The Wolf Of All Streets - Larry Fink Will Send Bitcoin To A New All-Time High Soon (Here’s Why)

Starting point is 00:00:00 Larry Fink has become arguably the biggest advocate for Bitcoin and Ethereum. And there are people out there who are still bearish. I think this guy is going to continue on his roadshow and continue to send Bitcoin to new all-time highs. We've got all of his comments. But more importantly, it gives us a nice segue into talking about Bitcoin, all the building that's happening on on Bitcoin right now and why that's happening in this moment. And when I want to talk about things like that, of course, I bring on Yago to do it. So we're going to have that chat first. Then, of course, Dan, the chart guys on the back end. And today we've got a brand new sponsor, Lumerin, to tell you guys about. A lot going on here. Let's

Starting point is 00:00:40 go. What is up, everybody? I'm Scott Melker, also known as the Wolf of Wall Street. Before we get started, please subscribe to the channel, hit the like button, hit the little bell so that you know when we're coming on to talk to you guys every single day. Really quick before I bring on Yago, I just want to give a quick overview of what's happening in the market. Bitcoin effectively literally exactly flat on the day, 0%. So trading at $70,782 at the moment. If you zoom out and think, holy crap, it's March and Bitcoin's trading at $70,782, I think that should give you some perspective on where you're at at the market. I literally can't understand being massively bearish at a time like this. Ethereum down a percent and then quite a few coins still running. Dogecoin making a huge move up 40% to 41%

Starting point is 00:01:46 right now. Actually, I'm going to go ahead and bring on Yago. I want to ask him a question about that. I have a new premise. Maybe I've shared it with you. But I said that people are asking, why don't we have all this mainstream interest and people flooding in? Bitcoin's at new all-time highs. That should have been the moment that everybody came in. And my new theory is that that happens when doge hits a new all-time high because that's the shit that everybody's underwater on i i um i think we're just super early we've never seen sort of massive public attention you know if you if you if you try to model this on the basis of the last three cycles, it's roughly six months after the halving that things start to get heated. And then you basically got 18 months of run from the halving.

Starting point is 00:02:37 We haven't even hit the halving yet. So, yeah. And actually, meme coins tend to do very well in the early stages. I started looking at it. Meme coins do very well in bear markets because they are a really cool use case for gambling. And gamblers, they're going to hit the roulette wheel all year round. What I think is interesting to most of us, right? And that's really a gamble, like Doge's up, Doge's down, Shiba this, Shiba that, right? But what's really interesting is

Starting point is 00:03:15 when the floodgates open and all boats start to rise and some of the boats start to skyrocket, I don't think we've hit that yet. Yeah, I tend to agree. And like I said, I think that that will track the largest meme, but I guess we will see. So listen, to get us started, I just want to, we got Larry Fink, we'll send Bitcoin to a new all-time high as the title. I got a quick clip of him yesterday that I want to show you, and then this will sort of kick us off on everything Bitcoin we're talking about here, what he thinks. So here we go. Bullish on the long-term viability of Bitcoin.

Starting point is 00:03:50 I was going to say, did that surprise you? That surprised me how much that's gone up. I mean, look, we're creating now a market that has more liquidity, more transparency. And I'm pleasantly surprised, and I would never have predicted it before we filed it that we were going to see this type of retail so you thought you'd do good but not this good I thought yes I did is your ETF yes over at iShares it's about to overtake grayscale which was in the business certainly a lot longer you look at the gains since january 11th when it first came about have you ever seen this much inflow this quickly into ibit is the fastest growing etf in the history of etfs i mean what does that tell you people you know i mean literally i'm looking at a

Starting point is 00:04:41 screener right now ibit is now at a 17 billion dollar market cap and GBTC is down to 24 and that's with Bitcoin price going up massively. So GBTC obviously has seen a lot more outflow than the 26 to 24. But I mean, I'm even surprised at how successful these have been. But we have the world's most powerful man cheerleading. Well, I'm not surprised that they're surprised. So first of all, I think if there's one thing we know about Bitcoin and crypto

Starting point is 00:05:10 is that nothing is ever priced in. It's if you're paying attention, it in many ways becomes sort of like the easiest market to make money in. Um, a lot of people are sort of trading this and that. But basically, you come in early, roundabout now. And if you do choose it, like you're not going to hold for years and years that you do want to sell, the time to sell is around 12 to 18 months from now. And that's pretty easy. What I've been saying is that because nothing is priced in, right, the ETF wasn't priced in. The people who launched the ETFs didn't realize how big they were going to get.

