The Wolf Of All Streets - Is Bitcoin DOOMED? Major Quantum Breakthrough Disrupts Markets!

Episode Date: March 31, 2026

Bitcoin just closed its worst first quarter since 2018, and now the market is at a crossroads. On one side, crypto stocks are trading at deep discounts, but Bernstein says that pain may actually be signaling a bottom. On the other, Washington is suddenly moving fast, with a potential rule change that could open trillions of dollars in 401(k) capital to crypto, while stablecoin legislation and a major Senate markup could decide the future of digital asset policy before the window shuts until 2027. And hanging over all of it is a threat most investors still are not taking seriously: quantum computing. Google researchers are now warning that millions of Bitcoin could eventually sit exposed to quantum attacks if the industry does not adapt in time. So between battered prices, massive policy shifts, and a ticking clock on crypto security, the next phase for Bitcoin and digital assets may be one of the most important yet. Learn more about your ad choices. Visit megaphone.fm/adchoices

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Is Bitcoin doomed? Good morning, everybody. It's a very hyperbolic title on a day when Google has put out a scathing report saying that Bitcoin is at serious risk of the quantum threat. Now, I've been largely dismissive of the quantum threat, but there is some compelling evidence here that there could be a problem. On the flip side, the silver lining is that maybe this will actually light a fire under the asses of the crypto community to come together for once and work to make sure that

this threat is not like this. We're going to break that all down and everything happening in the market today, of course with Andrew Tillman, but also with my friend Tom Dunlevy. Let's go. Good morning, everybody, and welcome to hell. You can see that we've chosen a hellscape of doom, despair, destruction, lava, burning cities because Bitcoin, is doomed, it's over. I couldn't do such a negative title without making fun of myself for doing such a negative title. We're going to go ahead and bring on everybody right now. We got Tom, Andrew and Tillman. You guys looks like the world's not ending where the three of you are. Well, I mean, the world may be ending, but you had, you had time for a haircut, you know?

So, I mean, you took the time to get a haircut. I'm not going out shaggy. I'm not going out shaggy. It's always darkest before dawn. Listen, I don't think it's doom and gloom for most people. I think, you know, everything else is that kind of all-time highs. These are modest pullbacks, if you will. And considering all things, I mean, we're at war, if anybody's noticed. I mean, the pullback has been operation, whatever it is.

I just, I think the markets are handling it pretty well, actually. If you have dry powder on the sidelines and you are watching it, you're seeing a lot of strength in a lot of turmoil. I'm not feeling like it's doomed. And meanwhile, Morgan Stanley is launching a Bitcoin fund. By the way, they have designs based on my conversations yesterday with some Morgan Stanley folks. This isn't going to be their only Bitcoin fund, just like BlackRock. So, you know, I guess if those types of organizations aren't, you know, overly concerned that somehow Bitcoin's going to zero because supercomputers are going to destroy its very existence, I don't know, maybe they wouldn't be launching products.

You know, it falls under the, you know, watch what they say rather than watch what they do rather than listen to what they say. So I don't know. That served me fairly well over, let's call it 30 years. in the markets. Yeah, quantum is an interesting conversation. It's worth evaluating. It's worth reading the papers. It's also worth noting that Google is a for-profit entity.

And so putting out papers, you know, there may be a reason for that. Maybe Google has a, you know, quantum, you know, fight quantum product in the mix somewhere in the line. And so yeah, it's nothing's new under the sun, as they say. I think this is fantastic news, to be honest. You don't get a warning bell for the apocalypse three years before it happens very often, right? So, hey, this is coming in three to four years, maybe if everything goes right. And right now we have, I think, 1,000 qubits from the best machines.

And it's estimated 25,000 to 30,000 qubits are needed to crack down. algorithms that are there today. So still we need a 30 to 40, 50x improvement and this really complicated technology. So for protocols like Ethereum and Solana and others that can look into this and by consensus update their protocols, fantastic for Bitcoin, I think this is a really a wake-up call. Nick Carter and others have been sounding the alarm for a while.

And Scott, you and I were just talking. I think we both were not really believing the FUD and the bad stuff that can be coming on the line. But it sounds like it's actually happening now. So it gives them two to three years to get their act in order. And this does take time, right, to actually upgrade the algorithm and to actually upgrade, you know, the entire protocol and get everyone to move through and how slow Bitcoin's blocks are. It's going to take months and months and months. So I can't say it on this at the first time I read it.

I thought it said Kubert and not QBits. Do you guys remember that game with the little guy that jumped up the... Anyways, before we dive deeper into the quantum threat and the volcanoes, I mean, tell me, instead we're at all-time highs. Like, this is the worst few-one we've had since 2018. We're down 23%. If it keeps going like this, we're going to all have to get all-time high.

It's not that good. Well, I'm just saying the S&P 500. The markets have been really crazy up for a long period of time. The consolidation that we're seeing now, in light of the news that we're seeing.

