take a step back here and realize exactly as you guys are saying, Fink's always been kind of pro crypto. Now, obviously, he's on a platform where clearly he feels more confident and comfortable talking about it and expressing it in these types of letters that are going to stay there forever, exactly as you mentioned, Andrew. I don't know if I want to go all the way into thinking that, yes, 100% this is possible,

but I think he's just capitalizing on we're all feeling the uncertainty. There's a lot of anxiety in the room. And I think more so highlighting like the tokenization and the tokenization of funds and kind of where ETFs and things like Bitcoin could play a role versus exactly what it's going to be. So I think it's leaning more decentralized finance, moving away from traditional dollar, where does that kind of come into play versus it is this and it's definitely he's a clickbait YouTube title. Yeah. Got us to read the letter.

Totally, totally, totally. And I think it's it's an important conversation for, you know, not only BlackRock to be having, but it's driving all the institutional players to do the exact same. That in turn is getting the retail to follow. Right. I mean, is this just a sales tactic? Like, holy crap. My...

Listen, it's helpful for our entire industry. So I don't think it's a negative. Well, it can be there. There can be a litmus test, right, that exists out there. And that litmus test for me has often been, okay, so in 2021, I remember walking by in the whale lounge, Bill Miller, you know, a really huge hedge fund manager, you know, was there having to do with Bitcoin, right? It's the only meaningful TradFi institutional guy that I even recognized in 2021. Was it Bill one, two, three, or four? Young Bill or Dad Bill or something?

It was the older one. Yeah, it was the older one. I guess it's because his son who actually runs things is a huge Bitcoin person. Yeah, it was the older one. But then, you know, speed forward to 2024, and not only every meaningful, TradFi individual has dipped their toe in the water.

They're either at the conference or they're speaking at the conference. There's politicians all over the place. Everybody has come to the party. And my guess is, in 2025, it will be more so. So if you're having conversations and I assume Larry Fink and his crew are that there are you know meaningful not only nation states, meaningful corporations, meaningful huge institutions that the

idea of adding Bitcoin to their balance sheet doesn't necessarily always mean spot Bitcoin, it means BlackRock's iBit product, then it only makes sense for him to be talking about Bitcoin in this way, that it is a serious and meaningful answer to a question that they're concerned about. So again, we may have a headline that says, oh, GameStop's gonna be adding, you know, Bitcoin to their balance sheet. They're gonna use debt to do it.

But that is legitimately worlds away from Larry Fink saying Bitcoin could replace the dollar as a reserve. That, it's hard for me to communicate using- There's no, that's it. He's re-skin-gating. There's no further down the Bitcoin rabbit hole than you go and believing that we're going full Mad Max

and the dollar implodes. Well, yeah, I mean, the only thing he could say that's beyond that is somehow Bitcoin's going to be interconnected with AI when it takes over the world. That's the only thing left for him to say that would be beyond removing the dollar as the world's reserve currency. So it's nuts.

I can't believe it. I really can't. I think it's also important to note that, he doesn't just talk about Bitcoin. In all of these letters, he continues to still beat the drum on tokenization and that we're gonna tokenize literally every asset he's actually doing it on Ethereum and to some degree now I think

they have assets on Solana says he vows to unlock private investments for the masses saying things like I don't know that private markets should be open to everyday investors not just the wealthy few to share more of the gains from economic growth and he's going to do this through tokenization. I mean, he's like running the whole gamut. It's just wild. It's wild to me. But I think you know, Bitcoiners obviously focus on these incredible statements he makes

about Bitcoin. But he's talking about the promise of the rest of the market as well, which to be frank, is 10s to hundreds of trillions of dollars an opportunity much larger than the Bitcoin side. I mean, I'm waiting for Larry Fink to just say go where dollars don't. He's like skiing on the moon. But question as we look at Larry Fink, obviously prominent figure having all of this impact in the space going viral, however we want to categorize it. You know, the question still I think obviously prominent figure having all of this impact in the space going viral,

however we want to categorize it, the question still I think remains is you've got Trump at the top, right? And we can touch on kind of what him and his family and the news that's coming out there. But his focus continues to be this US dominance in the US dollar, right? And the US is going to become the global crypto capital. Right. So I think Larry, think again, we're in the same conversation here. Where do those two align? How can they run simultaneously or do they?

