TRUMP'S CRYPTO RISK, THE CRCL TRADE, MARKET VOLATILITY

Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:05):
GM, everyone, and welcome to episode 30 of Underexposed, our
weekly macro show hitting all the biggest topics and trends
hitting crypto and broader web brief today.
Today is Tuesday, June 17th folks and piercing volatility

(00:27):
continues to be the theme of 2025 with the latest driven by
the Israel Iran war. Now concerns the US is going to
get involved. Crypto majors have sold off.
Feels like there's more fear on the timeline.
Our question today, are we goinglower or is this a dip to buy?
We're going to break it all downon today's show.

(00:49):
I'm your host Tyler D. I've got two of my Co hosts in
the house. First up, DS art collector, coin
stacker and trader GMDS. How you doing?
Doing great now. Rest in peace Peter.
We lost him this week. He's in a hotel with bad Wi-Fi.
Yeah, we'll do our best to fill in the the macro ticks from
Peter. It's going to be a tough one,

(01:10):
but you already saw a little bitmy illusion to to Peter with the
piercing volatility intro. But it continues seriously, to
be just a week over week theme in 2025.
It's it's pretty wild how that prediction has played out.
And now we're halfway through the year almost.
So I think we can call it a veryaccurate prediction.
Jeeps, you're back. We missed you, folks.

(01:32):
You. Don't know Jeeps, he's an early
stage crypto VC, dabbles across Internet capital markets, wears
a lot of hats. Not wearing 1 today for our
stream, but that's all right. Jeeps, how you doing?
Hey guys, GM, it's good to be back with you.
Missing Peter piercing volatility Jennings, but he
lives on while we're here. And he's not wrong.

(01:54):
It has been piercing over the past week or two.
A lot of ups and downs, lots to talk about.
Piercing Peter. We'll have to maybe make that
his nickname when he's back. I'm sure he he he's loving this
if he's listening along. Folks, we've got a lot to get
into on today's show. We're going to talk some macro,

(02:15):
the big headlines from the week,the, the Trump's getting deeper
into crypto. We've got the circle trade.
We got to go deep on the circle trade pump fun token launching
and it's kind of want to talk a little bit about just general
trading with DS. I feel like it's been quiet out
there the the past couple weeks,so we're have to get into that a
bit. A few housekeeping items.

(02:36):
First up, we're live on Kik, so we are part of that the broader
show umbrella with FOMO, our underexposed and radio.
You can find us on D Jin's live.I shared the the link over on X,
so go catch that. If you want to watch the stream
for today's show, give us a follow on Kik as well.
We will be streaming exclusivelyover on that Channel here going

(02:58):
forward across all of the show. And as always, quick disclosure,
The opinions expressed on this podcast are those of the
speakers and do not reflect the views or opinions of any
organizations they are associated with.
You're here to share insights, provoke thought, and maybe even
stir some debate. But this is not, I repeat, not
financial advice. While we talk about markets,
investments, and trends, remember your financial

(03:19):
decisions should be made with the help of your own research or
the advice from a licensed professional.
All right, well now let's get into it.
I'm going to fire up the the screen share for those who are
in the stream. You can follow along with us
here. Taking a look at the the crypto
board, it is red, pretty much washed in red.
Bitcoin one O 4-5 down about 4% on the week.

(03:42):
He's hanging out 2514 it's down about 9% on the week.
Solana 148 down 6% on the week. A lot of that down, it was
actually happened in the past 24hours or so.
So we'll we'll get into that. Stocks have been mostly hanging
out, OK, kind of hanging out at at all time highs.
They are a touch red today. You can see the indexes are down

(04:04):
about .1 to .3% ahead of FOMC tomorrow.
It looks like the CME futures are showing 99% chance of no
cuts. So expecting no fireworks
tomorrow will be a huge upset ifwe do get any kind of an
announcement from Powell tomorrow.
So I think set your expectationsaccordingly.

(04:27):
The biggest news macro wise of the past few days has been the
Israel Iran conflict. War could be the correct term at
this point. And then some escalating
rhetoric. So last night we had President
Trump tell everyone to evacuate Tehran.
Then China came out and told everyone to evacuate Israel.

(04:48):
So it seemed like things were ratcheting up.
Trump left the G7 early. Seems like he told the NSC to to
get prepared in the Situation Room.
So I think a lot of folks expected something big that
happened last night. I don't think anything more
major actually did happen. So we'll see if it happens
today. But I'm showing the odds on
Polymarket now. Folks expect 60% chance of U.S.

(05:08):
military involvement in this conflict ahead of July, so in
the next two weeks. So that has been a substantial
change. We will see if that prediction
plays out, but that's the biggest thing driving macro
along with FOMC tomorrow. On the crypto front, the the
treasury firms that continues tobe one of the biggest running

(05:31):
headlines. 2025 GameStop up their raise to be 2.25 billion
to buy Bitcoin. Metaplanet has now reached their
10,000 Bitcoin target, but they're aiming much, much
higher. We had Trump media get approved
for their $2.3 billion worth of Bitcoin buys.
So they're not slowing down anytime soon.

(05:54):
The Trump's just continue to getdeeper and deeper into trip into
crypto. They are a part of the the
Justin Son Tron IPO that is coming soon.
Though Eric Trump has has since walks back that he may not be an
advisor, but it seems like they are intertwined in that deal.
And then this was a very interesting story on Decrypt

(06:15):
from yesterday. Crypto is now Trump's second
most lucrative source of income.And this is from 2024.
So these are all disclosures related to to his activities in
the past tax year. So I expect in 2025 it'll
actually even been bigger. And that is unsurprisingly made
a lot of folks upset and growingconcern.

(06:36):
That is one of the single biggest risks in the crypto
space at this point in time. Round this out, we had Circle
stock just absolutely sore. It's over $150.00.
I know Jeeves has some strong takes on that.
We'll get to that in a a bit. JP Morgan teasing the stable
coin hype hit a new all time high before the pull back and we

(06:58):
finally got a fart coin on Coinbase.
So those were some of the headlines from what was again a
a very busy week. We don't have Peter, so we
probably won't go as deep on, onmacro.
But Deez, I can toss it to you. I think that the, the question
here, we've got piercing volatility continuing.
Are you surprised at how relatively strongly crypto has

(07:21):
held up? Kind of what what are your what
are your thoughts on how things have been moving over the last
couple weeks? Yeah, I mean, I'm not too
surprised. I always look at stocks 1st and
stocks are relatively strong. So I would expect crypto to, you
know, still hold up in an environment where stocks are
strong. I think as more and more, you

(07:42):
know, missiles get thrown aroundin the Middle East, it kind of
impacts the markets less and less until there's, I feel like,
you know, World War three concern, in which case I would
expect markets to go down a lot more.
But it almost feels like I don'tsee the boy who cried wolf
because there's definitely actually a real, you know,
missiles being thrown around andpeople having to deal with the

(08:06):
sad, you know, repercussions of what governments want to do to
each other. And, you know, they're just
civilians and sucks. But I feel like overall the
market, you know, we've seen, for better or worse, feels like
a dozen instances of this over the last couple of years.
And it's just like, why are you selling into this?

