The Wolf Of All Streets - Next Bitcoin Narrative: What Will Drive The Price Of Bitcoin To A New All Time High?

Episode Date: January 16, 2024

Bruce Fenton is joining me to break down the latest in Bitcoin and find the next crypto narrative.  Bruce Fenton: https://twitter.com/brucefenton ►► JOIN THE FREE WOLF DEN NEWSLETTER, DELIVERED EVERY WEEK DAY! 👉https://thewolfden.substack.com/   ►►OKX SIGN UP FOR AN OKX TRADING ACCOUNT THEN DEPOSIT & TRADE TO UNLOCK MYSTERY BOX REWARDS OF UP TO $60,000!  👉 https://www.okx.com/join/SCOTTMELKER  ►►TRADING ALPHA READY TO TRADE LIKE THE PROS? THE BEST TRADERS IN CRYPTO ARE RELYING ON THESE INDICATORS TO MAKE TRADES. USE CODE ‘2MONTHSOFF’ WHEN VISITING MY LINK.  👉 https://tradingalpha.io/?via=scottmelker   ►►THE DAILY CLOSE BRAND NEW NEWSLETTER! INSTITUTIONAL GRADE INDICATORS AND DATA DELIVERED DIRECTLY TO YOUR INBOX, EVERY DAY AT THE DAILY CLOSE. TRADE LIKE THE BIG BOYS. 👉 https://www.thedailyclose.io/   ►►NGRAVE This is the coldest hardware wallet in the world and the only one that I personally use. 👉https://www.ngrave.io/?sca_ref=4531319.pgXuTYJlYd ►►NORD VPN  GET EXCLUSIVE NORDVPN DEAL - 40% DISCOUNT! IT’S RISK-FREE WITH NORD’S 30-DAY MONEY-BACK GUARANTEE. PROTECT YOUR PRIVACY! 👉 https://nordvpn.com/WolfOfAllStreets   ►►COINROUTES TRADE SPOT & DERIVATIVES ACROSS CEFI AND DEFI USING YOUR OWN ACCOUNTS WITH THIS ADVANCED ALGORITHMIC PLATFORM. SAVE TONS OF MONEY ON TRADING FEES LIKE THE PROS! 👉 http://bit.ly/3ZXeYKd  Follow Scott Melker: Twitter: https://twitter.com/scottmelker   Web: https://www.thewolfofallstreets.io   Spotify: https://spoti.fi/30N5FDe   Apple podcast: https://apple.co/3FASB2c   #Bitcoin #Crypto The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. This video was created for entertainment. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this video constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to "Buy," "Sell," or "Hold" an investment.

Now that the Bitcoin spot ETFs are approved, it seems that people don't care anymore. We need a new narrative. What's going to send Bitcoin up to all-time highs? We're like goldfish. Nobody can keep their attention for more than 30 seconds. So what's going to take us to a new all-time high? Well, of course, we still have the halving coming up and plenty of other narratives with the election, the macro cycle, and of course, the entire next cycle of real world assets and all the things that are coming to crypto. But more than anything, I like to just have Bruce Fenton on and complain about the government. So I have a feeling that we're going to do a lot of that as well. One of my favorite guests, guys, as you know, here and

on Crypto Town Hall. You do not want to miss this one. Let's go. What's up, everybody? I'm Scott Melker, also known as the Wolf of All Streets. streets before we get started please subscribe to the channel and hit that like button i'm gonna just bring on bruce but i don't really have anything else to say here at the intro i want to talk about the fact that uh your guy suspended his campaign you were a huge fan of vivek ramaswamy obviously one of his main supporters you worked with the campaign obviously in new hamps Hampshire. You ran for Senate in New Hampshire. I mean, I'm not sure we thought he would win, but it's just depressing to be back at Biden-Trump, in my humble opinion. Sorry to do politics right now, though, guys. I just got to start here really quick. No, it's a shame. I have a track record of picking the people that don't get the majority. I have a lot of candidates that I like, the Ron

Paul type candidates. And I'm a true believer. I'm an optimist. So seeing Vivek firsthand, seeing how he wins over people, I really hoped that he would be able to pull off a miracle. But the odds were stacked against him from the get-go. But hey, he got out there. He's just like my race. I'm really glad I did it I'm sure he's glad he did it he leveled up his already formidable skills and he made a national name for himself and he changed the debate so what more can we hope for right but he was the only candidate who had any sort of clear vision for what to do with crypto in the country so that's sort of the pivot that I want to make obviously we're kind of floating out at sea right now with no direction as far as what this industry can and can't do, what products they can and can't have, what's a security, what's not a security. Whether we agreed with his plan or not, he had one. Now we're back to the two old guys who hate us. Yes. Yeah. I mean, he did have a clear plan, not just for crypto, but for America.

