The Wolf Of All Streets - There Won't Be Enough Bitcoin | Buy Bitcoin Now!

Episode Date: April 23, 2024

I am joined by Jon Najarian, Co-Founder of Market Rebels, as we analyze the post-Bitcoin halving crypto trends. My friends from The Arch Public, Andrew Parish, and Tillman Holloway, are joining in the second part of the stream to provide an update on the $10K algorithmic portfolio (hint: it's been doing really well!).   Jon Najarian: https://twitter.com/jonnajarian Andrew Parish: https://twitter.com/AP_Abacus Tillman Holloway: https://twitter.com/texasol61 Unleash algorithmic trading with The Arch Public: https://thearchpublic.com/ ►► JOIN THE FREE WOLF DEN NEWSLETTER, DELIVERED EVERY WEEKDAY! 👉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 ‘25OFF’ FOR 25% OFF WHEN VISITING MY LINK.  👉 https://tradingalpha.io/?via=scottmelker ►►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   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 #Trading 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.

According to Bitfinex, after the halving, demand for Bitcoin will be 5x greater than the supply. Hence the title, There Won't Be Enough Bitcoin. Buy Bitcoin Now. I'm very interested in digging into this, but also a hell of a lot more because I have one of my favorite guests today, the legend, John Najarian, joining me to discuss all things market, crypto, corrupt regulators, feds, broken politics, who knows what we'll talk about. And of course, on the back end, I have Tillman Holloway and Andrew from Arch Public to give you an update on the portfolio we've been running there. Can't wait to get this going, guys. Let's go. What is up, everybody? I'm Scott Melker, also known as the Wolf of Wall Street. Before we get started, please subscribe to the channel and gently tap that like button. I don't want to waste any time

when I have a legend like John Najarian in the background. Good morning, sir. How are you today? Great to be with you, Scott. Or if you prefer Wolf. I'll take Scott. It's fine. I'm going to be in trouble if my kids start calling me Wolf or something. It's going to get really, really awkward. It happened once. I didn't like it. So we'll just roll with Scott for now. Man, what do you make of the market right now? Let's just start from the top to the bottom. I think probably a lot of people, myself included, surprised at how far and long we've run. You and I obviously were very critical of the Fed on this show probably a year ago, year and a half ago, but people saying they've

engineered this mythical soft landing that we thought was impossible. I mean, what are your broad strokes at the moment? Well, I think overall, it depends how we credit the Fed with the economy, Because I've got plenty of examples of things that aren't so rosy about the economy. For instance, Sherwin-Williams just came out with earnings today, the worst earnings in six years. Nucor and a lot of the steel stocks just getting cracked because worst earnings in what, six years? It depends how we want to measure inflation, Scott. It depends how we want to measure the economy. If you talk to most people, they're not buying into the idea that this is a raging bull economy. Now, the markets, yeah,

raging. Why? Well, let's see. What did Google dump out of 10, 20,000 people? What are all these companies doing? They're lightening up. Again, I'm not Peter Schiff, Scott, another Puerto Rican down here with me. I'm not Peter Schiff. I don't think that you can only own gold. That's the only thing you can own. But I do think that we're being fed a load of crap

from people telling us this is such a great economy. And I don't care if Trump was in charge. I don't care if Kennedy was in charge or Clinton. The fact that Biden's not in charge is pretty obvious. Whoever's running this place ain't Mr. Biden. But to come out over and over again and tell me how great the economy is, show me, show me. Stocks are doing well because people are laying groups of people off. Again, Facebook, you know, nearly six figures has Facebook laid off since the pandemic. Why are they laying these people off? Oh, some of it's AI, some of it's they were overstaffed and they were basically hoarding technology talent and then they dumped it all at once. And what are we replacing it with? Part-time labor, government work.

That's a raging economy. I mean, again, I don't care who the president is. I think that the Congress has been just throwing money at this thing, which is why we haven't fallen out of bed. But if they started tightening up money supply, Scott, you and I both know we'd be down hard for days, weeks and months. I keep saying the biggest shocker to me isn't necessarily where the markets are, but the ability of the Fed and Congress and others to continue to pull levers I didn't know exist to keep this can kicking down the road. put on my conspiracy hat or not even conspiracy, make a guess. Maybe we get a nice big correction for a couple months. Everybody gets pissed off. And then three months before the election, ramp up. Everybody in five minutes forgets that things were bad for a couple months. And we see that sort of manipulation, I guess I'll call it, into election. And, you know, Biden tries to. I don't think it'll be enough. I don't think it'll be enough because I think the commodity prices that are going up, Scott, you and I pay attention to them.