(08:26):
I think people, for the most part maybe learned not to do
that. So I'm not really surprised at
all by the relative strength. I think until there's, you know,
bigger and more dangerous booms,then it's going to be relatively
strong still. Yeah, I'm with you.
I feel like we sold off a bit more perhaps in in 2024 on some

(08:49):
of the Middle East news than we have in the past week.
And I brought this up on FOMO air, but we sold off more.
Bitcoin sold off more. When Trump and Elon got into
that public fight a week and a half ago Bitcoin dropped to
100,500 than it did amidst this actual war between Iran and
Israel with with missiles being fired across borders with a low

(09:12):
we've seen so far has been one of the 2/5 late on Friday
evening though we are in kind ofnasty sell off right now.
So for folks who were following yesterday, we rallied back over
one O 8 on Bitcoin and it has been pretty much down only ever
since and I'm not totally sure why Jeeps curious for for your

(09:33):
thoughts any any high level takes here before we get into
more specifics it's. Just tough to see, you know,
watching some of the videos fromover there, just horrific stuff
parts out to kind of people affected by this.
It it is clear that, you know, the US is in intervening in

(09:53):
different ways. You know, Trump says he wants to
end this conflict. There's a there's a lot of
posturing going on right now. That's kind of what I'm
grasping. There's posturing by the US,
there's posturing by China, there's posturing by Israel,
there's posturing by Europe. Even Europe popped in saying,
you know, they're, they're backing Israel and wanting to
take down the current Iranian regime.

(10:16):
And so with that said, you know,there's a lot of scary
situations that could unfold here and then there's a lot of
positive situations that could unfold here.
It's clear that things are goingto probably escalate before they
tamper off. Is is my take.
So watching markets here, I'm kind of with DS on this one.

(10:39):
I'm not really selling anything.Yeah, I'm, I'm buying some stuff
actually in this moment just because as we always talk about
piercing volatility, you know, we also talk about things being
transitory and the memory of folks being pretty short.
And so I think once you have some type of a situation that

(11:01):
can, you know, deescalate and wecan move forward in some ways,
whether it be positive or a negative outcomes, I, I think
markets just go higher from that.
So I I'm just trying to positionthat way.
I'm with you there, which I, I think makes this a, a dip to
buy. I, I don't know how low the dip

(11:21):
goes. What, what are your, what's your
gut read on how long this conflict last?
I think we we talked about it a bit on FOMO this morning and our
consensus take broadly was this is going to be fairly quick
really. Quickly, I agree.
Yeah, I'm, I'm with you. This is like something's going
to happen in the next week to the next month.

(11:42):
Whether it's military intervention, whether it's some
type of a treaty. I think it's going to be fast.
I agree with you. I don't think this drags on all
summer and all year. Which is good.
I think that. I think it's good, yeah.
It's coming to, it's coming to ahead like they're shooting
missiles at each other. We're coming to a point where
something's got to give here. Yeah, on the spectrum of what

(12:05):
good outcomes look like and thenquicker resolution generally is
better. I'd, I'd say within the next
week probably my, my somewhat hot take there.
So we, we will certainly see. I was pretty happy with how
Bitcoin and broader crypto had been holding up.
Of course, we're we're going back lower yesterday.
I mean yesterday it looked like we were just totally shaking

(12:27):
everything off, totally rallied across the board.
Stocks were up, oil was down. So I think folks were kind of
realizing that perhaps inflationwasn't going to take as big of a
hit from this as perhaps thought, but I don't know, oil's
backed up today. So perhaps those concerns have
been brought back to the to the forefront a bit.

(12:49):
I tweeted this out yesterday in these, maybe I'll toss this one
to you, but just broadly fear and greed, you know, not not the
most important metric in crypto by any means, but it is
something to follow and and I dofeel like it is generally
directionally accurate. So fear and greed is sitting
right around 50 on coin market cap right now.
It's at 53. It was at 51 yesterday with

(13:12):
Bitcoin hanging out at 108,000. I'm curious if you have any, any
take on that and and what it might mean to have like such a
neutral rating and if you feel like that matches kind of what
you're seeing on the timeline. I guess my point being like
we're we are far from euphoria and bitcoins 5% off all time.

(13:33):
I'm curious if you have any thoughts on what that might mean
for a rally or obviously even even correct with what you're
saying. Yeah, I don't actually really
look at the fear and greed indextoo much myself, but my guess
would be it's a mixture of, you know, we have some of the best
regulatory tailwinds we've ever had in crypto and then coupled

(13:53):
out with like macro uncertainty with the Middle East and stuff.
So seems like, you know, maybe they're balancing each other out
and coming up with A50. I think the further you zoom
out, the, the more it's, you know, bullish than it is
bearish. I think it's just a relative
uncertainty with kind of everything going on in the

(14:14):
Middle East. So I, I think it's a fair score.
I mean, my timeline's a shit show.
I don't know if what I'm seeing on the timeline is a great, you
know, representation or great sample of what, what's actually
going on in the market here. We have the for you page just
feeding me like 90% tweets from people I don't follow.

(14:34):
And it's a lot of like 0 or 100 takes.
Like there's not that much like 50.
It's like, oh man, there's, you know, all these fucking tanker
jets flying over the ocean. I just sold everything.
I went 100X short. And then the other side is like,
yeah, I'm just buying all this fuck you higher.
So I don't think my timeline's representative of it.

(14:56):
And like, throw in a Clemente gritty here and there and it's
hard to tell. Oh from my time.
Throw in throw in a couple random fight videos from.
Oh yeah, we love, love a good shooting video in there too.
Just to to round. Those.
I just I watch them. Run over by cars now, yeah,
before you page has turned into just the most triggering shit

(15:18):
for me. I have to like.
But the problem is I, I know in my head I need to get off it
quickly, but I stay on it for like 5 minutes and then realize
it like my brain just goes to all these places and then I'm
like ha ha. I need to get off as quickly as
possible and then go to my curated lists.
It's. Just eating like 2 large fries

(15:40):
from McDonald's in one sitting without drinking any liquid.
Like you don't really want to doit but if it's in front of you
the next thing you know you justate like 1500 calories worth of
fries. Didn't realize it.
That's how the For You page feels.
I stay in there and I'm usually like hoping to get some decent
takes on like whatever situationis playing out.

(16:01):
And the reality is those are kind of few and far between.
I've got some. I'm scrolling right now and it's
exactly what we meant. Throw in Bonnie Blue and Andrew
Tate that that's getting to play.
It's bad. I got that.
I saw that right before the stream as well.
I get a lot of info graphics too, a lot of like this, a lot

(16:24):
of things like bookmark and never go back to.
Well, I. I'm wearing the dye with the
most likes hat today. We have a mint coming up in an
hour 40 and that's on the timeline quite a bit.
So I'm glad they're they're showing me that it's like the
allow list is oversubscribed by like almost 2X.
So I'm just you have to mint write it too if you're able to
mint. So if you own his stuff, don't
forget to to mint write it too A.