Starting point is 00:05:55 What's going to happen is we are going to shock the traditional financial world because the level of volatility, the speed of increase, the over exuberance and the overall volatility, both up and down that Bitcoin is going to deliver is going to be out of the sort of bounds of reason and experience for Wall Street traders. So a lot of people have been saying the ETF is going to dull Bitcoin's volatility, and I think it will on the margin. But Bitcoin's volatility is so significant in comparison to other sort of more traditional financial assets that even if you scrape off 10% of it, it's still going to blow everyone out of the water. Yeah, my feeling is that people don't realize how big of degenerates TradFi traders are. When you get the big hedge funds in here and the really big money, those guys are just the same meme coin traders we have on the biggest scale you've ever seen.

Starting point is 00:06:58 And once they get a hold of this asset class, especially down beyond Bitcoin, I think it's going to increase the volatility. I'll make a prediction. I think we're going to see a mid-size hedge fund. There's a good likelihood we'll see a mid-size hedge fund blow up over the course of this cycle, shorting Bitcoin. Yeah, the Melvin capital of GameStop. It's going to be our moment. So listen, I want to segue into all the things that are being built on Bitcoin. You've been building on Bitcoin for multiple cycles here. You've always believed that we would see effective layer twos and DeFi

Starting point is 00:07:30 and all of these things. Well, Larry Fink's building that too, but he's doing it on Ethereum, right? BlackRock's tokenized fund quickly rakes in 245 million right behind Franklin Templeton's older offering. He's been talking about this endlessly. He named it Biddle, like build, and it's already tracked a ton of money. And this is effectively just a yield bearing synthetic dollar. And then, like I said, we have over a billion now in US treasury notes tokenized on public blockchains, over 300 million. That is Franklin Templeton, also one of the largest institutions in the world. I know it's your belief that all this should be or could be built on Bitcoin,

Starting point is 00:08:05 but does what's happening here with BlackRock on Ethereum and Franklin Templeton, is that just an inevitable sort of harbinger of what's coming? No. I mean, maybe one day, but this isn't going to go anywhere. For the last 10 years, we've been seeing bank announces this, PayPal announces that, they come into the market, they make a lot of noise, and then they leave. Because the business model that they have, like, you know, what is the advantage of trade for institutions, right? What is the advantage of trading treasury assets on Ethereum? There's no real advantage. They have, there's a lot of disadvantages, but, you know, they're already set up with their brokers. They're already set up with their clearing houses. That's no real advantage. There's a lot of disadvantages, but they're already set up

Starting point is 00:08:45 with their brokers. They're already set up with their clearing houses. That's where they are going to funnel that money. It's the new money for the new economy that they will funnel into things like the Bitcoin ETF or directly into crypto investments. But sort of recreating the old financial space, this is in the box thinking, right? Some guy at BlackRock, you know, a VP was told, look, you have to do something on Ethereum. We need a proof of concept. Here's $300 million. Go do something. And they did.

Starting point is 00:09:18 And it's going to go exactly no way. Really? Yeah. I mean, eventually all of finance will be running on on blockchains but this this is a this is a this is a at best a press release okay so it's all being built on bitcoin now you guys are building it so talk about all the things that are being on built built on bitcoin right now and why you believe maybe not this month this year that uh the financial system will all become tokenized and will become you know largely on bitcoin instead of ethan the others

Starting point is 00:09:53 well um yeah so i think this game is being played on two levels right there's the sort of bitcoin game uh which has the etf everyone knows about the etf that is a massive driver pushing energy and liquidity into the system but at the same time possibly even bigger news has happened this year and is happening this year to bitcoin that most people haven't noticed um i'll get to that in a second maybe worthwhile worthwhile talking about how we got here, right? Right now, we're in an environment where there are hundreds of blockchains. And, you know, you've got big ones like Ethereum and Solana and BSC, and you've got hundreds of small ones.

