The Wolf Of All Streets - Trump Goes All-In Crypto | Bitcoin To Break All Time High

Episode Date: November 19, 2024

I am joined by Hailey Lennon, a crypto and fintech lawyer and Partner at BrownRudnickLLP, and Andrew Parish from The Arch Public.  Hailey Lennon: https://x.com/HaileyLennonBTC Andrew Parish: https://twitter.com/AP_Abacus  Unleash algorithmic trading with The Arch Public: https://archpublic.com/  ►►ARE YOU ON ROUNDTABLE YET? 👉https://roundtable.rtb.io/shortUrl/ApwkJIW ►► JOIN THE FREE WOLF DEN NEWSLETTER, DELIVERED EVERY WEEKDAY! 👉https://thewolfden.substack.com/   ►► The Arch Public Unleash algorithmic trading. Discover how algorithms used by hedge-funds are now accessible to traders looking for unparalleled insights and opportunities!  👉https://thearchpublic.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 #Trump 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.

Trump continues to go all in crypto. We're going to tell you what he has planned now and why that is the title today. And of course, Bitcoin pushing once again to make a new all-time high, 100,000, not looking distant at all. Is that coming soon or are we going to have to wait a while? We're going to talk everything, Bitcoin, regulation, macro, you know the drill. Of course, with Andrew Parrish and our special guest today, the amazing Haley Lennon. You guys want to stick around. Let's go. What is up, everybody? I'm Scott Melker, also known as the Wolf of All Streets. Before we Let's go. I know I said that I couldn't wait for it to be over so we wouldn't have to talk about it, but that was just a pipe dream because it's really still the only thing that there is to talk about regardless of your feelings about what happened in the election. Going to bring on the guests now, Haley and Andrew. Haley, great to have you back, Andrew, as always.

Good to see you. I mean, it's crazy everything that's happening right now. First of all, we can start here with the fact that we've got Truth Social or the operating group, Trump Media and Technology Group, looking to purchase the exchange Bakkt. That's B-A-K-K-T. I remember in like 2019,

making Bakkt that ass up jokes constantly because the biggest news we had in crypto ever, this was the level of institutional Wall Street adoption we had was that this exchange backed was going to launch and it was backed by the New York Stock Exchange and institutions were here. And it's been like five years and now we're talking about it being sold to the Trump media group. But the underlying story clearly here is that Trump is consolidating into this space. He really wants to see this happen. And if they own an exchange, that's big news, right, Haley? It's crazy. I mean, this is the first time we've seen a

presidential elect talk so much about Bitcoin and just be so informed about the industry, like know who the key players are, talk about exchanges. So, I mean, it is crazy. And I think if he gets involved in an exchange, he's really going to see the regulatory headaches that these companies comply with. And that might help some of the, you know, regulatory climate that we think is changing in a positive way. It might actually give him a hands-on experience into areas that could be eased up on a little bit. Andrew, how many tokens is Trump going to launch if he owns an exchange? How many? It's going to be like a pump.fun, but from the president.

Yeah, trump.fun. It's going to be trump.fun on backed. OK, so I'm just really struck by the truth of the regulatory shift literally moments after it was known that that electoral college victory as well as popular vote victory. And you're seeing it play out on a daily basis. Right. So there was this sort of understood belief that Bitcoin options were coming on the ETFs. But we had the Bitwise guy on, Jeff Park, maybe three or four weeks ago, and it was his belief as an insider, as anybody can be, that that was going to happen March of next year. Like, okay, they'll be ready to trade March of next year. They're trading today. Today, they're trading, right?

So the OCC and the likes of regulatory agencies just move immediately quickly and say, well, there's no reason to hold this back. I mean, Robinhood literally just relisting a bunch of things that they had delisted and listing Ripple, which they had never listed, right? Because of the regulatory unclarity. Tells you everything you need to know. Nobody's waiting for a new SEC chairman. Nobody's waiting for a new lead at the CFTC. They're all saying, okay, we're good. Yeah. So the lame duck leadership at all of those spots, they're not going to do anything. They're not going to jump in and say, hey, Robinhood, you can't do that. They're going to be like, OK, sure, sue me in the next 45 days.