(16:46):
Lot of people are excited about that one and it was maybe do the
give us the quick 32nd TLDR or or elevator pitch.
Yeah, that's tough. You know, gristle buddies are
the most historical NFT collection that hasn't been
minted yet. A predate art history curation

(17:07):
itself. Two 2004 outputs, you know, all
the calls are on board. Die has just been meaning
meaning a ton about it. But I know that the serious TLDR
is that it's a low cost in an entry into the die ecosystem
with all of his current collectors able to to mint some.

(17:29):
So I think it's going to probably men out at the
allowance phase if there is, youknow, 2X oversubscription.
There's also a game on the website where you can catch shit
and try to get a high score of catching shit.
So that's always fun. But I just love to die as a
person, so I'm going to be inventing them.

(17:50):
He did like a long hour long thing with Rodger where he was
in complete character as AlfonsoKnudsen who was the founder of
Crystal Buddies. Incredible.
He's a hard guy not to like, so I think.
He's trying to die with the mostlike, so you got to be likeable
if you're trying to do that. Well, we we wish him well on

(18:13):
that goal. I think that's going to be
probably the the biggest empty mint to watch here this this
week. Yeah, for sure.
I think it's the only one that has most of my attention.
There's our box shop yesterday. I think that's doing decently
but but this one I think has most attention on the timeline.
This is a good say your transition from our our

(18:34):
conversation about the timeline.So like what I saw yesterday and
this is related to the Trump. So maybe we'll start here and
then we can back up and get intosome of the Trump news.
We had Moon Overlord. I think he was somewhat
representative of some CT consensus takes.
This is the final, the final crypto cycle, one, one or two
years left before the meltdown to end all meltdowns.

(18:58):
The last dance. Jeez, I'll toss it to you.
Curious if you saw this take andany reactions.
Do you feel like we're in the last cycle here?
I, I did see this take and I have seen this growing mind
virus happening amongst CT over the past, call it six months or

(19:20):
so. And look, I think there's a
couple of ways that you can go about looking at this.
One way is that this is the lastcycle.
This is your last opportunity toget rich.
This is your, the time you have to retire your bloodline.
And my view is that this is a very short sighted perspective

(19:43):
for for a number of reasons, including like Bitcoin is now
we've officially entered into becoming a mainstream asset.
With that said, alts just have not rallied.
So unless you've been long for along time, random assets that
have 100X or thousand XI still, I think that sort of the, the
retiring your bloodline thesis has just become harder and

(20:05):
harder. Alpha has shrunk.
It's just more difficult for people to do these types of
things. So do I think that the this is
the final cycle, this is it crypto's over?
No. Do I think that things like this
can manifest into traders and wecan see very large mount market
downturns that can rebound quickly or just sustain for a

(20:26):
period of time that can coincidewith downturns in other markets?
Absolutely. But I do not think this is like
the end of crypto, the end of markets, etcetera.
With the said, we can even speedrun this right.
It can look like 6 to 12 months from now.
Things just are good until then and then the markets deteriorate

(20:48):
for a bit. And that's just kind of the
classic cycle thesis within crypto.
I'm sort of positioning long, you know, I will take chips off
the table when the time seems right.
But for the most part, I'm stilla buyer here.
I think we have the opportunity to go much higher and so I'm not
positioning myself with this thesis currently.

(21:11):
Interesting. How do you guys think about it?
I've got some thoughts with these, I'll let you chime in.
I think I'm, you know, more bearish on crypto during the
next presidency. I don't know if I want to say
it's the the last cycle, but it's definitely harder to to
have an edge and to continuouslyexploit it.
Right now it seems like a lot ofthe big gains are, you know,

(21:33):
idiosyncratic things that you know, like like something like
launch coin where like you have to be paying attention when
people are bored and buy it whenit's cheap.
And then when it gets pumped over the timeline, you have to
sell it. Or there's been big winners like
hype and SPX and some of these bigger memes.
But it's a lot harder to like sit here and say you have an

(21:54):
edge unless you're in like AF and F group just pumping and
dumping on copy triggers all day, like, you know, some of the
top meme coin traders. But if you don't know what your
edge is, it's harder to be like,yeah, I'm really confident I'm
going to make 100X on this. Like there's just no, no obvious
thing. So I I think I'm more bullish

(22:16):
during this presidency just because it's like crime season
still. And I think as long as Trump's
the president's crime season. But I'm definitely looking
through the lens of assuming Democrats win in the next
election and then want to punishcrypto because they look at it
as like a extension of the Trumpfamily because they've been

(22:38):
graining themselves so much in it.
And that's where my worries come.
And I'll be probably taking moremoney than I like out of the
ecosystem by the time his presidency is up.
That's kind of how I'm thinking about it.
Like I want to have 4 plus yearsof runway in bonds or index
funds easily by the time he's out of office.

(22:58):
Yeah, that that's a somewhat scary outcome, at least from
the, the crypto lens. But let's put a pin that I do
want to come back to it. I'll share my thoughts.
I think for one, I think you seethis take, you know, I think for
the, there's a bit of a, a misunderstanding.
I think for the, the layperson, the average person who sees
this, they think that this meanscrypto is over, like things are

(23:19):
going to 0. And that's not really what these
people are saying when you dig in.
They're basically saying the years of easy gains are behind
us. And it's good.
I I should say too, I think there's always going to be easy
gains in some section of the market, whether it's farming,
you know, certain air drops or paying attention to things that

(23:40):
the timeline isn't talking about.
Like I must say, the gain is necessarily easy, but there's
always something like big aroundthe corner.
We just don't always know what it is yet.
I think like if you get too depressed or too in your head
about, you know, this is last cycle, I'm not going to make it,
then you're probably not going to stay curious enough like find
that big game and then you're doing a detriment to yourself.