Not at all. Yeah, I mean, it's it's it's an interesting sort of departure there because he's basically saying he's anti US government or criticizing the government wildly for what they're doing. I mean, it's a great point. Maybe there's the argument that Bitcoin strengthens the dollar, but that's not the one that he's making. We've heard Trump say that we've heard lumbus say that we've said that putting Bitcoin on the balance sheet would strengthen the dollar pay down

the debt, all those things. We have the bit bond proposal, I guess we could talk about that as well. I don't know if you all saw that, but now I don't have the company in front of me or the Institute that proposed it, but basically creating bonds backed by Bitcoin that would pay off the national debt. That's a real thing. that is a different conversation which seems borderline absurd. But there will be bit bonds. I mean, bit bonds will actually happen. That works six to nine months from those actually happening in a meaningful way and being available to the public. And then there's the connection with strategy as a company and at what point do they go from just a company

that is acquiring Bitcoin to a full-on Bitcoin-backed bank. That absolutely is in there, that's on their roadmap. There's no doubt about that. So, bit bonds are going to be a thing, Bitcoin options are a thing, swaps are a thing, futures are a thing, it's all a thing. And so the question becomes, you know, who and where and what is money to be made? And that's where you know, Larry Fink and the fellas, that's where they show up. And so you know, the tokenization of real world assets, the tokenization of anything, we're again, very much on the precipice of every market, every stock, every everything, being tradeable 24 seven. We're at 24 five on some, the NASDAQ and the like coming up soon.

It's only a matter of time until we go 24 seven. Paj, I loved your point about the Trumps. There's a lot of news around them lately. Obviously, there was an article that pointed out that they own 60 to 75% of World Liberty Financial and have complete control effectively of that. And we've seen what they've been doing. It's very transparent. We also have Trump sons launched new mining business called American Bitcoin.

This is with Hut eight. I think this was announced yesterday and And a public company boasting Trump sons on advisory board is buying BlackRock Bitcoin ETFs as his Dominary Holdings, a wealth management firm, they're putting it on their balance sheet. We have met a planet in Japan acquiring another 696 billion for 67.9 million. Look who's in the picture. It's Eric Trump. I believe he's now an advisor to their company or other board as well.

I mean, the Trump sons seem to have their fingers in literally everything right now in our industry. Yeah, definitely. I think, you know, clearly as your article kind of cadence their shows, they are touching a lot. You know, to be honest, I think I personally am yet to kind of read all the details of what it looks like and and exactly their involvement at more than advisory level, but right, this is starting from the top.

This is again institutional adoption, obviously in a different form as we're leading towards political and literally the president of the United States. But I think it's really important to see that even though you, you know, you've got kind of this moment right now, highest level of policy uncertainty since we were in COVID, right? Simultaneously, you've got all this positive news going on about crypto. I mean, that has to lead to adoption, right? This has to kind of come out the other end. And so, trying to see where that drives this market, I don't know.

I'm not seeing too much crazy activity just yet. But hopeful in the long term. And I think need to understand the details exactly what the Trump's involvement really looks like more than just the headlines. I mean, they're good figureheads for any company. Totally. Throw on the board, give a bit of equity and get the press photos. Right. Because the hottest thing in crypto right now it's like Hansel and Zoolander. But that's

for anyone who's seen that movie, of course. But you mentioned Hansel so hot right now. You guys have you brought up Michael Saylor. Andrew I mean, this guy is out of his mind buying Bitcoin right now. They just had their biggest purchase of the quarter 1.9 billion more dollars of Bitcoin holding now well more than 500,000 Bitcoin. How the hell is there enough demand for everything he's doing for them to just casually be buying billions on a monthly basis?

Yes, so running out of answers for this. So the demand, it's fairly simple, right? For every billion that he buys, somebody's selling him a billion. Somebody somewhere is selling him a billion. It's simple supply and demand story that exists out there. So when people say, well, how why isn't Bitcoin higher? It's at 83 and change and sailors buying a billion

because somebody's selling them a billion. That's how it works. So, you know, I think the sailor story is really something that's gonna be interesting to watch over the next 24 months because, you know, there's a, again, tea leaves exists for them to be the first of scale Bitcoin bank and given all the paper Bitcoin that is

now proliferating and being part of the story whether it's options or you know futures because options and futures are now playing a bigger role specifically futures than they did when they first came out. So Bitcoin futures has been around for a fairly long time, but they weren't used or leveraged in any meaningful way compared to where they are now. The fact that Bitcoin ETFs exist

and now you could play that arbitrage associated with futures and spot Bitcoin, now they're being used in a big way. So given the paper that's out there, you know, strategy is in a position where they become the world's, let's call it, first Bitcoin backed bank and I think that's where they're headed because, you know, I said this the other day to somebody, you know, if you were to ask 25 people on crypto Twitter, what did or does MicroStrategy do as a company before they turned into a Bitcoin holding company?

