The Wolf Of All Streets - Tariff Tsunami Incoming: Will Bitcoin Boom or Bust? | Liberation Day

Episode Date: April 2, 2025

►► Sponsored by Aptos, check it out here: https://aptosfoundation.org/ I’m joined by Stephen Stonberg, former CEO of Bittrex and now co-founder & CEO of Tabit Insurance, the first insurance company fully backed by Bitcoin. We dive into Trump’s explosive "Liberation Day" tariff announcement, what it means for global markets, and how this could send Bitcoin and crypto markets soaring—or crashing. Stephen Stonberg: https://x.com/stephenstonberg ►► 🔥 LBANK Exchange - No KYC Required! Claim up to 50% trading bonus! Join today & get rewarded! Start trading to claim up to 50% in trading bonuses!! 👉https://www.lbank.com/activity/ScottMelker-Cashback?icode=4M3HD ►► JOIN THE FREE WOLF DEN NEWSLETTER, DELIVERED EVERY WEEKDAY! 👉https://thewolfden.substack.com/ ►► Arch Public Unleash algorithmic trading. Discover how algorithms used by hedge-funds are now accessible to traders looking for unparalleled insights and opportunities! 👉https://archpublic.com/ ►►TRADING ALPHA READY TO TRADE LIKE THE PROS? THE BEST TRADERS IN CRYPTO ARE RELYING ON THESE INDICATORS TO MAKE TRADES. Use code '10OFF' for a 10% discount. 👉https://tradingalpha.io/?via=scottmelker Follow Scott Melker: Twitter: https://x.com/scottmelker Web: https://www.thewolfofallstreets.com/ Spotify: https://spoti.fi/30N5FDe Apple podcast: https://apple.co/3FASB2c #Bitcoin #Crypto #LiberationDay 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.

It's Liberation Day in the United States. We're finally going to be freed of the chains of tyranny in this country that is the freest in the world. I don't really know what Liberation Day means. I don't know what we're being liberated from, but apparently it means that we're going to drop a tsunami of tariffs on friends, enemies, and everybody in between. Markets are holding their breath,

waiting to see what will happen. In the meantime, I have one of my favorite classic guests. It's been a long time, Stephen Stonberg here to talk about everything happening in the market, but also some surprise things that maybe you guys haven't heard about. We're gonna dive into that right now. Let's go. What is up everybody? I'm Scott Melker also known as the Wolf of All Streets. Before we

get started, please subscribe to the channel and hit that like button. I'm going to bring on Stephen right now. Good morning. It's been a very long while. Yes, I've been busy building the next project. And now... I think last we spoke, you were the CEO of Bittrex. So it's been a while, obviously. And happy liberation day to you. Thank you.

It's exciting, but I'm doing insurance now, which isn't quite so exciting. But hopefully your listeners will be. You know what, there's so much going on. I just I read the headlines the end of the day. I'm too busy to follow everything he does. Yeah, well, before we jump into what you have been busy with, I think it's worth discussing Trump tariff plans are being ironed out and they're due today. It's interesting as you sort of watch them deliberate on this, it seems like they don't even know what they're going to do today yet. To be quite honest. That's the perception they want you to have. I think it's more you know, I don't we all sort of speculate. I think it might be

sort of more orchestrated chaos. I'm quite sure I'm quite sure that's exactly true as a bargaining tactic. When I look at this, my natural gut says whatever happens should be somewhat priced in because it has been so chaotic. What could they possibly announce that would be so dramatic that the market would react in either direction? I agree. I think it's hype on both sides. I mean, I think there's a negotiating of the people who are going to be tariffed to have had an unfair advantage perhaps and like It's like me taken away. It's like any classic negotiation

I think it's recency bias people think the world should be like it was recently and this is more like 1880s or 1890s So nobody remembers this but I mean this is like mercantilism and if you studied economics like, you know We've had the world has operated this way just not in anyone's lifetime It's like, you know, we've had the world has operated this way, just not in anyone's lifetime. It's interesting. Yesterday, China announced already that they were going to stop allowing or restrict allowing Chinese from investing in the United States and Chinese investment in the United States is

obviously huge. So there seems like they're getting ahead of what's coming to some degree, but sort of as we alluded to, all of that can change in 24 hours at any given time. Whatever he says, they respond another way. So it's great theater, in my opinion. It's a full time job if you want to follow it. Some of it, you know, we all have to kind of like work.