Some of you out there pay attention to them. But except for lithium, everything's more expensive. Copper up almost 300% year over year, something like that. Crude oil and refined products like gasoline, diesel, and fuel oil up big. I mean, we're going to see more and more pain, unfortunately, from many of these sort of inputs. And, you know, there's not really a lot they can do about that. Just like, I mean, I throw this one out all the time, Scott, because I mentioned lithium. If you guys pull up a lithium futures contract, because yes, lithium does actually trade on exchanges. If you pull that up, it was 60,000 per whatever measure. I don't even know what it is. Is it pounds? Is it tons? I don't know. But 60,000 less than three years ago. Right now, as we speak on the 23rd of April, it is,

drum roll, 11,600. So lithium is tanking. And a lot of these car manufacturers are saying, look, maybe we'll do hybrids. We're not doing EVs because nobody's buying them anymore. And yet, California, I was just there this past weekend, gasoline, six bucks a gallon. You would think with these kinds of prices for gasoline, that it would push more demand onto EVs, but it hasn't at least. No, EVs are a disaster. Yeah. Hertz has given them away. Virtually they're flooding the market. You know, they got rid of 15,000, um, Teslas because people just didn't want to rent them because, you know, they see lines at the

charging stations and so forth. It's a great concept. It might be a great solution, but it's not ready for prime time yet, except for a couple hundred thousand cars. But remember, we sell about 18 million cars a year. So a couple hundred thousand, you exhaust the available supply of charging stations and all the rest. And eventually people are going to say, I want to drive a little further than I can go with this one. Yeah, there's so much to unpack. So what that implies is that the strong economy numbers, low unemployment, We continue to see jobs beating. We see inflation generally coming down. The implication there is that these numbers are cooked. They're not real. Or when you dig into the data, it's something different. But those are the things the Fed

theoretically is looking at when they decide whether to hike or to cut or to pause. As you hinted at, we know that job numbers are strong, but when you dig in, it's largely immigrants, government jobs, and second and third jobs, and not new high-paying jobs for the average American. And like you just said, when you dig into the inflation numbers, if you actually look where it matters, nothing's changing. People are still broke. People still can't afford groceries. The price of groceries isn't coming down. So what are we to surmise from that? Well, I was on with a mutual friend of ours, I think, Saturday, Larry Kudlow, on his radio show. And as honored as I was to be on that, I'm even more honored to be on this one with Scott.

I'll take it. As honored as I was to be on that, I'm even more honored to be on this one with Scott. I'll take it. But when we had retail sales last week, when we do consumer price or CPI, they always say, let's strip out food and energy. And I get it. They do that. They do it under all administrations. So, again, this is not me ripping on this administration over that. But right now, the retail sales numbers are only up. It's not up in furniture.

It's not up in vehicles. It's up in gasoline and food. And that's what they're calling retail sales. And yeah, if you strip those out, then we're not up so much. But otherwise, yeah, we're still up in retail sales, which would normally say that the consumer's feeling good. Consumer's not feeling good about these two things, though, Scott. Because who wants, who cheers for paying more at the pump? Who cheers for paying more for eggs, meat, chicken, flour, whatever. No one does. No one except those manufacturers and the

people that sell it. That's all the interest on the bullish side of prices going up of those inputs. It wasn't clothing. Again, it wasn't furniture. It wasn't most of the things that we might say, oh, yeah, this is a sign the consumer's pretty confident. No, it wasn't furniture. It wasn't most of the things that we might say, oh yeah, this is a sign the consumer's pretty confident. No, it's the stuff they have to have. We used to call them staples. And then you've got consumer discretionary. The discretionary spending is not there. So you can call this a booming economy and or a great opportunity for individuals to really enrich themselves. But it's not. Instead, it's empty. It is rich individuals. Rich and the wealthy one percent are spending their asses off, man. I can't find a business class flight to anywhere that's not

triple price. The airports are crowded. Restaurants are absolutely packed. The rich are getting richer. They have the wealth effect. Everyone else is fucked. And that's become the measure, I think, of a strong economy is how well the wealthy are doing. I will need to dig even further into that, just my little stump speech for the moment, because I want to talk about where Bitcoin falls into all this. You and I have not had a conversation about Bitcoin since the ETFs were approved, right? I kind of hinted at this before. Bitcoin's post having demand to be 5x greater than supply. This is based on the average issuance on a day, as if that's the only place supply comes from. This is so dumb to me. But okay, there's people out there with tons