Let's see how that goes. So, yeah, it is remarkable the expected regulatory shift and how companies are acting very, very quickly. Also, I find it interesting that BlackRock's iBit is the first to get options, the first without question, and others will follow. Who could have imagined that Larry may have his finger on a proverbial scale somewhere um so that happens so yeah it is it is unique uh to watch in real time the regulatory landscape dramatically shift from huge huge defense help help help save our company from regulators and legal challenges that are going to either shut us down or have us on life support to full steam ahead. How much can we actually do? Isn't this fun in about a three-week period? There was already this domino effect happening, especially with the SEC, with these,

like the industry getting wins against Gary Gensler whether it was Grayscale or some of the filings that Coinbase and other exchanges have won against the SEC like there was already this domino effect happening and then this was sort of the last domino to fall and I think all the sort of gusto is out of Gary Gensler. Like he doesn't have his sales don't have any wins in them anymore. He doesn't have anything pushing him to feel empowered. And I tweeted that after the election that that was sort of my biggest takeaway was that it was nice to see regulators be just a little bit humbled because the industry really has tried to work with these regulators. If we were in an industry where all these exchanges had said, no, we don't want to come

in and talk to you. No, we don't want to get a broker dealer and try to comply. That would be one thing, but the industry really has. So for it to be sort of a wake-up call has been really refreshing. And as an attorney, I was talking to Andrew about this the other day. I have a whole new sense of like invigoration because I feel like I can represent clients and not just tell them no. We were lawyers were being put in a really hard position to like, I can't wave a magic wand and tell you there's no risk because everyone's at risk. And now it feels like that is really changing. And that's... I was going to ask you that specifically, Haley. Obviously, you're proud and runnick. You guys have a huge crypto practice, right? And I have to imagine that you were trying to navigate this regulatory environment that was changing on a day-to-day basis for all of your clients. And to your point, just having to tell them no. We don't know enough, so no is the safe answer from your lawyer. I mean, how much is this going to change for you? I mean, we have Trump apparently floating the idea that there'll be no capital gains on any crypto launched in the United States,

which means every crypto company on the planet is going to open an office here. It makes it so much. I mean, when I first got into this space, I was at Silvergate Bank. And even though it was early on, there was still the there was still excitement and like proactive regulations, exchanges getting money transmitter licenses and look and launching new products. And even, you know, New York DFS got so much shit for the bit license, but they were still interacting with companies and figuring out what they could approve. And so like, if we can get back to that, where it's more proactive building in the United States,

that's just going to be, I mean, obviously amazing for clients, but it just makes my life and job better too, because I've been a Bitcoiner forever. Like I want to see- It's going to be fun. Yeah, I want to see this- It's literally going to be fun. Yeah, you know, and these companies spend so much money on legal fees.

And then to tell them, you know, the last thing I want to tell them as a United States attorney is, oh, go to a different, you know, go offshore, block the U.S. So I think this is going to change everything. I'm already seeing it. I think that just the, yeah, just the momentum has shifted completely over the last few weeks. It's crazy. Well, one can make the case that, you know, the tea leaves are, and certainly a lawyer can't speak to tea leaves. That's kind of not their job. But the tea leaves are, okay, you know, Trump's launched a coin or two.

So that's probably the bar of what you're allowed to do on a go forward basis. So, you know, act as if, like if you, if you want to do these things, well, you know, the president elect is, is, has done X, Y, and Z. So you're probably good if you're, if you want to pull something like that off. It's, it's, again, it's, it's in real time watching, you know, Gensler write a dear john letter uh last week that was just full of you know stuff that didn't happen and not reality um hey i i i approved the bitcoin etfs you know like you were forced to do that yes um cried on his way to the car literally from his like acceptance speech like i wouldn't have done this but but I respect the courts, but also, fuck you guys.

