The Wolf Of All Streets - MicroStrategy Buys Over $1B In Bitcoin! | Crypto Town Hall

Episode Date: September 13, 2024

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Happy Friday, everybody. Just waiting to get to the glitches here and get everybody up on stage, bring in some familiar faces. As always, hope you guys are all having a great week. I don't see how a week cannot be great when Michael Saylor decides to add another $1.1 billion in Bitcoin to MicroStrategy's holdings. For those of you who did not see the news, MicroStrategy announced that it purchased 18,300 Bitcoin, must be nice, at an average price of $60,408 between August 6th and September 12th, worth approximately $1.11 billion. This is a huge buy even for him. As of September 12th, 2024, MicroStrategy holds 244,800 Bitcoin worth approximately 9.45 billion,

an average price of approximately $38,585. What I find absolutely notable and insane about this is obviously buying 18,000 Bitcoin when the total is 244,000 as a fraction of the holdings. When you look at it at this point in dollar value, because of how much he bought lower, 1.1 billion purchase, well, obviously over 10% of the 9.45 billion total value. This guy isn't stopping. He doesn't care what the price is. And he's doing it all without selling any Bitcoin, just raising money. I mean, to have just a $1.1 billion laying around at this point to throw into Bitcoin, absolutely astounding. I mean, Dave, what do you think of this guy is not stopping?

He told the whole world he's not going to stop. He said he's going to be DCA-ing until capital markets either cut him off or more likely. So many other companies are trying to do the same thing that he kind of you know has too much competition for the money he's trying to raise it's just i know what's happening we all know what's happening it just puts a smile on my face every time it does because it shows the uh roadmap for every individual on a smaller scale of what's possible if you just simply dollar cost average into Bitcoin and don't even think about it. I mean, I think the most important question is who's selling, right? That's the real issue.

You know, gold is going crazy. The same exact people who are buying, I mean, Say, sailors entire thesis is based off of fiat degradation. We're witnessing that before our eyes. And the real question is who sell it. And you know, can't just be miners fly, because that's not true. I mean, yeah, the small household ETF, it's like, whatever, there are sellers. And the question is, is it over? Is it almost over? You over you know who where's the rotation where's it coming from because honestly this feels like we're going to look back in two years

maybe less and say well wait a minute this was obvious bitcoin really should be following gold not the other way around but we'll see i just i i just don't the digital gold narrative to me is more about the characteristics and not about the price. I mean, we've talked about this before, right? But I have never had any expectation that Bitcoin would trade like gold. It's just a superior version of gold because of the actual qualities that we all know, divisibility, portability, all of all the things you would want in your money. But I think that as far as price is concerned, and this is worth maybe a discussion here, I think that Bitcoin is largely uncorrelated. Sometimes it trades like a risk asset. Sometimes it trades like gold. More often than not, it just trades.

Empirically, yes. No question about it. Practically, however, it's like the frog in the pot. You know, you won't know it until it's already happened. And the bottom line is, is the market and you've heard me say this a million times, the marginal price setting in Bitcoin is driven by speculators. Right? The marginal price setting in gold is driven by accumulators.

Now they're at different points in their life cycle. And that's the real crossover. And that crossover is a long way from here in price. So it's almost it almost seems silly or quaint to talk about Bitcoin becoming gold, when it has to 15x to do it. And the magnitude of that is so incredibly large, that people just dismiss it. Well, people dismiss lots of things that turn out to be true. Well, from March 2020 to that bull market tie, we pulled a 17x, given that's a cherry picking dead bottom of COVID to the top of the bull market. But it does illustrate the fact that even with meaningful market cap, Bitcoin can move 15 times. Right. And that would become increasingly more difficult, obviously,

as you go into the, you know, 10 trillion, 11 trillion, 12 trillion. Ask yourself a simple question, Scott, and this is what listeners should understand. The size of Bitcoin as it currently is today wouldn't move the needle, wouldn't even show up in a footnote or be a bare footnote for companies like Fidelity and BlackRock. But when you look at the amount of time that they've spent management and sales cycles promoting Bitcoin or trying to educate people about Bitcoin, it's not because they expect it to be an uncorrelated asset economy. It's because they're looking for something that's an order of magnitude win that they want their names behind now they may not

turn out to be correct but this is these are pretty serious people making this bet and i've made this time after time and the market doesn't seem to care now in retrospect when they look back people are going to say oh yeah well we should have known that. Anyone else thoughts? Douglas? Yeah, you know, Dave makes some really good points in that when we look at accumulators in Bitcoin, you've really got micro strategy. When we look at accumulators of gold, you've got central banks around the world. And I think that the central banks around the world are reacting to

higher inflation around the world are reacting to higher inflation around the world by buying gold. They haven't yet moved into Bitcoin. Now, that's not to say they won't. And I think that we all assume that there will be central banks and reserve managers that start to accumulate Bitcoin, but they've got to sort out their own laws, their own rules in place today. So right now, if there's inflation, what do they buy?

Well, you've got to buy gold. That's what's out there. But Bitcoin, when it is starting to accumulated by reserve managers, I think that's when we're going to see these huge moves that BlackRock and Fidelity anticipate. Carlos, I see you. Sounds like a great arbitrage, Scott. Just let them keep being asleep at the wheel, right? Yeah, absolutely. Dave, you're giving the hundreds there. You obviously agree.