And he had a lot of substance. And it's unfortunate with both the lead candidates, you know, Biden and Trump. I mean, it just seems like such a depressing repeat of a bad chapter in American history. I don't think anybody likes either of these folks. And it's a real shame. And also the crypto policy, we have more of this meddling, wandering nothingness that has lack of clarity and the government is just failing to do what its job is. And its job is to protect the citizens. So they're not doing that. And then they pile on all these regulations that don't protect citizens. Well, let's talk about one of the things that's happening from our government.

And that is, of course, the anti-crypto army of our best friend, collectively, Elizabeth Warren. You guys may have seen that recently she sent a letter in December to Coinbase and a bunch of other institutions, to the Blockchain Association, to Coin Center, all harping on the narrative that crypto was only used for funding terrorists in Hamas and North Korea. She made some outrageous claims and she actually asked Coin Center specifically to comment on what ex-regulators, legislators, lawyers from the government had come to work with them as lobbyists, basically making the claim that if you go to work for the crypto industry after the government that you're corrupt. She said, I believe this abuse of

the revolving door is appalling, revealing that the crypto industry is spending millions to give itself a veneer of legitimacy while fighting tooth and nail to stonewall common sense rules designed to restrict the use of crypto for terror financing. Rules that could cut into crypto company profits. Last time I checked, Gary Gensler from Goldman Sachs. Yeah, it's funny. And I'm glad Coin Center responded that it's none of her business. But it's particularly funny for Elizabeth Warren to be talking about a revolving door when she, prior to the Biden administration, she held the world record for the most taxpayer money to bankers. And at the time, I think four out of the previous five treasury secretaries had all been heads of Goldman Sachs. So, you know, she's really one to talk about revolving door. Right. I mean, this is literally how things get done in the banking industry. Does she think we're all just completely stupid and don't understand i mean who else is the crypto

industry supposed to hire i don't even know by the way how many of these employees they have at coin center i don't i bet you it's not many they they declined to answer but you know she's used to her world where people get you know seven eight hundred thousand dollar salaries for sitting around being you know fellows at think tanks that's not the way Coin Center works. From what I know about them, they don't have that kind of budget. I would be shocked if they're paying six-figure salaries to some kind of former regulators or something. They probably have a couple advisors. But the good thing is they declined to answer. It's none of her business anyway. But she should look at her own industry. She should look at the defense industry if she's really concerned, which obviously she isn't.

Yeah, it just blows my mind when we know that. Now, I will say that even after the SEC or after CFTC, all of these guys go on to work somewhere on Wall Street or even in the crypto industry. I mean, that is correct. I just don't see why she would single them out. Brian Brooks obviously went to Binance for like, I mean, he lasted like one Scaramucci, right? And then he saw what was going on there and he ran. I love using Scaramucci as a unit of time. But it just seems so utterly hypocritical to me. I just, I can't.

Yeah, yeah, yeah. And you know, she's just grasping at straws. The letter was really pathetic. You know, it's like she's angry at Coin Center. Well, Coin Center is about as clean as an organization as you can get. Whether you agree with their policies or not, there's nothing nefarious about Coin Center. They're a pretty small and effective organization. They're transparent. I mean, it's just absurd. She's just trying to grasp straws. And if she could accuse them of dealing drugs or supporting terrorism, I'm sure she would have. She'll say it anyways, eventually, if this narrative runs out. But I want to talk about the botched launch of these Bitcoin spot ETFs by the SEC. I know, obviously, you're a critic of the regulator.

