🚨SOFI BANK LAUNCHES CRYPTO TRADING & XRP CHAINLINK ETF NEWS!

Episode Transcript
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Speaker 1 (00:05):
Hey, folks, welcome into the Thinking Crypto podcast. You're home
for cryptocurrency news and interviews. I'm your host, Tony Edward
on your weight in. Please sit that subscribe button as
well as the thumbs up button and leave a comment.
Blow If you're listening on a podcast platform such as
Spotify or Apple, please leave a five star rating and review. Folks.
The chop continues in the market. Bitcoin currently at one

(00:26):
hundred and three thousand dollars. It was at over one
hundred and six thousand dollars. But again, the grind just
continues and we could see some further downside, so just
be mentally prepared for that. There are some CME gaps
at ninety seven ninety five thousand. Doesn't mean it has
to go down and fill those gaps, but the possibility

(00:47):
is there. One of the things we've been monitoring is
that on the daily chart, the bears are losing momentum
right now. So let's see if the bulls can take
control and we can get this show on the road.
But look, we don't have a crystal ball, but we're
looking at the data, multiple factors that are out there,
and I still believe the higher probability falls on the
bowl case. I don't believe we see we have seen

(01:07):
the top of the market, but as always, we got
to wait to see how things play out and continue
to monitor the data. One thing I like is Crypto
currently shared a Bitcoin chart just showing the breakouts, the
false breakdowns, the false breakouts, and the breakdown. So it's
a really great chart and I highly recommend you follow

(01:29):
Crypto currently on YouTube as well as on x and
Bitcoin still holding key support levels like the fifty week
SMA which it closed the weekly which was a very
positive signs. Just the grind here right for it to
find that bottom and then move upwards. But it's going
to take some time. We got to get out of
this hole. But overall the macro structure is still intact.

Speaker 2 (01:51):
Now.

Speaker 1 (01:51):
Something that doesn't help us is Jim Kramer started posting
positive things about blockchain and crypto. He tweeted out today
we could really use some blockchain on a day like today.
So in verse Kreamer, if he's tweeting positive things about crypto,
be fearful, right, be beverish. If he is posting bearish
negative things about crypto, time to be bullish, right. So

(02:14):
this is unfortunately the game that we're playing here. Now
some very big news, folks. So FI, the fintech bank,
becomes the first nationally chartered US bank to launch bitcoin
and crypto trading. This is pretty big. So we are
seeing banks across the globe launching crypto services, whether that
be crypto trading, crypto custody, stable coins. Some of them

(02:37):
are looking to tokenize it much more so. Fintech bank
so Fi rolled out crypto trading to all retail customers
on Tuesday. The move sets the pace as the first
several of national banks planning similar moves in the coming months.
So Fi previously gave customers the ability to buy, sell,
and whole crypto through its app, but it agreed to

(02:57):
shudder that service two years ago to obtain approve for
its national banking license. So they had sunset at the
service before, and you know, it was under Operation Choke
point two point zero, and they wanted to make sure
they get their national banking license, and you know, you
have to go through the Elizabeth Warren Crewe who are
in charge of things, but that's no longer the case.
So now that they have their license and you know,

(03:19):
there's a favorable environment for crypto. You know, legislations around
the corner. We are seeing the launch of this service.
So that's very bullish. You have these major on rams
for crypto and it's going to bring in millions, even
billions eventually. So let me play a clip of what
the CEO of so Far had to say on CNBC
this morning.

Speaker 2 (03:39):
Nice to see you sir in person. Goodness year as well. Okay,
so what's going on here? This is a big deal. Yeah,
this morning we deal for you. It is a very
big deal. It's a big day and a big milestone
reversus the course of time, we've wanted to be a
one stop shop for all your financial services needs, and
one of the holes we've had for the last two
years was in cryptocurrency, the ability to buy, sell and
hold crypto. We were not allowed to do that as

(04:01):
a bank. It was not permissible. But in March of
this year, the occ came out with an interpretive letter
that it's now permissible for banks like so Far to
offer cryptocurrencies. So this morning we're launching as the only
national bank, the first and only national bank, the opportunity
to buy, sell and hold cryptocurrencies like bitcoin, ethereum and Solana,
so I was going to ask if we just talking

(04:22):
about three for now, we'll expand, well, beyond three, it'll
be a pretty broad assortment. We try to differentiate on
being fast, having broad selection, great prices, ease of you.
So we'll try to give members so FI members as
much selection as they would like. And what's the difference
between going through you and going through coinbase You're going
through Robinhood or somebody else. Yeah, there's a couple of

(04:43):
really big differences. First, we're nationally charted bank, which means
we have the infrastructure of the processes, the financial conditions
that provides the safeguards that a consumer would expect from
a bank, which is going to allow us to scale responsibly.
The second thing is, because we are one stop shop,
you can do all your bankingcking and savings at SOFI.
You're borrowing, and you're investing and now crypto. And one

(05:04):
of the unique things about that is when you come
to SOFI and fund your crypto investments, you'll fund them
in a SOFI checking and savings account that checking and
saves account's deposits earn interest. Say that you're going to
fund it with crypto, You're going to fund you're checking.
You're going to fund your checking account with cash, and
then when you buy bitcoiner Solano or Ethereum, the money

(05:26):
will come straight out of your checking savings account. So
when you're not putting cash to work, it's not sitting
in an account that earns no interest, and it's not
sitting an account that's not insured. So the money will
sit in an FDIC insured account. Up to two million
dollars is what we offer. And when you BUYO, instantly
withdrawal from that account and send it to the marketplace.