DB, what do you think? I'm with these guys. It's we all know where it's going sooner or later. I see it as more of a store of value, though. The narratives and the discussions around people saying that bitcoin's going to be a settlement layer it's gonna take over nfts and defy i think is absolutely ridiculous but to see it trend up towards gold sure and i think that's possible over the next decade or two maybe even sooner but it seems like the the ideas on what it's going to be or what it even is

are completely split and i can't imagine having the conviction in it that sailor does that's just nuts when i saw that this morning harlow yeah i don't know there's an interesting development that just came up yesterday with coinbase announcing this new bridge over ETH and base, wherein they're backing one for one on Bitcoin, this CBBTC. And this opens up an interesting use case on the DeFi front for how to integrate Bitcoin over Ethereum's chain. So I don't know that This may change the paradigm. Cool song, too. Yeah, cool song. So I imagine people have seen that not even BlackRock is using

the Bitcoin as a settlement layer, which when they're transferring, they're using Coinbase. And don't people find that using coinbase and that's isn't doesn't Don't people find that kind of ridiculous That's why I don't think the Bitcoin network itself is ever gonna be used for a lot of the stuff that people think it may Be used for Be careful DB because they don't have a choice Yes, you see Basically mandated that they have to do cash settlement For the ETF so, you know, that doesn't mean that they have to do cash settlement for the ETF. So that doesn't mean that

they won't try. But until the worst thing the SEC has done, I know that some of the lawyers on the panel are going to be horrified that I'm saying this, but the worst thing the SEC has done in their crusade against crypto has nothing to do with their court cases and has nothing to do with their lack of rulemaking. It something with that, it says they have literally told FINRA not to approve any broker dealers touching Bitcoin. So the entire financial system, which depends upon those intermediaries for now, are not allowed to touch physical Bitcoin. So what does that mean? That means that

nobody can interact physical Bitcoin settling in and out of brokerage accounts and cannot and the SEC has stopped it. By the way, they've done this extra legally without rulemaking or talking about it. So that's one of the things I've talked about a lot. But arguably, that would be the biggest single change if there was a pivot or a new administration that changed the SEC policy. Interesting. Good to know. Thanks for that, Dave. Carla. Interesting. Good to know. Thanks for that, Dave. Yeah, look, in the realm of pivots, it was reported that yesterday the SEC moved to amend their complaint in the Binance case, and they are walking back this narrative that they've been pushing to create this new asset class with respect to the term crypto asset securities, they have now in a footnote in that amended complaint apologized for the potential confusion that this may cause. And this is a monumental

shift here because we've been very critical of the fact that they just spun this term up out of thin air and have been trying to push this narrative to expand the investment contract class to include this quote, crypto asset security. So the conversation is definitely changing here. And it's also ironic that yes, everything that was just said is absolutely correct. But yet we have the two leading candidates running for the White House that are accepting contributions through Coinbase. You could not see a more diametrically opposed position when it comes to this. It's just crazy. Did we get confirmation?

I saw it reported that the Harris campaign was taking donations through Coinbase, but maybe it was a super PAC and not directly to the campaign. Do we know i don't that's a good point scott yeah i i'm not not to conflict with what you're saying it was just something that kind of struck me when i saw that uh first article reported and it was never noted again and it was as i read it it was that somebody had reported that a super pack was accepting donations and crypto through Coinbase, but I never saw like a Coinbase or donate with crypto link specifically, right on anything for Harris, but I could be wrong.

I just need to look deeper. But there is some nuance there. I think that that's relevant. I mean, speaking of which, I'm sure everybody saw that on September 16th, I believe. So next week, the Trumps are launching World Liberty Financial. Maybe something worth talking about here. There's obviously been quite a bit of speculation around what it will look like.

We know it'll be a lending platform. Some FUD around who they're partnering with to do it and those people's history. But it's hard to really dig into how much of that is a concern or not. My view is that if this goes well, it's obviously a massive net positive for the space. Timing is curious with the election. And I think he's announcing it on the spaces with Rug Radio. There's a lot to unpack here. Have you guys taken a look at all? Carlo, you're giving the hundreds.

I know you've looked into this. What are your thoughts generally? Well, yeah. Well, I'm a creator on the Rug Radio platform, and I couldn't be more bullish for the future of decentralized independent journalism that Farouk and the Rug Radio team have scored this interview on Monday is huge for the sector and it's huge for the crypto space. Whatever happens with the project itself obviously is open to debate, but you cannot deny the fact that that video and the Rug Radio logo going viral

across so many media outlets is only drawing more attention to the power of decentralized media. And I think everyone wins. All ships rise when it comes to that. Yeah. I see you're throwing up the hearts. What do you think? Yeah, look, it's been a very interesting one for me to see. Just in terms of the lack of detail about world liberty financial. I'd really love to see the product, what it actually looks like and what it's going to do um and i've up until then i've kind of reserved judgment and

i haven't been uh too vocal about what it is and to be honest um whenever we've been pitching stories internally at coin telegraph um we've been kind of wary just of covering it just because of the lack of detail um but you know to see that they're going to be making this big interview with Trump at RAG Radio you know I think Carla makes a very good point like how can that not be exciting I'll be honest I'm pretty jealous actually sitting here as the managing editor of Cointelegraph damn I wish I had that interview and I would love to be the web3 sort of publication that's breaking the news and really unpacking what they're going to be doing.