Again, though, people want, it's always for the knee-jerk reaction. It's like, what timeline are you looking at? Bitcoin, is there a threat to Bitcoin for quantum computing? Yes. We all have, I think anyone who's in, you know, the space can acknowledge that there's some threat, whatever that threat may be. There's a percentage threat there. And, you know, if you're looking at like how much has been mined on the current chain, we're through 95%, who cares? Let's switch chains. There's, there's a lot of ways to solve these problems is the point. And markets are incredibly resilient. And we're seeing these markets

be incredibly resilient. I mean, I think to, you know, the point earlier, a lot of these chains can be updated, right? A lot of these chains can morph into the current landscape, right? They can, they can really, through consensus voting, be completely altered, completely changed. All of these things will be handled in time. There is no doom and glum. Loom. Everybody, all the, you know, we always want to go to the extremes. It's either the greatest thing ever or the worst thing ever. And the truth typically lies somewhere in between, as someone used to tell me. Yeah, there are, there are markets that, you know, the broader markets, you know, dealing with the conflict in Iran in the Middle East. You know, we're down. I think the S&P is down, you know, greater than 5% at this point. So NASDAQ, I think, is right around 9, 10%. you know we're looking up today in futures so get a little bit of that back um at the same time if you take a look at a five-year chart of the s and p 500 and then you look at the tiny little blip that is what we're currently doing it's laughable like it's it it will make you laugh like

you know the s&P goes like this right then there's a COVID blip down there that was a V-shaped recovery inside of 90 days and then we're up here and you almost can't even see the dip that we're currently in right i mean it's about part of that's all the match on the chart right i mean it's it's laughable you know the average downturn on any given year and major it's all it's all the same thing with bitcoin it's all right we're here uh at this at this moment and we're at 60 and change, right? That's effectively the top of the previous cycle. We've done this every time.

We've done this every single time as it relates with cycles of Bitcoin. We pop higher and when we come down, we generally sit at the near the tops of where we were before. And everybody freaks out and half of the people that are on crypto Twitter leave. Nobody's around. Influencers go when two years later, we're at a, a too high and a new level. Andrew, your internet is super, super glitty. I don't know.

During the moment for work. Glad it's not just me. I thought it was me. Andrew, you're going to. Yeah, Andrew, you got to try to sign off and sign back on. I don't know, your internet is super bad. You ever see that movie? It's a movie.

It's super bad. Yeah. Yeah. That's your internet right now. But yeah, so on top of the fact that we have obviously depressed prices on the bitcorns, crypto stocks at big discounts, maybe nearing bottom Bernstein analysts. I mean, Tom, how are you looking at sort of, we had this, you know, I described it as our alt season this year or this cycle was basically crypto-adjacent equities, right?

I mean, you saw the circle launch and the treasury companies and they all did the Birge-Khalifa pattern, you know, straight up one side, straight down. The other side kind of looked like an alt-season. And you think that now, like, were, you know, oversold and irrationally sold off and that maybe some of these are going to start to look really, really good here? So I think it was really a reckoning, especially for something like Circle, which, you know, Coinbase makes more money of USDC than Circle does in terms of net revenue. And that was just way, way overextended from that initial pop. The rest of crypto equities are miners who have gotten absolutely destroyed with hash meltdown. Digital asset treasuries.

which for a while were an interesting vehicle in terms of some of the financial engineering, you could do staking and then using things in defy to gain a sort of net yield. But there's only so many folks who can pull that rabbit out of the hat. And maybe it's Tom Lane, maybe it's Michael Saylor, maybe one or two more. You can't have 50 or 60 of these things. Just wasn't going to work. So that's the other sell off. And then the rest, I mean, there really aren't any other crypto equities.

There were a ton that are supposed to come to market this year that have really pushed off their IPOs. So I think the broader crypto equity complex is really, really things. and it has a lot of risk still. I wouldn't be buying those. I'd be buying the dip on these coins, right? Bitcoin, Ethereum, Solana, really retraced down to 20-21-ish levels. I mean, especially with all the developments that we've talked about ad nauseum on the private side. And with all these big companies integrating, it just seems like it's a much, much easier sell.

Now, I'd still concentrate in the top 10 assets. I think long-tail assets are still cooked for the foreseeable future. And so we have broader regulation and actually, you know, other people buying these besides just crypto-native investors. So you're much more interested in actual tokens than in any of these stocks, which I find interesting in this environment because that's a pretty big flip. I don't mean necessarily from you, but I think from consensus, right? I think a lot of people just get interested in tokens altogether and, you know, are just looking for other ways to gain exposure if they're going to. I've had it really, really interesting. Andrew, you also made the point, like Morgan Stanley launching their Bitcoin ETF.

I think what was even more interesting is that they undercut everybody on the fees. I was wondering, I was like, yeah, it's cool that Morgan Stanley is doing this. Obviously, Morgan Stanley's advisors will be pushing the Morgan Stanley spot ETF. There's guaranteed money there. But also undercutting and basically saying we're not even going to make money on this thing. We just want to win. It was a pretty big statement at this point. So something that you have to understand is Morgan Stanley's ETF portfolio is like 21 ETFs.

But this is effectively the first or second one that they've done by themselves. All the other ETFs that they have, they acquired when they acquired Eat in Vance and two other ETF companies years ago, not years ago, it's in 2023. And so, you know, you can't understate what a big deal this is and the demand that they're seeing across their wealth management brand. That's where this is coming from. And so if you're seeing demand, there's such a disconnect right now between,

let's just call it retail crypto Twitter and the rest of the world associated with Bitcoin slash, you know, let's call it the top five crypto assets. They're such a huge difference. You have Morgan Stanley, you know, jumping into the space. We don't even want to make money on this. We just want to gather assets because we know

this is going to work. When you're doing that, by the way, as a global investment bank and wealth management firm, what that means is you're going to make meaningful money in other ways, aka lending and additional products associated with the scale of the AUM that's going to come into that product. That's just a, I mean, listen, that's 90 seconds of Morgan Stanley information. That is a lot of things that are going to happen. via Morgan Stanley and then others in the wealth management space over the next, you know,

let's call it two to four years. They are, their actions are believing in what Bitcoin is and what it can be and frankly what their customers want, what their clients actually want. By the way, what are, what do Morgan Stanley clients look like? Well, Morgan Stanley is the creme de la creme of wealth management. So yeah, they, they, they, they, they, they, they, they, Right, they absolutely are. Right. So Morgan Stanley financial advisors have larger AUM balances than anybody else that they compete with outside of Goldman. Goldman really doesn't count in this conversation.