Vivek's campaign was going to get rid of the regulator if he ever got in there, right? I think there's a lot of people who think that we should abolish the SEC, but the fake tweet, the market manipulation, the never approving them before. So we ended up with 11 at the same time competing and just basically destroying their own products and a fee war. I mean, this couldn't have been more of a train wreck for a good news approval, which I do view it as good news. It's just, there's not a single thing they did right in the process. Yeah. It really just drives home the incompetence, you know, and we were celebrating kind of like the way people celebrate when a state allows marijuana dispensaries. They're like, yay, everybody, you know, there's big parades and stuff like that. And we were the online version of that, but it's really, I always felt those are kind of sad because you're you're cheering for something that should have never

been illegal in the first place. There never should have been the Winklevoss brothers should have had an ETF in 2013 or 14. We never should have had this. And this idea that they were protecting the you know, protecting the people from this horrible, you know, 40,000% increase in Bitcoin, you know, when that ETF was first proposed, I think Bitcoin was at 500 bucks or something. So they didn't protect anybody. They hurt a lot of people. And in exchange for what? A bunch of bureaucracy. You know, there's this idea that they push forward the regulators like, well, it's a big pain in the neck and it hurts a lot of business and it's terrible and it's anti-good economics and it's anti-freedom,

but at least we save you from fraud. But the truth is it's all those horrible things, but they don't save us from fraud. They actually are instrumental in facilitating fraud a lot. They make things worse and they don't really help anything. So in this situation, you just had a long, long delay, millions of dollars, lots of drained productivity, lots of jobs that never were, lots of people that would have gotten exposure that never did. And in exchange for what? In exchange for nothing but incompetence. It's a typical, what is useful about it is that's a very good illustration of what government is all about and why these people shouldn't be regulating any of this stuff in the first place. The whole entire premise of it is flawed. There are quite a few narratives now that we have the Bitcoin spot ETF about how this could be

terrible for Bitcoin, right? I mean, in general, I view this as a massive positive. I don't really go down the rabbit hole too far, but there's an article and there's some fair points here. Now, I've got to pull it up over here to list off the three things. Basically, they said the three unexpected risks are that there's a single point of failure. The most obvious concern noticed by many prominent crypto individuals is that all the Bitcoins backing the ETF shares will be held by only a handful of assigned custodians. A new type of double spending attack, another potential concern can be the so-called financialization of Bitcoin or the transfer of practices from traditional finance into the Bitcoin economy. We become one of them, you know. And number three is obviously the governance wars. If they control enough of the

Bitcoin that potentially they could, you know, fork it or have some major impact on the protocol. Do any of those scare you? Because I think all of us would have just rather had this ETF, like you said, in 13 and 14. And I doubt we'd be talking about this. We would have just been psyched. Yeah, they don't scare me, but those are great. It's a great list. And I agree with all of those things. I agree with that. I think it's inevitable that there's going to be a Fink fork, you know, a Larry Fink, BlackRock fork. We've seen this before. It's inevitable that these powerful Hollywood, or I call them Hollywood, these powerful Wall Street players, same kind of thing, right? Establishment, them Hollywood, these powerful Wall Street players, same kind of thing, right? Establishment, establishment. But these powerful establishment players, it's inevitable

that they're going to want to exert power. That's the way they're used to doing things. That's the way they think things work. And that's the way things work in Wall Street. So it wouldn't surprise me at all if there's a fork, possibly something like a fork that's based on more government controls like, oh, OK, let's let's put identity tracking in here. And that's going to be kind of establishment fork. But history also shows us that the other fork would would survive, you know, and then there's fractional reserve and other issues like that that we see in the traditional system. I think that's a that's a realistic concern as well. And then the centralization, too, it is it is a problem. So far, Coinbase, for example, has been very, very good. But I believe they're custodian on the majority of these ETFs. There's only a

couple other custodians. So that's bad. You know, we don't we don't want that. That's a liability for Coinbase. You know, I think they have to just triple down on their security. But hopefully this thing, this centralization issue, hopefully it'll kind of reach peak around now. There's an incentive for other custodians to come along. And now that these things are approved and trading, it's significantly easier for them to go to the regulators and change their custodian or something. I do like that Fidelity is their own custodian. I think that's interesting, at least for diversifying some of this risk. And we know that Fidelity has been here from the very beginning.