But yeah, up until this point, I haven't seen enough detail to have a good opinion on it of what it's going to be. And if we can actually take it seriously, because, you know, the previous statements that Trump made about it didn't really sell me too hard on what it's going to be. So, yeah, up until I see more details, I'm not quite convinced, but yes, I will be tuning into that interview next week for sure. Epic topic, Gareth. Did I see that you, myself, and Mario are sitting down in Singapore next week?

Is that correct? Yeah, that's right. Next week, Thursday in Singapore, we'll be doing the fireside chat. We've jumbled up the panels a little bit. So yeah, Scott, you, myself, Mario next week, Thursday longitude at the Ritz Carlton in Singapore.

Just the three of us. It's just the three of us. So you guys are going to tear me apart or am I going to tear each other apart? No, I'm very excited. And genuinely, if there's anyone on here listening to the space and you're in Singapore for Token 2049 next week from 5 o'clock at the Ritz Carlton, we'll be having the Longitude side event at Cointelegraph. We're hosting it exclusively. Some really, really great speakers, Stanley Kulikov, Yatsu. Oh man, go and check it out. It's on my Twitter as well.

Sergey, Sandeep, I'm looking right now. Alex from Nansen. Exactly. Nick from Coin Bureau and then Mario and myself. Exactly. I didn't even know you were going to be here today. This was not meant to be a pitch and I'm just reading it. No, it wasn't, but I'm taking the opportunity just to tell everyone that, yeah, man, I worked hard to get all these speakers to join us and I'm really, really excited to be hosting these conversations

and chatting to, in my mind, some of the most influential founders in the Web3 ecosystem. So it's really exciting. And just token 2049 in general, I've been to singapore before for the event it's fantastic so if you're here and you're lucky enough to be with us next week um looking forward to seeing you and if you see me around please come and say hello thank you if you want to if you want to uh just floating ideas you could just leave mario off

and we could do it okay cool i'll see him off. Leave me off, Gareth. I don't mind at all. But then when you join the line, the waiting line, waiting three hours to get into our after party, don't expect to get VIP access. Can I get in? It's three times over. That's the way it goes.

So just let me know. Did you get an invite, by the way, Gareth, to the one we're doing? I need to double check. I'm sorry. I've been so swamped in the preparation for everything that I'm actually not even sure. Let me check now. If not, please send it my way. Gary, the jinx.

And the shame's request. Mario, I'm offended you didn't ask me to come out of DJ retirement after five five years oh shit yeah yeah why couldn't you be the dj um also i'll send you by the way gareth gareth seems that we haven't talked uh unless it's glitching on my twitter and we haven't doesn't show any of the chat history okay there is yeah we haven't invited you so you're sending the link saying my whatsapp as well gareth so you can ping me when i go to thanks maria wait in line but um yeah scott you should do. So just for the audience, we're doing our first after party. So I don't know at Token 2049. So I have obviously a life outside of crypto and politics, which is dancing, which obviously I stopped a year and a half ago when SBF, when FTX collapsed.

But I used to be known to do after parties then, Scott. I think you'd like this considering your background, your degenerate history as well. And I used to do a lot of after parties after the festivals the bachata festival so i was always known as the big after party guy and it used to be always like crazy you know vegas type stuff that what happens there stays there but then you don't do that in business so we did an event in singapore i told the team look i wanted to be just crypto whales etc very exclusive very high level and then i go to bed that was two days ago i wake up and they made it into a whole uncensored women everywhere after party you know when they say well you know what happens in vegas stays in vegas and what happens at mario's after party stays at mario's after parties the problem is what

happens in singapore stays in singapore because you stay in singapore literally forever uh in jail or they kill you now singapore's not that strict is it singapore's strictest place on earth it's literally the strictest place on earth don't do anything you wouldn't do anywhere else in singapore is it as strict as dubai oh times 10 dude if you get caught with weed and they kill you in singapore Literally death penalty. There's no way. Hold on. I was muted. There's no way it's that strict.

I had no idea Singapore was that strict. It is the strictest place literally on earth. I vacuum out my carry-on bags, and I get a hazmat suit on, and I spray my luggage before I go. Cause you just never know. For everyone listening, do not come to my after party. Then based on the news we just got, no, no, but it's, it's just alcohol. So no, but on a serious note, it's, we got the penthouse. I think the whatever you call it, the penthouse in the Mandarin.