So I think we have to we need to know what's going on. But you read the end of the day and you get the headlines and move on. Yeah, I mean, crypto traders traders brace for Trump's liberation day tariffs amid forgotten strategic Bitcoin reserve developments. It's pretty crazy, I have to say, that all we talked about for six to nine months was this impending strategic Bitcoin reserve. We finally got exactly what we wanted

or maybe some version of it with an executive order. Exactly, exactly. No, it's fascinating what's going on. Okay, well, it's fascinating. What's going on? Okay, well, let's dive into what you're doing now because I find this so important. And something I've often talked about is sort of the missing Lego in the stack here for crypto. So former Bittrex execs that you raise 40 million in Bitcoin to back Barbados license insurance firm Barbados regular and T-Bit insurance raises it raised Raise 40 million in Bitcoin to back Barbados License Insurance Firm.

Barbados Regular Tabit Insurance raises a 40 million insurance facility funded entirely by Bitcoin. One of the biggest problems we have in this industry. Now, listen, I think the libertarian self-custody people will tell you your keys, your coins, your responsibility. Oh, but you can keep your key with us so I can talk about this. So I think, so there's a lot of Let's dive into what you're doing.

I mean, this is a lot. So I think, look, insurance, first of all, people glaze over and like, I'm not, you know, my background was, well, I guess, if within TradFi, it was capital markets and banking, I guess that's like two, like one kind of cabal and then you have Brevin Howard or something as well so yeah it has in like big banks like Goldman and Georgia and JP Morgan and that yeah but I moved into crypto you know I was employing 90 a finance so in 2017 and then I you know I've worked with CZ great guy I think they built in something incredible I just thought their tolerance for maybe regulatory risk was a bit higher than mine and I decided to you know I have a lot have a lot of respect, but you know, I'm an American, I've worked in regulated

things. I just, I didn't have the risk appetite, shall we say. You had to protect your own ass. No comment. But I went to, you know, I went, I'd already known Bill and the Bittrex team, you know, it was, when I joined CZ, it was interesting, you know, but no one, it was very early, like he aspired to be Bittrex, but then it surpassed it very quickly. But I think depending on one's interpretation of regulations at the time,

that affected a growth trajectory. And I just, so Bittrex was smaller and it was still very respected in one of the top exchanges. I left three months before FTX to work on this project. Again, I look omniscient, but it just was interesting timing. And we can talk about, I was already thinking like, it's time to do the next sort of convergence play.

So anyway, so I think insurance is a big untouched thing, even in like takeaway crypto. And then when you add crypto in, then you've already lost like 90% of people. Because it's the intersection of like capital markets, banking, insurance, and crypto. So you have to know sort of all three. So anyway, that's kind of what we're trying to humbly

attempt to do here. And it's taken a long time to find a regulator. I'm working, my partner is Bill Shahara, who is one of the three Bitrix co-founders. And this is sort of what we view as like the next big ecosystem to disrupt. And this is just the first kind of commercial step that we think makes sense to sort of attack it

if that gives you kind of our entree. And then we can dive into what we're doing here. Well, yeah, I'm just interested as to how this actually functions, right? This market has obviously lacked protections and I'm assuming that one of the major impediments to institutions and governments and sovereign wealth, everyone else coming in is what happens if we blow it? If I hit the wrong

button, or if we get hacked or something, you know, how can this possibly be? I mean, sure, so like, they're hard, they're way more so you can take crypto out of her for a second, like, if the capital markets, the bankers, they tend to be more, so again, take crypto out of here for a second. The capital markets, the bankers, they tend to be more the aggressive ones, it's higher paying, that attracts more the best and brightest. Insurance is kind of, unless you're Warren Buffett or guys who have bought these and run them like financial plays, not so much just to run them.

