The Wolf Of All Streets - Jamie Dimon’s SHOCKING U-Turn on Bitcoin: What It Means for Crypto's Future!

Starting point is 00:00:00 Jamie Dimon, CEO of JP Morgan, has made a shocking U-turn on crypto. He could be Donald Trump's Secretary of the Treasury, and he's had a change of tune. Do we believe that the arch nemesis of all things crypto, Jamie Dimon, who's called us a pet rock and a fraud, that he's really doing a U-turn on crypto? And if so, what does it mean for the industry and the asset class moving forward? We're about to break it down. And we have some exclusive video that nobody else has of the call between Donald Trump and Jamie Dimon. You do not want to miss this. What is up, everybody? I am Scott Melker, also known as the Wolf of Wall Street. Before we get started, please subscribe to the channel and gently tickle that like button with any of the fingers that you so desire.

Starting point is 00:01:12 You can even do it with a toe. I don't judge. We will take whatever we can get around here in the summer doldrums on YouTube. We had a guest, Dan Gunsberg, who should potentially be joining, but if he doesn't, it doesn't matter because I'm prepared and I'm ready because we're going to talk about Jamie Dimon. And guys, this is going to blow your mind. We got exclusive footage nobody else in the entire world has of the call between Donald Trump and Jamie Dimon. Now we know we'll get into Jamie Dimon's history with crypto and his apparent

Starting point is 00:01:45 U-turn, but we have the video of their phone call, guys. Are you ready? Here it is. There it is, guys. You want to watch it again we should watch it again say hello to my little friend that was it that was the. That wasn't a scene from Scarface. That was a call between Jamie Dimon and Donald Trump, likely future president of the United States of America, who also coincidentally was past president of the United States of America. Yeah, man, it's crazy. He called him. He said, dude, we're going to make so much money. Look at the money machine, the cash, the almighty US dollar flowing. There it is, the phone call. But what would it really

Starting point is 00:02:52 mean if Janet Yellen, always Yellen, was replaced by Jamie Dimon, arch nemesis of the crypto industry? Is he really going from zero to hero? He's got a checkered past. Let's take a quick look. Where does Jamie Dimon stand on crypto? This was in December of 2023, this article. I'm going to drop a hot mixtape in a minute of Jamie Dimon clips. It's going to be like Funk Flex in the 90s, just hit after hit after hit. But we got terrible store of value in 2014. He was talking about this in 2014 before any of us were thinking about Bitcoin. Let's be real. Got to give him credit for that. 2017 fraud, worse than tulip bulbs. Tulip bulbs kind of get a bad name, to be honest. In 2017, though, he said, God bless the blockchain, because that's when JP Morgan

Starting point is 00:03:48 coincidentally launched their blockchain initiative for cross-border payments for their customers, JP Morgan coin, of course. But that's when he started on his tirade of no Bitcoin blockchain, bro. Right? I could care less about Bitcoin. I don't know why I said anything about it. The blockchain is a technology, which is good technology. We actually use it. It will be useful a lot of different things. God bless the blockchain. Then JP Morgan coin. And then he said

Starting point is 00:04:15 to close it down, right? We've had a lot of things that he's had to say about Bitcoin. Like this article said in December, do as I say, not as I do. We've long talked about the fact that JP Morgan is heavily in this industry. They back the BlackRock ETF. They have Onyx, the platform that tokenizes assets that you can collateralize and transfer between the biggest institutions of the world. They have JP Morgan coin for settlements. But no, I hate it. It's all a fraud. It's terrible. Right. Let's take a little stroll down memory lane right now. This is a recent one, one of my favorites. You may recognize the other voice on the line in this one. Deeply opposed to crypto, Bitcoin, et cetera. You pointed out the only true use case for it is criminals, drug traffickers,

Starting point is 00:05:09 anti-money laundering, tax avoidance. And that is a use case because it is somewhat anonymous, not fully. And because you can move money instantaneously and because it doesn't go through, as you mentioned, all these systems have built up over many years. Know your customers, sanctions, OFAC.