And they have, they do more business. Those advisors do more business on an annualized basis revenue than anybody else that they compete with. So if at the highest end of wealth management, there is demand for Bitcoin. that Morgan Stanley, who isn't in the business of ETFs, decides to open up an ETF to gather those assets. I know that that's like doing this, slowing people, right? One 4% expense ratio. I think the gray scale minis are like 0.15, but BlackRock is 0.25, right? I think even the crypto natives are, you know, above 0.2.

To me, this is just like a math statement. It's about this is your acquisition, right? It's about, you know, they want to get into the to the market that we're in. And, you know, back to the point of like prices being down, it's just a matter of zooming out. It really is. There's, I've heard this adage from a lot of traders and a lot of investors. And it's the truth. It's like there's a new train leaving the station every day.

If you look at oil, oil's not down. If you look at silver, silver's not down. There's things that have movement that I think we're going to. going to see an intensity in market velocity. And what's exciting to me is the tokenization of all of those real world assets. That is going to, I think, bring a lot more velocity, a lot more access to, you know, commodities specifically as it pertains to investing and trading. And, you know, I think, you know, if you look at the velocity now and it makes you sick, well, I think we're headed to a bigger roller coaster guys. I don't think this is going to stop. I think this is only going to accelerate.

Just to circle back on that Morgan Stanley point, I think they're setting up for their RIA base, which is really important. But an even bigger move is that this new legislation and direction from the Department of Labor that you're now allowed to potentially put crypto, private credit, bunch of other assets directly into your 401k or IRA or whatever retirement account you have, that complex is $14 trillion worth of assets. So it's a ridiculously huge pool. And I used to help put a lot of these plans together. So the way it works is you pay a consultant or someone else to assemble a suite of products

that your pensioners or whoever, or if you work at a big bank or whoever, there's someone who services your plan and says what options you could actually pick for your 401K. And those guys look for the lowest cost fees possible and the most efficient vehicles. And that's effectively what Morgan Stanley is putting up here. doing the Vanguard substitute, the cheapest possible product that you can put in here to give your plan participants some exposure to this asset class. So I think this is a huge, huge move from Morgan Stanley. And if this deal L legislation or direction goes through, which it seems like it's going to, there's going to be a lot of new assets flowing into crypto. It might not happen day one, but it's

going to happen over time. As those flows come in every two weeks, every paycheck you have, everyone chops off a little bit to put in their 401k, just automatically. Bye, bye, bye, bye, Morgan Stanley, like, that is above my pay grade. So as far as retirement accounts, 401Ks, like what size is Morgan Stanley in that market relative to the market as a whole? Because that makes a lot of sense, like just who cares if we make money on the product, if that gives us a way to move all that money into our own retirement accounts? It's a good question. I don't know the answer, but it doesn't really matter because it's all of the different advisors and folks who have access to the individuals who need to put assets in a 401Ks,

and they just look and say, okay, we want a Vanguard ETF that we're going to put here so these folks who are putting money into their 401Ks can select. So now Morgan Stanley's an option in that pool, and it's the lowest cost option. And they can force the Morgan Stanley product to anyone

at the Morgan Stanley R&A. They're pushing knowing that Bitcoin's coming. I mean, I just want to be an RIA. And I mean, you just go work for Schwab or Morgan Stanley, and they tell you exactly what you're going to sell to every person. you don't think you don't uh you don't uh you don't uh you know you big brothers watching so you just sell the exact portfolio that they're saying and you play a lot of golf and go to a lot of dinners and uh it's a little more complicated is it though is it though much is it though hot being

being the judge you actually have to you actually have to have clients and therein lies the yeah you go get them on the golf course and at the dinners that's right right yeah you just go to the golf course and then you have lots of clients and You do golf. 90% of the members at my golf club are RIAs or salespeople. Like, that's all I do. My old roommate was a pharmaceutical salesman. They changed the laws eventually.

But all he did was go to basketball games, strip clubs, and fancy dinners. And, you know, he's like a couple. And the doctors, take a doctor out. Now he's going to use, you know, Ozympic instead of Wagovi or whatever, you know, thing we're putting in ourselves. Listen, you know, Morgan Stanley has. that's $8.9 trillion in assets under management, right? That's not Black Rock level, but there's a, there's a meaningful difference

between Black Rock and Morgan Stanley. Morgan Stanley is high net worth, ultra high net worth, retail money, okay? Whereas Black Rock is institutional money. And so, again, that is such a big deal in our world, because that means that Normy, retail investors who have $4 million at Morgan Stanley are still bidding for access and some level of allocation to Bitcoin right now. Whereas if I'm not mistaken before the show started,

you know, Scott, you're talking about influencers that you talk to that are like, I hate my job, I hate it here. I no longer want to be in crypto, right? So there, again, these huge, differences in worlds where we live in crypto and just because we're down to the previous cycle of highs we we all just want to quit right whereas in the real world it's a very very different narrative that says oh look over the last three five and ten years bitcoin is extraordinary oh maybe i should get some exposure there in my core portfolios what do you guys have to offer me, right? And that's why Morgan Stanley does what it does. To the tune of almost $9 trillion will now have access. And believe me, Morgan Stanley advisors will be, let's just say,

instructed to start with MSBT versus IBIT. I think Morgan Stanley's Bitcoin ETF a year from now will be the second largest after Ibit. It will move that quickly based on the scale. of their organization. That's a bold. Bold, bold call, Andrew. Oh, $9 trillion. I mean, you know, give me a break. Yeah.