Presidential suite, my friend. See, I told you I'm your assistant. And I know everything. Yeah. The Mandarin penthouse in the mandarin presidential suite my friend see i i told you i'm your assistant and i know everything so yeah the mandarin uh no penthouse presidential suite yeah so so but definitely if you want to if you want to drop by anyone just uh dm me we'll send you through the link it is invite only so you'll have to get approved and just put like you were referred from the space but it should be fine like i'm you know good good and we're doing the karate combat we partnered with karate combat as well they've promoted yeah we're gonna be we're gonna be announcing karate combat together then going to the party it's gonna be amazing yeah it's gonna be a good fight it's gonna be a good uh good event but i can't believe you didn't get ran to fight you at karate combat

after that scathing scathing attempt you did live on tv from yeah what's i don't know if you know that you'll see me my fingers are wrapped so i actually injured my finger anyway so we're laughing at rand injuring his shoulder i'm not fighting for a few months because i injured my finger and i almost needed surgery so it just kind of gives you an idea that um i injured it sparring training for the fight uh so i don't blame rand anymore because i can't fight now at the moment they ever announced who you were gonna fight did you ever uh, they gave me a lot of options, but I wanted someone, like I wanted Ran because he's a friend

and we do a space together. But if it's not Ran, I'm like, it has to be someone worthwhile and not just some small KOL because it's not worth the whole hassle. It sucks up a lot of your time to train and stuff because I'm not going to lose. Fuck that.

It sucks up a lot of your time. So I just did not want, I wanted the fight to be really worthwhile. I proposed to them an idea as well. I'm not sure what you think of it scott to do karate combat for twitter influencers x influences outside of just crypto so i know everybody on x all the biggest names political mainly so we should get all these guys to kind of start fighting each other because you know they had the fire fest guy that billy guy at farland he fought someone that was hilarious yeah but he's a bit of a nobody as well like he was a big name back when fire festival the documentary came out

but then he just no one talks about him anymore as far as i'm aware but i've got all these different people like you know the krassenstein's left to be attacked and you've got all these pro trump laura rumor for example imagine getting krassenstein's laura rumor fighting obviously women like men fighting women that's no no but you get my point someone at that you get my point someone at those level like a very polarizing politically and just fighting each other i think that would be really interesting because i think they've just squeezed the hell out of the crypto influence 11 and the other thing is karate combat versus the other fights like people who haven't seen it it's

a pure striking league and you're not i, the gloves you wear make you hit harder, not less, right? It's to protect your hands, not the person's face. And you can kick. I mean, this isn't boxing. It's really savage. I mean. It is. It is.

I love fighting, by the way. It's one of my favorite sports I used to do as a kid. But yeah, that karate combat. Also, when I went on the last one, I can't remember where that was. I think in the US. In that one, we were there together, Austin. And I saw one of them. You were there.

He got knocked out with one punch and started bleeding on the ground. And he twitched at the beginning as well. Yeah. I'm like, yeah, fuck that shit. Emmy and I went after that to Orlando. And it was like the most viral knockout in history of any league joe rogan talked about it for weeks this guy oh really james vick i mean he literally i thought everyone there thought that we had witnessed someone literally dying in front of

us i mean it's an absolutely savage league this guy did a double kick like right kick to the the hip and then flying left kick across the guy's face i'm sure you guys have seen it but uh definitely it'll make you think twice about uh doing an amateur fight just in case yeah i think if you so between the dancing between the dancing skills and the fighting skills i'm guessing you have really good footwork mario uh if you've seen mario dance he's actually um like if you've ever seen pole dancing, he's the pole. Thanks, Scott. I appreciate the compliment.

It's true. It's Pachata. He stands there and he looks like super engaged and women just dance all over him. It's incredible. Oh, okay. It is a compliment. Didn't sound like a compliment. No, it's a compliment.

I didn't mean it as your dancing skills. I just meant that you get to stand there while girls do all this wild stuff, like dancing around you. This is the stuff that's not allowed in Singapore, Scott, based on what you're saying no but based on how strict singapore you can't even dance it's like it's like the movie footloose you can't dance there at all um but yeah so so again anyone that's joining us let us know me and scott will be doing a lot of things together we'll be interviewing a lot of big names um so yeah definitely hit us up in the audience dm my account and the team will send you an invite. But yeah, I think Scott will discuss all the topics. We really talked just a lot about sort of micro strategy. And I think we were sort of digging into Trump.

I mean, there might be more juice to squeeze from that story on the world financial. I mean, you're looking at it, obviously. I mean, this is launching next week. But yeah, I mean, otherwise, we... There's not much to look at. I think I'm just way too deep in the political side of things. Like we have a space tomorrow with, we're about to announce it. We have a space tomorrow with Vivek. So we have, who do we have? Vivek, RFK, Tulsi Gabbard, Charlie Kirk, and a couple of more names, Brett Weinstein, and a couple of more names that I forgot. So we're doing a pretty big space on this tomorrow.

We're trying to see if Trump could make a surprise appearance as well. Glenn Beck's going to be there as well. And so that's tomorrow. We're pretty heavy on the US political side. My only thing that I care about when it comes to politics and crypto is like how – because a lot of people are split. Not me, obviously, because I don't have a stance. But a lot of people are split on like their – especially in crypto it's like trump is seen as a lot as significantly pro-crypto but if they don't like trump then i'm speaking to a few people they're like maria i don't

like trump but i also cannot not vote for him because i'm really worried about kamala stance on crypto have we gotten more clarity on kamala stance on crypto considering that she's done so well in the debate and now it's like neck is absolutely not we still haven't had any more clarity whatsoever from the kamala campaign oh yeah no they they've said nothing and i think we can basically guarantee that this point in the cycle they're not going to say anything but why why wouldn't why wouldn't they because every vote matters at this point every i was just talking to an analyst on my show he's talking about he's like mario we're talking about an endorsement what's her name's endorsement the the singer taylor swift and we're talking

about taylor swift's endorsement of kamala and i'm like how big of an impact will this have he's like it's gotta be very impact whether a few thousand votes could flip the election so considering that crypto like i think the benefit of becoming pro crypto significantly outweighs the cons for the kamala campaign the banking people whoever not being happy about it yeah but i think it's actually much more complex of a calculation for them than that there's a lot more downsides for her coming on it but the other thing is i I think, one, I just don't think she genuinely is particularly pro-crypto on it, so she's not going to take it.