Nobody would have any idea. Nobody would have any idea. But by the way, he was still a billionaire from that business. Correct, correct, correct. So, where does strategy go in terms of its market cap? Where does strategy go in terms of its market cap? Where does strategy go? Because banks, you know as big as a JP Morgan looms over the financial markets Their market cap is not extraordinary

It's it's it's not as big as most people would think that it is because financial institutions You know, they're they're they've almost become like grocery stores. Their margins are fairly limited. But at the same time, would those margins significantly adjust if you're a Bitcoin-based bank? And that's where strategy's headed. Yeah, I mean, I totally agree with the sentiment that it shouldn't push price up, his purchases.

Obviously, I mean, even $2 billion in a week is a rounding error for volume on Bitcoin if it was if it was spaced out. I guess it really begs the question, why isn't he dollar cost averaging into Bitcoin using ArchPublic on Gemini? That's right. That is right. That is right.

That's a good question. We've I'm going to be honest, we've we've reached out a couple times. Be honest, we've reached out a couple times. We have. I texted him last week. And I'm still on delivered quietly. No, but I think right, like, just to agree with you guys on kind of micro strategy and where where it stands right now. I mean, I think the reality rate is that our strategy, I should say, sorry, I still call it by just that. Has had this ability to outperform,

and it's not just based off of holding Bitcoin and what the price looks like. There's a buyer out there taking advantage of it, continuing to make their holdings grow, but I think the reality is outside of strategy and outside of investors investing in that based off of his nonstop purchasing abilities, it seems. Right. There's other strategies out there for investors. And I, you know, not to give Arch a plug, right. But that's, that's exactly what we're here to talk about. And that's exactly why this makes such a difference, because

we're gaining access in a similar fashion to potentially what strategy is running on their own, right? So Andrew, I don't know if you wanna highlight that more so, but like would be curious how we can, how you could explain to kind of the daily investor, their ability to do the same thing, right? There is a buyer out there. That's exactly what this algorithm is looking to do.

Literally do it better. It literally does it better than he does. Exactly. Yeah, so he just, you know, even though it's a weekly, right, for all intents and purposes, he's taking the capital via micro strategy or that's given to him by the banks

and he's smash buying at 86 or smash buying at 83. And so ArchPublic's algos are not doing that. They're looking for entry points based on parameters that exist and they're catching the bottom of a red candle or they're selling at the top of a green candle. And again, that's part of the math associated with what we do is you'll never make a purchase in the middle of or at the top of a green candle Your purchases will always happen at the bottom of a red candle, which is extraordinary

Very very very very hard to do emotionally, right? So look at that big red candle on your on the left-hand side there. You're buying at the bottom of that candle You're buying at another bottom of that red candle. So 78 and 80, right? And then in the middle there, you're selling at the top of a green candle. So both of those are emotional issues where you're thinking, wait, Bitcoin's breaking out higher. Look at this candle. It's moving big time and we're going higher. So I'm just going to hold on. I'm going to hold on. I'm gonna hold on, I'm not gonna do anything. Nope, the algorithm says, we're gonna sell at the top of this candle and we're gonna sell a small portion of what you own.

Imagine if Sailor like was vocally even using something like this and even selling a little bit to maximize his Bitcoin. Oh my gosh. Oh my gosh. I wish I was public. Lose their mind. Yeah, it solves all the emotional issues of trading.

I wish you could solve all my other emotional issues. Can you create that algorithm, please? I mean, by the way, Sailor's, sorry. Sailor is not the only person buying Bitcoin in droves. Obviously I showed you MetaPlanet. You mentioned GameStop buying Bitcoin, but I mean, Tetherether just stacking, man.