I mean, Tom, do you think we get to a point where, like, these RAs are aggressively or even actively pushing 5% into these products, you know, saying that the model portfolio should have 5% Bitcoin? We've heard BlackRock say, hey, maybe three to five percent, but you don't see them out there selling it necessarily. So Bank of America said one to three percent earlier this year. So that's a pretty good movement. I think that's a pretty sizable allocation.

I mean, you got to remember, to your earlier point, how do you get your clients? You win them on the golf course, but then your biggest risk is losing them because you just clip a management fee of one to two percent per year. So anything you do that's risky is risky to your bottom line as a financial advisor. RIA. So you want the least amount of risk possible while still making your clients happy. So if they're demanding Bitcoin exposure, if they're demanding crypto exposure, then you're going to have, and this is the problem before, they weren't able to actually put their client assets into their, and build a portfolio with crypto in it. They'd have, you know, their normal 6040 equity bond portfolio,

and then they'd have, you know, a client with Coinbase over here, and they weren't making any money on Coinbase. So they were annoyed by that. And now they could put it in the portfolio. But it's going to be at the client direction, and that's really likely going to be when we see some sort of sharp uptick or sharp upturn in these assets, and they're going to start chasing them. So I think once you see a breakout, you know, up above 80, 90, all of a sudden you're going to get people calling up their eyes and saying, hey, why don't I have exposure here? And then that's where we're going to get a really quick reflexive move upside, up to the upside on the back of, you know, things like this.

And by the way, all retail investors that are Morgan Stanley or whatever, they've all been taught for 30 years that any time an asset that they like is down in price, shovel money into it, shovel money into it, shovel money into it and do it programmatically. Do it consistently over a period of a year or two until you're at an allocation that you're comfortable with or slightly uncomfortable with. And then you stop. So, you know, depressed prices for Bitcoin or otherwise is actually a good thing for that type of mindset. So, you know, again, money is going to keep getting put into into these products at a retail wealth management type of level. It's not going to slow down. Yeah. Everything's pointing up in terms of usage.

And if you care about usage metrics more than price metrics, then you're. you're really thinking we're in a pretty special spot. And, you know, when you're in when you believe you're in a special spot, and what I mean by that is I think the price is disproportionately low compared to the upside of what our industry, you know, has in front of it. If you just talk, start talking about AI and the fact that AI agents can't walk into banks and set up bank accounts, they don't have proof of citizenship, they don't have social security numbers. They can't do in Web 2.0 what they can do in Web 3.0. And I think a lot of people have thought about Web 3.0 as us interacting, you know,

with smart contracts and smart functionality on the web. I think that is going to completely be skipped. And where we're going to see the use case and we're going to see the volume and the traffic is agents using crypto and setting up wallets and managing wallet systems inside of corporations, but also for individual enterprise purposes and entrepreneurial efforts. And I think that you're going to see an on-ramp broaden or a top-end funnel broaden as it pertains to people's exposure into the space at every level, whether it be through their registered investment advisor and the traditional means

and buying some exposure to Bitcoin through their retirement account, or it means that they are literally using defy within their bank or, within their exchange unknowingly to serve purposes as it pertains to earning yield and borrowing money and things of that nature. So I just think that the actual use case, we've been talking about for as long as I can remember in cryptos, you know, this one has true utility. Well, we're actually seeing our entire industry have utility as a whole, like, and be acknowledged as that fact across every single.

I mean, the fact that we now have clarity against, I can't remember how many of they said, I think like the top 20 cryptos or top 10 cryptos is like these are commodities. Well, you know, we're moving in a direction where the cat's out of the bag. And this type of technology is so disruptive and so incredibly delta positive. I mean, in terms of what you can do from an opportunity. That's not real. I was going to say, that does not align with the hells. No, you're nervous, but that's not a real.

That's not actually. I think we could type in something to AI and make it start moving. That's us thinking. By the way, just as a reminder, both boomers and Gen X lived through, you know, significant turmoil in markets, right? 9-11, the dot-com bubble, all these things.

Like Amazon was $2.14 in 1999. The people that have all the money that our investors remember that. They remember, oh shit i wish i would have bought amazon when everything was going to zero in the dot com bubble i did buy it three years later when it was up 10x and i still love it because that was 30x ago right um same thing with just about any asset that that you can look at during that time frame like by the way i remember uh when bank of america during the financial crisis was like two dollars and twenty

cents because I had a bid in at 225 or 220 or something and it got one penny away and it didn't take it and I never took that trait. So these are the history of the mindset of these folks that these assets they may go down and it may be painful at some point, but you just never stop investing. It's like the Josh Brown thesis of wealth management. you can throw anything you want at the markets. Over the past 30 years, there have been an innumerable amount of we're in real trouble, make meaningful changes. And every time six to 12 months later, it's not mattered.