I'm taking my ball and I'm going home. I mean, that was the most reluctant acceptance in history. But to your point, history will probably remember it as Gary Gensler approved these and his narrative and the government's will be that we waited until a time when it was appropriate

and the asset class was large enough and these assets were safe enough and we had vetted custodians to approve these things. I mean, we know how history will remember it. Gary Gensler will inextricably be tied to the approval of the Bitcoin spot ETF for better or for worse. Well, remember, and we've all forgotten this because I literally just remembered it. Like the Ethereum ETFs were dead. Absolutely dead. Better than dead.

And then boom, inside of 24 hours, there was a political shift. And, oh, they're not dead. We're now going to approve them. And all of the issuers were like, what are you talking about? Your lawyers were penning denial letters last week, and we haven't done an ounce of work on these in months like i talked to to to issue work they're like we're gonna play catch up i don't know how in the world these are going to be listed in the next couple weeks like that's that's impossible and so again you know forgetting what has happened and to your point scott that in the end history will be like yeah genzler was the

guy that approved this that started you know and so so you know three years from now we're gonna have a mudang etf we're like well genzler started the somebody filed for a hedera one godfather of mudang etf so there is no mudang but it's a little further down the uh asset size curve than i would have expected for people to be jumping the gun on. But it does, I think, give you a hint as to what's likely coming. And now Gensler's gone, right? It's a matter of time. He sort of had that reluctant speech the other day where he said, it has been a pleasure working with all of you and an honor. And we know that he's going to leave right so we have dan gallagher from robin hood being floated as a potential but i saw yesterday now brian brooks who was the head of the occ went to ceo binance us there for a while not for very long i think he lasted about six weeks before he looked under the hood but either way i mean you're talking about one of the very early pro crypto people potentially also coming back i mean hayley they're all just figureheads at this point we know what's coming right i mean any of them could be the head. We know what the general policy and direction is going to be.

I think it's a huge shift. Yeah, I mean, I think that no matter who gets in that position, I mean, for a long time, I was hoping it would be Hester Peirce. I think I heard that she's not interested in the role. But I think any of those options are wonderful and very informed on the space. I mean, I worked with Brian Brooks at Coinbase. I'm biased, but I think he would, I mean, he would be my top choice. I think he's seen it all and at the OCC was very proactive, but thoughtful too on how nationally chartered banks could custody and be involved in Bitcoin and stablecoin.

So I don't think that he's so pro-Bitcoin or crypto that he throws caution to the wind. And I do think that's important because going back to what we were just talking about, I think that we're going to see a huge decrease in sort of like SEC enforcement and, and enforcement in general from regulators, but that still doesn't prevent there being harm from like actual fraud. And I think, yeah, we're going to see more and then more class actions, more, you know, personal lawsuits. And so, yeah, I think, I think just having someone in that role that is informed informed but thoughtful, because I always thought, you know, the SEC actually could be a good regulator to prevent fraud.

Fraud, not unregistered securities, not these, you know, sort of registration type violations, fraud. The SEC was a very highly respected agency for most of its existence i remember in the 9-11 years in particular like they were highly touted highly respected largely doing the right thing and we are going to if we open the doors to everything crypto in the united states there will be more fraud yeah there will i mean it's just uh oh you you know, we've seen the Nigerian princes and the fake sweepstakes winners and the calling your grandmother and telling her that the IRS is coming for them. That stuff's all easier in crypto. Right. And so, you know, if you think about if that was more of the focus and even the FTXs of the world had been, you know, caught sooner by any regulator. You know, I don't think there's anyone in this space that's pro-fraud. They're pro-freedom and pro, you know,

open markets and crypto and Bitcoin. But none of us want fraud and like actual consumer harm and people getting scammed out of stuff or like you said, helping this industry be legitimate, get rid of the fraudulent activity and making clear regulations for the companies that do want to be, you know, on the up and up in the industry. I think that that'll be really great for everyone. Well, we're at a point where markets are almost demanding an opening up of crypto as an asset class, as opposed to being coined as crypto asset securities. Those days are over. And you have, again, we had an announcement maybe a week and a half ago that BlackRock announced what they're using for their Biddle platform, right? Their Biddle platform is on