of billions of dollars in Bitcoin who can sell at any time. This isn't the only supply. And that investors are increasingly taking direct custody of their coins, outflows from exchanges. But okay, so listen, I think the halving is a great narrative. It's important fundamentally. It makes Bitcoin what it is. We're only talking about a $4 or $5 billion a year reduction in supply at current prices. And we see ETFs and volume exceeding that on a daily basis. Right. Well, famously, Satoshi Nakamoto, whoever he or they were, only has set roughly 21 million coins, unless approved by everyone. That's all the Bitcoin we're going to have. And how close to that are we right now, Scott? Because we're, what, seven tenths, eight tenths of the way to that. So your point, extremely well taken, is that

if you've got 21 million Bitcoinscoins and that's the most you can have and you've already put out 18 million roughly, close to 19 million perhaps, again, at $63,000 per coin, how many billions of dollars is that? An awful lot is the answer. So I agree with you. It makes a nice headline. It makes a nice headline to say, oh, you know, five times more demand. Well, that would be in a vacuum with nobody else selling anything. But if I could, I'll just say one quick thing about Michael Saylor. Brilliant. I mean, I do think he's brilliant. Strong hands, all the rest, you know, diamond hands or whatever. But what he's doing right now makes so much sense given his outlook. His outlook is, of course, the Bitcoin's just going to keep going up. And I don't disagree

with him. I'm not it's not a straight line. It never is. But I do think it's going to keep going up. Michael's been strong and holding onto Bitcoin. You know what he's selling his own stock. He's selling micro strategy. And if you think about it, it's not because micro strategy stretched, although it might be by my calculus, it is stretched, but because if you took just their regular earnings and their, the amount of Bitcoin they own, I think it's stretched. But what would if he truly believes what he said and he eats his own cooking, he wouldn't be selling Bitcoin. He'd be selling MicroStrategy. And that's what he's doing.

So, again, that's a really smart investor who's looking at this saying, well, if my stock is stretched like Elon Musk's stock was stretched two years ago, maybe it's time for me to lighten up more and more on this and hold on to my Bitcoin. So that is what he's been doing lately. Again, my hat's off to him. I think that's a brilliant strategy, especially because he's eating his own cooking. He's saying Bitcoin's going higher and all this other stuff is kind of garbage. Well, you know, that does kind of include his stock. And he's obviously enjoyed a hell of a ride with that stock. And obviously he needs money.

I mean, need is one thing. I've seen his play. One needs more Bitcoin in his mind. Yeah. I mean, but listen, last time I checked, selling something that you view as overvalued to buy something that you view as undervalued is generally a strong way to invest. And MicroStrategy has acted like beta to Bitcoin. So if Bitcoin doubled and he went up two and a half or three times, obviously it makes

a lot of sense to kind of use that. Interestingly, he also knows that when you dig in, the reason that MicroStrategy flew there at the end was because there were hedge funds with multi-billion dollar trades that were long Bitcoin and shorting MicroStrategy. And when MicroStrategy started to rip to the upside, they got absolutely squeezed. They had to buy MicroStrategy, it was scented flying, and had to sell Bitcoin, which was right at 74,000. This is fact, not fiction.

So it's pretty clear that one of those sort of cash and carry strategies is the reason that we sort of topped in Bitcoin and that MicroStrategy flew. Now he gets to take advantage of the dip on the Bitcoin and the rip on the micro strategy and lever up, you know, effectively doing that with cheap debt. It's, I mean, it's brilliant. I mean, it's 10x since 22. 10x. I mean, how many stocks that are, you know, 20 some odd billion

dollar stocks right now, like this one is MSTR. In June of 22, it was $164. Now it's $1,300, and it's been $1,900 this year. So yeah, I think it's done pretty damn well. We only wish Bitcoin had 10x, Scott, since 22. It's done well, but put MicroStrategy against Bitcoin? I'll take MicroStrategy on that run. I don't know if I want to hold it through the rest of this run because like you and I said, might be a little stretched and the CEO thinks it's maybe time to lighten up a little bit. All CEOs seem to think it's a good time to lighten up a bit, by the way, which if you see billionaires in mass selling their own stock, it feels like maybe they know something about where the market might be headed. Yeah.