Assets are higher, right? So by the way, that thought process is pushing money into Bitcoin. every single day via the ETFs. I think it's really important to underscore that there aren't many ways for young folks, particularly ones who don't own homes to accumulate wealth in this economy, right? You look at the upside of the biggest companies in the world right now, SpaceX, still private. What is it, $1.5 trillion in excess of that, X-AI sort of private, anthropic, private at Open AI, private, on and on, and on.

All these things are going to go public at a trillion-dollar plus valuation, and all of the upside is destroyed for retail. There have been a number of solutions that have tried to disintermediate that, right? You have some of these private shares being sold on Robin Hood and others. You have these new kind of ETFs that have private shares, none of them have really worked out. So really, if you're a young person, and as the wealth transfer happens from boomers who are all turning 65 in the next few years and have to start distributing assets, or die and pass on their assets, the logical thing to look at for these folks is crypto.

I mean, that's the last upside remaining unless you want to go pick individual equities or stocks, which is just, I think everyone's been coached over time to understand that as a losing game, right? Even the best managers can't outperform the indices. So the upside that folks see, and this kind of precipitated a lot of the meme coin crisis in my view is like financial nationalism, let's find an outlet to try to hit it big before, you know, I miss the train here. And crypto is really that only option. And I'm sure there are plenty of folks right now who are salivating. We're like, man, Bitcoin's only 65s, you know, 70K right now.

I wish I had more money to buy. And that money's coming. So I'm really excited. I think it's going up. Going up when? Right? Right now, right now. Yeah.

I think it's three, six, nine months direction travel. It's good. I mean, pretty. Yeah, previous cycle, six month bottoms, you know, time-based, capitulation, people give up, disappear. And we, this whole Iran saga, which hopefully won soon, knock on wood, is really distracting us from a lot of the really positive things that are happening. Right. Now, dollar-based liquidity is still really strong. You have enormous fiscal impulse, right? Not only from the tax stimulus, that is at record highs this year from folks getting tax returns,

but also the folks who had to pay are done paying now in the next month or so, that's going to be a positive fiscal impulse. You have a lot of the monetary stimulus that potentially could be coming. A lot of the mechanics are going to work behind the scenes. Very unlikely to have re-hikes. We're not going to have re-cuts, but there's going to be other ways for them to stimulate monetarily. I mean, complicated stuff I'm going to get into. But there's a lot of positive backdrops here that the Iran war is really just really taking a lot of the pressure away from.

Yes, higher oil prices are really bad. Yes, higher gas price is really bad. But it's a blip on the radar. unless you believe this long is going to, this war is going to be six months or longer. I don't. I think we're going to be back to, you know, smooth sailing here in the really short term. Yeah, if you don't think Kevin Warsh is going to be the next Fed guy and he's not going to cut rates, I don't, I mean.

I mean, the dot plot, but now, you know, Fed Fund's features are no cuts this year. Not that they've ever been right. Right. So who, again, that is for nothing else, it's all clickbait, right? Oh, no. the dot plot has changed. Oh, no, let's write an article about interest rates because we have nothing else to write about. It's a pile on. It's like when you were in elementary or junior high, and there was sense weakness in one of the kids and all the kids just, you know, piled on because

they don't really have a leg to stand on. They only have a leg to stand on if they're chiming in to from the back seat. I think I would actually pile on the kid who only had one like to stand on. Yeah, that sounds like repressed. My point is it's group think is the point. Like everyone is buying into this doom and gloom mentality, but they're not really looking at any of it. They're listening to the noise and not looking at the signals. Yeah, my guess.

I just find out if Tom hasn't mentioned, he's got to go real quick. Someone asked him about clarity act. Yeah, yeah, let's go for clarity. And then we can help. Final Stablecoin yield test expected as Clarity Act talks continue, Anchorage chain leadback hybrid. And then we're saying, you know, that it's basically a markup likely coming in April with a chance of May.

I'm putting that at 1%. Personally, I think stablecoin yield is like one of many issues. And we can't even get an answer on that yet. But I love your take. So I think the stable coin yield issue is on the way to being solved. Now I think Coinbase is going to be really tricky to bring along. So it's a industry and congressional effort to see if they want to piss off Coinbase, which, you know, is a huge donor to fair shake, which is a huge, you know, directional mover for a lot of these smaller races in particular at the congressional level. I think that's all the way being solved.

Now, the other issues are a lot of the stuff around the Trump's, right, there's going to be they want to ban, you know, not only the president, but anyone sort of affiliated with him on trading or profiting from these assets or for, from crypto. more broadly. That is a real sticking point and a real issue. And there's a bunch of other nuances throughout the bill that I think it's pretty unlikely, unfortunately, to pass. And if you talk to folks who are in Washington, there's, folks are pretty pessimistic. You know, there's a lot of vocal support by Lummis and others who are out there trying to job on this thing and to to right place. But, you know, from what I hear, it's pretty unlikely. And, you know, I think if we flip the table right now, it seems like crypto really needs this bill. But, But actually, the banks really need this bill too, right?

Because we are getting exactly what we want in terms of stable coin yield and rewards today, if that doesn't change, if the current legislation doesn't change. So I think we have a better negotiating position than folks who let on. But we're about to roll into the summer recess pretty quickly. And then all of a sudden it's the midterms. And this Iran war is the big backdrop of everything else. And the longer that plays on, the less appetite there is to discuss things like crypto. It's just not a top priority for most of these folks.