8,888 more Bitcoin in Q1. They're holding 7.8 billion. And by the way, Tether makes more money than BlackRock. Yeah. And JP Morgan and all those financial institutions that you mentioned. I think it's pretty clear that not only are Stablecoin probably the killer app of crypto in general,

but that nobody is going to make more money in that department than tether. And this is crazy. Yeah, well, tether, you know, I think there are about two and a half tether truthers left on crypto Twitter. You know, their last dying sort of thing that they were holding on to is Tether CEO wouldn't wouldn't make it to you know the USA and would step foot on the United States. He went to Washington.

Yeah and that is no longer the case so he's been here and spent a lot of time here and spent some time you know in the halls of our government. That's not a surprise. Tether is a massive buyer of treasuries, right? Whether that was by design or some strategy to put them in good graces. Well, good on them. It worked. And but now they've got a behemoth. And you're right about stable coins being a killer app. Whether or not that's sexy enough for everybody, I don't know. But at the same time, it is significant and massive adoption that I think happens first in terms of

the legislation that that happens. So that can lead to additional killer app stuff with crypto, to additional killer app stuff with crypto with tokenization. So you get the stable coin stuff happening. That leads to tokenization, and Larry thinks of the world doing what they're doing. Yeah, I think that's where we're headed in terms of the use case overall of crypto. Pageant, what are you generally seeing the most interest in on Gemini right now? I just kind of a pivot to markets.

But obviously, the feeling right now is that people want Bitcoin degenerates want meme coins kind of, and nobody wants anything else. Yeah, I mean, I think generally speaking, we still see consistent volumes across the top 10 assets that we typically would. Stablecoins are hot. They have been, I think some can argue they're the future of crypto. I think for a native crypto investor, maybe that's not the case, but there are a lot of use cases that have come out around stable coins and, you know, again, why they're such a popular asset. Generally speaking, you know, Gemini spans the gamut in terms of the assets that we do

support, 70 plus assets across stable coins, top by volume, ERC 20s, and so on. So I think ranges depending on, you know, what we're looking for. It's interesting because this is obviously the lowest hanging fruit for legislation as well. We have the Genius Act from Hagerty on the Senate side, among others, and we now have pretty clear ideas from Congress as well, seemingly mostly bipartisan ideas. And I think everybody's very bullish on the fact that we get stablecoin regulation. But I think it's important to remember that doesn't mean the stable coin regulation is

necessarily going to be great. Right? I mean, there was a story today, I just brought up Binance drops USDT in Europe, what are your alternatives? Right? And that's because of their constraints with Mika, which we all celebrated because at least Europe did something. And that was the period where we thought any regulation is better than no regulation, even if it's not ideal, right?

We just want some clarity. But there could be potential land mines, I would say with the way that stable coins will be regulated in the United States. And I mean, I know you don't speak for the exchange in that regard. But like you have to probably be careful at which stable coins you even allow to be traded in pairs, and that could be wildly affected by what comes. So even in this better regulatory and legislative environment, how do you guys sort of navigate

guessing what's likely to come? Yeah, I think it's less of a guessing game and taking kind of an educated risk averse approach to be honest, given the way that Gemini itself is regulated, we have a pretty intense token review process, a committee that meets lots of numbers, volumes, overall appetite from our current investors, and obviously the potential of future investment there that goes into any sort of new asset that would be listed and made available on Gemini to RN users, whether that be stablecoin or not. Obviously, always looking to expand what our support looks like, but there's a lot Scott that goes into how we make the decision to move ahead with a certain

asset stable coin included. And politics is the ultimate game of law of unintended consequences. So, so you're, you're, you're, you know So what you think are your best intentions can be rife with, oops, I didn't think of that. That headline associated with Tether on Binance is a great example of that. I think we'll see some of that here in the US is that best laid plans often sometimes turn into,

oh, three years ago, if we'd have just done this a little bit differently Yeah, there's been a shift, you know that we didn't take advantage of now. We're kind of locked out of that deal, right? So It kind of is what it is now to be fair, you know Six to nine months ago. We lived in a world where Bitcoin and Ethereum were effectively the only approved cryptos that existed in the United States. Everybody else and everything else was under investigation, right? So we've moved beyond that. So it's, and again, because we live in the world of crypto and crypto Twitter of all places,

our attention spans are really small. And so we were like, well, who cares that that all happened? We're in a new spot, so what are we doing today? At the same time though, politics and business can often be a sticky thicket, as they say. I mean, when you talk about unintended consequences, one of my favorite comments by Palo Alto,