Starting point is 00:05:25 They can bypass all of that. If I was the government, I'd close it down. Okay. Okay. Who do you think that was? Who do you think that was? Okay. Who do you think that was?

Starting point is 00:05:35 Oh! I'll never do that to you guys again without warning you. Sorry. Yeah, it was elizabeth warren everybody remembers this hearing on the senate floor when jb diamond had clearly prepared uh arguments and answers to questions that were clearly prepared and given to him in advance and if you listen to john deaton who's running against lizzie over here in uh massachusetts he claims i cannot these claims, but he's a pretty reputable guy that Jamie Dimon and JP Morgan actually write Elizabeth Warren's bills for the Senate Banking Committee.

Starting point is 00:06:11 And yeah, we know that she's in bed with Jamie Dimon figuratively and potentially, literally, I can't say that that's true, but it happened in a dream I had once. We know that she's in bed with Jamie Dimon, so no surprises here. What else has he had to say? Let's see. If you mean crypto like Bitcoin, I've always said it's a fraud. So no hope for it. Well, if they think they're a currency, there's no hope for it. It's a Ponzi scheme. It's a public decentralized money. Public decentralized Ponzi scheme. And let a public decentralized. Mike. Mike Miller Public Central policy policy scheme. And let's

Starting point is 00:06:47 see him get triggered a little bit. This is the last time I've ever told us to CNBC. So help me God. Blockchain is real. It's a technology. So we use it, it's going to move money, it's going to move data, it's efficient. We've been talking about that for 12 years, too, and it's very small. Okay, so I think we've wasted too many words in that. Cryptocurrencies, there are two types there's a cryptocurrency which might actually do something think of cryptocurrency as an embedded smart contract in it and then we can use it buy and

Starting point is 00:07:13 sell real estate and move data the idea of tokenizing tokenizing things that that you do something with and then there's one which does nothing i call it the pet rock the bitcoin or something like that and so so on the Bitcoin, you know, there's... And I'm not trying to make a joke here. Okay, well, he's not trying to make a joke. Let's see if he gets triggered again here. We pretty much always have some crypto conversation with you. I'm just curious because

Starting point is 00:07:35 I don't think we've talked to you since... I think all that's been a waste of time. And why you guys waste any breath on this totally beyond me. Because you just think the whole thing just is... Going to zero? Going to zero and it's fake? Bitcoin itself is a hyped up fraud. It's a pet rock. You're back to that? Yeah, of course. Back to that. All right. Yeah. I think we get the idea that Jamie Diamond has been one of our most outspoken critics. He doesn't like us very much. He thinks it's dumb, but watch what I do. Not what I say. So now though, what's happening? He's thawing, right? Because this year we saw him come out and say, I defend everyone's right to do

Starting point is 00:08:14 Bitcoin. I think he literally said, do Bitcoin. But then he threw in the zinger where he says, yeah, it's like smoking, man. If you want to smoke, kill yourself, dude. Go ahead and smoke and kill yourself. It's fine with me. Free country. Do your Bitcoin. Do it. Put it in your nose. Put it in your nose. Snort the Bitcoin. I literally don't care what you do with the Bitcoin. Just leave me alone. I wouldn't buy it myself. You also may remember that there was a time when this guy said that anyone who worked for him that touched Bitcoin would be fired. It's a fraud. I'm not going to talk about it again. And then Donald Trump's considering JP Morgan CEO Jamie Dimon as Treasury Secretary and said he's changed his tune on Bitcoin and crypto.

Starting point is 00:08:55 Of course, we haven't heard Jamie Dimon change his tune. All we have is this very, very secret video you guys may never have seen of their conversation, right? That's the only evidence that we have of these guys maybe doing Bitcoin together on Epstein's jet. Maybe. I'm not saying they did Bitcoin together on Epstein's jet. I'm just saying that it could have happened, right? I don't know. But either way, right? So now we have JP Morgan Chase CEO, Jamie Dimon has changed his tune on Bitcoin and crypto according to former President Trump. Here's what Trump said