Well, and to your point, an awful lot of these folks are indeed selling. Insiders, you know, you can track it however you want, folks. I use a variety. Dr. Bezos, Jamie Dimon selling JP Morgan for the first time in his life. Yep. I mean, if I look at this list in front of me right now, based on the filing data as of yesterday, let me see here. We've got Upwork selling. We've got Marvell Technology selling. Robinhood Markets selling. Zoom Video selling. Procter & Gamble selling. The list goes on and on. Abercrombie & Fitch. I mean, I could read them off for 20 minutes. I don't invest based on that alone, of course,

but I'm just trying to emphasize the point that Scott made, which is the insiders are selling folks. You know, they're not waiting around because I don't know how it ends. And technically it doesn't end. I mean, you know, it's just one continuous circle, meaning whoever is the president in the next administration, if it's Trump, it's unlikely that we'd have Jerome Powell back as Fed chair. He's already said that. But that doesn't mean that the whole Fed flips and they're still going to be faced with inflation that's way above where they want it to be. And other than patience, Scott, the only choice they have is to ramp rates up, not down. And if they ramp rates up, they're sending us into a recession hard and fast.

So they know that they're not going to do it, but they also can't get us back down to 2%. So it just takes time. And then it's a question of, okay, when did we stop giving money away to people? Because we've got yet another money giveaway with the student loan thing. Don't get me started about Columbia or any of that stuff. I mean, again, that's a great use of ninety thousand dollars a year to send your kid there, isn't it? I went to Penn and had a long conversation with a lot of our mutual friends in Dubai, a lot of your Puerto Rico crew about how at this moment, I would not recommend that my children attend the same universities that I did or the same kind of universities, maybe not any university at all. I don't know. I guess we'll see by the time they're they're old enough. But that leads us to one of our favorite topics, which is cuts, pauses and hikes. You said something that I've said.

Logically, they could almost hike right now. Right. They won't because politically it would destroy Biden's chances and it would obviously send markets spinning. But when you look at the numbers, if you believe them, they should not even be talking about cuts. I've been saying this for literally ever. I like to brag when I get one thing right out of my hundred prediction. We ignore the other 99, but there's literally no reason for them to cut and predictive markets have been insanely wrong. You could have taken the flip side of the six cuts this year, the three

cuts last year, the cuts by March. They're not cutting. They're not, there's no reason to cut unless there's something really bad under the hood that we don't know about. Yeah. Well, when it gets down to, I think it was yesterday, Austin Goolsbee, one of President Obama's top financial advisors, economic advisors, Austin Goolsbee, University of Chicago, almost as good as Penn. What did he say? Austin Goolsbee said, I don't think we need to cut at all. He said, I think the markets need to prepare for possible hikes. So apparently he listens to this show. And I think they are loathe to hike, of course, right now. But if we get a couple more hot readings, Scott, that takes all of the

cuts off the table. Right now, there's still, like you say, the predictive markets, the CME with its daily estimate for what could happen in June and so forth and so on. All of these go out the window if we get another hot reading, one hot reading, because then they need to wait for that to smooth out one hot reading. They need like two or three benign or down readings before they could possibly say, yeah, we're going to we're going to cut rates. And what did they get last week? Well, housing, big rebound. And then some of the other housing numbers fell off a cliff for March. And that's also not what they want to see because that's the largest employer in the United States, folks. It's not McDonald's.

It's not Walmart. It's the housing industry in total. So that's everything from the pipes that go in and out of the house to the paint, like I mentioned, Sherwin-Williams and so forth, all that kind of stuff, that's housing. And if you cut back on demand, which even these high prices for homes has barely dented demand because there's still not enough homes for any available, again, supply, demand. Okay. If I leave demand here and push, I mean, if I leave supply here and push up demand, you know, prices go up. That's what's happened, even in the face of higher rates. Yeah. The old kicking the can down the road one way or another

and pulling the levers that I was talking about. It's happening in every single market. So listen, we got like five minutes left and let's talk about the alpha. How do you trade this? In this current market, like it feels, but everybody's been saying for a year, you can't buy stocks, they're too high and they just keep going up, right? So that's been wrong. I think the general sentiment, maybe that's because the consensus is never right. But how do you trade this coming into this environment? Is it on an assumption that the run continues through the election and then we get a stock market massive correction the day after, you know, the Fed starts hiking all of a sudden? I mean, what do you do here? How do you protect yourself? How do you position your portfolio? I think as much as you can, you take the large asset off the table, stocks, and I'm talking my book here, of course, but you use a stock replacement strategy, meaning that I use an at the money or in the money call option to simulate that long exposure.