Aptos and Avalanche and Polygon and something else and something else. And it's like, okay, you know, several of those were classified as, you know, problematic and should be removed from exchanges. And now, you know, BlackRock and Larry Fink are announcing that they're building systems and building rails for tokenized real-world assets and potential exchanges in Texas, by the way, to run 24-7. So that is the markets speaking and giving permission in a passive way that crypto's here to stay and it's going to grow. And what we all thought it would and could and should be four, five, six years ago, and kudos to all of us here on this show, because we had the foresight

to know that, you know, there's a future here. And it's not just stupidity. It's actually there are use cases, and the ability to move the world of finance forward. That's happening right now in real time and being announced. And, you know, right, let's, let's remove these tiny, tiny guardrails of Bitcoin and Ethereum are the only thing that's basically legal. All right. That's now going to be widened and, uh, you know, real stuff is going to be built. And there's more evidence that this is all happening. Haley, you mentioned one Brian from Coinbase that used to work with, well,

here's another Brian from Coinbase with a bigger name, Brian Armstrong, Trump to meet privately with Coinbase CEO, Brian Armstrong. You may remember how name, Brian Armstrong. Trump to meet privately with Coinbase CEO Brian Armstrong. You may remember how many times Brian Armstrong tried to get a meeting with Gary Gensler and couldn't even get in the door. SPF could. But you might remember that Brian would complain about this all the time. Listen, you're regulating us. You have enforcement action. I can't even sit down with you to see what is or is not legal or what is not regulatory approved for me to do.

Well, the meeting between Trump and Brian Armstrong will mark the first time the two have met. And as comes as Trump continues to fill out his cabinet and other senior posts, Trump, formerly a crypto skeptic, has turned into a vocal supporter of the administration. And the duo is expected to discuss personnel appointments for the second administration. So you may remember in Nashville and since Trump said, I'm going to appoint a crypto counsel. I think that one of the things that people are so positive about on the Trump administration, whether they like him or not, is that it seems like he's going to at least attempt to appoint people in positions who are younger, more knowledgeable and let them run with it.

And it seems like going and sitting down with Brianrian armstrong and saying hey man who should be in the cabinet who should we be appointing for various roles who should be running crypto in the united states when you already have rfk lon vek rama swamp literally everybody that's been appointed as pro crypto already i mean this is just a huge title shift in my opinion of the government's approach i know we keep saying it, the regulators and everything, but there's so much evidence that they're trying to do the right thing for our industry specifically. Well, you can't ignore, and this is politics 101, you can't ignore the money that was spent in this cycle by- 45 million, just 49 million to fair shake from Coinbase alone, by the way.

Yeah. So it's impossible to ignore that. It's impossible to ignore not only a huge number like that. And then in totality, the aggregate, the number was much bigger. You can't ignore that. And you can also ignore knowing that it's going to get larger. So, you know, that's probably the foundation of the pro crypto stance beyond freedom. And, you know, probably also the reason part of the reasoning behind the meeting with with Brian Armstrong, it's it's really interesting, it's playing out in real time. And for us as, you know, let's call it, you know, industry insiders, it's, it's really fun to watch. It's really, it's really something, you know. It is. And I think that, like the, the ability to embrace this industry and allow it to grow all has to do with education. So like industry insiders,

we have a responsibility to help educate, whether it's people that, you know, speak in front of Congress or go talk with the president. Like the, this is not a super easy industry to just dip your toe into and understand it all. And so the people that are informing those dialogues are really important, right? Like you mentioned the SEC meeting with, with FTX and Sam Bankman-Fried. Maybe that wasn't the best person to be meeting with and educating and forming narratives. Looking back, right? Hindsight's 2020. But I mean, someone like Brian Armstrong and Coinbase, again, I worked there. I'm sure I'm biased, but they, you know, a lot of people refer to these exchanges as sort of like casinos now.