Starting point is 00:09:32 in one of the most Trumpy kind of comments he got. Yes, Jamie Dimon. Jamie Dimon was, you know, very negative. And now all of a sudden, he's changed his tune a little bit. So first of all, I don't like to pander in conspiracy theories outside of Trump and JP Morgan doing lines of Bitcoin on Jeffrey Epstein's jet. Beyond that,

Starting point is 00:09:55 could have happened, right? But I am of the personal belief that Jamie Dimon actually doesn't have an opinion on Bitcoin beyond what is profitable for JP Morgan and what is likely to help him politically. So do I think that if Jamie Dimon was actually appointed Secretary of the Treasury, that he would become quote unquote pro-Bitcoin? Yeah, I do. I do. Because he would be with Trump, they'd be on that team, and they would find a way for J.P. Morgan to make a whole shit ton of money doing it. So it's basically a matter of whether Elizabeth Warren is still in bed with Jamie Dimon or whether he finds new bed fellas. But listen, Trump had a lot more to say in that interview about crypto. Really interesting. Basically, you know, you guys can attempt to read this yourselves. If I go ahead and bring it up, blow it up a little bit. But like at the end of the day, he was like, listen, we can't have China doing the Bitcoin. We got to be doing the Bitcoin. We need all that Bitcoin

Starting point is 00:11:00 mining in America. We got to make it in America. And then went really deep, obviously, into the fact that he's advertising his fourth NFT collection, I'm sure will be very, very hot in the streets. What do you guys think? Listen, I was going to ask my guests, what do you think? Do you think that Jamie Dimon, we got a few options. A, hates Bitcoin legitimately and always did. Two, is just pandering to whoever's in power to make money for JP Morgan. Or three, has genuinely had a turnaround. I would love to see what you guys have to say over here in the comments. My belief is that Jamie Dimon will be pro whatever he needs to be pro for JP Morgan to make money. And that is fine. I think it's also really important to watch what they do and not what

Starting point is 00:11:54 they say. That's not the only news that we have in the crypto world today, right? We have this monster here. Ether ETF battle for supremacy ignites as firm reveal fund fees. We've been talking about the fact that we had not seen the fees for any of these yet. And it was a surprise because you may remember when the Bitcoin spot ETFs were approved, we saw these fee wars, everybody going lower. I can go lower than you. I can go lower than you. Okay. You got 0.2. I got free for 18 months, dude. And I'm going to give all your money to the Bitcoin core developers. You remember that from VanEck? Well, now we're starting to see it. BlackRock 0.25%. We have Fidelity also coming in at that. But by the way, BlackRock did have a reduction for the first 12 months or 2.5 billion gathered in assets.

Starting point is 00:12:46 Then we have 21 shares in Bitwise coming in for 0.21 and 0.2 respectively. And it says the fees run from as low as 0.19 to 2.5% for Grayscale. I had to read this twice. It's in the article. It seems nuts and absolutely bananas because we saw when the Bitcoin spotting tests were approved that GBTC was at 1.5% and everybody sold their GBTC, crashed the Bitcoin market for a couple of weeks. Well, there's still $9 billion worth of Ethereum in ETH, the Grayscale Ethereum Trust. And it says they're setting the fees at 2.5%, which means they want absolutely nobody anywhere to hold ETH. And if I had to guess, we're probably going to see a major market correction when these are approved because Ethereum can't sustain $9 billion of selling pressure

Starting point is 00:13:45 regardless of demand in the short term. So I don't think that's great, but it is what it is. We'll get rid of them just like we did GBTC and we'll move on with our lives. But this is going to launch in six days, apparently. Maybe actually the 23rd, so five days, five days. Meanwhile, in ETF world, US spot Bitcoin ETFs post ninth consecutive day of net inflows. You might have seen that two days ago it was over 400 million in one day, was over a billion in three days, and almost 2 billion in this nine day run. Of course, this coincides with a nice bounce on Bitcoin over the past two weeks and Bitcoin rising massively. Do not pay attention to this ad. It just happened. Anyways, we have massive inflows, obviously, into these Bitcoin spot ETFs. And we actually

Starting point is 00:14:42 saw very interestingly that there was not that much selling by the boomers. And they were actually more diamond handed with these ETFs than the Bitcoin natives, including the whales who were selling at that point. Really, really, really interesting. Now, in other news, we have another major, major, mega, massive hack of a crypto exchange. This is WazirX, of course, in India. Hacked for $230 million. I think $100 million of it was in SHIB, which is SHIB flying down a couple percent, like what normally happens in five minutes. But, of course, being reported as a major crash, I think it was all of 6%.