we know when we had a podcast many months ago, but he said, listen, the biggest threat to tether in Europe is that we have to put a certain amount in a bank in Europe. He's like, look at Silicon Valley Bank. He's like, US, DC did not plan to potentially lose $3 billion in the backing that they were keeping in cash because of bank failure. Luckily, the Fed came in with the

bulls Zuka and like, protected Silicon Valley Bank. But you know, Mika regulations and unintended consequences that tether and others have to back a certain amount of their stable coins with euros or money in a fractionally reserved bank in Europe, right those banks blow up and there go your reserves So from a banking standpoint the the other large bearded guy that isn't here today He's made this point a couple times that you know There are more than four thousand or so banks here in the United States. And over the past 10 years, over 500 of those banks have failed. Right. You don't see that headline. You see a Silicon Valley bank or a First Republic. Those are huge institutions.

And so there are institutions all over the place. And one of the points that he was making is if you're a corporation and you're gonna have Bitcoin on your balance sheet versus 12 different you know bank accounts because you're only insured up to 250k for each of those bank accounts does it make more sense that Bitcoin goes to zero or one of your banks fails like the actual percentages is that a bank is going to fail versus Bitcoin going to zero so yeah you know Paulo making a really good point there that that's a serious risk for them associated with probably one of the reasons why they buy a bunch of treasuries. Yeah, Padgett, when you look at what a strategy is doing, for example, and the idea that they

could become a Bitcoin bank, is there a world where the legislation is so clear and the regulation is so clear that an exchange the United States can do the same thing? I mean, I think it went wildly under reported, but Robin Hood, obviously not just cryptic stage, is turning into a full on bank, like in a month, right? Did they feel like they're able to do it? And I mean, you're going to be able to basically on Robin Hood, you know, have your not have to connect to your bank account to get money in and out.

I mean, that should be theoretically the case for Gemini and others as well, if we get that kind of clarity. Yeah, I think it all comes down to clarity, obviously can't assume and have no control there in terms of what the outcomes may be. But I think Robin Hood's move is massive, right, in terms of how they can leverage this kind of like tech-first approach to becoming a new age, new era type of bank, obviously appealing to a certain type of age demographic as well. So I think that's really interesting. TBD, I'm not sure, I'm not sure what's going to happen. I would love to see the continued growth.

Obviously, we've seen that since the early days of Gemini and what we started as in terms of an institutional grade custodian and how that's expanded on to include trading and stable coins and all these other assets. So would love to see the future and ability there to grow, but it really does come down to regulation. And I think we're in a hotspot right now. And obviously, we all know how Trump feels about cryptocurrency. But what does that look like a few more years down the road, right? Still pretty early on. Have fun playing with your Bitcoins. people were marching at the, you know, at Robin Hood at their headquarters and throwing feces at the front of their building. Right. So that happened associated with the GameStop

deal. And now they're turning into a bank and they're hand delivering cash to people in certain certain, you know, geographies. What is up with that? Like that? why isn't the door dash guy just taking your cash? I don't understand. Like, seems like really, wait for the right order. If it's enough cash, you're just out. Like, hey. That feels a smidge risky, to be honest. You can also like finance your burrito at Chipotle now, right?

I mean, there's some wild things happening out there. Crypto's got to get involved in that somehow. I mean, you've got to, can you stable coin your burrito or something? I mean, that's got wild things happening out there. Crypto's gotta get involved in that somehow. I mean, you gotta, can you stable coin your burrito or something? I mean, that's gotta be something you could do. You know what I mean? Delivering cash to your door is a next step. So that's my point about where do we go?

You know, your question to Padgett about, you know, Gemini and their, you know, evolution as a financial institution, where we may be four years from now with the likes of Gemini and others, could be in extraordinary places. And the reason is because look at where Robin Hood was, look at where Robin Hood is. Nobody would have guessed in 2021 when all of that happened and they're giving, you know, they're sitting in front of Congress, you know, talking about the relationship with Citadel, that they'd even be really in existence anymore. But now not only their existence, but they've rose from the ashes and

they are where they are. So that, you know, there's opportunity everywhere, you know, whether it's good or bad, that sort of this, the strictures of regulations have been, you know, dampened in a huge way and removed. While there's, there's new risk associated with that, it means that you can run really fast. And so we'll see, you know, how the industry evolves with that, you know, wide open spaces for them to available to them.