So they're kind of the right ones. But I mean, to your point, I trust Coinbase. I think they're probably the best in the business. But you and I have discussed it. We saw what happened with Prime Trust. We saw what happened with Fortress. I mean, these companies have one job and they often blow it. It's not 100% certainty that

these companies or custodians are not going to lose keys or funds. It's a bit scary, like you said, to have them sort of all in one place, even if it ends up being the best place. It is very scary and it's very complex. And if you put yourself in a position of one of those top executives, you know, that would be an interesting thing to do on a spaces or a round table, say, get 10 experts and say, okay, if you're the CEO of one of these companies, how exactly do you do the custody? It's not a trivial thing. I mean, we're way beyond like, oh, let's, let's go and get our hardware wallet and put our 12 words in a, you know, on a little sticky pad right here or something like that. When you're dealing with this, if you have, you know, this kind of money, and this kind of asset, which people aren't really used to,

you really got to put a lot of effort and the danger with that comes more complexity, and more chances that some kind of hole is going to be, you know, found in the in the systems that you use. So it's not trivial. I mean, the good news is it can be done. There's a lot of crazy, very, very mission critical things that are done in technology, and even the military and aviation and banking and things like that. They deal with physical security. But it's definitely non-trivial.

And unfortunately, like you said, we've seen some mistakes on this before. So I'm certainly cautious of it. I'm assuming that they'd at least be covered this time if it's in the ETF structure by somebody. The big old government will come in and bail them out if something goes wrong in this case, right? Yeah, that is the trade-off. When you go more TradFi, there is more of those kind of controls. There's SIPC insurance. There's different various insurance.

And those may or may not cover depending on the situation. But the more regulated it is, the more eyes there are. And I don't know if government would bail it out or anything, but, and maybe that's a bad thing, but it is one of the trade-offs theoretically that you have. All right. Now I got to ask you about Vanguard. You're an RIA. You operate in this space. We have the approval of the spot ETF. I, this is the new logo for Vanguard. If you haven't seen it, it's their sinking ship. It's really, really good. Um, what do you make of them outright dismissing, allowing their clients to do this at all? They haven't even said that we're going to look at it and make a decision down the road. I do think that that is somewhat pragmatic for some of the other big players who say, listen, we're stepping back. We're going to analyze it.

Let's see which one of the 11 we want to offer to clients, something like that. But they've just said, no, it doesn't fit and got rid of Bitto, which they were already offering. You're an RIA. What do you think of this? Yeah, it's just crazy. It's such a weird vibe. It's the same vibe that these, I picture them as losers, basically. But, you know, these loser tech employees who are sitting somewhere, somehow there's somebody sitting at home right now, waking up, drinking their latte, you know, looking at our social media posts and deciding if Scott and Bruce will be allowed to, you know, say what they want to say today, you know. And I just think that vibe is just so weird. It's like,

who on earth do you think you are? It's none of your business. It's who on earth ever said that social media companies should be deciding what people say. Let adults do what they want. And the same thing, it's the same vibe for Vanguard. It's just this big, goofy establishment player. Who on earth asked you? Your job is to serve your clients. What on earth do you care what they buy? It's none of your business what they buy. And if you think it's a bad idea, explain it why you think it's a bad idea. Educate them. That's what firms are supposed to do. They're supposed to provide educational materials.

But the fact is they can't because they don't really even know anything about the asset. So it's not only a sign of this weird controlling authoritarian nanny vibe that you see so much in social media and tech and everything else in government, but it's just fundamentally wrong. They don't understand the asset. They haven't done their homework. And it shows to me, I mean, the positive thing is that it shows we're early. We get in our bubble and we kind of assume everybody knows this narrative, but yeah, there are a lot of people in my old career, you know, the trad five folks who just don't know anything about this. They don't know that there's a 21 million coin cap. They don't even really know that Fidelity and BlackRock are involved. They don't know that they don't know who Michael Saylor is. They certainly don't know