Does she really care, though? Well, no, I'm saying I don't think she has strong opinions, but I also don't... My guess is I don't think they think that it will move the marginal voters that are going to come to that, right? Like, Taylor Swift's going to move a lot more voters who are, like, undecided and in the middle than crypto

did it cut out was it my end yeah it cut out oh it cut out for him not me okay yeah so but but that point is a bit weird because it matters. Again, if a few thousand votes are going to flip the election, what is their incentive, Alex? Why would they still be anti-crypto? What's the purpose to be anti-crypto? I thought about this, and I actually commented that it was sad it didn't come up during the debate. But I think it's more of a reflection on the fact that crypto is just still not mainstream and so early, because I think the biggest the biggest motivator for why they don't talk about it is it just doesn't poll. And if it doesn't poll, why are they going to waste precious

time on national platforms talking about issues that don't poll well. And I think it's more a common commentary on the fact that we're still very early as far as adoption, which is sad because people don't realize how important the freedom to transact and the freedom to have DeFi and these other protocols in the mix is so critically important to freedoms. So I think they're going to learn eventually that this is a huge issue and something they should be focused on. But it's just not on the radar of the people that are advising these campaigns. I mean, you need to consider the people that are in the campaign, many of which come from the Elizabeth Warren tree

who have very strong opinions that the freedom to transact is something that shouldn't exist, and the government needs to control it. And a lot of their agenda requires it. So I don't think you have to look very far they they would have to do your mic your mic your mic dave dave your mic is muffling up uh it's good now um yeah so go ahead i mean go ahead alex go ahead. It's going to be a fucking scam without a doubt. It's a Donald Trump business. Of course, it's a fucking scam. Also, it's not a coincidence that he is announcing this thing three days before his lockup for the truth social stock expires, right? Like true social stock has been nosediving for the last two weeks because on September

19th, his lockup expires and he can start selling. And so all the investors know he's going to just try and dump billions of dollars of his shares or huge amounts of his shares. And so the stock is dumping. And so just coincidentally, three days before that lockup expires, he's announcing this giant new business. And it's just going to continue. It's going to look like a joke. It's going to make everyone on the left who hates Donald Trump feel like crypto is even more of a scam. Like, I'm not saying that crypto is nonpolitical. It's obviously political.

It is about freedoms and control and things. But there's a difference between something being political and something being partisan. And the fact that it's being made so partisan is going to so hurt long-term adoption of this technology. And I think that is also part of the reason that you're seeing, bringing back to what we're talking about here, is like, this is part of the reason that you're seeing, like, I think the Harris campaign is absolutely not going to embrace crypto, certainly at least as part of the election cycle. It's not just that it's left-right. It's gotten coded so hard in this cycle as being partisan towards Trump. And if they embrace it, it's going to make them look weak.

Anybody else have an opposing view on that? I do. I think that, you know, when you look at Kamala, what she's running for, she's running really for the establishment. And,

you know, crypto obviously isn't seen as an established technology just yet. And so it makes little sense for her to embrace it. You know, I think that if she is running on a new con platform, then having crypto as part of her policy just doesn't make any sense whatsoever. Plus, obviously, it would be seen as her then copying something else that the Republicans are pushing towards. And so she doesn't want to see that for the third time in this campaign as you go into the last days. But it's new. Crypt crypto is not yet an establishment

type item, so I can't imagine them ever embracing it. That makes sense, trying to get Mario back on stage. I think it worked. Did it work? Cool. Yeah, just making sure that worked. Yeah, go ahead. I was listening to Douglas. Yeah. I think you're asking me, yeah? Yeah. Just making sure that works. Yeah. Go ahead. Go ahead. Yeah. I was listening to Douglas.

Yeah. Thank you. He wrapped up. So we've kind of gotten both sides of that. So it's actually that we don't know her stance and she's unlikely, everyone's skeptical that she'll be pro crypto. That's a TLDR from my end, Scott. That was a TLDR.