Starting point is 00:10:40 And now you've also got roll-ups. But people talk about Bitcoin bitcoin people talk about blockchain in general as the internet of money now i'll remind you that when the internet launched there were a million competitors to the internet there were all kinds of other networks and a whole bunch of companies set up intranets and right all of that eventually disappeared and the reason it happened was because early on the Internet was just the Internet. It was really simple and nobody knew how to build additional layers on top of it. And that is exactly what we've seen with Bitcoin. With Bitcoin, we've seen, you know, it launched.

Starting point is 00:11:18 It's still the biggest by far, still the best known by far, still the most secure by far but very very limited in terms of what it can do you can use it to move your bitcoin around which you know is just a single use case um so what's happened over the last three years um has been sort of ramping up to a really big change and i think we're now at the inflection point where sort of in the same way that the internet swallowed all of the other networks way that the internet swallowed all of the other networks bitcoin is going to swallow all of the other chains and the reason this happens is because three years ago there was a major upgrade to bitcoin which was taproot but it was a complicated piece of technology which allowed you to do things with bitcoin um basically create sort

Starting point is 00:12:00 of merkle trees inside of bitcoin transactions. What does that even mean? Even the developers didn't know. Now, over the last... Some of them are regretting that they're finding out right now. But yes, go ahead. Exactly. But over the last three years, they knew it was powerful. But, you know, it was kind of like, you know, a power stone, right? From the Avengers.

Starting point is 00:12:22 Like people know it's powerful, but they don't know exactly what it can do and it takes time to figure out how to how to use it so a lot of developers have over the last few years been figuring out how to how to use it and we saw the first big example of this in march what happened in march was that a developer by the name of casey realized that he could use taproot transactions to create nfts written directly to bitcoin and then that exploded because it was on bitcoin it became the largest almost overnight it became the largest nft market in the world right overtaking solana overtaking Ethereum. Then someone else figured out by the name of Domo, a developer by the name of Domo figured out that he could take

Starting point is 00:13:11 these NFTs, chop them up into little pieces and turn them into like fungible tokens. Horrible technology. Really bad hack. But even with that bad hack, it was enough innovation for Bitcoin. And because it wasn't bitcoin the tinder was there and it became one of the biggest meme coin markets in the in the world um then in december

Starting point is 00:13:35 um a different developer uh robin linus wrote a paper and he said holy guys what i've just discovered is that you can build an entire touring complete you can basically build a full computer inside of bitcoin using tamper you call this bit vm for bitcoin virtual machine and this set the world on fire right there are now in just three or four months they've they've they've come out 50 different projects that are working on bringing roll-ups to Bitcoin. And why is this so interesting? Because roll-ups on Bitcoin mean that Bitcoin gets infinite scale and Bitcoin gets infinite possibilities. And developers don't need to ask permission from anyone.

Starting point is 00:14:17 We actually don't need any more upgrades to Bitcoin. And while all of this is happening, because that's going to take a few months to roll out. But while all of this is happening, there's's going to take a few months to roll out. But while all of this is happening, there's a there's sort of like the early seeds of this happening now. So on the halving, a new token standard, in my opinion, and I think most people's opinion far superior, right, sort of like the ERC 20 of of Bitcoin is coming out, it's called runes, and it's going to come out on the day of the halving. And I think there's so much anticipation for the block that it comes out, that

Starting point is 00:14:49 Bitcoin block is likely to be re-org'd by the miners, everyone fighting over who gets those first sort of Rune tokens. And then yesterday, another project called Bob, who are building a roll-up, which is a merged roll-up between Ethereum and Bitcoin

Starting point is 00:15:06 announced the launch of their Spice program. And so people who are going to Bob, and I think you can find it on gobob.xyz, on Bob can actually start earning sort of Bob points that they're calling spice. People are so upset about points, but yes. Yeah. Go ahead. Yeah. And then today sovereign announced, which is S O V R Y N.com. Sovereign announced that, um, that they're actually going to be adding extra points onto