For insurance, it's like a steadier stable career path, but it's low risk by definition. And it's fragmented, it's regulated by jurisdiction, you have insurance, you have reinsurance. So I think you step back to like 2013, like what has blockchain done for banking and you sort of knew the applications, but they created this whole new set of assets

that these crypto exchanges, well, what is that? There's already a stock exchange. So you have a parallel set of infrastructure, but there was a parallel set of assets. In crypto exchanges, well, what is that? There's already a stock exchange. So you have a parallel set of infrastructure, but there was a parallel set of assets. In insurance, you don't have that. You have all the same problems. It's backward, you balance sheet, what assets can you put on?

The way they settle trades, nothing's on the blockchain. It's all paper. And that's how they wanna do it. So I think it's ripe for innovation, but you have to sort of, you can't do it all at once. You have to say, okay, where can I start and make money? And then hopefully you aspire to do what's happened to kind of the banking sector. And that's kind of our pragmatic approach. So, you know, I think there's two things on an insurer. Again, let's put crypto aside. There's the insurers, who are you insuring?

Is that a person? Like, is it you for your house, your car? That's insurance if we do it directly. Reinsurance is when you do a big lumpy trade and I insure another insurer, who then just does like a CDO of insurance and they just want to get rid of like a whole big portfolio and that's reinsurance. That's the two like high level products and that's all done in dollars on paper

and that's institutional product, right? And then you have separately like the balance sheet of the insurer like the regulatory capital like a bank has to put up capital and then you have to have reserves like you hold so those are your kind of like the basic model so you know I think a lot of people have looked at the insureds like I'm gonna be a crypto insurer because I insure you Scott because you're touching crypto And it's like this banking problem, nobody, you're automatically a criminal. Like you're TBA. You can't get insurance. And now you're regulated because they have all these lovely digital assets

licenses, but nobody will insure you because the insurers don't want to touch. They don't understand it. Like there's this blanket crypto exclusions. You have to have boring things like directors and officers and you have to have it now. Like you didn't have to before. So you can't even buy it. So like that's one way of innovating, but that's still all done in dollars. There's nothing innovative on a piece of paper through a broker. So that's crypto insurance. But then there's the balance sheet of the insurer. Like even the companies doing that, they hold dollars. There's nothing innovative. We actually wanted to innovate the balance sheet and put Bitcoin on it, maybe other tokens, and then you're solving two problems. A capital constrained industry, new source of capital, Bitcoin alone, 1.7 trillion

sitting there doing nothing. And we also wanted to create a use case for Bitcoin. And that's like, that's all we wanted to do. Obviously, there's tons to innovate, but you can't, you have to walk before you run. So that's the problem we've been going after. And that's what, that's all we wanted to do. Obviously there's tons to innovate, but you can't, you have to walk before you run. So that's the problem we've been going after. And that's what we're trying to solve to start with with David. And quietly there's another problem coming from the EU that you alerted me to that this actually falls,

but EU Watchdog wants insurance, crypto holdings 100% covered, citing volatility. So this is blasting us back to the Stone Ages is in Europe, of course, but the pre sap 121 days if you have crypto liability, you need to have an asset on the other side of the balance sheet and all these crazy rules, which is insane. Mercifully, we're not in the EU. So the way that, again, insurance,

the banks have the BIS, the Bank of International Sediments, and these Basel rules, and that defines how they have to hold capital. So a bank can hold crypto, if it's holding it as a custodian, it's your crypto. If it's holding it on its balance sheet, it's heavily risk weighted.

So banks already are in deficient places. Insurers, it wasn't an inefficient, I mean, there's very few insurers that even have it on their risk weighted. So banks already are in deficient places. Insurers, it wasn't an inefficient, I mean, there's very few insurers that even have it on their balance sheet. So they're just sort of front running this and saying, hey, now the BlackRock is doing ETF. Like, don't you think you're gonna go do this on your balance sheet?