(24:02):
Like, it's still the most plus EV to just be optimistic and
fuck around and try new things and like, you know, follow your
curiosity. And if you do that, I still
think you can find big gains. It's just harder to like.
Like, nothing is as easy to me as it was in 2017 where you just
like, logged in, went to Binance, bought any altcoin and
made 5X in a month. Like, that just doesn't happen

(24:23):
anymore. Yeah.
There's always money in the banana stand, right?
Yeah, that's where I'm at and I don't even I understand that
this perspective. I wasn't remember 2017.
It's good like that. All season was an easy one.
We had NFT peak NFT season in 2021.
You could basically throw a dartat a mint and get a pretty easy

(24:44):
return on that. Then the easy money went away.
But I think people are already forgetting about certain parts
of this past cycle. 2024, November, December AI bubble.
You could just throw a dart at arandom AI token and hit A4 to 5X
in in a in a few days or a week.Ordinal bubble earlier in the

(25:05):
year could have bought any of the ordinals in January and made
1025 X in two months. Believe, believe that like this,
we just had one. Just went up 40X or so from 5
mil to 200 mil plus. They come around all the time.
I I think the most important thing, Tyler, is that you should

(25:28):
know the game that you're playing, right?
If you think of life and crypto and and money as a game, you
should understand what the game is that you're playing, what the
rules are of the game, what the risks are of the game, and what
the upsides are of the game. And consider all that as you're
factoring this in, if you understand that you're playing

(25:50):
the Bitcoin game, that's a very different game than playing the
AI bubble game. And I think you have to
recognize like there's a lot of people that fall into the trap
of thinking certain narratives are going to be long standing
only to realize they're not. And so just understand the game
that you're playing or trying toplay is, is my thought on it.

(26:11):
Our friend your Dinkmeyer alwayssays, what do you win when you
win? I always think of that when it
comes to, you know, game selection.
It's like, OK, if you're right, what do you actually win when
you're right? I've.
Been thinking about that a lot lately more from the bet sizing
perspective. Like it.
It's great to have the mindset of trying to catch and like
dabble across different ecosystems.

(26:32):
Like you want to play Solana memes, you want to play in
virtuals, you want to play in believe app.
And let's say you're spreading relatively micro bets across
those and you can hit a lot of wins.
But at the end of the day, like,are you making that much
stacking up all these smaller wins?
Or like, did it make more sense for you to take that whole bag

(26:53):
and just dump it into hype and hit a big 3X or a big 4X?
Right. So I think I've been more
mindful of that. It's like being at the roulette
table. You can play black and double
your money, you can play a thirdand get 2/3 on it, or you can go
ahead and eat it all. You know, 32.

(27:14):
Do you have enough? Do you have enough capital to
survive the all the misses when when you're playing those
numbers? Another part of the math I'm
showing this Bob Lucas tweet. I think it's related to the
conversation. I this is not necessarily his
specific take, but what he did is is map out a sailor super
cycle is what he's calling it. This is for Bitcoin, a scenario

(27:38):
where the corporate treasuries just take Bitcoin to the next
level in a favorable US regulatory environment.
The path that he has mapped out effectively has Bitcoin going
around 200 K, 225 by the end of 2025, a dip across most of 2026,

(28:00):
the bottom around 13140 and thena grind up in 2027 that takes
Bitcoin to 800 K before a much bigger downturn, about 70
percent, 75% downturn to 200K. I felt like this was interesting
because I think this somewhat aligns with how a lot of folks
seem to think, seem to be thinking this is going to play

(28:22):
out a huge run up followed by a huge draw down.
And I think this is another one where if you think there's a
chance this could be a scenario and how much do you make if
you're right, like are you positioned for a scenario like
this? And I think Part 2, if this

(28:43):
happens, if Bitcoin makes a run to 225 K by the end of this
year, I'm not buying that there's not going to be other
pockets about performance. There's going to be other metas.
There's going to be other tradeson this table and even more so
in a run to 800 K. So I'm not buying that there's
there's going to be less gains to be had in a scenario where

(29:07):
Bitcoin runs to 800 K. So I just wanted to get that out
there. GD reactions to this.
Do you feel like this is like what?
What likelihood rating percentage would you put on a
run like this? I'll fucking know, man.
This is like reading tea leaves,right?
This, this is lines on a chart. I like, I like how the lines

(29:30):
look. You know, I, I look at this and
I'm like, I like this, this looks good.
But likelihood of this, who knows, right?
Like, why is he predicting that we have this downturn that
starts in 28 and then goes down this progressive downturn?
Into the presidential cycle. Into the presidential cycle.
Which kind of dials back to whatwhat these were saying over

(29:52):
there? Could be What if JD Vance is our
next president? Higher for longer.
Higher for longer, right? Like this, I think it's really
hard to predict stuff. I I think the way I feel and
what, what my gut tells me is like we're going higher.
But to your point, these with what you just said, what do you
win when you win? I don't know what that looks

(30:14):
like for Bitcoin for me yet, butI know that it's better than
what it looks like today. And so I need to come up with
that thought in my head over time, right?
Like do I, do I want to be a whole corner for life?
Will that have when does that start to have negative returns?
When does that look bad? When do I want to sell this
stuff and not hold much crypto over time?

(30:37):
I don't know if there'll be. I don't feel that way now, but
maybe there'll be a time in my life when I feel that way.
Do you guys feel that way ever? Do you feel right now that you
see a world in 10 years where you own no crypto and you're
happier? I don't see a world where I have
none, but I do see a world wherethe risk isn't worth it.
Like for me, what do you win when you win?

(30:58):
Right now it's hard for me to bemuch more optimistic than like
250 KA coin and that is essentially 2 1/2 X.
That's like, can I find that elsewhere?
Seems likely. But I don't envision a world
where I don't own any. It's more like I envision a
world where it's 20% of My Portfolio or 30 or 40% and not

(31:23):
like 75. I don't know how you feel about
that. Yeah, I think that's fair.
I actually, I had this consciousthought a decent amount.
One I've considered operating ona Bitcoin standard entirely and
I think there's some real rationale behind that.

(31:43):
I'm not there yet by any means, but I understand the camp of
folks who are. I've also thought if it goes to
1,000,000, like what? Like this, let's say this plays
out and it's at 800,000 and 2027.
You had to sit down and at that point in time, like from a
trading perspective, like what? How much meat is left on the
bone? Like unless you really think

(32:06):
it's got a shot to run to 10 million, it's hard to, it
becomes a harder hold. I think certainly.
And that's, that's very fair, especially if you think it's
going to pull back 75% into an election cycle.
So I think at that point in time, you have to sit down and
have that conversation. But but we're not there yet by
any strength. So I do want to spend a couple

(32:27):
minutes talking about why we're having this conversation.
One, it's the the Trump family getting deeper and deeper into
crypto every single week. I think we voiced this that
concern on this show before. I think it's one of the the
leading risk to the broader crypto market at this point in
time. Trying to get just a rundown of

(32:49):
all the different headlines here, but there's yesterday
morning we had a slew. We had Justin sons Tron filing
for an IPO and Eric Trump was supposedly going to be an
advisor, though he has since come out and said that was not
true. We'll see how that shakes out.
We had Trump media get approved for $2.3 billion and raised to

(33:09):
to buy Bitcoin and then Trump's truth technology got approved
for a Bitcoin and ETF. And that's just the news from
this week on top of everything else that's played out with
world liberty Fi him also launching a mobile phone and
more. And then decrypt or the timely
article that showed how crypto was his number two source of

(33:33):
income in 2020, 458,000,000 in income for the president.
And and that's before the Trump meme coin came out, folks, the
Trump meme coin came out in in 2025.
So so don't mix the the timelines there.
And I think this this got the topic back top of mind for
folks. And there's growing sentiment