But do you think she will be? Do you think she is? But do you, what's your stance on this? DR from my end, Scott. Do you think she will be? Do you think she is? What's your stance on this? Do you think she will have to shift her stance as we get closer to the election? No, I don't. I think, and I've said this before, my general take is that

crypto and Bitcoin will dwindle as important election issues over the next 10 weeks just because she has no real... If it's viewed that it's a small voter base and that he's already won it, there's really very little upside for her to even address that it exists. And probably he has bigger fish to fry. It doesn't come up in the debates as people have hoped. And I think it's just kind of a done issue. Those people who are one issue voters on crypto, probably both sides perceive have already gone one way

and it will just fade into the mist. I mean, that's my view. I'd be very surprised if we get like really meaningful debate over crypto now as like abortion, immigration, economy, and the bigger issues come into the forefront. I just don't think it's even literally on her radar. It matters to us. I just don't think it matters to them right now. What your thoughts i know you spoke about it already last question before you

jump off your thoughts on the debate i heard everyone's thoughts polly marcus she was down by eight percentage points and she's out now up by one percentage point trump said that he will not be doing another debate i've read a few news reports on this um your stance on her performance and how big of an impact do you think you'll have on the elections we we did talk about i know i know um yeah yeah i mean i think it's it's really hard you have to that's a tough question to answer i think if you just look at the way that they both spoke and appeared on stage without uh taking into account policy substance or any of it he looked like a boxer who was against the ropes and she looked like she was on the attack. She was composed. She was eloquent.

And this is, guys, I'm not even a Kamala Harris supporter. I'm just saying, like, if you look through an objective lens, and the way I put it on this show was like, people can't seem to get past, obviously, their political bias or feelings to make an accurate judgment on it through sort of that subjective lens. Like if you're the fan of, you know, Roger Federer or something, and you live and die by Roger Federer, sometimes he loses a grand slam. And you accept the loss and you move on to the next one, which he can win, right? And so I think he lost that. He lost that debate on those grounds. But it doesn't mean that anyone who was voting for him shouldn't. And it doesn't mean she gained so many more voters. I think what it means is that it's hard for the Republicans to paint her as low IQ, low IQ, stupid or any of the things I think that have been used as talking points against her. That said, it's going to all come down to policy and the debate will be forgotten in a week.

Yeah, the same way. One fascinating thing for me is how no one's talking about the assassination attempt anymore. It's completely out of the narrative. I was thinking about that last night. It's mind blowing because at the time I was like, you just won attempt anymore. It's completely out of the narrative. I was thinking about that last night. It's mind-blowing. Because at the time, I was like, you just won the election. It's over. Exactly.

I think that is one thing. And then the other thing is that everyone not only forgot about it, no one even brings it up. Like, for us, anyone on stage, what's the latest updates with the investigation into the Secret Service and the failures of what happened on that day? And no one has an update. Now, I know there's a report that's coming out apparently that see that they say that has some major revelations so they're trying to bring it back into the discussion but yeah the fact that um a former president uh almost got killed um is no longer part of the discussion is uh pretty crazy it just it just it just kind of gives you an idea of no matter how major an event is and i've seen this

so many times like censorship pavel getting arrested of no matter how major an event is, and I've seen this so many times, like censorship, Pavel getting arrested, et cetera. No matter how major an event is, we're so – we're like wired to just forget about it so quickly that it starts to feel like – and I'm not saying anyone's behind the for example, when they censor or arrest people for political purposes, all the lawfare that we've seen is that as soon as, you know, it starts to feel like they can get away with anything. Those in power in any country can get away with anything because people will just get annoyed, get pissed off and then move on. And they end up accepting pretty much anything. We've accepted the fact that all that censorship during COVID is now accepted. Like, hey, you know, they censored COVID. Mark Zuckerberg apologized. Twitter files came out.

The lab leak theory is a possibility, et cetera. They lied to us about X, Y, Z. All right, but life moves on. So it's just a pretty concerning thing to see. Yeah, I think it was on this show, actually, that Eric Weinstein was on that day. And he kind of said, if you just zoom out and look at how insane that exact phenomenon

you just described, I mean, we effectively have an assassination attempt on a former president who's running that disappeared from the news cycle in a week. And we now are all talking about the eloquence of Kamala Harris at a debate when she didn't even primary or get a single vote to be the presidential candidate like it's so insane everything that's happening and so beyond what have would have ever been acceptable or normal 10 or 20 or even 10 years ago that everything is just you accept it and you move on eventually and they know that well my question to you guys you guys always host these spaces is it up to platforms like this to keep the conversation going?

Because I genuinely tune in every day to Mario's different X spaces to figure out what's the news of the day. And everyone else does, and you guys follow the news, you follow the trends. Does that mean that you should be doing more to rehash the most important questions

and the most things that have happened this year more often? Gary, but the issue, and I'm sure you can relate to it the issue is that where we we cover what the audience wants covered like if the audience moved on from the space about brazilian censorship x is still banned in brazil now obviously there's works in the backgrounds between x and brazil to try to find some sort of middle ground and get X back live in that country. But X was banned in Brazil. I could do a space about it again. I try to, but the numbers won't show. It's not because the topic isn't interesting. People have moved on. So you can only impact a news cycle. You could talk about things that no one else is talking about. But if I do another

space about COVID censorship right now, the numbers will be 90 percent lower than what they were a year ago when we first started finding out about all the censorship um so yeah we cannot control human nature and that's the issue and i think you're the same at coin telegraph like you can you only you have to cover you might find a story that's like extremely important everyone moved on from it no one's talking about it but it's a very major story but if the the the readers just don't have moved on they already know about it they already accepted it as reality then obviously you're not going to put it on the front page so that's the issue your listeners are literally like decided by the hour at which you cover a topic i mean what was hot tomorrow i mean what

was hot yesterday if we did a space on that today, even on Cointelegraph with 2 million followers, we'll get really minimal people jumping on to listen. Whereas, you know, if Trump, something happens with Trump and Bitcoin today and you do a space, then it's just gonna, it's gonna get a whole lot of people. So I completely understand. And I think we all tear our hair out a little bit

because we wanna expect more change. But at the end of the day, people just wanna read about what's trending or listen to what's trending. And it's a really hard thing to see. It's crazy, actually. Yeah. And you can try to fight that trend.