his narrative. They've never really thought about what money is or what fiat is or why this makes sense. And they just kind of lumber along through with these really goofy ideas. And it gets to a point where you're not really knowing what is going on in the world and you're not knowing what's true. And they've missed out on the best asset class. You and I have seen a lot of people whose lives have been changed and they're not doing the right service for their customers because they didn't have exposure to this asset and they're really missing the boat. You made the point that most people still don't know. We got the approval. For us, it was this huge news event, but I'm

going to imagine 95% of America maybe saw mention of it in passing, didn't read the article and went on with their lives. What's the process like as an RIA? You can actually speak from experience now to getting to that place where people are educated and start to be interested, right? We know people talk to their RIA once like every six months or something, right? So it's not like they called them the day it got approved and say, Hey man, which one of these do you want? So like, what's the timeline here? What can we expect as far as starting to see meaningful inflows from these people who don't understand or have no interest? How long is that going to take?

Well, the good news is that the ETF launch represents one of the greatest educational initiatives in our space, or the greatest by far, in terms of money and reach. We started with the early educators, Hal Finney, and then it went to Andreas and Roger Veer. And now we have Saylor and Ross Stevens. And so the caliber of the educators and the reach that they've had has increased. But this is a new level. So what's called wholesalers, employees of these fund companies will go and meet the RIAs. They're like the super sales people. RIAs are selling to their clients, but the wholesalers are selling to the registered investment advisors. So there's going to be a lot of outreach by these fund companies. Not all of them do this model,

but several of them will be reaching out to these independent advisors, independent wealth managers, brokers, trying to get them to understand this product and give an allocation to their customers. So the good news with that is that you're going to have people, especially professional wealth managers and advisors who haven't been exposed to this narrative, who hasn't really thought about fiat and money and what money is. And they're going to have professionally produced educational materials and brochures and PowerPoints that are all compliance approved. And there's people who get on that bandwagon, hopefully. I certainly did when I first heard about it, but that was a long time ago. But I think that it just makes sense. There's some

narrative that makes sense, like the Peter Schiff narrative. He talks a lot about the Fed and gold. His narrative was known by a lot of advisors. He's right about everything except for the Bitcoin part. Yeah. And there's advisors who know and appreciate that model. Yeah. He totally gets all the reasons we need Bitcoin. He just doesn't get Bitcoin. But being 99% of the way there, I think that people can listen to the message and choose the asset that they want to protect themselves from that narrative.

Yeah. Yeah. And they'll also just the idea of doing the right thing for your customers, having some allocation to this, just a small allocation as a hedge against the rest of the crazy fiat world. It just makes sense. So I think as people will get that, that you're going to, and also the nature of money with the ETFs, it's not likely that you're going to see some huge $2 billion inflow. If somebody has $2 billion, they'll do what Saylor did and buy the coins directly. What you're more likely to see is just little by little, each individual advisor that gets kind of onboarded by a wholesaler, then they go and call their customers. And they're not going to call their customers the same day. They may call the next day. There's very few people, even

the professional advisors were not sitting there like, yay. A lot of them don't even know about this. They're just kind of hearing about it now. It's sort of, it's not big news for them. It's going to trickle in over the next days and weeks and months. And they'll say, oh, interesting. I do have that ETF. And then next time a client calls and says they want Bitcoin exposure rather than what they had to say six months ago, which was sorry. Now they can say, oh, yeah, I don't agree with that. I think that nerd money is stupid. But rather than lose you as a customer, I'll go ahead and put you in this thing and monitor it for you. So I think you'll just see, I don't want to say a trickling because we don't know how much it's going to be,

but it might be a big faucet, you know, and it will depend on the market factors and a lot of other things. But I think you're just going to see allocations continuing every single day. I think there's going to be new Bitcoiners who get exposure through these vehicles and they're going to keep it and hold it. Yeah. And I think a lot of people still have a negative stigma towards their opinion towards Bitcoin. But the smartest ones, I always talk about the idea of strong opinions loosely held. Yeah. Even the biggest Bitcoiners we have, Saylor included, you can see his early tweets about Bitcoin, dismissing it. Dalio, I mean, literally all of these guys. Paul Tudor Jones, none of them liked it at the beginning. They were all presented with new information.