Speaker 1 (05:43):
So there you have it, straight from the horse's mouth. Guys,
very bullish news, and we know game theory is going
to play out here. The other banks are going to
launch their services, so this is going to help once
again bring in tons of people into the market and
could be really a really great setup for as far
as an on ramp to bring in the average Joe
and Jane retail crowd as we had to the final

(06:05):
blow off top of this market where we see the
euphoria greed phase right, So very big news here. Now
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be in the description. Now, folks, we continue to get
news that Canary Capital is going to launch their xrpce
bod ETF this week and possibly that maybe Thursday. That

(07:56):
seems to be to date now. I think I mentioned
I interviewed the CEO and the founder and the CEO
of Canary Capital, Stephen mccleric, on Monday, so I'm hoping
to have that interview published this week as well. So
this would be the first one hundred percent spot ETF
having a one hundred percent spot exposure. I know some
of you are going to say, Tony, what about the
rec shares XRP ETF. Well, Eleanor Turrett reported that while

(08:20):
this was the first XRP ETF launched in the United States,
it was done under the forty Act, not the thirty
three Act, and it's a partial spot XRP ETF, so
it's less efficient from a tax treatment standpoint. But the
Canary Funds one that is set to launch is one
hundred percent the thirty three Act and it is one

(08:42):
hundred percent XRP pure spot, So it is the normal
run of the mill spot ETF versus what rec shares
is offerings, So that's the difference. So this Canary Capital XRPTF,
if it goes live on Thursday, would be the first.

Speaker 2 (08:58):
Uh.

Speaker 1 (08:58):
It's truly spot at SRPETF. So let's see, guys, this
is very bullish in the market. There are some people,
you know who look at ETFs as though it's something
bad or it's not going to drive the price up.
But the point is people are buying the assets, and
it's sitting in the ETF and it's building awareness and
it's allowing mom and pop, in the average Joe and

(09:21):
Jane to be able to get exposure to the acid class.
So you do have the sentiment effect, you do have
the asset being bought. So if the supply is being
bought up by a lot of ETF issuers in addition
to digital acid treasury companies and much more, these are
all great things for the assets you hold. Just look
at what it did for bitcoin right and etherorem So

(09:42):
this is not a negative. I see some people saying, oh,
ex rpetfs, We're not going to do anything that is
so uneducated. How can they not do anything when you're
setting up a major ONMRAM for people to be able
to invest in the asset, right, So it just doesn't
make sense. Plus again, you have the sentiment aspect throughout
the market. So keep an eye on Thursday, guys, And

(10:03):
like I said, I'll try to get that interview out
for you guys so you can hear directly from the
CEO of Canary Funds. Now, there's some news around chain
Link and the chain Link ETF. Apparently the bit Wise
chain Link ETF has been added to the DTCC eligibility
list and we've got to report here that's such a
listing is part of the standard clearing and settlement preparation

(10:24):
process and does not indicate that the ETF has received
regulatory approval or completed any other required approvals. But we're
seeing progress here. So chain Link is a big one
right that is a top fifteen, top twenty asset and
getting a lot of adoption. I was just a chain
Links mark on interviewed Sergeiy Nazarov and a bunch of
other people from chain Links, So incredible stuff here. We're

(10:46):
going to see a lot of all coined ETFs, so
this is really good and it's going to allow more
capital to come into these ecosystems respectively. And of course
we're waiting for the SEC with the US government to
open to approve the flurry of other XRP and Salona
ETPs and in addition to these other all coin ETPs guys.
So again we got some macro factors on the horizon

(11:10):
which are really great, like the government fully reopening, which
will allow the SEC to get back to work and
approve all coin etaps, and for the Senate and Congress
as a whole to start putting more work into the
Market Structure Bill, which is currently in the Senate. So
we're seeing progress there. So these are major milestones. Like
I said that, I don't think will be happening in

(11:30):
that bear market after the market is top right, It
just doesn't make sense. And then you include the macro
factors like the FED saying they're ending quantitative tightening on
December first, you have a New York Governor of the
FED saying they're going to return to QI very soon.
That was just reported in the Wall Street Journal, Right,
I gave you guys that news last week. So you

(11:52):
have all these major things on the horizon, and I
think they are conducive to the bull market continuing. Just
we're going to have to deal with some volatility. And
I know some people may say, well, you know, isn't
now the time when the market usually pumps. But remember,
like I've been saying ad nauseum, that Trump tariff announcement
from earlier in the year. Push this timeline back, guys,

(12:16):
So things are happening on a delayed timeline. Here again,
look at bitcoin hitting a new all time high in August, right,
that is very rare, and this is why we're seeing
October not doing anything. November so far not great, right,
So don't be surprised if things are just on a

(12:38):
different timeline, and maybe we pump in December. I don't know,
because it does seem like bitcoin has some ways to
go to get out of this hole. So I do
believe this bull market spills into twenty twenty six. That's
my honest assessment based on what I'm seeing overall from
a macro perspective and much more so. Let me know
what you guys think about this news, especially the so

(12:59):
fine news that's pretty big. Leave your thoughts and comments
below hit the thumbs up button. Folks. A great way
to support the podcast is by subscribing to my free
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being the description. Check out my book on Amazon and
my course at mycryptocurse dot com. This is a comprehensive
chorus that teaches you everything you need to know about
crypto folks. Thank you so much for tuning in. I

(13:21):
appreciate you all, and I'll talk to you all later.

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