And it does indeed give me the long exposure, Scott, but I'm taking a lot of that cash off the table from the stocks. If people listening to this have a 401k, Roth 401k, Roth IRA, whatever, you can do that and not worry about the tax consequences. If you are somebody who's paying taxes and capital gains on those stocks, which, you know, I'm blessed to not pay that because I live in Puerto Rico. But yeah, one of these days, we'll get you down here for good, Scott. But if you have to pay that tax, you've got to be really confident on your timing. Because obviously, if you are expecting a 10% drawdown, which I am expecting that, and then I think we reverse and go higher, like Scott said, for perhaps several months into the end of the year, your timing has to be impeccable. gains on that move. You're basically just flagellating yourself, you're making the tax man very happy, but you're not helping yourself, because your timing would have to be perfect,

unless you expect a 20% correction. And if you expect a 20% correction, yeah, then your timing doesn't have to be quite as good. But otherwise, between the taxes you're going to pay and the money you took off the table, it's a scratch. So why bother? But if it's in a 401k or something like that, fine. And so what would I do if I was in a taxable account? I would buy some longer dated puts and sell short dated puts against it. So I'm setting a floor with that longer dated put and I'm collecting the time decay on those

shorter dated puts. In other words, like right now, I'd be selling May puts and buying January puts, something like that, if I was in a taxable situation. Yeah, that's, I think, absolutely the way to go right now. It's, man, if you've built up a huge IRA and you can trade tax-free and not live in Puerto Rico, it's a pretty good way, I would say, to go about taking advantage of this market. It's just, to me, it's been exceptionally hard to time when that's inevitable. I mean, listen, recessions come, corrections come. Timing that has been really, really difficult.

Absolutely. Really tough. And even the only people that can really time the market, Scott, are congressmen. They're insane. I literally like Pelosi needs to just start a start a hedge fund. I think we lost John there. I think he probably glitched out. So I'm going to say posthumous goodbye to the great John Najarian. Sad to see him go. Yeah, I think he probably had a glitch or hit the wrong button. I was literally just going to ask him about this. Like as a finisher, I had it planned, you know, it's now the time to buy Bitcoin because if you guys haven't seen this, oh, John, you're back. I wanted to ask you, I thought we, you know, they cut out your power down there. That's what I hear. But no, that came from the U.S. I think it was Pelosi's office.

That was, they heard us. They heard us. The Xtreme probably kept going, but YouTube got fucked. I wanted to say as our final, so I don't know if you saw going, but YouTube got fucked. Exactly. I wanted to say as our final, so I don't know if you saw this, but the buy Bitcoin sign that was flashed behind Yellen, it's up for sale in an auction. They're saying it's going to go $160,000, $170,000. Do we buy Bitcoin now? Do we buy it?

Supply is going down. We talked about it. Or do we let it range a little lower? I mean, mean you always buy it if you're an investor by the way i was under the impression that it might after the having um again i would anticipate that michael saylor would step into any significant correction because he's done it time and time again and this time given that there are fewer coins out there at least of the newly minted coins because that's the way they should say it, because the amount of coins didn't change. The amount of reward that the miners get changed. So that's the newly minted coins, folks.

But anyway, I thought we could dip to 55 or so. I don't know if, again, if Saylor and some of the big whales would let that happen. I think they would be buyers on such a dip, but I do think it goes significantly higher, Scott. So yes, if somebody has the ability to maybe put a little bit in every week or every two weeks or every month, that's the way I'd do it. I wouldn't put a whole slug in at any price. I would just scale in. And I think you're going to be happy overall because you're going to be not happy about some of those purchases and you'll be very happy with others. And that's the way I've not so much traded it, but that's the way I've invested in Bitcoin. I just wish I could do it 500 and 600 million slugs at a time like Saylor when everybody else

is trying to get five or six dollars in at a time. But you can many sailor yourself to success. Sure. I might not end up you might not end up with the five yachts, but you'll definitely make money. John, man, thank you so much. I'm coming down to visit you guys soon. I look forward to it, Scott. I'll see you in Puerto Rico in the very near future.

Guys, everyone follow John to Jerry and of course, everything he's doing. And I plug my book real quick? Yeah, please. I should have asked you before. That's all right. Thank you. Check out, folks, itsnotanoption.com. It's the number one selling business book of 2024.

It's itsnotanoption.com. And you can get it for free if you go to that website. It's not an option.com. You won't have to pay even shipping unless you want it fast. It's free shipping. Absolutely amazing. I'm gonna do that myself right now. ADHD brain has to literally like take the note

while you're doing it, but everybody get the book. Man, you're a legend, bestseller of 2024. Bam! That's our fifth book. I know. Yeah, I've read the others, so I didn't know there was a new one. I need to follow more closely. All right, guys. Thank you. And again, check out the book. Check out John. Thanks, man. Thank you, Scott. I'm sure that the next two guys we've got up have some strong opinions on the up-only-ish nature of Bitcoin post having they might also be pissed off about some of

the other things that are happening with the having based on what I've seen uh on Twitter guys I owe uh Tillman and Andrew an apology I'm bringing you guys on because I've really us on Tuesdays the last few weeks we got this momentum and then I went to Paris and then uh I last second decided to go to Dubai. And it was just like I was always on a plane when we were supposed to be chatting. Were you in Dubai or were you in Atlantis? I couldn't tell. I couldn't tell the difference.