They finally got it, and then they stayed and remained orange-pilled. That's also the case, apparently, for Larry Fink, how it started versus how it's going. This is, let's look, 2017, BlackRock CEO Larry Fink calls Bitcoin an index of money laundering. Now BlackRock's Larry Fink says Bitcoin ETFs are just the first step in the technological revolution of finance. This guy is out, as I keep talking about, on a roadshow. Crypto is a flight to safety, a flight to quality. Talking about the tokenization of all things. This is a superior product, talking about the importance of Bitcoin as digital gold. Okay, so the optimistic side of me says he got orange-pilled.

He got it. The pessimistic side says he's pushing the narrative that's going to make him a lot of money, and I don't care. He's out there, and he's the most powerful person we could have doing this. This guy's like sailor on steroids for impact. You can't get a bigger name. Jamie Dimon maybe could flip and come along for the ride. That won't happen. But he's it.

Larry Fink's the biggest name in finance. Well, there's Mohammed bin Salman. Didn't he come around a little bit too? A little bit too? A little bit? Yeah. I know that he's friends with a lot of people in the industry. Yeah.

Fink is like the level. And, you know, I've been saying this ever since I got into Bitcoin. You know, in the early days, people used to talk about Jamie Dimon. And they, you know, in 2014, 15, they say, oh, he's afraid of Coinbase. I say, Jamie Dimon is not afraid of Coinbase. I said, well, you know, once it hits 10 billion, he can just buy it. And now, of course, it's past 10 billion and he didn't buy it. But they're not afraid. And you have to understand the, like you said, it's 100 sailors, more than 100 sailors.

The power that Fink has people that are seven, eight levels down from him who manage more money than anybody in our space. It's really hard for people outside of finance to conceive of just how large and influential. And it's not just the amount of money, which is really, really significant. It's the type of money and it's the type of, they can do underwritings, they can buy stuff, they can finance countries, they can really, really move mountains and i'm not i'm not sure if he's totally um orange pilled and and also to that point you know blackrock's so huge this isn't even that big of a deal that's what makes me think he's orange pilled because yeah what is he care about i mean fractional i mean even no matter how big this gets it's going to be

yeah yeah even if they if the etf had 25 billion today that's he's not sitting there like yes i've made my career that would be like oh cool that's nice it's like it's like it's like bob eiger at disney they say oh this this one streaming show new mandalorian did well oh okay cool you know it's not they've got the theme parks and everything else. That's why BlackRock is. They're really, really, really huge. But clearly, they these are smart folks. They they're they're hearing the narrative. They may maybe not, you know, becoming ANCAP libertarians and going to Porkfest talking about audit the Fed. But they're on that path. And they do seem to understand the value proposition of Bitcoin. And that's a very, very, very big deal. And I will say, it can't be coincidence that every time Gary Gensler really does something negative against the industry or gets the spotlight in any way, shape, or form, it's like within 24 hours, Larry's out there just flipping the narrative. This industry was dead.

Gary Gensler was suing Coinbase and finance back to back. And out of nowhere, here comes Larry Fink with the Bitcoin spot ETF. We finally get the ETF approval. Gensler goes on TV and says, this is not an endorsement of Bitcoin. I still think this is all garbage. I got forced by the courts. And a day later, Larry Fink's on TV saying, the Ethereum spot ETF is coming next, which had to just literally literally give Gary like something

about Mary Hives, you know? Yeah. Yeah. There's not much they can do, you know, at the end of the day. And one of the things that is discouraging is this, all this talk that we have about Gensler. And we spent so much time talking about Warren and Gensler. And it reminds me of an Ayn Rand novel, you know, where we just talk about people, you know, what do they say, small people talk about people, you know, it's better to talk about big ideas. And in our early days, that's all we talked about was ideas. And these days, unfortunately, it seems like, you know, all we talk about is people because we have these tyrants who have reached out for more control. However, at the end of the day, this is a free country, and it does

have capitalism, and it does have an economy, and the business leaders matter. And people like you and me, and especially Larry Fink, do matter, and they do have influence, because it's our economy at the end of the day. He represents tens and tens and tens of millions of customers. So for these regulators to say, oh, no, no're we're protecting you. It's like, well, how do you know, fidelity handles more customers than then, you know, any regulator will ever meet in their in their lifetime. So that's the better judge of what the people want. Let the people vote with their wallets. If they want to buy something, let them

buy it. This idea that you need to protect them is just fundamentally flawed. And I think that's a little bit of a smack back because this is Larry Fink's industry, just like it's my industry and your industry, you know, we, we want our country to succeed. And we want to be able to have people be able to buy what they want. And these tyrants need to be reminded of where their space is every once in a while.