Starting point is 00:15:42 this Bob thing. Plus they're going to be adding extra points onto this Bob thing. Plus they're going to be introducing Rune tokens. So what's happening in Bitcoin is a level of technical innovation and degeneracy, and they're coming together in the same way that what it really reminds me of is 2015 Ethereum, which if anyone was around at that time, that was the time of super excitement, super innovation, and millionaires just being minted. Yeah. I was trying to bring it up here, but now my internet is freezing as usual. I don't know if you could see me, but I wrote actually a really long newsletter on this Monday because I had never dug into all of it as deeply. It just happens to satribute ordinals and runes. Oh my. But I don't think people realize that even when the difficulty

Starting point is 00:16:29 adjusts, those first sats in each difficulty can sell for $100,000 or more. Yeah, it's crazy what's happening right now. And it's crazy how people don't know. I was at an institutional investors' crypto conference in London a few, a week ago, I think it was. Like hundreds and hundreds of, it's one of the, you know, the Digital Asset Summit, one of the most important sort of investor focused crypto conferences. And I was talking to people, and this is like

Starting point is 00:17:01 supposed to be their thing, and they just don't know. Like everyone is six months behind. It's crazy. Yeah. And so the, as you said, I wrote about runes as well, but the value of that first having Satoshi and what happens there is going to blow people's mind. There's going to be one of those things where they're like at auction, $69 million people.

Starting point is 00:17:28 Yeah. Yeah. I don't think we're at a 69 million people level yet. I don't mean that much, but that kind of, that will be the story of the, you know, the huge Bitcoin sort of like NFT attribute top.

Starting point is 00:17:42 But to your point, this is going to effectively allow, and there's a lot of controversy about it, because BRC20, you just kind of split up these ordinals and they sold them and it was fun and it was meme tokens. With Runes, we're going to see exactly what we saw with all the launches on Ethereum, which is that teams will be able to basically keep or allocate themselves a percentage of the launch. So this is really ICOs coming to Bitcoin. Yeah, yeah. I think, I think, I think that's exactly the point, right?

Starting point is 00:18:13 So we're going to see Bitcoin, in my opinion, what's going to happen this year. And I think this is basically going to be the central narrative. It's not real world assets. It's not, you know, decentralized infrastructure, deepened. Nobody even knows what that is. Try to explain it to Anormi. But tell Anormi, Bitcoin just got all of the capabilities of everything else and you can build everything on it and you can do ICOs on it. That is a very, very easy story to tell. But it's also important because this is basically the reboot right the

Starting point is 00:18:46 reset of the entire crypto space everything that's been happening outside of bitcoin can now happen on bitcoin and so i think we're going to see this re-amalgamation and and this year is the beginning of that i think that is going to be the major narrative and um it's just going to take people a little bit of time to catch up but with runes launching on the halving that story just going to take people a little bit of time to catch up. But with runes launching on the halving, that story is going to start becoming more and more apparent to more and more people. So is this a this cycle thing, or we see the innovation this cycle, we see the early iterations of experimentation, and then a few years down the road, we really start to see some sort of meaningful adoption of it. I don't know what you mean by meaningful adoption. So there's different kinds of adoption.

Starting point is 00:19:32 We're going to see significant adoption this year. I mean, tens of billions, hundreds of billions in value moving into Bitcoin layers would be my guess. Does that mean we're going to, this is the year where people like ordinary people start making payments in Bitcoin? Absolutely not. I think that's way in the future. So yeah, I think we're going to see massive adoption. I think what we're going to see is like apps from Solana and Ethereum migrating to Bitcoin. I think we're going to see massive flows of funds. We're going to see a speed run of what we saw in Ethereum 2016, 2017 happen on Bitcoin, but just faster and bigger.

Starting point is 00:20:21 But it's not exactly the same, right? You were asking, is this a long-term process? And I think, yes. I think I would, like, if you draw a timeline of crypto over the last 13 years, it's orange, orange, orange, orange. But then people want to start doing stuff that they can't do on Bitcoin. So it becomes sort of like this rainbow color of all kinds of projects. And I think now it's starting to turn orange again. And if you look further into the future, it's just going to become more and more orange

Starting point is 00:20:51 until you just get another orange streak. And I don't think Ethereum is disappearing. I don't think Solana is disappearing, certainly not overnight, but it's going to be much more difficult to explain why anyone needs them when you can do it all in Bitcoin. So then do we see Larry Fink say, I don't need to do this over here. I'm going to go back to Bitcoin where we have a more solid layer, massive volume, massive liquidity, all the AUM in the world. And yeah. Nice callback to the beginning, Scott.