(33:57):
that the Dems a hate this and that they may want to attack
crypto in 2028. These you kind of expressed some
concerns there, Jeeves, do you have any any more any deeper
thoughts on that, how it could play out in this raise?
Like what are your concern levels on that issue?
It's. It's like a concern that sits in

(34:21):
the back of my head. It's not like a concern that
sits in the front of my head, but every day when I see
something new that gets tweeted out, a new product, a new
involvement, I get more concerned.
Like it moves closer to the front of my head because, you

(34:41):
know, initially, like you kind of look at it and you think, oh,
this is bullish. They're getting more entwined.
They're getting more into this technology, they're getting more
into this. And the, the reality is that
like, that's great while he's president, but as Dee's
mentioned, right when he's not, this could be really bad because
there's a lot of people that areagainst this.
There's a lot of people that would look at this and see it as

(35:03):
a way to cripple him. And so in the long term, like
it's a growing issue in the backof my head, but it's not
something I'm, I'm concerned with right now.
It's something that I look at and every time I see something
new, I just think I can't own. Can you do less?
You're doing too much. Yeah, exactly.

(35:24):
It's like, hey, look like grow this pie and don't do it in what
could be perceived as like a grifty or negative way.
Like the more you do stuff like that, the more there grows
negative sentiment across the board and you you lose people
from this industry. And so yeah, like I said, just
just not not concerned with it in the moment, but growing

(35:45):
concerned with it in the long term.
So thinking you know probably belike that two year time frame if
depending how things play out ofcourse.
Couple thoughts on my side. One, it's we're three years out
from the election. It's hard to project.
I don't currently see a path forthe Dems to win.
I think this Democrat party is in shambles right now and I
think it would take a lot of really huge missteps from this

(36:07):
current administration for that to even be close to a coin flip.
But a lot can happen in three years that that's my current
view there. I feel like in general, this is
a similar take to me in some ways as the as the take that
Sailor is going to cause the next bear market.
And it makes sense at a high level.
But then you when you drill intothe details like how does that

(36:29):
operationally happen? And when you drill into it with
Sailor right now, it's very unlikely for that event to
happen specifically for him likeother treasury companies.
More likely to blow up, sure, but it's unlikely for him.
That's kind of where I'm at. So exactly what would the Dems
do to causes 75% crash? So I've been struggling to wrap

(36:50):
my head around that. I thought this take from from
DJD Johnson was an interesting 1.
He he basically says Dems take back government crack down on
these treasury companies using the Trump griffs as their
example. They have to unwind over
multiple years. No one's willing to step in to
to be a buyer until they all unwind.

(37:14):
I feel like this is kind of the in alignment with how most
people think the next bear market would play out.
I'm just still a little bit I'm not quite there on what the the
spark is like. What specific regulations would
they put in place to make this happen?
We know how anti crypto that theprior admin and regime were, so

(37:38):
it's certainly in the realm of possibilities.
But it can just do things, Tyler, I mean.
We say that, but like let's playit out.
I mean BlackRock is got what 40 billion in assets?
How? How big is I bet?
I think it's pretty big. There's not much they can do
about Bitcoin, right? Let's, let's start there.

(38:00):
Like from a Bitcoin standpoint, they can try to take it down a
bit. They, you know, the price of
that could come down. I, I don't see them going to ban
Bitcoin. That just seems silly.
But like, we've made a lot of progress with stable coins over
the past year and we're now moving closer to regulations
around stable coins. And it's clear that the

(38:22):
Democrats are not in favor of that.
And and so they could start to roll some of that back.
You know, this, and obviously I'm not a lawyer.
I don't know any of this stuff, but I'm just, I'm just, you
know, spitballing here. They can roll some of that back.
They can make it harder for crypto companies to operate
here. They could change around some of

(38:43):
the market structure stuff. So like, you know, when when
there's a lot of power in the government, there's a lot that
can happen toward just deterringa new industry, especially one
that's really starting to hit mainstream like crypto.
I don't know. How do you feel about that?
I think we want to make as much progress in the next 4 years as

(39:04):
possible to make the unwind muchmore difficult.
And I think if there are to a scale of millions of Americans
who would be impacted by Dems changing or rolling back some of
the regulations, I think it's much harder for them to do.
But I also understand, I think the importance of your first
statement shouldn't be lost thatBitcoin's going to be fine.

(39:26):
And I do tend to agree with that.
We got 20 minutes left in the show Jeeps, we missed you last
week. We got we got to talk the circle
trade. You better refresh this page,
Tyler. All right, Yeah, let's refresh.
Is that 14955? That's better.

(39:47):
Circle stock IPO 31, what do youdo you recall?
Like what was it first buyable at on IPO day like 50-60?
Probably something like that. It was trading on private
markets prior around I'd seen itas well as 3 1/2 billion and
we're now at what's this say? 36 billion. 36, right.

(40:09):
So that's a clean 10X for people, little under for folks
that bought it in private markets.
Yeah, I mean, it just ripped right out the gate.
I mean, one of the strongest first day IP OS we've seen in a
while that, you know, just correlates here to the crypto
industry too. Where do you want to go with

(40:30):
this one, Tyler? Yeah.
So I, I wanted to just play out the price action first.
So for starters, IPO at 50 has super strong start and then this
week it's been pumping more, right.
So I think it was at like 110 start the week and it's hanging
out at 1:50, it's hit 165. I guess first question is
reactions. And then second question, we got
to start talking. Are we long here?

(40:53):
Are we short here holding here? What's What's the trade?
Look, I look at this price and I, I'm not surprised, I should
say that to start, I'm not surprised that we've run this
hard because the biggest question so, so from the venture
standpoint throughout a lot of last year, let's talk like H2

(41:15):
last year and even into early this year, the biggest
narratives within crypto venturehave been stablecoins,
stablecoin infrastructure. And then now we're seeing really
the, the, the, the application of stablecoins and the
application of trading that's being done in different regions
and different markets. With this, with that said,

(41:38):
right, everyone has been asking the same question.
How do I get long stable coins? Because you can't buy it, right?
USDC is not going to $2.00. I've seen it go to 8585 cents
and I've bought a bunch of it at80, you know, 85 or $0.90 back
when it dipped really heavily, if you guys remember that a
while ago, right? Yeah, there's been some dips,

(42:00):
right? And I've bought those dips
because you know, that's free money.
But with that said, these, it's not going to show up on here.
This is on the decentralized exchanges.
If you remember, there was a period of time when.
I well, I do. I do recall that that oh.
That was it was beautiful. You dip.
Dipped to $0.88. Well, where did?
It I think it was 88 yeah, the guy got in, I want to say like
8890. I was shoving as much.