Are we hopeful that the legislation that we get actually is what we want? I'm pretty hopeful. I wonder what it means for Tether. I think it's not a bad thing that they have Lutnick as a Commerce Secretary since he's a major shareholder and custody is our assets at Cantor Fitzgerald. But Andrew, if you had to handicap it, do you think Tether will be fully allowed to participate in the United States as a stable coin? Well, it's going to be a Tether versus USDC battle.

That's what's shaping up in that legislation right now. And so you functionally have, let's call it Coinbase versus Tether. And so we'll see how that plays out. You are right. Having Lutnik as the pseudo custodian of all things Tether, being the commerce secretary is extraordinarily helpful. So yeah, I think they'll make it through the process. It's almost entirely because of Lutnick, it would be my guess, because Lutnick and Besant are the Treasury Secretary, are sort of arm and arm locked with this

stuff. And Besant isn't going to do something that's going to dramatically hurt, you know, Treasuries here in the United States and and you know, they they own a ton, right? So I think though I think though they'll live in harmony associated with USDC as well But those are gonna be the preferred stable coins here in the United States, you know 24 months from now I saw I'll show you a hilarious tweet or comment which is about Ludnick Politico's White House bureau chief Dasha Burns writes writes in with new reporting on Lutnick's role as one of the biggest internal proponents of Liberation Day. By the way, that's obviously the tariffs coming

in the next couple of days. The potential economic fallout from tomorrow's tariffs may well find Lutnick himself liberated from his role in the administration, according to multiple people close to the White House. Yikes. What if Lutnick's not there? people close to the White House. Yikes. What if letnick's not there?

Yeah, I'm gonna pass on the viability of Politico's reporting. Sorry, Politico. Yeah, they're they're awesome. So yeah, letnick's not going anywhere. There's no chance letnick's going anywhere. That's that's my reporting. How about that? How about that? My report? I like it. But I guess had it like, as funny as that is, I mean, I think everybody's kind of holding their breath to see what happens in the next couple days at this point. And crypto clearly now trading with macro uncertainty. Yeah, 100%. I think really, really interesting moment. And you know, I wish I had a crystal ball, but obviously personally don't.

So sitting back like everyone else and watching and, you know, obviously hopeful and would like one direction over another, but. Again, there's such a dichotomy between retail and institutional and crypto right now. It's extraordinary, right? Retail is worried about tariffs and price movement and institutional is like, hey, there are no rules anymore. Let's build stuff really fast, right? Retail is worried about tariffs and price movement and institutionals like, hey, there are no rules anymore. Let's build stuff really fast. Right? That's the difference here. So there's a reason why Larry Fink is putting out a chairman's letter that's talking about Bitcoin and crypto as if it's his last breath. Right? So that's the institutional side. And then we're over here in retail saying, we're worried about tariffs, because I don't know,

we have nothing else to be worried about. It really is something to see the difference when, for years and years and years, it was the difference. Retail was super excited and institutional's like, you guys are dumb and weird, we don't wanna talk to you. But at this point, Ray, everyone's watching and waiting to some degree. If we look at pricing over the past couple of weeks, we're in this trading range.

And I think it's exactly for this reason. Yeah. Yeah, my crystal ball definitely not working because I've thought Ethereum was bottoming like 10 times in the last week. Well, those are the best memes lately, right? It's like maybe FBX is giving their money back and you get this and you get this, but Ethereum is the same price. You get Solana for 25 bucks, you get paid back on Solana for 25 bucks, get paid back

at Bitcoin at like 20 grand and you get paid back in profit on Ethereum. Hey, good for FDX, one-to-one Ethereum. That's in kind distribution. Maybe that's the stable coin we should be talking about. Pat, I think we kept you over time. I'm sorry. No worries at all. Always enjoy talking to you guys. I just looked at the clock, guys. Give Pat a follow. Her X is down in the description. I'm going to keep you on the line. Scott, I will say there's a pretty good image on Gemini Twitter right now, obviously leaning into April Fools today, trying to

be humorous and playful with what we're putting out there. But I think it's worth sharing just circling back to the beginning of our conversation and where crypto and the US dollar purchasing power is kind of a fun one. I was fast on that one. I did that myself. That's well done by the by the Gemini Twitter team. Right? Yeah, it's very well done. That's a great that's a that's an

I love like this is like the worst meme coin chart ever. It's like, you know, it like has its little volatility then just dies and then just flat lines. Yeah. Flatline slow, slow bleed to zero. Well, I mean, you know, it would be a shock if Larry Fink shared this at some point later today. I mean, that's kind of the point he made

in his chairman's letter, so. You know, we need to retweet. Please retweet. Yeah, listen, we'll see what happens over the course of today. X is a powerful place. It's gonna be an interesting few days, regardless, we'll see what happens over the course of today. X is a powerful place. It's gonna be an interesting few days regardless, Padgett. Thank you so much as always for joining.