Starting point is 00:21:22 Yes, that's exactly what's going to happen. When this stuff becomes real, it's going to happen on Bitcoin. When real financial institutions start building real stuff that they use in their day-to-day business, it's not going to happen on Ripple. It's not going to happen on Ethereum. It's not going to happen on Avalanche. It's going to happen on Bitcoin. And that's because it's the most secure chain. It's because it's the most secure chain it's because it's the best understood chain it's because it's the most easily accepted chain by regulators and because it's the only um asset which has become sort of part of the sovereign

Starting point is 00:21:55 wealth funds of of nation states there's just no comparison in that respect and so when it happens which is not the cycle um but probably next, it happens on Bitcoin. Yeah, I don't disagree. I think it will happen in all of those places simultaneously. But I think that Bitcoin has the greatest chance to capture the bulk of that value down the road. You talk about sovereign wealth funds. We had El Salvador. They've done exceptionally well, obviously.

Starting point is 00:22:24 Quietly, a number of other countries, Bahrain, I think, Ethiopia, others are mining, right? And that is effectively adding Bitcoin to their central bank. Yeah, Bhutan. Bhutan has been mining for like three years. visiting El Salvador to talk about this. I mean, do you think we're about to see some announcements of more at different levels, varying levels, but nation-state adoption and sovereign wealth? I don't know. I don't have insider information in that. My guess is yes, just because everything gets crazy

Starting point is 00:23:02 six months, eight months from now um and i think you know the what you want to try and do is you want to try and figure out which parts are going to get crazy eight months from now and get in now um but but i would guess yes but i don't have any concrete information yeah and when are you building your sovereign nation? So where's the, uh, well, we're, we're, we're as a community, uh, you know, where the, the sovereigns are building all the time. Actually, you know, it might be worthwhile, um, uh, either figuring out a way to do sort of these updates more frequently, or maybe I could try and prepare something for your channel. Let's do that. We've added new content to the channel that doesn't necessarily have me.

Starting point is 00:23:52 And our last podcast was one of my most popular ever, as they tend to be. What would that look like? You can give us like a full update on everything being built on Bitcoin. But more importantly, you could tell us what's complete trash. I can try and separate the weed from the chaff, separate the sound money from the money and the scams from the rest. And I can try and give the insiders view and sort of like some, you know, an explanation of what's actually happening from a technical perspective, but also like insider alpha to the extent that I have it.

Starting point is 00:24:25 There are so many things being built on Bitcoin right now. Yeah, I think this is the biggest story not yet being told. I got so bullish when I went to the Digital Asset Summit because people weren't talking about it. Like I live and breathe this. And so I assumed everyone knew. The fact that people don't know this means that the opportunity is much larger than I realized because everything that we're seeing now,

Starting point is 00:24:52 and this is like 50 new projects announced over the last few weeks, tens of millions in funding, all of this is happening before anyone's noticed. Yeah, totally agree. Well, where can everybody follow you follow up on what's being built? Well, we're going to get you on the channel. But I'm assuming that in the description, we have your ex Twitter. That's the best place. Yeah, yeah. Follow me on Twitter. Guys, what's happening on Bitcoin? I can only tell you because I see it in the background. I'm telling you 99% of it like we saw Ether, any is going to go be complete trash. There's a ton of

Starting point is 00:25:25 cash grabs, but at a fundamental level, we're going to see all of this come to fruition. Hell yeah. All right, guys. Thank you. Yago, one of my favorites, as always, always breaks it down well. And now we're going to get you on the channel then for sure. All right, Scott. Now that we mentioned it, I can't be embarrassed here publicly, so we're going to do something. It's going to happen. All right. All right, man. Thank you so much. All right, guys. Amazing. Always love having Iago on the channel and would love, love, love to have him as a regular contributor. And if you've been listening to our conversations for years, he's been talking about this stuff long before it happened.