(42:22):
I was basically buying as much as I could at that point.
And so look like everyone has been trying to get long stables
in different ways and there hasn't been a great way to do it
yet. Athena has been one way that
folks have expressed that trade.There's been kind of some other
pseudo methods to express that trade, but there's been nothing

(42:43):
great until the Circle Internet Group hit public markets
recently. And so there's this insatiable
appetite from Wall Street clearly as well to want to buy
Circle on public markets, as we can see by this insane run up.
And look, prior to them going public, there was talks of
Ripple buying them, of Coinbase buying them at I think it was

(43:07):
like 5 to $7 billion. And most folks that looked at it
at that price were like, wow, these guys are overpaying to get
this company and the public markets are clearly pricing it
differently than what those folks were willing to price it
at and even what private marketswere willing to price it at.

(43:28):
Pretty sharp people in this industry.
OK, with that said, public markets do public market things,
right? But right now the PE ratio
according to Yahoo here 1661.67 X that's high.
That's high. That's high.

(43:50):
And so you know, Coinbase, for example, I think I tweeted this
morning trades at 47, which is also kind of high.
S&P trades on average what like 20 to 30.
Reasonable, right? And So what people are saying
here is that, OK, Coinbase is going circle is going to have

(44:15):
this massive growth over over a really short they're they're
pricing in that growth or they're just expressing this
trade in a mimetic manner, whichis how I'm viewing this right
now. I'm saying, OK, this is a
mimetic trade. Wall Street just wants to get
long stable coins. They probably aren't as
knowledgeable about where stablecoins are now, the environment

(44:38):
for stable coins, where things are heading and they see USDC
and it's the trusted organization within staples
within the USI think there's no denying that.
I it's, it's what I use. It's what I, you know, stable up
into. OK, with all that said, right, I
think it's hard for me to look at this and say this is fairly

(44:58):
priced. It's just I, it's hard for me to
put all the math together. It's hard for me to look at this
also and say and, and know the landscape of where stables are
at stable companies, folks that are raising folks that have
raised and look at this and say like this is reasonable.
And so look, I, I weigh this on four major thoughts, right?

(45:18):
The, the first one is circle natively lacks distribution.
We learn that in their filing and that they're going to really
increasingly have to pay to be distributed through
organizations. They pay Coinbase a boatload of
money for this already 2. I'm in the belief that yields
are likely to go down before they're going to go up.

(45:42):
And if we have just, you know, 100 BIP reduction in rates, 25%
of their profits wiped out instantly.
Their whole model revolves around Treasury yields.
So that is difficult. Third, I think that users are
going to increasingly want and demand yields over time for

(46:03):
staples that they're holding. And you can get that yield in
Coinbase right now with USDC, but as they cater to emerging
economies, I think that's just going to be table stakes.
And that inevitably erodes profits, right?
If your whole business is, I have $1.00, I'm able to put this
into treasuries and I'm going toget 1.04 dollars over the year,

(46:28):
but I need to give up that 0.4 overtime or part of that 0.4
that erodes your business model.And then 4th I I just think that
there's increased competition coming to the market, ones that
are really good as well and can,can honestly give them a run for
their money and have really, really great distribution

(46:52):
natively baked in. And so those are the four
thesises that I have around justit, it being maybe, you know, a
bit mispriced. I think you tweeted yesterday,
Tyler, that JP Morgan may also be coming out with a stable
coin. And so, you know, with all those
things said it, it's just hard for me to put on the rosy

(47:13):
glasses right now for this. Would love to know what you guys
think. I'm with you, but we have to, we
have to disclose to our listeners that I was bearish on
IPO, pre IPOI think we, we thought it was a tough buy at 3
billion and now it's sitting 12Xhigher.
So we have to have to show I've been wrong about this trade all

(47:35):
the way up. With that being said, and I'm
not a short trader, so I'm probably not going to put on
like a big short trade on this, but it feels mispriced.
It feels too high. I mean, you 16160 X it's trading
in a memetic premium. So I guess you're betting on how
long will that memetic premium last.
I think we also know that the IPO buyers encouraged not to

(47:58):
sell before the 1st 90 days. So that's going to be a clear
line in the sand. That 90 day mark is a big one
and what I cannot get my head wrapped around is 36 billion for
Circle and 64 billion for Coinbase when they when Circle
is paying so much and Coinbase is having slew of announcements.
It's quick tangent. Folks saw this at their State of

(48:20):
Crypto Summit on Friday. They announced PERT futures in
the USA, new credit card backed by Amex, I think the first of
its kind we've seen in crypto new operating accounts for for
businesses and then USD paymentson Shopify via base.
They're L2 huge slew of announcements.
Then today before the show, theyfiled with the SEC for tokenized

(48:42):
stock. Trading appointments is
accelerating in in a lot of different directions and they're
trading at less than two X circle stock, so something's
off. Something's off.
Maybe Coinbase is underpriced, Idon't know.
Look, one of the one of the mostmimetic stocks out there is

(49:02):
Palantir, if you want to bring that up.
You know, I just want to just talk just some numbers here
while we're looking at the old yoohoo finance, their PEI think
trades around 6 to 700, something like that 600, right?
And this is a highly mimetic stock.

(49:25):
And so, you know, we're talking almost 3X the PE of arguably one
of the most mimetic stocks out there.
And so look like memes have longdurations, man.
Like what's the old saying? I can stay redacted longer than
you can stay solvent. And so you know that maybe it's

(49:45):
a trade like you said, there's that over that 90 day overhang
that people are going to want tolock in some profits with.
There's there's just a lot goingon here, but you got to respect
the pump while it happens you. Got to respect the pump.
I think the biggest part of yourbear case for me is the
competition. I just feel like we're going to
have a whole lot more. There's going to be a whole lot

(50:06):
more players in the space. I do think stable coins are
going to continue to increase insize.
I don't know if that means USDC keeps their market share by any
man's. Becomes increasingly harder like
especially when you lack native distribution, you have stables
out there like USDG, which is PAXO stable coin that has a

(50:27):
consortium of really large players like Kraken and Robin
Hood who have a lot of distribution already baked into
the product. So look, you know, it is, it's
hard to say, you know, I, I, I haven't had this level of
conviction since I put on the GBTC and EE 30% plus discount

(50:52):
trade. And so I'm I'm looking at this
one as opportunity for sure. NFL as always.
We, we will continue to follow along with the circle short
slash long trade over the the weeks to come.
We've got about 5. Maybe if we run over a few more
minutes left in today's show, we'll get into a bit of a, a

(51:15):
higher speed round table here. Deez, I don't know if you guys
talked about last week because Ihad to drop, but the one of the
biggest stories the past few weeks is, is pump funk, it seems
is going to be launching A token.
So we got that first news and then following it up perhaps
that they will be distributing protocol revenue slash doing

(51:38):
some kind of a token buy back. Curious for your thoughts on
this token, if it's a buy at 4 billion and I guess Part 2, what
do you think it means for the salon, a meme ecosystem?
Is this the the other side moment?
What are your thoughts? How to find my Firefox window on

(52:00):
mute? I feel like if the market is in
the same place it is right now, it's probably a buy.
I've talked about this in a couple of our group chats, but
could see myself selling a good chunk of my remaining Solana and
throwing it into it. Think you can argue with the
revenue numbers. It's potentially the best app

(52:24):
we've seen this year. I, you know, don't want to say
that because hyper liquid, but definitely one of them.
And if you want to bet on the casino, a lot of people are
holding Solana for that bet, butthis is more of a direct bet on
it. I thought for a while that there
would be more pump fun competitors that would get

(52:45):
adoptions with lower fee models and better UXS, but that's just
not been the case and their social mode is massive.
They were banned off Twitter this week, both both a line and
pump. So that's interesting to me.
I've seen some rumors about why,but I don't think I've seen any
real evidence as to to one way or the other.