So I'm pretty pessimistic it gets past, but I'm also fairly optimistic that it doesn't really matter as much as we initially thought it did. And it matters a little bit more for the folks who are actually entrenched in these ecosystems. That aligns exactly what might take. Tom. I know you got to run, man. Thank you so much for your time. Thanks, guys. You guys. Give time a follow right down the description.

That aligns very much with my thoughts. Wow, our face has got big. Yeah, that's 100% spot on right there. He's got a good read on it. Unless somebody comes up with something new out of nowhere that gets passed out of necessity. I will say that I think both sides are somewhat desperate. And when you have two sides that are somewhat desperate, I mean, I think the bankers are probably more desperate. And here's why, because the rest of the world doesn't need us to keep moving in the direction that they're moving.

Like just like Tom said, we already have what we want. The whole world has what they want, not because someone gave it to us, but because the technology provides it by very definition. And so, you know, that accessibility and the ability to prop up a proof of work network like Bitcoin and have it grow organically over a 17 year period when every force on earth at some point came against it, it kind of proves to the resilience. of the network and to the industry as a whole. Yeah, we're getting really close to the whole too big to fail idea now being a crypto narrative, right? So Tether has 500 million users. Coinbase has 125 million users. I mean, these are huge, huge numbers versus, by the way, the banks. Banks don't have those numbers, not even close.

They want them, i.e. why they just gave away all the fees on the ETF they just launched. And so like if I'm the banks, I'm the one that's going, you know, I'm, I've got all the power, right? I've got all my friends in the room and we together are the most powerful force on the earth, arguably. And we're all going, you know what? There's a bunch of, there's seven billion unbanked people in the world. And crypto can bank them and provide the on ramp into our rails. Like, that's a powerful on ramp. That's the most powerful on ramp.

the accessibility that Bitcoin or crypto provides, someone in the middle of nowhere with a cell phone gets them into Morgan Stanley's ecosystem. Yes, please. And they know that or they wouldn't even be talking to the, they wouldn't even be doing all this. But it's just a matter of, I think, you know, some of the biggest battleships take so long to turn around that, you know, they have to run interference while they do the U-turn. And I think a lot of this is just interference noise. I think they're trying to slow down Coinbase's effort. At the same time, they're speeding up their effort

so that they can try to bridge the gap. I just want to know who Tillman's one-legged friend was in grade school. I wouldn't have a leg to stand on. And was he the bully or was he the friend that stood close? This reminds me of the Seinfeld episode where Elaine, just gets fed up with the group and she goes to the bizarro group and they meet on the street we already have a george and she we really have a george you guys are pushing me to that that edge okay what are you talking about i didn't have a leg to stand on you said it you said it you

You guys never heard that before? Yeah, never hear that. It's a perfect. I focus on it like two. It reminds us. Because we're immature, all right? They're immature.

It reminds me of a joke that used to be one of my favorites in the early 90. It reminds me of a joke that used to be one leg. That's why she wears new balance. Honestly, guys, I'm very disappointed. The mood here does not align with the volcanoes. I do want to just very quickly before we talk about other things, because I brought up all these articles. This is a Google paper, safeguarding cryptocurrency by disclosing quantum vulnerabilities

responsibility. There's a great TLDR here. But basically they're saying they can, I think it said that, you know, they can do it nine minutes and the block time is 10. So this is way lower than they thought, which means the memples are at risk. The top thousand Ethereum wallets could be cracked in less than nine days. There'll be no more warnings. This is basically it. So get ready. This is the whole qubits thing. Kubert. You've seen them here. That's the Guter. Those are the qubits.

Then Google considers the underlying quantum circuits too dangerous to publish. This is the first time this happening quantum resource estimation. Basically like, ha ha, it can be done. We're not going to tell you how. But I mean, listen, like I think it is worth taking this as a warning. That's all I'll say. 6.7 million Bitcoin are currently sitting in those addresses. We know that outside of Satoshi's in the early coin, everybody will move them to addresses that are quantum resistant, right?

Because we'll have years of warning. But yeah, I mean, it's, and then CZ comes in with a very reasonable take. He's like, anything that dies because of quantum should be dead already. And we'll fix it. Long live crypto. Well, yeah, and we can delete it if we want to. We can do a 2.0 Bitcoin chain right now and say all the addresses that you move it or lose it, basically, we're forking Bitcoin. And there's all sorts of ways to deal with this.

And none of them are catastrophic and none of them really pose any threat. And quite frankly, if quantum computers are that powerful, they should be taking advantage of things that are a lot more valuable than the abandoned Bitcoin wallet addresses. I mean, it's, it's just, it makes no sense to me at all. Yeah, there is Eric Volshunis, the Bloomberg ETF analyst that, you know, obviously has been turned into a Bitcoin ETF analyst over the past two and a half years. That was his question is like, what I don't understand is why are they aiming this at crypto? So I was the answer and it was like cloud. Someone responded that like Cloudflare put out a big thing.