Starting point is 00:26:05 And I guess Bitcoin is just opening the doors and giving the capability to actually build all the things that he's and others have been talking about for, for so long, guys, I need to introduce you obviously to a brand new sponsor here. Now I'm going to bring up the website because I was supposed to, and my internet is tripping, but Lumerant, we're going to go ahead once I get this up.

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Starting point is 00:28:49 I've got Dan, the chart guys. How's it going, man? I'm going to just bring up your screen, but what are we looking at today? We'll start longer term, then we'll zoom in. And so obviously the weekly timeframe looks great. Definitely looks like a textbook bull flag at this point. One thing that I want to point out as we were getting towards the end of March here, on the monthly timeframe, if you look back at the last four times in the last six years that we've had periods of what I call stair steps, which is just a higher low every single candle. And anytime we had that where it was five or more monthly candles, when you break that

Starting point is 00:29:23 pattern, the smallest pullback was about 30 to 40%. And the other ones are obviously a lot more massive. So we were coming, you know, we're in one of those periods right now, we've got now six months in a row. And, you know, five days ago, we were near, there was a big upper wick, and we were near the low of that candle. I was like, man, I hope we don't close near this low at the end of March, because I don't want to see that pattern break. And now, obviously, we are looking good here as we are making our way back up to test the recent high. So really, it's, you know, it's a daily bull flag inside a weekly bull flag.

Starting point is 00:30:00 And just wanted to point that out. You know, if you're if you're looking bigger picture, just keep an eye on that monthly stair step pattern. Yeah, I just realized we're back over 71,000 right now. That also kind of looks potentially cup and handle-ish. Yeah, it definitely can. If you're going to have a correction, you want it to look beautifully rounded like that. Yeah. As you mentioned, no huge flushes, just nice and orderly. And yeah, I would agree that you can call this a cup and handle. The right side is lower than the left. It's a bull flag. And I always love when you have a mama pattern and a baby pattern inside it. And it's the same thing. And that's what we have going on right now. So bulls trying to head into, keep in mind, we don't have trading tomorrow with the holiday in the US.

Starting point is 00:30:37 So bulls got a long weekend to try and keep this momentum going, But no concerns whatsoever. Bulls have full control. Yeah, totally agree. And what's a 17% correction for Bitcoin anyways? It's just like a Tuesday, right? So we were screaming correction, correction, correction, because everybody needs something to talk about. But nothing fundamentally changed really, even on the dip, in my opinion, and never even, I think, attacked levels that people would have expected in a normal dip. Yeah, yeah, just very healthy. And one thing that's also worth noting is this has been with the dollar going up. The last two weeks, the dollar has been up, not today necessarily. But if we can set, I'm watching this long-term dollar equilibrium, I think I talked about it last week, but if we can set this weekly lower high, then Bitcoin bulls are positioned even

Starting point is 00:31:23 better. It's the kind of thing, it's both gold and Bitcoin right now are going up disregarding what the dollar is doing. And so both of them are positioned really well if the dollar can set this weekly lower high. So that's something I'm going to be watching pretty closely into next week. It's not hurting Bitcoin, it can only help. So that's a good spot to be in. It's been crazy to see everything kind of up together. Like you said, the dollar's been up, stock's still performing relatively well. Bitcoin, it can only help. So that's a good spot to be in. It's been crazy to see everything kind of up together. Like you said, the dollar's been up, stock's still performing relatively well. Bitcoin, it corrected, but still, I mean, sitting right under the all-time high and generally up. Even gold, up. What world are we living in? It's like the stranger things upside down where it's all just up.

Starting point is 00:32:00 Yeah, for now, for now. It won't last. For even micro caps, the Russell 2000 here is currently, as we speak, just hit two year plus highs. And it's, you know, it had a little cup and handle like pattern as well. And it's trying to break out. And so, you know, I'm watching now in the bigger picture, are we seeing some rotation out of semiconductors into small caps? Generally, the pattern has been, you know, over the last year or so, the semiconductors and big tech leads, then they cool off a little bit and the laggards play catch up. And we haven't

Starting point is 00:32:31 gotten a huge IWM breakout. It's kind of like IWM starts to get going and then the whole market pulls back a little bit. So I'm keeping that in mind. But again, the fact that IWM is at these levels right now is definitely a good thing. It's my gauge of the stock market saying risk on and willing to throw money around. We certainly know crypto has been that way for a while. But every time IWM sees another leg up, that stands out to me is just continued confidence as long as that keeps up. My gosh, look at that thing. And I remember not so long ago, we were talking about being at the bottom of the range. And if the micro caps break down, what a harbinger it was for nothing but up for everything.