But Coinbase got so many early Bitcoin adopters into this space, has chugged along, getting all the, you know, MTLs in the early days, figuring out the banking issues, becoming a trust, you know, company, doing custody. I remember when they were involved in helping educate and even maybe on board involved with Tesla when Tesla was looking to accept payments, like they've chugged along, gone public, started from, you know, similar to a Jeff Bezos story, like started from, from a garage or a basement and turned this into this huge public company, all while, you know, trying to comply with regulation. So, you know, I think that a lot of companies like Coinbase that have been around for a long time, those are the perfect people to explain the journey and the environment and the players in the industry. And so that, that educational component is huge to understanding how to embrace this,

you know, huge industry and it changes every day, right? DeFi is just this constantly evolving. There's new products. It's, it's a lot for, for the government or regulators to wrap their hands around. So I, you know, I think that I'm sure a lot came from that conversation. Well, and generally speaking, you know, our industry moves at light, you know, at the speed of light. I mean, it just moves so, so fast. And that's very, very difficult for government and government agencies to get their hands

around because they move at the opposite pace, literally. So, you know, this type of meeting and what comes of it, you know, the foundations of which are not only, you know, political in nature based on the contributions that happen, but also Coinbase is currently, still remains the custody partner of nine of the 11 Bitcoin ETFs that have taken in, you know, $90 billion almost in total AUM as it stands right now, I think. And I think the inflows are, you know, close to almost 50 for the first 11 months, which is wild. So there is a huge tidal wave of an industry that now exists and is part of the fabric of traditional finance and is growing at a pace with which nobody expected. And then at the same time, made huge

inroads into getting pro-crypto candidates elected this cycle. that that you can't ignore it you just can't ignore it if you're um a political being um and thus is the nature of washington dc no matter who um is is sitting at the top um in the white house so you're seeing the consequences so to speak of an election that was influenced by you know the pro-crypto movement. Wow. I mean, Haley, I know that you probably have to go in a couple of minutes because you have a job as a lawyer. You're probably very busy now with all this. But how do you view the best case scenario here? Framing, let's say, I know that they have about two years to legislate and regulate before there's another election. And we usually see kind of the pendulum swing, at least

in one house. But seeing all these appointments, seeing all these meetings, seeing this news about buying back, I mean, is it going to be a free for all? I sort of view it as like, we've talked a lot about how bullish crypto is and how amazing it is. This is kind of our chance to prove it. Yeah, I think so. I mean, I my like best case scenario, there's been a lot of talk recently about, you know, choke, choke point 2.0 of the banking sector. I mean, I think the number one area that the industry can, you know, see a lot of improvement on is just the relationships with banks, which is so ironic, because I know the idea behind Bitcoin is be your own bank, and we don't need banks and sort of getting out of the traditional system. But you

know, these companies that have had trouble with banking, the efforts that Brian Brooks made when he was at the OCC, that once he left, and the administration changed, they kind of went fully back on everything he had done about national banks being able to do all these things with Bitcoin. Like, I think that's a really exciting direction. I think what we're seeing with like the Bitcoin spot ETFs and the options is just, yeah, this, this continuation of more traditional financial instruments coming into Bitcoin and that helping adoption in general, right? Because that helps businesses that want to get in, you know, if you take options, for example, that allows for a lot of like price

discovery, hedging against the market volatility. It allows businesses that want to accept Bitcoin to have different strategies to do so. And so, yeah, I think that the direction we're headed with that and then just companies being able to, you know, a lot of times people think that the SEC only sort of burdened altcoins, but it was the SEC that, you know, came down on all these lending products like that different exchanges were trying to launch and the Bitcoin spot ETF, which by the way, you know, Winklevoss put put out the first application for that in 2013. So you don't forget that too. That's, you know, that's 10 years of effort. So, you know, yeah, I think I think the pendulum is swinging to the extreme, but I don't think it will ever swing back to the years of sort of