Fire Festival Dubai. It was great. That rule didn't even show up though. So I don't even think it counts as Fire Festival. But yeah, guys. So listen, you just heard, obviously, you were in the background when John was talking about this. We're going to get to the portfolio updates, all that shit in a minute. But just kind of to bridge the conversation, Tillman, you seem really pissed off about

runes and ordinals from what I could see. And you're a minor. So I just got I got to ask. Yeah, well, I'm not pissed off. I just I think this is, you know, history repeats itself. And there's always this debate of what's Bitcoin's highest and best use. And I think with, you know, Larry Fink coming on board and saying its highest and best use is a store of value. We should all rally behind that and we should

preserve Bitcoin's code as it is so that it remains absolutely pure and we can trust it. Because once you start doing BIPs or, you know, improvement protocols, there are risks involved, bottom line. And when you have the voting rights, you know, really in the hands of this select few people that understand the code, you don't have fair representation as it relates to voting those implementations into the code. And so I, you know, if we all own Bitcoin, we all love Bitcoin, we all want to preserve Bitcoin, those types of major implementations need to be really, really far and few between, in my opinion. We don't want to be Ethereum. So why are we trying to be Ethereum by putting all of this extracurricular activity in our center?

Because the highest and best use case of Bitcoin is cats and wizards, dude. Where have you even been? It's like you're not even paying attention. Yeah. And just to belabor the point a little bit more, you're talking about a concentration risks that already exists in the mining space. You got 95% of the miners being produced by three manufacturers in China. And at the end of the day, when you make the blockchain more intensive, carry more data, you're going to make that concentration even more so than it is today. So you're moving the ball in the wrong direction as far as I'm concerned. When I first started

Bitcoin mining, you could mine it on a dial-up. That's how accessible it was. You could mine it on a tiny little hard drive, you know, the most run-of-the-mill computer you could buy, and you could mine it on a dial-up. Now, you're talking about adding complexity layers that don't need to be in layer ones, in my opinion, and you're talking about doing it with great risk. If I'm sitting in the seat of Satoshi, it's like, why did we go 15 years on a perfect curve only to start introducing these whimsical add-ons? I don't agree with it. I'm going to once again plug my podcast this two days ago with Ryan Condren from Lumarin because we talked about this so deeply, the risk of centralization of mining and the

true decentralized nature. I don't even want to dig into that anymore. I just want to plug it because if you guys are interested in that topic, it keeps kind of coming up, especially here around the having. Andrew, there's something I have to ask you about before we get into the alpha here. Two SEC lawyers resign after agency censored for abuse of power in crypto case. We all saw what was happening with Debtbox. We saw that the judge came in and just dunked all over the SEC.

81 pages of dunkage, right? Basically saying this was perjury, criminal, whatever. Some of these guys actually resigned. Are you shocked? Yeah, it's a cool headline. Interesting. It'll be interesting for a couple of days. But you have to understand inside that organization that they don't care. They've lost exactly one case against crypto companies. One, right? Grayscale. They didn't lose the Ripple case. That case is ongoing, by the way. And anybody that, you know, there's a big difference between resigned and fired,

right? When you resign, especially from a governmental organization like that, you have your next steps already set up. In fact, they've probably been laid out by your superiors from that organization anyways, whether they go into academics or into another legal organization, another law firm, it's already laid out for them. There won't be any career repercussions for these guys. And then on top of that, the SEC doesn't, there's a fine for the SEC that's being paid by taxpayers, salaries being paid by taxpayers. It's all an interesting side. We won, but we lost. Yeah.

One other thing I wanted to say about the ordinals and runes, that stuff going on. I saw a tweet earlier today that was, I think, was brought to my attention by Ataback. And it talked about the difference between having an airport and then having a really interesting casino inside of the airport. And over time, people just love to come to the casino, but they have to buy an airplane ticket to get into the airport to play at the casino. And over time, 90% of the people are buying tickets just to get to the casino and they're not getting on any planes. And that tweet was really interesting. It brought to bear some real thoughts about what Tillman just had to say. So let's now dig into Arch because we haven't gotten an update. You guys may remember that I got really excited and I said, we're running this thing

and we're going to show you guys a $10,000 portfolio. And then I disappeared to the rest of the world and didn't come back. And I know a lot of you have signed up, met with Andrew, talked with Tillman, which you could check out, obviously, down below. But talk about the results, what it's doing, where we're at.