Which is fascinating. So they're not even doing it, but they're basically telling them don't even try. Like you're gonna get, which is insane. Because like, why would they, they can hold real estate, they can hold stocks, they can already hold all this weird stuff and not have punitive capital charges like a bank. But you're basically telling them that an asset

like Bitcoin that's more liquid is going to be a punitive. So I just, it's really interesting to see that. But when they do so, when you do take it, the mechanics, I'm assuming it's at a tremendous discount, right? For you to have it on the balance sheet, you can't you can't value it at 100% a bitcoins not $85,000 in dollars. So they basically just insurance 101 like so that they call them

the solvency rule. So there's solvency to that's what European Union insurance and reinsurance firms have to abide by. Interestingly, Bermuda, which is offshore, opted in to Solvency 2. So I think this might apply to this sort of will apply to them. You chose to be under EU rules. Like mercifully, Barbados came in, the United States used Solvency 1. So this doesn't apply to the United States, which seems to be. So I think you're going to see already a big schism between a growing schism between the US, which is now going so pro crypto under Trump versus the EUC, which was, I thought, more proactive pro crypto versus like the previous regime.

Now it seems to be going. Everything changes. When you think about that in the past, and obviously, like you were at Binance and Bittrex, so I've spoken to you. I'm sure because you couldn't do it in the US. It didn't make sense. But even when NICO was happening, there was this fake cautious optimism that was like any clarity is better than no clarity, even if it's bad. Yes, exactly. So they were making these rules of the road and we were like, at least we're getting something

we know what we can do in the EU. But now when all these things are enacted least we're getting something we know we can do in the EU. But now when all these things are enacted, we're seeing what's actually happening. Right? And this isn't as I don't know if this insurance part is part of Mika at all. Well, that is that's on me. I mean, they have a different roles. They have because I mean, yesterday, finance removed us dt from their European exchanges, right? Because of Mika. And

we've had Palo Arduino from Tether come out and say the biggest risk to Tether is Mika rules that require us to put our backing our dollars and euros into fractional reserve banks in Europe, right. And there's limits on assuming they'll give you a bank account. That's like what they even take you as a client like you can't make them. I think it's a cautionary tale, right? Because you're looking at stable coin legislation in the United States, by the way, it

was kind of just breaking this morning that Congress and the senators are basically holding the line on yield bearing stable coins, which the industry industry wants. Yeah, this industry battle. But that's one of those things where if they're earning a yield on it, you would think the customer could get it. We're probably not going to get that. But here's the cautionary tale is that we're cheering for legislation. We're in a great legislative environment, but there could be a lot of unintended consequences to the way they structure it because they don't understand necessarily exactly what they're doing.

That's the whole thing. So they mean well, but they actually like the law of unintended consequences and they just you know, the market reacts but it's interesting. So we say let's it was just that was just very timely I thought since we were speaking that came out Friday So that hasn't passed yet, but that's just shows you that's kind of draconian on insurance if that happens in Europe Not for us, I guess it's better for us because we're out of it. So it makes it worse for them. But, you know, so we went to, we talked to the three major reinsurance, insurance captive jurisdictions are called like in the Caribbean and they're the biggest in the world.

It's like Bermuda came in and then Barbados. And we, Barbados is less well known in the US, but they have like hundreds of captives there. So it's not like we chose the Seychelles. We want to be regulated. It's like a proper, proper, you know, I would just came back last week from their big insurance conference with the regulator.

So I'm on the beach. No, unfortunately, no, I, I, I, I never see the beach. Like my co-founder, like he likes that a bit more. I, I don't have time. I'm not there to go to the beach, go to another beach, but I'm there to work. But the, you know, we, we approach the regulator. Again, we just try to keep it really simple. We're doing nothing innovative in insurance on the insurance side of the company. We want to

innovate the balance sheet. So on insurers, you can already hold an asset liability mismatch. Everything's in dollars, but you don't have to always hold dollar red cap. You can have real estate, you can have stocks, they give you a haircut. So this is not a new concept for this industry. But we were like, okay, well, Bitcoin, let's just start with that. The biggest, the most liquid, the easiest to understand. Now, very institutionalized. You know, I've been watching some of your show episodes,

like it's sovereign wealth asset, it's on Black Rocks balance sheet. Like it can't get more vanilla now for crypto. So that's why we started with Bitcoin. Yeah, when you've got the president talking about strategic reserve? You got the president's son's mean, yeah.