turmoil that this industry had and crypto banks being shut down, enforcement actions all over the place to very legitimate businesses. I just think those days are done. And that's great. I mean, it's interesting. We had the, you know, first they ignore you, first they laugh at you, then they fight you, then you win. You know, I think we all admitted we were in the then they fight you phase. But I think it's sort of surreal to be in the then you win phase because there was certainly no guarantee that was going to happen. But to your point, I think the pendulum will swing very far and maybe we'll get even too loose. And then we'll come back to some equilibrium of very reasonable sort of regulation legislation but i do view this as the time to get things on the books well and that's that's even a political discussion discussion too like there's been there's

been all sorts of political regimes that were in fight mode to to get elected but then once they get elected do they know how to govern they may know how govern? They may know how to message, they may know how to do those things, but then can they then govern within the structure of what our government is? That's a different question. So that will be the task going forward with crypto. Can it govern itself in a meaningful way so as to not ruin its reputation? I have my doubts. Yeah, it almost completely did. We've tried that before.

With SDF, right? Can we avoid those types of situations on a go? Andrea Haley has to go back to her life as a lawyer. Guys, follow Haley Lennon BTC. We got to get you on here a lot more often. I love that. It's great to chat with you both. Thanks for having me. Thank you me so much we'll see you soon okay sounds great bye i mean i i think the option this news cycle is just blowing my mind i'm sorry it's just so much i mean you just cook through

these things every day spot options today no big deal like for six months like that would be the most bullish thing ever right now you buy let's buy an exchange cool totally fine like it's just yeah so so remember it's hard to keep up i mean micro strategy this dude bought four billion and then is raising another 1.2 billion on the exact same day while also raising 42 billion yeah and this is all coming these used to be like if we got one of those announcements in a month, we'd be all pumped up and we'd live off of that high for two to three weeks. These all happenedth. It's Tuesday the 19th. It's been eight days. It's about to hit 400 bucks. It's a 30, 33% move potentially on MicroStrategy in a week after it was at 200 two weeks before that. Yeah.

So, and we've seen the requisite moves in Bitcoin as well. Right. So, as I think I put out a tweet yes yesterday maybe 60 days ago bitcoin was at or underneath 60k well it's at 91 plus right now um you know that when the shackles are removed you know the assets are able to run a little faster and you know that that that's kind of where we're at like where do we go from here? Where does the industry go from here? And the leaders of the industry have run like crazy in the last four to six weeks. They just have.

And people that own those assets have been, you know, exceptionally pleased. Now, I think, by the way, i'm not a you know microstrategy has been a great you know equity to own i think there's a there's a pocket of the industry that has gotten a little bit weird about microstrategy and you know making it their entire identity you know there's a there's a couple groups on on what's called twitter slash Twitter, which irresponsibly long microstrategy. I mean, the infinite money glitch, it can never go down. Yeah, it can never go down. Can't. It's scientifically impossible.

Right. There's no possible downside. Those usually go bad at some point. Which could just be one huge flush. I mean, literally MicroStrategy could go from here to 300 and back to here and all those people would be dead and broke. Yeah. So that's my point. So if you're that over the moon about MicroStrategy because they own Bitcoin and keep buying it, why not just own Bitcoin? I know there's some nuance there and that's fine. own bitcoin and keep buying it why not just don't bitcoin i i don't i don't um you know i know

there's some nuance there and that's fine um you know all great and powerful michael saylor okay cool that's good but there's been there's been you know bitcoin jesus guys along the way and he just happens to be the latest um Pretty good at it, though. So we'll see. Yeah, no doubt he's good at it. No doubt he's kind of figured it out. But those people have kind of, it hasn't ended up well for them. So, you know, we'll see.