I mean, I actually actively, I think, do on YouTube. Even on our spaces. Even you do that on our spaces, Scott. Like, you get pissed off. At the beginning of our spaces, I never wanted it to be breaking news when we started our spaces, right? I was like, big guests, evergreen conversations. That was my goal. Obviously it's not what people want, but like, I don't, you know, the, the way that I approach YouTube and it's to my own detriment and numbers is that I talk about the topics I think are important and not like,

you know, uh, at the time, you know, if like a bit boy got arrested or something, right. So, um, it's a very, very hard needle to thread and i think if you want to be popular or get engagement or have a voice you have to unfortunately play the game and it's it's you know the willingness to that is a sliding scale to do that yeah i think also if i could just jump in here there's also so much to cover. We went from watching television and only seeing whatever the TV was showing us, and now all of a sudden we have local news everywhere all the time. I mean, it's so dialed in on Mario's network. It's like, dude in Taiwan fell off his bike and broke his arm,

and people were shocked. And it's like, damn, I feel bad for that guy. And then you scroll a little bit further, and it's like damn i feel bad for that guy and then you scroll a little bit further and it's like back to israel you know it's just like wow this is like the the information dissemination is vast and that's why i think it's awesome that we have like a bunch of different channels here so you can like jump into town hall and talk about this and then mario you know has the round table and uh then there's meme tokens like at least you have it kind of diversified or broken down by topic so you can find out about that dude

that broke his arm in taiwan if you really wanted to or you could just talk about meme tokens yeah scott is just just think about it no one's talking about the war in ukraine anymore and it's raging right now a couple of months ago, Ukraine entered Russian territory. They're trying to get permission to use weapons to hit deeper to Russian territory, NATO weapons to deeper to Russian territory. No one's talking about it. Barely makes the front pages of mainstream media. And that's a war between – it's a war between – indirect war between two nuclear powers, multiple nuclear powers, mainly obviously the US and Russia. Mario, I'm actually like, I don't disagree, but speaking from experience, like I just got back from Poland.

I host a conference in Poland every year, East Warsaw, in Warsaw. in warsaw and there you know it's like a thousand attendees but you know coming back there is this sense of uh fear in the air because blinken is flying over to the uk or something like that right now and they're figuring out a way to uh launch western weapons into uh deep into russian territory yes yep and like we're freaking out like i'm you know like eastern european poland you're free yeah you guys are worried but first it's a lot less than before but second i'm talking about the world the world's not talking about the news day anymore it's barely like the war is going on we used to be the gaza war for example used to be 20 almost 24 7 coverage when it first started we were just doing hours a day. The war is ongoing, obviously a lot less than previously,

but the war in Ukraine is just escalating, and the people have just moved on. And the same applies to crypto. I think the hot topic today will be very different towards how tomorrow, and then Scott always kind of, Scott does this all the time. He kind of goes back and says, guys, looking at it holistically from a bird's eye view,

he always says this, and I think it over-exaggerates, but still I agree with that stance. It's like, all this doesn't doesn't matter at the end of the day the same cycle is going to repeat itself and all everything else is just noise you remember scott you always say that at the end whenever i ask your thoughts on the market you're going to give the same boring statement which is true it's not what people want to know but then again like if you want to if you want to get like some alpha and just kind of some some um more asset specific news like what's happening with meme tokens or rwas or ai tokens um then obviously that that though that you know that announcement by trump plays a bigger role because yeah impact on those classes thoughts and prayers

to the guy that fell off his bike in taiwan honestly it's a it's a tragedy um yeah so so i don't know about it i'm guessing my team posted about it i thought you're joking about the story i didn't know it's a true story um no i have a hundred mario doesn't get his own twitter guys it was it posts every 15 minutes 24 hours a day don't tell us that wait i think you connected us it's 24 hours guys again 24 hours every 15 minutes there's a story or there's an update on a story or clip or something and so um but scott i think we could move on to ever reach make sure you come to our party uh scott will be there i mean scott yeah in singapore i'm gonna make myself a host i'm gonna put my face on i saw romey romey put out we're gonna romey romey put

a we're super posing my face on your body. That's what's happening. I saw the message in the group. Let's dig into Everreach. Everreach, how are you guys? Jason, are you there? Yeah, Mario, I'm here. Great to be here. Thanks for having me.

Pleasure to have you, man. I think your connection hopefully is good. Where are you based? Right now, I'm near Hong Kong, but I split my time between Dubai and Hong Kong. Oh, nice. Are you going to Singapore? Definitely. Oh, sick. I'm going to be there on Monday. I'm going to Kong, but I split my time between Dubai and Hong Kong. Oh, nice. Are you going to Singapore? Definitely.

Oh, sick. I'm leaving on Monday. I'm going to be there the whole week. Obviously, we work together. Thank you for having us on your cap table. Has the team invited you to the event? Yes. Yes.