Starting point is 00:33:12 Yeah, just keep it simple. Weekly EMA 12. If that is holding, the bulls have absolute complete control. We've just held it the last three periods of consolidation. And when I'm swing trading, if I'm in a position I don't really want to be monitoring, that's often a guide that I will use. And just say, I'm holding it as long as that EMA is support. When the dollar performing against another basket of currencies. So people get very confused,

Starting point is 00:33:48 like how can the dollar be going up if we have inflation and we're debasing the currency and all those things, because it's the, you know, the cleanest shirt and the dirty laundry, the prettiest pig in the pen, whatever you want to call it. You guys, we've been reporting on the fact, but like Switzerland cut rates, right. And Paraguay cut rates and Mexico cut rates and Brazil cutting rates. So when you have, you know, the Swiss, Frank is considered, you know, a basically a flight to safety currency. When you have them cutting and sort of debasing their own currency, the dollar is going to go up relative to it. So that's how you can get these situations where the dollar DXY is rising. That doesn't mean the dollar itself. DXY is rising and other doesn't mean the dollar itself. DXY is

Starting point is 00:34:25 rising and other things are continuing to go up. There are exogenous factors beyond just one go up, one go down every single time. It's not that inversely correlated. Yeah, good distinction. For me, honestly, if DXY is really strong, it's time to consider some international travel, perhaps, because your dollar goes a lot further than if it's weak. And yeah, it's just all comparative to everything else. I was in Japan like three weeks ago. I felt at least 3% richer than I was. What else you got? Cannabis still. So yeah, essentially a quick fundamental update. If we get to April 1st with no word from the Florida Supreme Court, then we're going to get a recreational vote on the Florida ballot ballot in

Starting point is 00:35:08 November, which is a big deal, huge population. They're, they're tourism numbers, you know, a hundred, 140, 30 million, whatever it is a year, just insane. I was very surprised by that size, but that's a potential short-term catalyst. We're still waiting on the DEA. This is a CGC name and you know, we're getting, we have, we have Canadian cannabis stocks and US cannabis stocks. And they're two different things. And this is a chart that reminds people of a crypto cycle, but it's way worse. This was a 99% pullback from Euphoria due to dilution.

Starting point is 00:35:38 You've got the Euphoria cycle like crypto is used to, but add on companies issuing stocks, just absolutely crushed. But there's still opportunity because when you have a chart that is all bears, it's the easiest short in the world, then you get a squeeze of 400%. And then it's a bear chart where it's the easiest short in the world. And now you get a squeeze, it's 200%. And so it's just one of the traders, I've just been trading this day trading the last two weeks, just massive volatility in both directions. But as far as the fundamental side of things, we're still focusing on the US names. MSOS is creeping up towards its 52-week high. So again, just really well positioned. If we get the headline from the DEA, we keep getting these

Starting point is 00:36:22 little drops that it's coming. It's soon, maybe, but it's nice to see that things are holding up and performing well, even without the concrete headline. We're just patiently waiting. Two things. Florida is just like California was before they changed their law. Now, everybody has a medicinal marijuana license in Florida. You just go to one of those places and tell the doctor you can't sleep or whatever, and they give you your license. So that's a roadmap every single time, right? You get the medicinal approval, then it becomes even less strict on that. And then you get the recreational. So I do think it's going to happen. But also what you just showed me reminds me so much of the Doge Bitcoin chart back in the day. And this was before it went parabolic with Elon Musk and

Starting point is 00:37:04 exited the cycle. But this was the greatest asset parabolic with Elon Musk and exited the cycle. But this was the greatest asset to trade that there ever was. You had to pump exactly like you said, you'd squeeze it, come down, you were trading this against Bitcoin. So it was in sats, right? It would come back to like 20, 15 sats and just keep doing it every couple of months. It was the most fun thing to trade in history. It just really made me think of it when you saw the chart. Then of course you come over here and we broke that cycle entirely when it went here. But yeah, some of these assets are just built for traders. Yeah. Just long-term patterns. And if nothing else for technical analysis, it's just identifying some of those patterns. I haven't traded... CGC is the most profitable