So why is this even a question mark in any other industry at this? I can get why they're not going to allow you to put bonk on the balance sheet or or Shiba Inu. Yeah, right. But but Bitcoin, as Michael Saylor has often said, it's the most pristine collateral there is. But it's on the blockchain. Well, guess what?

Every stock is now getting tokenized. So everything is going on the blockchain because those are inefficient settlement systems, the old ones. So what does that mean? So when everything's tokenized, does that mean if you won't touch crypto, you'll have no clients? Because there'll be nothing that's not, I mean, what is crypto?

It's on the blockchain. Like, how do you define that? Like, what does that mean? So people don't even understand, you know, they just have like this fear with exactly, it's unfortunate, a lot of education. It's shocking how like it's 2025 and like it's like we're in 2016, like people haven't moved on. But at any rate, we went to the regulator.

It was again, this is a a and we talked to multiple regulators. This is a very easy chat. So you already do this for other assets. This one's more liquid. We do the same thing. Give it a haircut, call it dollars. There'll be marching call. And you're collateralized.

So we got them to agree to a 50 percent haircut on Bitcoin, which is the market for lending right now. Like if you want to do a loan against your Bitcoin, they make you collateralize it like that. So, you know, that's very conservative. So on our balance sheet, which it counts in cash, let's say that we put in a hundred dollars worth of Bitcoin, we get to count $50 as if we have $50

in cash regulatory capital. In insurance, you get what's called insurance leverage. You can write, you know, like a multiple of that in terms of how much premium, and then you just go off and do what your license to do, and you're in a real jurisdiction. Obviously, from a credit standpoint, we're holding twice as much cash value as we need.

So we're actually massively over-collateralized, right? And so we're actually safer than a normal insurer. And by the way, we're the first ones, I think, globally, where all of our red cap is held in Bitcoin, it's all in the blockchain, guess who has a login to our fire blocks vault for view only access our regulator, our insurance manager. So you have the first insurance company where all the like, it's all there. There have

been cases in other jurisdictions where there's fraud, like if the reserves aren't there, if it's cash, it every quarter so that's not possible here like it's so not only is it over collateralized it's like totally transparent so that's really i think that's where we're innovating the balance sheet not the other side yet because you can't attack it all so keep it simple so that's what we've done yeah so we're talking about stable coins, obviously, and one of the biggest pieces of news yesterday that was lost in the liberation day madness is that stable coin issuers circle files for IPO showing revenue gains.

So for anyone who remembers, they kind of tried this in the past through a reverse, through a SPAC or a reverse merger or something, and it wasn't happening with Gensler and Biden, obviously, much like we had no IPOs, basically in any industry under that administration. But what I found so interesting about this is guess who's leading the IPO? Scroll down crypto lovers. I'll just tell you, JP Morgan. It's JP Morgan. But the irony of that is even when it was peak, like Jamie, like I hate crypto, like the London office of JP Morgan, the largest, you know, so I'm sure he had to be aware of that.

So like the official party line, because I have to like not piss off whoever was running the government at that point. So it's smart. Like he's not going to piss them off. But the entire London office, they were one of the biggest whales in the crypto industry. So I just think that there's what they say, and it's all very political. And then there's actually, you know, markets are very commercial, including, you know, he wants to make money. So I think you shareholders to be accountable to. So I think it's a tricky dance, they all have to do. So

but I think always sort of they tell you one thing, always do your homework and see what they're really doing. Yeah, but I think the situation now is that we're going to see an absolute onslaught of companies going public in the United States, which will unlock more exposure for institutions and all of these things. What you're doing, I mean, it all speaks to more ways that the big wall of money is going to find exposure to this industry. Well, what's interesting when you talk, I was looking at, you know, relevant to Circle's IPO, Bill and I were looking at their balance sheet and like a lot of computer companies, they're sitting on a massive balance sheet of tokens and so with those tokens, remember, most of what do you do with your Bitcoin?