It was like Cloudflare is already quantum resistant. We've moved every. on the internet's quantum resist it but that to me doesn't still answer for like the Department of Defense yeah right their website's not upgraded by cloud flare right and and I don't know I don't know enough does it even address whether the quantum computers are breaking the wallet encryption or whether it breaks the private key it takes you know nine minutes to break a private key when they thought it was going to take you know weeks or months but I want you guys to think about that that's not even the chain that's not even the network no the yeah

right. It's not really breaking the network, to my knowledge. It's that any coin that's not put in a quantum resistant wallet, they're breaking treasurer's business model. So who cares? They're breaking, you know, like, does this mean now we have to put our coins back on exchanges? Yes, it does. Because they're going to be the only quantum resistant, you know, folks. And this is the, this is the slippery slope of like technology at the end of the day, you know, he who has the computers makes the rules. And we don't ever have the processing power that they do. And so we will have to go towards, you know, more centralized networks to protect ourselves from vulnerabilities like this. But, you know, God help us. That's, you know, that coupled with AI. I mean, we're not even talking about AI and the vulnerabilities

that that brings to the table. And, you know, 24-7 markets that have this much liquidity and that have 95 on ramps in terms of DFI market access and global access that we can't control. Like we're headed into an exceptionally exciting time if you love volatility. And my suggestions to everybody is stop trying to bet on a horse based upon conviction of that horse and realize that, you know, a rising tide kind of floats all ships. And the more this technology is used by AI agents, the crypto specifically, the more liquidity is going to come into it, period. I just have to say I'm reading the comments,

and it's unbelievable today. We have someone named One-Arm Bandit, who has one-arm and thinks our one-leg jokes are funny, and I appreciate that the sense of humor, and you guys are just going back and forth. Somebody said he types faster than the rest of us. I'm just reading the time, and it's like,

I'm just, do one-arm bandit, you're the man. you're doing here. So, I did say that technically, even if you have one leg, you do have a leg to stand on. So I have been correct. That's a good point.

I like that point. That's well said. That's well said by the commenter there. This is amazing. Should we bring up the thing? We got a company. Look at the new fangled website. Look at all that.

Hey, nobody told me there was a new website until I just brought it up. There you go. Oh, there's just constant development work. on an art public. I see it going on over here. We're trying to make it easier and easier to get access to tools that make it easy to acquire Bitcoin, but also every other digital asset and traditional asset, focusing right

now on tokenized assets, you know, in a methodical risk adverse manner. And that's kind of a mouthful. But the bottom line is, is that anytime you have volatility, you should have systems that manage that volatility for you. And as when in particular, when the market is open 24-7, 365 and you have to sleep, there's a lot of emotion in that volatility that needs to be managed. And there's also a lot of time effort and energy that needs to be managed. And we just aren't available as human beings all the time. And so setting up automated parameters that help you reach your goals as it pertains to accumulating these assets, I think is our path.

And so you've probably heard us talk about it a lot, but we we talk about it every day, all day with our customers. And we have a steady stream of people who want to see what automation really can do for them. And if you've asked that question and you want to do it in a completely riskless, positive manner, reach out to our team. They'd love to walk you through the platform. They'd love to get you up and started completely for free. You can use our product for free in an ongoing way. the only time that we charge a license fee is for enterprise customers and high net worth individuals that come into our concierge division and need more, you know, complicated instances

and layered instances across lots of timeframes and lots of asset classes. So we'll be more than happy to spend the time to help. I mean, this is the Bitcoin just to show how much I've been buying. Yeah. Using the tool. So, you know, this obviously goes back to when we kind of bottomed in February, but what much longer, but I mean, we've just been stacking. That's on the daily. I'm buying on the daily, the 12 hour. It's on the 12 hour in that same period. Like crazy, you know, right below prices now,

a lot of that, six hour buying like absolute mad, doing the same whistle out of the eighth. I mean, it's just been amazing. Even like in this tight range, it's not buying the 74 part of the range. It's buying the 67 part of the range, right? It's awesome. Yeah, it remains is that pricing risk for you because the longer it stays inside of a price range, you know, the more you're going to accumulate within that price range, your weighted average cost basis is continued to get better and better. And the allocation of the capital is the most important part of the equation, right? And running regression analysis against, okay, if I've set up these parameters within my automated tool and I look back over the last year, how many instances has been

triggered. How many times has the market given me what I'm trying to go for in this specific setup? Well, you can run that regression analysis across multiple time frames and get really comfortable with the frequency, the amount of capital that's being placed so that you're putting a lot of smaller eggs and a lot smaller baskets over a much longer time frame. And that allows you to keep powder dry for times like these where, you know, we all think we're, you know, we, you know, we, you, Right now, my emotional side wants to buy a lot of Bitcoin because I think it's going way up from here. I think these are bargain prices. But even the software protects me from that bias because there's a lot of emotion attached to it.

And I don't want to be a slave to that emotion, especially when I'm making important decisions. Everything that we talk about on the show, all the negative narratives that exist right now, you know, algorithmic executions don't care or know those exist. They just execute on your behalf and really, really flatten out your cost curve in crazy great moments, crazy bad moments and everything in between. There has never been a time where you've needed these tools more than right now and going forward, right? So right now and going forward, it's never going to be less complicated and less time intensive to be able to properly stack positions because we are going to 24-7 everything. Crypto's already there. We could just choose to do a case study as archpublic and say over the last year using these two instances with Bitcoin, how many times in the last year were executed executions happen between one and. a.m. and 4 a.m. when basically everybody that matters is asleep and you'd be shocked that there's no

way you can do that as a human right that's coming to everything and over time we will have products that allow you to stack your assets the ones that you want to own whether it's crypto or whether it's equities to do the same because we're going to 24-7 it's not going to get less time insensitive or less complicated, it's going to get more. Well, this is a nice tie in to Larry Fink because he's talking about tokenizing everything. He's been talking about it for over a year that real world assets are coming and these markets are coming. It's not a shocker to me that they came out and said, these cryptos are commodities.