Starting point is 00:37:39 stock that I've ever traded in my life, only as a bull. You look at this chart and that tells you that I'm good at not holding bags. But it's just the kind of thing where it's like, I didn't trade CGC for months and just said, I know I can look back and see that when it gets going, it creates short squeezes. I had a pattern of just bear flag, bear flag. When we break the lower highs, pay attention. And then it's just, you know, not being surprised. You know, I didn't nail the bottom. I didn't go all in. I'm not really aggressive, but just able to capitalize on the opportunity, just looking back at previous patterns to not be surprised by certain price action.

Starting point is 00:38:16 Yeah, absolutely. And I see someone saying you don't need a doctor in California. It's not like that anymore. That was my point. It used to be like that. You needed a real doctor. Then you just went on like Venice Beach and went into a little dark room and they were like, we're the doctor and we'll give you a card. And, you know, and then eventually they

Starting point is 00:38:32 changed the law and say, that was the evolution. Yeah. Some of these companies in Florida have a pretty significant moat just in terms of brand recognition and they already have a ton of, you know, locations. And so they're just ready to hit the ground running when you would expect an easy two to three X in these companies' market caps if you're increasing their target market by thousands of percent. So it's pretty exciting. There are weed shops all over my hometown in Florida. I live in a small hometown here, but yeah, you can't go in unless you have a pass, unless you have the medicinal marijuana license. It was actually crazy when they were starting to do the medicinal legalization in Florida, just random story, but they were doing regional licenses and only one grower could get a license in each place. And they had these crazy criteria for who could do that.

Starting point is 00:39:19 So you had to be like 25 years owning a nursery and some kind of thing. So it wasn't going to be anyone new. And it was by geographic area. I think there were six of them in the state of Florida or something. And actually, so it's this insane process. My friend, I grew up with her dad, had owned a nursery, literally like small trees and flowers and stuff. And he got the contract in our area.

Starting point is 00:39:41 But then all that due diligence, all that getting qualified, he sold it to a Canadian company like three months later, never grew anything and retired on like tens of millions of dollars. Wow. That is smart. Yeah. They're trying to reward the local businesses, but hey, if you can... And they all flipped them to like weed conglomerates, which I guess the state didn't see coming when they gave these licenses. It's crazy business. Yeah. Well, yeah. Any other charts? Is that all we got today? That's all we got today. I just put out a Twitter poll and 91% of my Twitter audience is either crypto or cannabis. And so this is clearly where the attention is at. And there's a bit of an inverse relationship. I've been noticing it for a long time, but the past three months, it's really

Starting point is 00:40:25 standing out where red Bitcoin day, green cannabis, and it's been pretty consistent. So I've been keeping an eye on that as well. Absolutely, man. Well, thank you so much, as always, for the insight. I'm assuming I'll see you next week. Absolutely. Have a good one, Scott. Follow Chart Guys, of course, on X and his YouTube channel. And I love your little videos you've been doing. So they're great. Appreciate it. Especially when you're barefoot in the woods. I really like this.

Starting point is 00:40:50 It's a good vibe. All right, guys. That's it. Thank you, Dan. Great show. As usual, I love having Yago on always. And Dan always gives us the quick hits. And he always has really, really great ideas.

Starting point is 00:41:02 Check out Lumarin. And guys, if Larry,ry listen i don't love larry fink but i love that larry fink is helping to legitimize uh bitcoin and obviously i mean he's helping pump our bags also guys be nice to each other in the chat trolls are funny they're bitter i mean you know and i engaged a little bit today. You got a guy who's calling himself, I told you so. And he's saying his life is better than 90% other people. And he can prove it. Take it easy on the guy. He's not a happy person. I bet you guys know that. And I know that because he's downstairs in my basement. He's my son. I'll talk to you guys later. See you

Starting point is 00:41:43 next time.

The Wolf Of All Streets - Larry Fink Will Send Bitcoin To A New All-Time High Soon (Here’s Why)

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