You hold it, it's gold, like you actually pay to store it, so you lose money. It's like a negative carry trade. Like, oh, you pay for storage, it doesn't give you a return. Now, you don't think about how can I make money off my gold? Like, well, you can think that way about Bitcoin. You can do a few things with it. They're basically, they amount to unsecured lending, where you're effectively lending it,

meaning it can be rehypothecated. You're taking full counterparty risk on you know to earn 3% maybe 6% so remember if there's like a FtX type event or a 2008 type event like whoever you've given it to can go out of business like meaning you could lose it all so is that a good trade like what do you think Bitcoin it's at a hundred or eighty and it's going up to a million you want the capital gain like is it a good trade? I can earn 3% and lose all of it. That's probably a really bad trade.

I don't think people think these things through. So, I mean, the institutions know not to, so it does nothing. It doesn't generate a yield. So ironically, although we've solved a problem for insurers, right. Bringing new capital in, we've also solved the problem for the capital holder, because in our setup where you put the Bitcoin into this Regulated insurance company, but it's actually regulated you get your own segregated sell It's called like it's like a managed account. Just your no coming leg of your assets. We're not allowed to be hypothecate your assets

They never leave our balance sheet get the exact same Bitcoin back. You're long the capital gain There's no step up in basis because that's insurance companies are just tax efficient. That's nothing to do with crypto. This is like an old 1960s technology. Like we didn't invent this, we just adapted it. And then you can generate by doing boring insurance on the other side, US dollars come in and build up and it's all done under insurance accounting. So it's like a, we call it a reinsurance overlay. We can generate cash and this is a boring trade in itself that's pitched to dollar holders like right now for their portfolios. So we're just giving you access to this. It's tax efficient and you're

allowing your Bitcoin and it's regulated. It's one of the few regulated, no counterparty use cases for Bitcoin. So we know we're obviously going to be talking to a lot of crypto holders like you're doing nothing with your Bitcoin, which you like, here's a safe way to be talking to a lot of crypto holders like you're doing nothing with your Bitcoin Would you like here's a safe way to earn some yield on some of it? And and you can also ensure yourself if you wish like you can solve a bunch of problems on the other side So that's that's how we're thinking about this and just trying to baby steps innovate the balance sheet and help holders of crypto I mean it's sort of a last topic before I let you go zooming out You know, we have this title tar Tariff Tsunami Incoming, Will Bitcoin Boomer Bust?

I think what's interesting about that isn't what's going to happen with the price action, but how inextricably tied we now are to A, macro and B, Trump as an industry. Does that surprise, concern anything? It's literally like now our assets move based on whatever he says on truth social on any given day. It's never supposed to be that way. Well, I think the whole world's moving this way. I think so it's not, is it the Trump effect or is it just how we as a global society communicate?

And he's just doing it much better than other politicians. I think it is interesting. And it was in fact, as I was walking, it's all very exciting. I do like my morning talk walk and I was thinking, well, what happens if he doesn't win? And like, you just don't know what's going to happen. And if you go-

In two years, Elizabeth Warren could be the chair of the Senate Financial Committee. Oh no, I mean like- She's the ranking member from the Democrats. If they lose the Senate, she's in charge. Yeah, so it's fun. It's you actually, you know, everyone's like bring your things on shore

and do it all on shore, but is that the right? So, I mean, it's it's fun. It's it's you actually, you know, everyone's like bring your things on shore and do it all on shore But is that the right trick? So, I mean, it's sort of interesting you have I think you raised a very good point I mean, it's fascinating what he's doing. Obviously, I think anyone in the industry It's positive for our industry, but you also have to think you know going back to the Jamie diamond comment Well, what happens if you hope for the best prepare for the worst? Perhaps one still has to assume we could go back to a less but not. So you have to, it's very tricky navigating, but I don't think that's crypto.

I think that's just life. You have to put that into account. But obviously our industry is much more in sort of regulatory cross arrows and gets a lot of attention. Awesome, I love what you're building and can't wait to see what comes of it. This industry desperately needs it.