Yeah, totally. We we have next Bitcoin narrative, what will drive the price of Bitcoin to new all-time high. And we didn't even get so deeply into it. You got a couple more minutes? Yeah. A couple ideas. Yeah. So obviously, we talked about RAs. I think we know about that. Arthur Hayes basically is saying that we're going to get billions from TradFi. I think we largely agree with that. This is what he said. He said, Bitcoin is a global market and price discovery happens primarily on Binance. For the first time in a long time, the Bitcoin markets will have a predictable and long-lasting arbitrage opportunity. Hopefully, billions of dollars of flow will be concentrated.

I expect there to be juicy spot arbitrage opportunities available. So number one is the arbitrage opportunities. Number two, we got to at least briefly talk about the having, whether this is going to play out the way it always does and whether we're entering this part of the four-year cycle. And then the biggest narrative that I keep hearing, obviously, is tokenizing everything, right? I mean, Binance did a whole thing on it right here. You guys should read this full year 2023 and themes for 2024. But that the tokenization of real-world assets, even Moody's talking about that, Larry Fink talking about that, that that's going to be the next thing that really drives the next sort of narrative. What do you think of any of those?

Yeah, I think they're all good. I think that the tokenization is really exciting. I've been talking, I might have been one of the very, very first to talk about this, particularly with stocks. I think I was like the first. I don't know anybody who was talking about it before I was, which was a long, long time ago. And like a lot of things, I would have thought it would have happened by now. It's been eight years since Overstock released the first legal compliant securities token for a publicly traded company. It was issued on Counterparty. I think Ethereum didn't even exist then. So that should have been the thing that opened the floodgates and had 1000s of these assets. But unfortunately, regulatory slowdown was the main reason

that this hasn't taken off. But when you have big players like fidelity and BlackRock pushing for this, and the industry has come a long way since then there is a lot more tools. And there's a lot more prototypes and use cases and licenses and things like that licensed entities that can deal with this. I think it's inevitable because it's just a better way of doing things. Everything right now is digital already. Your stocks, your bonds, they're all basically a digital token that's just run on a very, very bad centralized database and is really inefficient. That's why it takes you a week, by the way. If you want to move your account from Merrill Lynch to Fidelity, that'll take you a week. And there's no reason for us to do that. And Gen Z is not going to tolerate that. You know, the people who are 20 now when they have money in 10 years, they're not going to tolerate this idea of like, oh, okay, let's, you know, I can move my Litecoin, I can move my tokens, I can move my art and my collectibles in half an hour, but I've got to wait a week and a

half. It's just a poor system. A decentralized permissionless database actually does work quite a bit. And a lot of people disagree with that. I've done a whole bunch of videos explaining exactly why. A lot of people don't understand the problem about how the ledgers work now. And they're very clunky and complex. And this actually does solve it.

So I'm bullish on that. I think that's good. I think there will be arbitrage opportunities and uh just the overall institutional inflows is a is a big deal for sure and uh you know this asset class is here to stay which is great news and the last one the having you've been through all of them yeah is this one of those if it ain't broke don't try to fix it like prove prove me wrong situations? Or has it become less impactful each time as the asset becomes more mainstream and there's more people here? It becomes a little less impactful, but it still has impact.