Starting point is 00:15:20 But it's their multi-sig wallets experience a security breach exam confirmed in X post. I didn't dig into this so far beyond saying, dude, if you don't need your coins on exchanges, there's this crazy thing you can do or you just take them off. Just take them off the exchanges, you know, take them off the exchanges. So another hack, another day, day another exchange guys are amazing exchanges but at the end of the day you can just move your coin to self-custody and then you don't have to worry about anything except for yourself getting robbed or kidnapped or uh falling on your head and forgetting where your keys are or dying and then your wife doesn't know how to get your money just move your coins to self-custody. It's a perfect solution.

Starting point is 00:16:08 That was a little hint of sarcasm. There, hint of sarcasm. Now, that was all the news that I actually wanted to discuss today. And luckily, we have Dan from the Shark Eyes on the ready. It's been a couple of weeks, so glad to have him here. Jamie Dye, can you believe that exclusive video did you see it i did it's breaking it's the the internet and twitter is is aflame with all the rumors and it's great it's crazy people just don't know that we get all the big breaking news here but listen so

Starting point is 00:16:37 we got bitcoin you know it bounced nicely obviously uh around july third to 5th area. We were down in the mid-50s, now back up to the mid-60s. So what are you thinking right now of Bitcoin? And then we'll dive into the market as a whole. Yeah, monthly still looks great. For me, it was as soon as we broke 56, that for me was we got to hold that monthly EMA 12. I like those EMA 12s on all timeframes. We can see back here, the previous all-time high held it and got that no follow-through leg up. It was much more retracement. This move pullback was 60% retracement. This one is only, this is bull flag retracement, 30, 35%. So longer term, there are no red flags at this point. My mindset is the low needs to be in before a new

Starting point is 00:17:27 all-time high is now coming. Because if we do drop back down and hit a new lower low, that's going to start to be a red flag for me, bigger picture. So just need to, ideally, if we top out here, if we can't break the clear 72 resistance line, hold that low with a weekly higher low and then give it another attempt. But as I'm sure you're aware, the rotation that's been going on in the stock market towards risk on into the Russell unprecedented, the market's never seen anything like this. And the times that it has have been a couple of times coming off capitulation bottoms. And obviously the stock market is not anywhere near a capitulation bottom. So just massive rotation. We were watching for this. I hope

Starting point is 00:18:09 I talked about it on this show a couple of weeks ago, because I've been watching for IWM rotation for three, four weeks at this point. And let's bring up the chart. We got it in a big way. And again, just massive rotation. We had everything running, you know, NVDA. You were the one who a couple, right. You were the one who a couple of weeks ago said, listen, the market's healthy because we saw NVIDIA sell off, which everybody feared. The market was over if NVIDIA finally crashed, and all we saw was all the other tech names make all-time highs.

Starting point is 00:18:38 Yeah. And now it's even better. I thought the NVDA top was going to lead to the Russell breakout. Instead, it was the NVDA top, Apple, Microsoft, all those names got one more leg up. Then all big tech and semis pulled back. And then the Russell got its move. So it was almost like a little juke stutter step. But we eventually got it.

Starting point is 00:19:00 And again, I'm going to talk about in some of these other charts, find the tightening ranges, these weekly, these longer term tightening ranges, when they break, they get follow through. And so we have a number of them to be watching in the altcoin space. And again, I just cannot stress enough watching them. The first one would be Sol. Sol held support when most altcoins broke the support. And again, this is just a weekly chart that is just tightening up. And you just imagine, I used to call it the rubber band effect where it's just pulling tighter, tighter, tighter, and then it snaps. You can imagine it like shaking up a soda

Starting point is 00:19:33 can when you just get so tight that there's a more explosive move. And so sole key resistance is going to be 189. Possible we reject from that level and keep tightening up into August, but we do know that volatility is certainly going that level and keep tightening up into August. But we do know that volatility is certainly going to be coming when these weekly ranges break. Yeah, I like a lot there. ETH, same thing, you know, weekly support held right down to that base at 2800. And again, you know, we might get, as you mentioned, we definitely got to be paying attention to the, we have the playbook now.