(53:08):
But seems like a lot of I'll saycalls, but there's been a lot of
accounts that are just going to wiped out, whether it's like
shit coining or pumping numbers or actual legitimate platforms.
So that's kind of rough to see, but I think it's probably a buy.
I mean, I think pump probably has a bigger Moat and is more

(53:33):
valuable than circle. It's just not available as a
stock so. If pump was a stock, I think
we'd go maybe going Max along onthat.
I, I, I think so too. And I don't know how much
institutional capital is going to try to get exposure to this
because they have to fucking, you know, go on chain and do it,
But seems like it's one of the better.

(53:56):
Like, like if this goes to 10 or20 billionaire, you're going to
sit here and be surprised. Like to, to me, it's hard to
imagine it drawing down more than like 50% from current
prices. I mean, if you just go look at
other infrastructure, it's like this is to me the most valuable
piece of infrastructure on Solana.

(54:19):
And I think it's a it's a fair price.
So I think it'll go quick and ifthe market is in the same
condition and is now, I think it'll do pretty well.
Like look at look at some of that stuff on the list like I
just this. This is what we're getting in
the 2 to $4 billion range here, FTV And yeah, something stronger

(54:47):
than a lot of these two points. One of the bull cases for the
pump token is that funds, institutional capital are more
likely to buy the pump token than they are to buy individual
memes. Are you buying that narrative?
You think that's accurate and you think it's going to be a
buy? Yeah, I mean, I think that's

(55:07):
definitely accurate. I feel like a lot of the funds
look for fundamental value and in the memes, you know, there is
not really much fundamental value other than people talk
about it and don't sell it. If you ever see that like bar
graph meme where it's like fundamental value and like
mimetic value or something, and like the fundamental values like
this and like the mimetic valueslike this, it's like all they

(55:29):
need is that little bit of fundamental value to to justify
being it. And I think of all the tokens
we've seen, this probably has, if it's not the most, it's like
top three most fundamental value.
So I mean, for me, missing on pump was probably the biggest
miss of Angel investing in the last year and a half.
I remember seeing it talking to Aelon and just being like, I

(55:50):
don't think there's a Moat here.I mean, the UI shit, the fees
are high. Won't people just make a better
version of this? And no one did and it became the
biggest winner. So it's tough.
Jeeves, any thoughts? Yeah, I mean these, we've talked
about this before, but people still use Metamask and there's

(56:10):
better options out there. We're creatures of habit and
Pump is just good old faithful. It's what people go back to.
Yeah, look, this is going to be Pump is one of the best crypto
products of all time at point blank one of the best.
And when it comes to product market fit, when it comes to fee

(56:34):
and revenue generation is do I like the UX?
Like, not a ton, but there's been all this ancillary tooling
built on top of it to help people get alpha, to help them
feel like they're in the trenches.
And I was talking with someone about this yesterday, how good
friend Matt, Matt Receiva friendof the show, talking with him

(56:57):
about how people love to think that they have an edge when
they're gambling. And when you're using meme
products like Pump fun or or whatever it may be just trading
shit coins in general. A lot of times you feel as if
you have an edge. You're in an alpha group.

(57:17):
You have, you know, these you'vetalked about this before about
how, you know, maybe you're plugged into TikTok trends
before they they made it. You know, chill guy's a great
example of that. Like you, people who were
plugged in saw that before it made it to pump fun and knew it
was time to invest. Like they felt they had this
edge or this advantage while gambling.

(57:38):
And that really at the end of the day is what pump fun is.
It is this, this tool that allows you to create these
things that inevitably you can speculate on and feel like you
maybe have an advantage. I think, I think, I think higher
is my point. Higher too.

(57:59):
I don't think we're going to getthe token until Allen gets his
Twitter back, so. Yeah, it would be weird for them
to launch the token without having the socials.
Feels like that's a important part of the distribution.
It is like in the initial story they they may it seem like it
was coming in the next two weeksand that story is over a week
old now. So the the clock is ticking on
that. So I wonder if the timeline has
been pushed out a bit. Gut read.

(58:21):
I think it's doubtful we're going to get the pump folk, the
pump token ahead next week's show.
But if if we do, we will, we'll certainly be covering it.
We're almost out of time. I just want to talk to me this
quick trading round table like these.
Are you trading anything right now?
It's like I'm not that much, like smoke is really dried up.
I'm watching our friends make a bunch of money on Dizzy after I

(58:43):
sold it for five mil because I got bored because I thought the
founder was a moron so that's kind of cool.
I bought some mug over the last week.
All right, I didn't buy. I bought like 25% of what I
wanted to buy. I just kind of dipped my toes in
with all the uncertainty. I thought maybe I'd get a better
price. I'm kind of looking for me

(59:06):
somewhere around like 250,000,000 to put in a a good
chunk. It's at 338 right now.
I thought give it SPX is mine share and price.
I thought MOG was a little underpriced.
Also think MOG has a better unitbias if that makes any
difference. And it's also available on
Coinbase. But I watched STX go to like 1.5

(59:30):
billion and I'm looking at MOG at like 300 million and I'm like
that just seems a little off. It's like a 1/5 of the price.
I could just be wrong. I'm very partial to MOG.
I like the the guys who mostly hold it and I like that
community too, so it could definitely be a little biased
there, but that's all I bought over the last week.
I think I might have sold 3% of my hype bag since the last show.

(59:54):
Basically any time I see Clemente, Gritty, or Easy make a
post about how good it was to sell their punk and by hype I
just sell 1%. So that's working out pretty
well. I should have sold something
yesterday. I literally tweeted at $45.00.
It would be nice to sell some at49 and that was the Pico top and
now it's down to 38 but. Just slowly trimming it.

(01:00:17):
I have a lot of my mistakes so Ican't sell it.
It's more just like taking chipsoff the table every euphoric
peak. Other than that then kind of
watching fartcoin. If I buy it I want to buy it
under a dollar. Kind of looking at like 750
million ish 700 range if we get down there.