Thank you guys. Talk to you. So listen, here's the thing. I don't wanna listen. I don't wanna know what you were holding back for when she disappeared. You're like, okay, now that she's gone, dude. Here it comes, here it comes.

So, you know, we talk about the ability to leverage crypto, the ability to use crypto in a way that's meaningful when most people are just throwing $4,500 in a meme coin and losing it very quickly. We're about to put out a case study at ArchPublic that takes the volatility associated with Solana, takes the underlying volatility associated with Bitcoin, takes both of those cash yield returns on a weekly and monthly basis, and then intelligently

puts it back into Bitcoin. So there you go? So there's volatility staring you in the face. Our arbitrage strategy on both Solana and Bitcoin is taking that, there's Solana, is taking that volatility and generating cash yield on your behalf, selling at the tops of green candles, and then returning that capital into our intelligent accumulation portion of the algos

to buy more Bitcoin. So you're not only accumulating Bitcoin on the ARB strategy, but you're significantly increasing that accumulation by adding intelligent accumulation on the backend. So what happens is, is you're now running three algos inside of our algo, right? And they're all doing something that ends up with you having more Bitcoin. And it's just, it's extraordinary stuff.

We keep gathering what our users are doing and telling us and showing us. And one of the things I was going to say when Padgett was on, people that use our algos get an extraordinary discount with fees. So we had somebody show us that they bought some Solana just normally on Gemini and it cost them $4.33 or something. And then they used our algo to buy the same amount, and it was $0.87. So you get 80% reduction in fees. You get automated algorithmic returns that generate cash yield that then is returned back

into Bitcoin. And you're buying at base levels versus where price is right now and you're doing all of it without using your fingers or being obsessed with your computer or sitting in front of it for 24-7 it's all being done in an automated way. I've said this now for six weeks on this show you cannot find this technology anywhere else on the planet you can't go to Coinbase's OTC desk or Gemini's OTC desk or anybody's OTC desk and get these tools. Even if you have $50 million that you want to put into Bitcoin, they don't have it for you. Only we have it.

And again, the money line is it's free if you want to use it and play with it and benefit from it. It's free go use it. So Yeah, another art public commercial because This is one of one technology my friend tee it up for me if you want It is one-of-one technology You can't find it anywhere else and if you want to leverage the volatility that comes with crypto, which is a feature And a benefit not a problem. It's not a flaw You're able to put yourself in a position that 99% of people that are in this market can't put themselves in You're making decisions with zero emotions. You're stacking significantly more Bitcoin and you're leveraging altcoins to be able

to do that. Most people say that they want to do that. Well, I'm going to buy some Solana and some Aave and some ADA and some Pepe because then I'm going to take those gains and put it into Bitcoin. some Pepe because then I'm gonna take those gains and put it into Bitcoin. You can't do it. It's impossible to trade like that and do it. This does it with your hands off and you actually can do it for free, yeah. One of one technology, I like that.

It is, there's no doubt about it. Now listen, at some point it won't be one of one technology. Somebody else will do this somewhere or an exchange will do it somewhere and people will have access to it beyond us but right now it's only us. You can only find this with us and our algos in the crypto space, there's no level of diversity that you can't get to. You can run three of them, you can run 12 of them, you can run seven of them, you can run 15 of them at the same time and turn yourself into a mad scientist and then click

go and it's all going to do its thing on its own. It's a unique tool, it's an extraordinary tool. We all tell our wives that we're one of one technology but... Yeah we do, we do, yeah. I'm just glad you made it back from your boys weekend or whatever you did. It was absolutely epic. I was trying and you know, I was like, I got 13 friends together from college. I'm almost 50. So that's getting getting the whole crew together and we're in the Bahamas. So you know, I mean, wow, I had one of those straight out of the hangover roles app stable. Like it was amazing.

I tried to tweet Emmy about it. I was like, it was like a top five life moment. She was like, love you bro, don't care. Yeah. I tried to get my friends to tell her how awesome it was and it didn't care. Yeah, no. Was there a monkey involved somehow?