Starting point is 00:20:05 Bitcoin gave us the playbook with Grayscale and that rotation that took place among those trading vehicles. And we have to watch that for ETH. You know, are we going to set a lower high compared to 4,000 and keep tightening up into August? That's entirely possible. And as you know, we've been talking about this for months, ETHBTC, still this downtrend resistance line forever. And look how tight we're getting. We know volatility is coming to ETH.

Starting point is 00:20:33 You can fundamentally say, well, duh, the ETF is coming. Okay. But this chart, this weekly tightening chart on ETHBTC is telling us we're about to get a clear indication on whether it's better to be bullish Bitcoin or better to be bullish Ethereum in the short term. And within the next two weeks, I would say this is going to break a bit more definitively than we've seen in a while. Break it already. Break it already. Years. Get it over with. Definitely test your patience. I was looking for this to break, you know, three, four weeks ago, same as, same as the Russell. It took an extra three, four weeks, but it's important to have your theses laid out because, you know, I had a really good entry on IWM looking for this rotation. And then I just had to sit sideways and it didn't,

Starting point is 00:21:22 it never invalidated my thesis. So I kept sitting and kept waiting. And so that's why, you know, having a stop loss is so important rather than just getting bored and giving up on a trade, set your stop. And if it doesn't hit, you just let it play out. Yeah, totally agree. So what else are you watching now in that context? I mean, bananas. I just, I did not expect that, uh, that big Russell rally there. And it happened right, right on the, like, uh, on the fed meeting, right? Yeah. That was how triggered it. That was the catalyst. And you're not going to get any viruses. You have like a mask on your computer.

Starting point is 00:21:59 Um, so yeah, it was, it was the CPI numbers. It was the catalyst without a doubt. And, um, for me at this point, I'm watching the dollar, a that was the catalyst without a doubt. And for me, at this point, I'm watching the dollar. A lot of the strength that we've seen recently, you can point to, okay, Trump assassination, so increased probability of election, and then the narratives. And again, it's important to differentiate between narratives and reality. The narratives are what we're trading right now. Whether or not you think Trump's going to do positive things fundamentally, significantly for crypto, it doesn't matter in the short term because the market is reacting to what they're saying. And it was the same thing

Starting point is 00:22:31 last election, cannabis ran hundreds of percent because all the Dems got, you know, the president, the house, the Senate, big changes are coming. And we ran really hard on that narrative. And then we dropped for three years when nothing happened. So you got to prepare for nothing to happen, but we're in the election cycle where it's the narratives that are moving things. And obviously, crypto had a solid reaction to the increased probability of Trump being elected. And again, just to talk a bit about pricing in when you know, a lot of people say, we're not going up because you know, the Trump assassination attempt because we were Trump was already likely to win after the debate. That may be the case. But if you have a 75, I'm just making up numbers,

Starting point is 00:23:08 you have a 75% chance Trump's going to be president after the debate. And then the assassination attempt happens, and maybe that goes to 88%. The market has to price in that new increase in probability. It's not just a yes or no black and white. It's a scale of probability that the market is constantly trying to price in. And so just try and view events in terms of probabilities. And that definitely helps you prepare for what is priced in and what is not priced in. All that said, I'm still watching the dollar very closely because it's got a long-term tightening range. It's bear break recently, sending gold to all-time highs. Essentially, the most bullish things over the last couple of weeks have been the things that

Starting point is 00:23:48 are most inverse to the dollar. And that's the metals, gold, silver, the miners. And that is, of course, the Russell 2000 and crypto. And so the best case scenario for bulls of all those things would be for the dollar to keep heading back down towards key 161 support. In an ideal world, we break bear from this tightening range. But for now, I'm just going to watch this tightening range knowing it could keep tightening up through most of the rest of the year. Yay, death of dollar, pump my bags. Yeah, that's what it is. You got to follow through and we've got a nice bear break. Next thing I want to see- Travel will be so expensive, but- Yeah.