Oh, perfect. I'll definitely see you there. What do you think of the trailer and the banner? Pretty cool what they did. You like it? It's very different to everyone else. It's very different to everyone else. Anyway, if you get arrested at the party, nothing to do with us.

There will be a waiver you'll sign when you walk in. But, man, Luke, it's a pleasure to have you. Thanks for having us on CapTable. Anyone, everyone knows i'm a big fan of web3 gaming still am and i genuinely think like everyone's talking about what is the next asset class to um to kind of kick off the next bull run or continue this bull run and i've always said it's going to be gaming i think gaming is going to um bring in the masses to crypto that's my stance that continues to be my stance um so i'm pretty excited to have you on stage and kind of dig into what ever reach is but first getting your thoughts on web3 gaming as a

whole before talking about ever reach labs what are your thoughts on web3 gaming and give us some of the metrics some of the leading games i know a lot of the games are coming out some have done pretty well in terms of users and retention as well some really impressive metrics when it comes to user retention but let's get your thoughts on the state of the market for Web3 gaming. Yeah, most definitely. I think Web3 gaming has been in the background this entire cycle. I think everybody has shifted years towards developing great games very early on this cycle,

and everybody's really highly anticipating a lot of high-quality games come to market. Obviously, we see a lot of high quality games come to market. Obviously, we see a lot more casual games, hybrid games like tap games come in the interim, but I think there's a whole huge roster of great games with great gameplay and great visuals coming Q4 and also early next year. I think for us, what we... You're cutting out, man. I think for us, what we...

You're cutting out, man. You're cutting, Jason. Your connection's cutting in and out. We heard you, but then it just cuts out for a bit and then you're back. Is that something you could fix? Yeah, let me try joining on a different... No, that will take a while to do. Is there someone on the Everreach account I could chat to?

Yeah, Shelby, you there? Shelby, you there yeah okay hey shelby yeah your audio is bad he kiss cuts out yours a bit echoey and bad so what i'm gonna do shelby i'll let you remove your bluetooth so then it's no longer echoey and jason are you connected to the best internet connection you have do you have to use vpn in Hong Kong? I think it works. Yes, I'm on a VPN. There we go. I got it. Twitter is locked in Hong Kong, is it? No, it's not. I'm on a VPN.

How's mine? It's good, but it's actually pretty perfect, but then you speak for a while and then it cuts out for a bit and then you're back. Do you think you can disconnect your vpn i think he's disconnected his vpn i think so another thing we haven't talked about is the revolution we saw a couple of years ago in hong kong um and how china's influencing the in the country is increasing um so that's something else we haven't talked about that we used to cover a few years ago very heavily there's another story but anyway jason uh before i get into politics again is your mic working now it was called the it was called the umbrella revolution wasn't it i remember it was

called the umbrella revolution yeah yes the yellow yellow umbrella crazy crazy fucking times people just students in the university kind of locking up the university and police trying to get in um i used to spend a lot of time in hong kong so it's just i remember the days really well but anyway sorry to digress back to the discussion jason um so you're talking about a lot a lot of web3 gaming games launching a lot of great graphics etc are the users flocking to these games not yet i don't think so because a lot of the great games haven't been out yet in terms of you know being online 24 7 um anyone globally can play it i think a lot of the great games haven't been out yet. In terms of being online 24-7, anyone globally can play it. I think a lot of games are in close play test and really early alpha stage right now.

But we'll definitely see some full releases this year and early next year. Yeah, you're still cutting out. I don't know what it is, but I heard everything you said. You'll see some new releases early this year and early next year. But now going to, obviously, Investor Appetite is still pretty exciting. But how are you guys playing it with EverReach Labs? What is EverReach Labs? Let's start there.

So I'm guessing anything that has labs, I'm guessing it's a gaming studio. But tell me more about how many games you've created. Tell me more about your team. How much have you raised? Just pretty curious. Yeah, we are definitely a gaming studio. We're working on our first game and our

pre-alpha will be released in November. The studio is made of amazing people. Our lead game designer, he was the game designer at Ubisoft. Less of my favorite games growing up like Far Cry 3, Rainbow Six, Rainbow Six Siege. Our monetization person is from Wargaming.

Yeah, Jason, what I'm going to do is I'm going to do you a favor. It's just cutting out a lot and it's not getting the credit. I think it's not working out well. So what we're going to do is we're going to have to fix your audio and bring you in again to make sure that we have a really good conversation that doesn't keep cutting out um i know you can easily change device and all this but as soon as we do that the audience just loses interest and it's like hey they just don't have patience people are like uh what's that fish clown fish i think it's called

and they just kind of move on and they want something else to kind of keep the the dopamine going so what we'll do is we'll reschedule the space get make sure your connection is really good but anyone else to check out ever reach labs in the meantime we're on their cap table pretty fucking cool graphics i was going through them it's everreachlabs.io we're going to have them again on the show and dig into all the games they've got um i'm just going through it as we speak as well and it's a pretty cool website but you know jason good to have you ever reach as well we'll have you again next week today's friday so we'll have you again next week for everybody else i will see you again on monday and make sure if you come to Singapore, you hit us up. We're

going to have fun there. Thanks a lot, everybody. And we'll see you again on Monday. Bye everyone.