We're going to find out. Haley mentioned, obviously, the ETFs and the fact that the first people to file for them were the Winklevoss twins, some very tall twins that looked alike that I may have alluded to last week. Now, I was supposed to be in, you're going to New York today. I was supposed to be there today. It got rescheduled tomorrow. I couldn't go tomorrow. It's still happening, but you're going to be in New York because of this amazing thing right here. This is not on the ArchPublic website. This is on the Gemini website. And here it is. We teased it. We sprinkled it. We've lightly talked about it. Try ArchPublic with Gemini.

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The whole point of automating something is so that you get the best price consistently, including when you're sleeping, when you're on vacation, when you hurt your ankle and you're in the hospital, that shouldn't happen to you. Why do you believe that you can do it better?

I dare people to chat GPT and you're in the hospital, that shouldn't happen to you. Yeah, so- You believe that you can do it better. I dare people to chat GPT the 10 most positive quotes about Bitcoin. And what you're gonna find is 2013, 2015, 2017, 2020, 2021. Did you buy Bitcoin in those moments? Or did you wait? or did you hesitate? The whole point of this tool is it's automated. You're not doing it yourself.

OK, and so, yeah, it's a it's a it's a powerful tool. It does it for you. You don't have to make that decision on your own and be so price sensitive, right? The reason why people watch Bitcoin price levels like a hawk is because they smash bought a hundred grand of it at 57,000. And then it went to 13 when SBF screwed us all. And you're like, I'm never going to make my money back, right? This avoids all of that. And so, yeah, it's cool stuff. We love the skeptics because happy to prove them wrong. It's going to be, this is something that's going to be ubiquitous across not only Gemini's platform, but additional assets as we go forward. So.

By the way, guys, not this specifically, although I'm going to call the guy and we're going to have a conversation. Sailor should be using this, but But like this is the kind of thing that these sailors and people who are trying to buy billions of dollars of Bitcoin and not move the market and get the best price are doing. And they're paying much higher fees to do it. Right. If we're talking about the sailor strategy, if you think Michael Saylor or somebody on his behalf is sitting in front of a laptop uh 24 7 365 looking for ways to buy a billion dollars on exchange of bitcoin without moving the price and to get the best price and that person's doing that as a charitable uh profit then you are literally smoking rocks and send me some but that's not that's not how this works, guys. Yeah, no. The reason why we call it an

institutional grade tool is it is an institutional grade tool. Someone said Taylor buys over the counter. That's not true. I think that they execute a complex strategy, at least initially they did on Coinbase. Yeah. So you can't smash by $1.5 billion of Bitcoin and get a reasonable price. You can't do it. You just can't. So yeah, no, I get it. We love the tool. Gemini loves the tool. We had tons and tons of people sign up for it yesterday. The same thing will happen today. And for us, it's about when was the first time you regretted not buying Bitcoin? And everybody remembers that moment. This tool allows you to forget those moments on a forever basis and to automate your purchases down to every 30 seconds.

And oh, by the way, if you're a human, you can't sit there and buy Bitcoin every 30 seconds. Your finger can't move that fast. So, yeah, we love the tool and and we love where it's headed and uh listen our products on the fiat side um have that have crushed right so just your ten thousand dollar portfolio is up more than fifty percent since we started talking about it so we have a long history of creating algorithmic tools that people end up loving and using. And so in the same way here, we're going to do it on this side of the ledger and allow people that are current customers to take the returns

that they're generating on the fiat side, move those returns into a Bitcoin algo and further compound those returns. So, yeah, strategies that work. Just pivoting real quick before I let you go, something I want to talk about and you happen to be here. So this Robinhood news broke today. People may not have seen this, but Robinhood to acquire Trade PMR for 300 million to boost advisory business. I'm telling you about this because Trade PMR is one of my best friends. He was like the last standing wholly individually owned RIA in the country. He's a local from Gainesville, Florida, my friend Rob.