No, but like I was rolling for like literally 45 minutes. The whole casino was watching because I was being a complete fool and I was with 12 friends and we were cheering and singing. There was a DJ like right behind us in the club. So like I'm dancing to the DJ. It's all my favorite stuff. PYT from Michael Jackson comes on, you know, obviously dancing and having a good time. But then right. So we're all like fully leveraged on the table. Everything point is an eight my friends have like 500 bucks on the heart eight, you know, like wild, stupid bets. It's like, you know,

pretty young thing. Yeah, after me. So I'm like, I'm singing it and I start pointing at dealers, I refuse to roll like na na na na. And the one lays na na na na na na na na na na to the other one and I had the whole table refusing to roll and then I roll the dice as hard as I can heart eight point and the heart eight. Oh, well, I peaked. It's over now. And everybody everybody freaked out. Yeah, you got to walk away at that point. Casino freaked out. No, you don't walk away. You lose everything on the table. That's right. And you remember the moment. But man, it was so I had one of those those those a couple years ago playing blackjack. And I remember one of the pit bosses would walk by

seeing seeing the heater that I was on. And about every, you know, six or seventh hand, he'd say wheels aren't up on the plane yet. Wheels aren't up on the plane yet. They know, they know what's gonna happen. They know what's gonna happen. Now to my credit, I did walk away with a 10X of what I started with. I did exceptional, I ended up exceptionally well. I rolled hot the entire weekend.

It was just incredible fun. By the way, there's one story we didn't talk about. That's my favorite story in crypto right now. And it's this one. It's breaking Wang Chun who started money at a dollar becomes the first Bitcoin hodler in outer space. So this guy funded the SpaceX flight over the polls first time he's up in space. And literally all I could see is I dying at people of our generation to see this name and not think of everybody

have everybody tonight. Everybody Wang Chung tonight. I mean, the guy's name is Wang Chung. Yeah, so I feel bad that my, soon as I saw that, I'm like, wait a minute. Is that the guy from Bitcoin Cash that said, you know, what he said, you know, in a response to a thing. He has to be blocked, what's his name?

F your mother if you want. the the the the the and It doesn't. So anything else I need to show these people? No, it's just, you know, one-on-one technology. Come use it, come spend some time with us, and you get wild discounts on commissions. So doesn't get any better, man. Doesn't get any better.

Remember the movie Back to School? Of course. Wasn't Wing Chung in that movie? Weren't they the band? Yes. It's a dead man's party. Yes. I mean, early Robert Downey Jr.

The mid to late 80s movies about high school stuff. I mean, those are the greatest. Triple Vindy. By the way, they can't make any movie that they made for us in the 80s now. No way. No chance. I was talking to my friends about this.

Like Revenge of the Nerds. Like that's a great movie. He like literally puts on a mask and has sex with a girl secretly in the moon bounce who thinks she's someone else. It's like that's not right now. None of that. No chance none of that happens. Disney isn't making any of those movies put it that way. This Disney is not Revenge of the Nerds cartoon. By the way,

it's at archpublic.com. It's right down there on the ticker in case you guys are wondering. Now we got to go. One last thing. One last thing before we go. We are still in the midst of our giveaway. So if you download our, you know, our algos, you're in the running to get two industry passes to the Bitcoin conference. And ARCH public is basically taking over the deep in the whale pass area. So the whale pass stage and the whale pass lounge,

we're taking over sort of the whale pass VIP experience at the Bitcoin conference this year. Get it while it's hot. All right, that's all we got. It's been great talking to you, Tillman. Everybody, Tillman's gonna be there, right? Yeah. Yeah, he got in really late on a plane

and then they got to drive three hours from Denver to the Aspen area. It's a tough life for- Well, last Thursday I was at a craps table till 3 15 in the morning. Uh huh. I got up at 5 45 and wrote a new. And still feeling the effects of the previous night. I wrote a newsletter, did my show, did crypto town hall, regretted it every second of the way, but I did it.

He's going to hear it from me. He's going to hear it from me this morning. I don't know how much longer I can, I can hold the company on my shoulders. Okay. I mean, it's like, you know, if only you had someone to replace him with. Oh yeah. You know, okay. Enough guys. We'll see you tomorrow.

Thank you, Andrew man. Talk to you later. All right. See you. Bye everyone.