Why? Well, I think a bunch of real commodities are going to be tokenized. And I think the top 10 crypto list is going to be looking at. the alt coins of the future may be tokenized oil, for example. And, you know, that managing the accessibility and the volatility of a broad array of markets, like Andrew just said, it's never going to be easier. And so with these tools, it becomes very easy. And, you know, the most, the highest compliment I get from some of our highest net worth customers is things like, you've given me 15 hours of my time back this week.

Yeah, that's exactly right. Yeah, it's major, major, you know, emotional. I'm like a decade removed from the setting alarm on my phone for price action garbage of like being an early Bitcoin crypto guy. Like 2017, 2008, I would literally be like, for like 30 coins, I had alarms about 2 o'clock of the morning you hit my price. Given that's because the exchanges didn't have stop losses. Mostly it was like risk management tools.

literally this could be zero when I wake up, so I need to set alarms. But there's still a lot of people who, you know, wake up to pee at two in the morning, check the phone. Oh my God, Bitcoin, I need to do something, whatever. Like completely, if that was still part of what you have, removes that from your mentality. You know that you're covered. And listen, you also know you're covered to like sell a rip while you're sleeping. It's not even just buying dips.

If you've said it to do that, you want to be doing that. And it's not just on Bitcoin. It is on the more volatile, you know, assets. You can choose basically anything, right, that's on these exchanges to run it with with enough liquidity. So, yeah, I mean, it's such an important note about giving your time back, but it also, like, gives you your sleep back. It also reduces your stress and anxiety.

It just kind of removed it entirely from your brain. And as being a fundamental, and like, who's not thinking about money most of the time, right? And this goes to a fundamental principle of, you know, management, right? It's like if you've ever heard of automation or bots, as a lot of people call them, you know, those are stress inducing events. Those are let me give this crazy algorithm money and go let it play in the markets and see if it brings more back. That is not what this is. These are robust tools that allow you to program your desires, your wills, your goals, and then set it and forget it so that when the market presents, you opportunities. You already have those rules sets. You already have those in place. And it's very

different than putting programmatic limit orders in place because limit orders are a binary outputs. If then, there's a lots of depth here. And so you kind of have to see it to believe it, and you have to see it and experience it to see the value in it fully and understand it. So again, that's why it's free. Come to our website, sign up. Let's have a conversation. with some of our folks and get you guys going on it. So you can really experience it for yourself. Are we still running the special? I don't even know.

Yeah. Yeah. Yeah. We're running the promo as we speak. So if you've ever wanted to be part of our concierge program, you need to do it right now. We do this once a year where we run a very, very meaningful promotional price. Right now, it's a 40% discount on all of our tiers. As you can imagine, each tier costs more.

So, you know, if you're going to go at tier two or tier three, I mean, that discount is really, really big. And also, spots are limited. So, yeah, it's a unique time to be able to get involved with us and to be able to take what it is that you want to get accomplished, automate it, and do it at a price that you're not going to see the rest of the year. Wow, that. There you, guys, check it out.

Let me bring it back up, archpublic.com, brand new website, looking fresh and clean. We'll have an app launching here in the next 90 days, let's call it, cross our fingers. I'm going to be honest with you guys, though, honestly, the background should be. That's just like Archpublic and it's like protect yourself from it. Well, you should have varying backgrounds based upon what the fear and greed index is. could be a very good fear and fearful background this is that right now where is the fear agreed index it's uh 28 i mean that's you know that feels like 28 actually feels like you know the guard dangerous you know oh man things are so good yeah so you're telling you have a chance

yeah all high for the year well year's not over scott we see still have a long time to see what happens. You know, the summer could surprise us. I'm going to be honest with you. I think we could see some fireworks. I just want people to see I'm getting criticism once again in my comments for looking at my phone. I want to show you guys.

This is what my desk looks like. I had posted this before. I have a keyboard. It's right here. It's your show. It's right here. It's not a phone. It's garbage, horrid limoncello.

It's the only thing left in the fridge. I felt like I had to keep the gimmick up. It is disgusting. It tastes like floor cleaner. It tastes like Mr. Clean to me. I have a decision pledge. Okay, like maybe when I was pledging college, the base taste pledge.

But let this is play. This is this is pledge. And so that they can't. There's no way. They were like, hey, we're going to do the focus group. It's natural. is the flavor we need to make, a lemon chella. They just like the name.

Yeah, that's it. They like the name. Yeah. Somebody at corporate was owed a favor. And so they're like, all right, let's green light that guy's, you know, flavor. Yep. There you go. Yeah.

This is like you ever seen Succession or like the Murdoch documentary? Like one of the like mentally handicapped kids like came up with the idea. And they're like, yeah. We're going to do it. Little Jimmy wants the lemon cello. This is not about whatever drink you have. I don't even know what it is, but it is about like a lot of tastes and flavors are like,

you know, the end of the oil refinery process has this unusable product. How does it taste like lemon? Yeah, let's get a lemon drink, you know. This is naturally essence. This does not, This does not have, you know, industrial vegetable ills, right? Yeah.

It's sure it's supernatural. Yeah, that's true it is. God, you get pregnant with natural natural essences. Anyways, guys, that's all we got for you. I'll see you. We have reeled. Next time the volcano is moving. I'm not like it's moving.

We're going to have, we're going to bring in the things in the studio to make it look like it's Ashing. You know, like, yeah, be awesome. All right, guys, we're just improving every day. Every day, a little bit. All right.

We'll see you tomorrow. See you two next week. Oh, I got to set an outro video. It's not going to work. There we go. Set outro video. Bye, guys. Let's go.