And this is just a huge congratulations because, you know, this is a absolutely massive thing for him and a massive thing for Robin Hood. It's funny because obviously this was all NDA. Nobody knew about it, myself included. You know, I had hints that he had been trying to sell in the past. And we were sitting at a dinner in Vegas with Mike Alfred and James Lavish. And they were sitting here. And I didn't realize why my friend Rob, I could tell he was dying at dinner because they kept saying, well, we need something that's going to be a crossover between crypto and TradFi. I didn't know at the time it's amazing now uh to see the news break and to understand why but robin hood is effectively as you look at this so we saw

obviously them relisting things but i mean they're launched credit card desktop trading yep they're becoming an ria they are this is a 300 billion uh 300 uh wait no so it was a 300 million dollar deal but i think trade pmr was like 40 billion i can't remember 30 or 40 40 billion in assets yeah if robin hood also becomes a registered investment advisor owning this and then a custodian so this is a custodian as well which is the big news i mean robin hood outside of like i'm super proud of my friend and super thrilled for him like what robin hood is doing here to consolidate all financial services with crypto then being a huge part of that is not to be discounted. Yeah, Robinhood is they're grabbing an opportunity here.

So in the past five years, the custody business for RIAs, which, by the way, is the biggest portion of financial advisors in the country. Not all advisors work at Merrill Lynch, UBS, Morgan Stanley. In fact, a much smaller portion of advisors work at those firms. And RIAs are ubiquitous. So RIAs, you know, had like six or seven or even eight custodians to choose from to be the underpinning of their business that they clear trades through, yada, yada, yada. Well, that's consolidated to about three. And because Schwab and Fidelity bought a couple, it's just consolidated, right? So Robinhood is seeing an opportunity to get into that business.

This is to compete with Schwab. Right. That's exactly right. I mean, this is how you take a real chunk out of Schwab's business, not just on trading fees. That's absolutely. And again, trading allows institutions to use Robinhood. That's correct. That's correct. So this is a move to adult. This is adulting for Robinhood is what it is. It's a move to become a custody option for RIAs. And by the way, Robinhood is well known from a branding standpoint.

And so they will gain some traction. So the next three, four years, you'll see them as somebody that people choose to custody with. Yeah. I mean, people might not know, but you know a little something about the RIA business. I do just a smidge, just a smidge. For those who don't know uh andrew and advisor hub which basically was the de facto place for information conversation community around rias one day i'm gonna have are you allowed to publicly share the sale story yeah yeah i mean you know one day we should get into that because it's quite interesting there's no doubt when i sold the company and who i sold it to um people that, especially people that watch this show that are in their 40s and 50s, they'll find it absolutely fascinating.

Oh, we're going to do that one day. It's so good. It's so good. It involves Enron, pregnant strippers. That's the buyer. Not me as a seller, that that was the buyer he was he was it's i've heard it probably three times now and and it's still riveting and when i watch other people hear it for the first time their eyes get so big yeah we went to dinner in texas and like i had a bunch of my friends from

home that came for the gator game and they were yeah just watching the reactions was it was speaking of the gators big win over l LSU this, this past weekend. Huh? Bounce back from that. You know what happened? Not exactly what we saw in Texas. Didn't even last past the halftime, but Hey, what are you gonna do? All right. Any final thoughts, man? Anything else you want to share? I would just encourage people head to obviously archpublic.com. It's changed from the arch public or you can go

check it out on gemini but uh like you said kind of 90 days to test this thing out anyways so i think it's a good time for all of you bitching about fees and costs and stuff hey just go see if you like it and if it's worth it yeah it's great stuff and i just i just continue to be impressed with the price action of bitcoin um you know there's been no meaningful pullback from the 90s. And that really is, man, the strength of it right now is really something. Garrett says Napier is going to keep his job. Napier was re-signed for 2025 two weeks ago already.

So he had already kept his job before they got slaughtered at Texas. But anyways, that's all we got for you guys today. Check out AP underscore Abacus on Twitter, even if he's slightly shadow banned occasionally. And obviously ArchPublic.com

to check this out and all the other algorithms that have been just absolutely smoking the market since the day we started. Alright guys, that's all we got. Thanks, Andrew. See ya. See you guys soon.