You know, it's supply and demand. One of the core value propositions of Bitcoin is supply and demand. It is limited in supply, unlike fiat, that's kind of unlimited. So you have this very finite number of these coins and people want one who doesn't want a Bitcoin. I mean, everybody wants a Bitcoin now. And they're not that many of them. I mean, there's 60 million millionaires, and there's only 21 million coins. And we can we can soft circle we know like Winklevoss has a bunch of coins, they're not selling. Say there has a bunch of coins, they're not selling. You know, we can we

can soft circle friends of ours, they have a couple 1000 coins here and there are 10,000, some of the lucky ones, even 100. And there's just not that many. So you're gonna have a lot of people fighting for these coins. And when the supply goes down, or when the the issuance goes down by half every having, you know, there's just less being produced every day, because right now all these miners are working hard to get some coins, there's gonna be half as many. So you have the supply versus demand. It's just basic economics 101, very pure and simple. And you don't need a lot of crazy, weird complexity to explain it. It's just supply and demand. I think anybody should be able to understand that. And it has real meaning for sure. I wonder how many coins are lost.

Quite a few. There's some trackers that are out there. I actually mentioned this on Twitter. I said somebody should track it. And somebody was inspired by my post. And they say, hey, I made this tool. And they went and tracked it. And we know that there's like 2,200 coins in the counterparty wallet. And there's this person, that person who's identified.

So there's quite a few that we know for sure are lost. And then there's quite a few we can suspect are lost. I think there's over 100,000 coins in 50 coin rewards from the earliest blocks who've never moved. So if you never, ever moved 50, and now 50 coins is real money, a couple million bucks. So those are probably lost. So there's quite a few coins that are lost and quite a few that are held. Yeah, you would have at least moved them to a better wallet. Yeah. You know, the computing in 2010.

They didn't even have password protected wallets. They didn't even have BIP38 back then. So you'd have literally just sitting an empty wallet file somewhere, wallet.dat or just a card. You didn't even have 12 words. There's no 12 words. You just have a key somewhere.

So those coins are either really, really risky people, but I can't imagine. I mean, who would do that? Who would keep those coins? Anybody's going to sweep those at this stage. So those are probably gone. Maybe it's 17 million coins or something. There's not that many coins. Who knows? Before I let you go, did you see that last week somebody sent like $1.2 million worth to the Genesis wallet or to the- Yeah, to Satoshi's wallet. Yeah. How is that? I don't know. Somebody said they speculated they were trying to get him to dox himself

with this new $10,000 IRS thing, but why would you send a million? You spend 10,001 and it just seems like a very strange thing. Maybe somebody was partying a little too much and didn't make a wise decision. One of those people we know with a hundred thousand plus really drunk. There's some people who do some, well, you know, you may,

you probably remember the days when, who was it? Somebody went on Reddit back, maybe 2014. And they started giving like 100. They gave over a thousand bitcoins in tips. They were given like and then even back then, Bitcoin was a couple hundred bucks. So, yeah, I was. Yeah.

So they gave like back then a million dollars worth of Bitcoin. So people do crazy things, I guess. Absolutely. Wow, man. Bruce, thank you so much. Everybody should be following Bruce. I'm sure i'll see you very soon maybe even today on crypto town hall i don't know uh sounds good sir thank you so much for joining me i'll speak to you soon thank you have a good one all right guys actually it's gonna be a short show today wick is not here apparently so we're going to uh wrap it up and

head on to tomorrow i'm not sure who tomorrow's guest is, but I can tell you that Thursday we're going to have some fireworks because we've got Max Kaiser and Stacy joining live from El Salvador. Probably think I'm a pretty evil shitcoiner. Bruce was fun. Now imagine Max and Stacy.

That's what we got, I know, on Thursday. I'm imagining whatever we come up with tomorrow, it's going to be awesome. Cloud Casino saying, holy shit, yeah, we got them both. I've had Max before. I wish I had the clip here right now of when I interviewed him in person in Miami at Bitcoin Miami and the expletive rant that he went on about Elizabeth Warren.

It included body parts uh i think crack war one of the words that he used not uh i would never say that out loud if it wasn't quoted from someone else it's gonna be fun regardless of your uh feelings about him and you think whatever it should be very entertaining and we should get some perspective and frankly i've never um i've never had stacy on so having both of them will be a lot more fun jeff will be skipping max two over the top i bet you'll be here right anyways guys that's all i got we will see you back here on the morrow uh shorter than one scaremoochie till you see me next peace That's all I got. We will see you back here on the Moro. Shorter than one scare. Mooji, do you see me next?

Peace. Let's go. Let's go.