(01:00:39):
So I guess what I'm saying is I'm waiting for lower levels to
to buy more. But mog was the only one I
really nibbled on. And yeah, there's some, you
know, sub five, no market cap tokens.
I'm not going to talk about that.
I'm in. But we'll be doing some testing
of some real products to see if I'll be holding these tokens
longer or selling them. I think those products get

(01:01:00):
delivered this week. But I I sold a very small amount
of wrecked to 160 million over the weekend.
Basically I just took out the the money I gave OSF when he
asked me to Angel invest becauseit was a really nice price and I
was able to sell like 7% of my bag and get back my Angel

(01:01:22):
investment money. So I just felt prudent to do
that as well. It was like half the price of
MOG, which just seemed out of whack in my head.
But they also are actually like doing real life stuff and have
products and the partnership with 711 is really cool.
But that about sums up my tradesthis week.
Just sold. Sold a little bit of ACT, sold a

(01:01:44):
little bit of hype, bought a little bit of MOG and I kind of
sitting on my hands with the majors.
Yeah, well, I appreciate your your thoughts there.
A little more active than I would have guessed, but happy to
hear it. The wrecked, just quick shots of
wrecked. It's been a hell of a trade.
I didn't want 10X more from the local bottom.

(01:02:10):
I mean, the charts insane. It it, it just went on a tear
from 18 mil to like 170 mil. When I just look at a chart like
that, I'm like, I have to sell some, you know, I don't have to
sell the whole bag, but fucking sell like 7% and get my money
back. You know, candidly, when OSF
asked me to invest, I was just like, yeah, you're my friend.

(01:02:32):
Fuck it. Like, here's some money I never
even expected. They get tokens for investing.
I don't think anyone did. He wasn't.
It was much more of a surprise to investors than a plan.
And I think that is good becausepeople would have invested way
more if they knew they were going to get a token.
And there would have probably been a lot more cell pressure on
the token originally. But since they just invested in

(01:02:54):
him as like a friend and someonethey believed in without the
expectation of a token, they didn't, you know, maybe go in
with that mindset of I'm going to sell this immediately, which
I think has helped price in the long term rather than hurt it.
Yeah, I think that's spot on andthey're doing everything right
over there. So still very bullish, not
surprised to see a bit of a pullback here, especially

(01:03:15):
immense broader market pullback.But OOV and team are are
crushing it I think. My only other take away I think
just from a trading lens that the sole main market is pretty
weak right now. And I think most of the trades
you mentioned are on are on ETH.Couple of sole I, I think the
sole main market is more waitingfor the pump fun token.
And maybe that's the, the the big negative is you have all

(01:03:36):
this liquidity. It doesn't want to buy the beta.
They just want to buy the casinotoken and if all that liquidity
is going into the casino token, then who is going to buy the
tokens that the casino is launching to, you know, give the
casino more revenue and extra liquidity?
I think that's probably right. I think the market's probably

(01:03:58):
pretty weak until we get the token and then we'll likely
start a fresh new sub cycle, newmeta afterwards.
It's kind of like my current read on things.
I don't think it necessarily means the top or the other side
moment for memes by by any means.
It just doesn't make sense for where we're at.
Like everything's much, much lower.

(01:04:20):
Like we're not in a blow off topsituation for for the meme
market right now by any stress like like it was Trump or even
things were actually higher pre trumpet when those rallied back
in December. So I don't think it it's the
top, but things are probably going to change afterwards.
So we'll see if that's coming soon, if we get any information.
We're probably not going to get it today because Alan's still

(01:04:41):
off X. So let's see.
Yeah. I mean, it is important to note
to the, if you want to use otherside comparison, like Bitcoin
was kind of breaking down duringthat.
Like if you go look at the priceof Bitcoin in May 2022, it was
definitely 6-7 months after the top in hindsight.

(01:05:02):
So it it doesn't necessarily like mean it's not going to be
another side thing. But I think that the real
difference is the fact that other side was complete
speculation on a future delivery.
And this is actual, you know, token that has some of the
strongest fundamentals we've seen, which is I think the most
important part for me. But it will be a big liquidity

(01:05:25):
suck. And I think we've already
started to see that with the Solano means across the board.
One was a token for an NFT basedmetaverse that hadn't been built
yet and the other one's a token for a protocol which has made
$600 million in the past year. So we will, certainly.
We were idealistic dreamers backthen.

(01:05:46):
I'm sure where we'll Speaking ofbreaking down Bitcoins live,
breaking down on the show or down to one O 35.
So we will see where the the bottom is likely hopefully in in
the next couple of days. So, so watch.
I hope to see 100K hold. Wouldn't it be surprised if we
go down to like 9698? Just waiting on macro volatility

(01:06:09):
to happen. Yeah, I don't know how.
Piercing piercing volatility. Peter's here, but he's not here.
They're, they're going to be, they're going to be buyers.
That, that's one thing I'm I'm pretty confident, at least for
Bitcoin. Yeah, Farcorn did hint yesterday
at a potential finance US it. Got listed on Finance US today.

(01:06:31):
Oh, did it? Live for training.
This morning. Wow, that's awesome.
I mean tell I sent you the numbers yesterday.
It does an insane amount of volume.
It is very interesting to me howBinance US is listing things
ahead of finance. Like they've now listed hype and
fartcoin which is are are neither of those on Binance

(01:06:52):
right now? I don't use Binance so I'm not
100% plugged in, but I'm feel like they're not.
Best capital market in the world.
It is surprising not and not totally understood why, but I
guess that's it gives US1 catalyst to continue to look
forward to is the the broader finance listing.
And of course, it happened at a rough time in markets, but I
think our our beloved part coin is just going to be is going to

(01:07:15):
be just fine and a lot more people just got access to it.
So we will continue to see. I'm sure we will talk about it
on next week's show, hopefully with Peter Beck with us folks.
That is going to be it. That is our show.
I want to thank all of our listeners for joining us.
Thank my Co host. Thank you for joining us over on
Kik, our new streaming platform.Hopefully you enjoyed it over

(01:07:36):
there. We'll be back next Tuesday.
Until then, enjoy your day, enjoy your week.
Talk to you soon. Bye.

All Episodes

Episode Transcript

Popular Podcasts

Cold Case Files: Miami

24/7 News: The Latest

Crime Junkie

.css-15opob5{left:0;position:absolute;top:0.8rem;} All Episodes

.css-14f5ked{margin:0;word-break:break-word;display:-webkit-box;-webkit-box-orient:vertical;box-orient:vertical;-webkit-line-clamp:2;overflow:hidden;}TRUMP'S CRYPTO RISK, THE CRCL TRADE, MARKET VOLATILITY

Episode Transcript

Popular Podcasts

.css-r6mb8g{margin:0;word-break:break-word;display:-webkit-box;-webkit-box-orient:vertical;box-orient:vertical;-webkit-line-clamp:1;overflow:hidden;}Cold Case Files: Miami

24/7 News: The Latest

Crime Junkie

All Episodes

TRUMP'S CRYPTO RISK, THE CRCL TRADE, MARKET VOLATILITY

Cold Case Files: Miami