We don't need to dig anymore into how it works. Now we just want to know that it works. Yeah. So a good segue from your previous guest, John, he was talking about how hard it was to time the markets. It's impossible to time them. And that's one of the major benefits that we see to using automation, because you can have automation sit there and watch the markets while you're doing other things. And even if the opportunities only present themselves once a week or once every couple of weeks, you're being represented. There's something there on your behalf taking action when those opportunities present themselves. So I don't know if you can pull up a couple of the two trades that have taken place since we last met, Scott.

But if you can, I can walk everybody through that. I don't have that. I don't have. You don't have those. We will. Let's see if we can add them to the chat afterwards. But bottom line is we've taken two trades once, one on the S&P 500, one on the Dow. Both of them were gap trades. Both of them were short trades, and both of them were winners. One happened on the 9th. One happened on the 11th. On the $10,000 account, the performance report on the Dow was up $708, and the performance report on the S&P was up $356.25. So you're looking at about a 10% uptick in the last couple of weeks on two trades.

And so again, they're looking at these parameters that are set into the automation are waiting for the perfect time. And when the perfect time presents itself, you don't have to be sitting there waiting for it or with your finger on the button, waiting for that to take place. It automatically takes place. And then you can be notified in your TradeStation account. I remember when 10% a year on my stock portfolio was absolutely just murder.

You were popping bottles at a Pangea in New York City or something. Yeah. Well, and that's one of the things we were talking about earlier, Scott, about how the power of compounding is even more attractive in day trading, because if you can take that 10% and then you can apply it to next month's trades or next day's trades, you're putting it to work much quicker than you are if you're in some equity that you're holding for a year and then you have to wait until you cash out at the year point to then reinvest those dollars. We have, coming to our customers and something that we want to highlight, you know, we've really consolidated people's ability to sign up with us. So really, it's a one, two, three process coming here over the next week, week and a half. It's a, you know, open an account, deposit your, the amount of money

that you're going to trade, and then off you go. You don't need to sit in front of a computer. You don't need to evaluate the amount of, you know, what are your, what does your Wi-Fi look like? What are your computer specs? That's all going to happen inside of the system. And it's going to be, listen, we're all caveats aside. We're not a hedge fund. We'd never attempt to be one. We don't take people's capital. But in a lot of ways, it's like having a hedge fund in your pocket.

Very, very simple onboarding process. Very, very simple process associated with execution. It's not a time intensive thing. It's a time. It's a freedom thing. And we're very, very, very excited to roll that out to our customers. Can it trade degenerate meme coins on Solana for 70,000 percent gains in five minutes? Because this is crypto, man. We don't want that on our record both winners or losers uh i i don't get it so i i have to tell this so i was i was sitting in uh dubai just i did and i'm sitting outside waiting for a car to pick me up outside mario's place actually mario

and these three guys walk out and i take a picture of one of them and i send it to mario i was like i guarantee these guys trade meme coins three guys randomly in the streets of dubai young guys one of them is louis vuitton everything head to toe full full burberry matching all three of them are wearing royal oaks so i say the guy nice watch man can i check it out like he brings it over i I was like, yeah, that's cool. So you guys, are you doing crypto? Yeah, man. How'd you know? Well, you're 22 and you look like, you know, straight out of an ad or something. It's a walking billboard.

Are you trading meme coins? I said, yeah, man. You know, we just got into it six months ago. We've made so much money. He was like, actually, I'm feeling good because I bought this watch with meme coin profits and now the market's down and I still have the watch. So that's good. And then the guy says to me, the other guy says, you know, you're older. We just get to talking. He's like, what advice do you have? I said, sell literally everything you have right now. I did. And I said, maybe keep 20% of it and go have fun in the market. But like, if you've made enough money to be buying Royal Oaks and to be head to toe, like Louis Vuitton, you walk out of the casino when you're up, man.

Like, and they were like, really? I'll tell you one thing that's interesting about that. I love hearing stories about unlikely characters, you know, in the space. And I'll tell you why,

because if you look at what's happening right now, it's this merge of cultures. You have traditional finance coming in. It's such a heavy influence. But then you have all the crypto degenerates that have been in the space like us for a long, long time. And it proves the point that I've made a couple of times on other spaces, which is, you know, Bitcoin will be the common denominator in relationships going forward,

both individual relationships, sovereign relationships, corporate relationships, you name it. When you get on the Bitcoin bandwagon, you're willing to do business with other Bitcoiners, regardless of what they look like. And that's a real unifying undertone that we have not seen in a long time. And I'll tell you the last time I can in my lifetime point to it is the petrodollar. If you're from a country that produces a lot of oil, you have a seat at the table regardless of what you come from, what you look like. It's the people who produce, they get a say in the action and the people who don who produce, they get a say in the action and the people who