Yes, and the insurance, it's just, I mean, it's a great industry, but it is so, you know, they're not, they don't like innovation, period. Like this is so scary. I mean, it is insurance, right? I mean, their job is to be risk averse. I can get that from that industry. This is actually de-risking, and that's the irony.

Like even, they're so risk averse, the de-risking is too risky for them. So at any rate, it's creating opportunity if one has the patience, that's why you haven't heard from me in a while Taking a long time to get here I'm allowed to talk. Yeah, we have my licenses on that's the Barbados flag So we're you know, we're very happily regulated and licensed so, you know great to be back Scott Happy to come on any time, you know, great to be back Scott. Happy to come on anytime and you know, keep doing what you're doing. Absolutely. Thank you, Stephen. Guys, give him a follow on X. It's right down in the

description and Stephen will speak very soon. Thank you. Thanks. All right, everyone. Obviously, we usually have Christopher Inks here on Wednesdays, but he is not present. He is sick today and he usually takes a look at the Bitcoin charts for us. In his honor, I'll just take a quick look at the Bitcoin chart, which I think is the snooze fest of all time. And honestly, at this point,

I don't think the chart has been telling us very much. I think we are being trumpified and we're just waiting to see what he does. But from a charting perspective, I mean, we do have kind of a clear symmetrical triangle forming, whatever. We have a support and resistance. If you want to choose a direction, you're looking for either a breakdown, I think of this ascending line or a breakout of the descending line right above.

And a lot of people pointing out this death cross coming from the 5200 ma not guaranteed. But in my humble opinion, those are not trainable because they're a result of what's happened before. And that's what's going to happen in the future. I mean, in my in my mind here on the daily chart, we still have an intact Polish divergence when it was oversold. My bias still for Bitcoin, although it's not very popular, it's gonna go up. And if it goes up tomorrow, or in six months, or in a year, I think it's going to go up. That's my bias. And I really believe it. That said, all coins

have just been dumpster fire wrapped in a, you know, just absolute chit chat. It's been horrible. And I think a lot of people and myself included, we're expecting that we would see this massive q1 run from all coins as we have every four years at this point in the cycle when Bitcoin goes up and finally go sideways. And instead, what we've seen is 17 million tokens launched on Pumped Up Fund and a bunch of degenerates pumping and dumping on each other and with minimal interest in utility, which is a nice segue to the once Wednesday sponsor we have here, which is Aptos, as you guys know, because

you watch this show every Wednesday for many, many months and you've seen Avery on here and all the amazing things that they're doing. But just to keep you updated, because utility does actually matter. Aptos stable coin market cap has hit a new high of $1.05 billion. That's $680.3 million in USDT and $284.5 million in USDC. Obviously, this is a very good check on the health of the system or how much interest there is. Their DEX volume is up 53.5% in one month. Of course, they've had an incredible first quarter 70 million

active wallets, 2.5 billion in transactions, 1 billion in TVL and stablecoins, increased X volume, increased per volume. And I was talking to Avery about this, you guys know Avery Ching, obviously, who's the CEO and founder after MoLeft became CEO. They've also much like everyone else been in Washington lobbying and working to make sure that we get that reasonable and smart Regulation that we were discussing just before I'm pretty hopeful that we're actually going to get the stable coin Legislation that we want and market structure beyond that. I think it's anyone's guess what's gonna happen. You guys should

absolutely check out Aptos everything that they're building. Those who don't remember this is you know, the they were the original team from Libra at Facebook, which then became meta and then Libra became DM. And then Mark Zuckerberg went in front of Congress to try to pitch private money and a stable coin from Facebook and got absolutely eviscerated. And it was never gonna happen. Right. And then I think David Marcus, who is leading the team went and started building on

lightning, this little PayPal guy, these guys went, they built Aptos. And I think everybody's pretty happy at this point. The irony is that I think once we get stable coin risk, stable coin legislation will probably end up with Facebook money again, I think we're gonna get private stable coins from pretty much every huge tech company in the world. Guys, that's all I got for you today. I'll be on crypto townhall on spaces at 1015 and Eastern standard time. Check that out. And of course, be back tomorrow

with Yago. So I got got for you guys, have a good one. Later. Let's go. Let's go. Let's go.