Starting point is 00:24:27 The time to travel was a few weeks ago for sure. But yeah, just need to keep those downtrends going and that will be a tailwind. And this market is shaping up, in my opinion, talking broader stock market and everything, for a blow off top. I sent a message to my dad who's 70s retirement age back in March. I said, this is potentially a melt up shaping up. He's held through 1987, 2000 tech bubble, 2008. He held through everything, just buy and hold. And I'm now telling him, in March, I said, if we go 10% plus from here on the S&P 500, that's going to trigger a sit

Starting point is 00:25:05 down between me and you for scaling out of your stock exposure because you're in retirement and you don't have the years to sit through as you did when you're 45 or whatever. And so if we keep running up, if this rotation keeps going, if the S&P 500 is another 5%, 10% higher over the next two, three months, we're going to be talking blow off top a lot because it's going to be time to be selling into euphoria and protecting against an easy 25% to 40% pullback in the markets, in my opinion. Yeah, makes perfect sense. I'm still just in disbelief at this moment that they proposed those fees for ETH-E. Yeah, it's, I don't know.

Starting point is 00:25:50 1.5%. I mean, GBC was 1.5%. That was absurd. There's stuff going on behind doors where it's, you know, they're trying to keep things contained to usher in. I don't know what's going on. I'm just speculating. I have no idea, but it's something. There's clearly something going on in terms of put those fees high, keep the price contained while we get this big reshuffling because otherwise these assets would be shooting up massively if it were only demand pressure on these instruments being launched. Yeah, that makes perfect sense. All right. Well, thank you, man. You guys can follow Dan at ChartGuys, of course, on X and on YouTube. Check out everything else. He's not just here every Thursday. He has like a whole life of his own where he does things that have nothing to do

Starting point is 00:26:33 with us. And one more quick note, I forgot to mention the ideal environment for crypto miners is obviously bullish Bitcoin, but IWM as well. And so MARA, CLSK. I expect obviously Bitcoin has back to all time highs. These names are going to be heading back to their highs of the year. CLSK has just a very clearly defined range. Again, it is tight. We're going to break this and get very volatile. Coin has a really nice tightening weekly range. Watch all of these tightening weekly ranges. They will break likely in August and volatility is fun. Okay. The whole summer doldrums after the halving, everything goes parabolic in the fall. Chart's been telling you it. The theory has been telling you. So it'll be interesting to see if we

Starting point is 00:27:22 actually get it. All right, Dan, thank you so much, man. Yes see if we actually get it all right dan thank you so much man yes sir see you next time appreciate having you today see you next week or guys just want to play you like i just because we got it you know it's cool all right that's all i got yes there was another guy in the in the uh thumbnail with me my good friend dan gunsberg from hero but he uh was on a different time zone took a shower and messed it up it happens happens and he just messed up he's like damn i really wanted to talk shit about jamie diamond with you well you know took a shower happens all right guys that's all we got short show, but great sense. I'm going to be honest. I had a really good time here by myself. I could be myself. I don't have to be serious, uh, you know, with a guest. So I just, uh, brought up some silly

Starting point is 00:28:15 videos and I had a good time. You remember when we used to do these shows by myself, like all the time, especially on Fridays, good time, but we will have the Friday five tomorrow back once again for that. And once again, I saw someone asking about the round table description, link down the description, click on it. You can go talk to me on the round table where there's no bots and trolls and I'll actually respond to you there. So I highly recommend that you do that. Otherwise, that's all we got for you.

Starting point is 00:28:45 Scarface really one of the greatest movies of all time. Oh, look at the Pelican fly. Anyways, it's all I got for you guys. See you later. Bye. Let's go.

The Wolf Of All Streets - Jamie Dimon’s SHOCKING U-Turn on Bitcoin: What It Means for Crypto's Future!

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