don't produce, they get a say in nothing. And so I think what we're seeing is this new replacement of the hardest asset category on the earth and oil and gold and all of these other hard assets are at risk, in my opinion, as it pertains to what really is the base denominator in terms of the relationships. You want to say something crazy since you just mentioned that and you gave me a segue unknowingly? Exclusive on Reuters today, Venezuela to accelerate cryptocurrency shift as oil sanctions return. I don't know if you guys saw this, but effectively the United States Treasury is giving them a fixed period to wind down and, you know, applying the usual pressure. And now the National Oil Company of Venezuela, which is PDVSA,

has largely already and is moving to tether. Yeah, it's all a little bit and then all at once, right? There is the movement is not going to slow down, right? You've got a wall, a wave wall of movement in the direction of, quote unquote, freedom money. And no matter what form it comes in, but it exists now, right? There's easy ways to get around this stuff. And, you know, I see it as a positive. I also, you know, go back to your previous guest, John Najarian, who's a legend, by the way. You know, the fact that he, that they've taken steps, these are reasonable people taking steps, taking steps in the tax space, right? Moving to Puerto Rico. You know, I, that's an interesting thing to connect to avoiding sanctions. Right. There are ways to adjust your lifestyle and how you handle money, you know, that puts you in

control, gives you more freedom. You know, Puerto Rico is one of those spots and a headline like that moving to, you know, cryptocurrency usage to avoid sanctions. You know, interesting stuff across the board. Before I let you guys go, Andrew, what's up with Morgan Stanley, UBS? I know you're always get the notes slid under his door. Then someone runs away and he looks around when they knock on the door and he looks around and nobody's there. Who's there? Who's there? Anybody? I look to the side. So the latest there is that internal to Morgan Stanley. So they put out due diligence documents to their financial advisors across the United States on April 5th. And so there was an expectation with, for example, BlackRock folks that things were imminent. They were going to open it up to their entire platform right then and there

within a couple of weeks. That's been slowed down by bureaucratic internal issues, but the new timeline now looks like end of May, early June. I was just told that yesterday. I actually shared a screenshot of the DM stuff that was given to me. And I can't stress this enough, that information and those timelines are coming from somebody that is very closely involved with BlackRock's iBit product. The other mention I want to put out there is Bitwise. I continue to be enormously impressed with their team. They are doing the Lord's work across the country. They have meetings every day, all day with RIAs, regionals, and larger wealth management organizations. They're going to have some announcements in the next couple of weeks. Yeah, there's the there's the post. Bitwise is going to have some announcements in the next few

weeks associated with some larger organizations that have, you know, billions and billions of dollars under management. So the train isn't going to slow down. It's going to continue to move. And, you know, in my mind, the ETFs put a floor underneath the price of Bitcoin. You know, not financial advice, but I'm going to continue to believe in the believer of the narrative associated with there being a buy wall there, you know, with Larry Fink. Larry Fink. He's actually looking at a porn site. Yeah, that's got to be a meme. That's got to turn into a meme, doesn't it, Larry King? I love it.

Oh, my God. If I ever go into porn, I'm not, but that's my new best friend. So speaking of tax advantaged, everybody go to thearchpublic.com. That's our site. Those are our algorithms. Our algorithms are tax advantaged um 60 40 rule we're not accountants but again the rule exists and it's associated with trading futures contracts so go to the archpublic.com we'd love to have you and we've been having a

lot of you so let's keep it going and scott next week we week, we'll make sure you have a couple of screenshots of the trades that take place. I know it's true, so it's fine. And I wouldn't put it on my show if it wasn't. But here you guys go. If you guys are checking it out, just so you see the site, it's linked down below. I know a lot. So Andrew and Tone, I know, have met a lot of you. Yeah.

Which is awesome. And I get the kind of DMs and the news, and I think it's been very positive so far. And obviously, listen, if you expect it to be doing 100 things a day, it's not going to. But if you're a smart and wise and seasoned investor like ourselves, and you're really happy with slow, methodical and meaningful gains prior for you yeah hey scott we'll we'll get you screenshots next week so that you can pull them up uh yeah perfect activity no stress no stress it's all right uh it's an amazing product all right guys from uh andrew tillman and myself aka larry kink uh we will see you guys tomorrow morning at 9 a.m.a. Larry Kink. We will see you guys tomorrow

morning at 9 a.m. Eastern Standard Time in our spaces. Thank you, guys. Bye. Let's go.