WEBVTT 1 00:00:07.519 --> 00:00:12.400 Hey everybody, Welcome into the Thinking Crypto podcast. You're home for cryptocurrency news 2 00:00:12.439 --> 00:00:16.079 and interviews. On your way in, please hit that subscribe button as well 3 00:00:16.079 --> 00:00:19.120 as the thumbs up button and leave a common blow. If you're listening on 4 00:00:19.160 --> 00:00:23.280 a podcast platforms such as Spotify or Apple, please leave a five star rating 5 00:00:23.399 --> 00:00:27.239 and review. Folks, we have some very big news around JP Morgan and 6 00:00:27.320 --> 00:00:33.719 Fidelity. So Fidelity International tokenizes money market fund on JP Morgan's blockchain. The 7 00:00:33.880 --> 00:00:40.359 UK firm joined JP Morgan's Tokenized Collateral Network TCN, piloting the tokenization of its 8 00:00:40.399 --> 00:00:44.479 own money market fund with Onyx digital Assets. Now, before I give you 9 00:00:44.520 --> 00:00:48.520 additional details, I want to give you some context, and we've often talked 10 00:00:48.520 --> 00:00:53.359 about it that Jamie Diamond for years has been spreading fut about bitcoin and crypto. 11 00:00:54.000 --> 00:00:58.479 We've seen the man come out and talk negatively about bitcoin. We've seen 12 00:00:58.520 --> 00:01:02.520 the SEC come out in a hack crypto startups, yet Wall Street firms are 13 00:01:02.560 --> 00:01:07.079 setting up shop and not getting Wall's notices. Well, here's further proof that 14 00:01:07.439 --> 00:01:11.959 the SEC has been weaponized by incumbents to come in and take over. So, 15 00:01:11.120 --> 00:01:15.920 despite what Jamie Diamond says, his banking company is investing in crypto and 16 00:01:17.000 --> 00:01:21.680 building with it, and they're trying to introduce their own versions to compete with 17 00:01:22.040 --> 00:01:25.359 the project, the crypto projects and blockchains that are out there to public ones. 18 00:01:25.480 --> 00:01:29.760 Right, it's the classic story the incumbents getting disrupted. They go and 19 00:01:29.799 --> 00:01:33.879 they pull their political strings. They make the call to Elizabeth warning Gary Ganster 20 00:01:33.959 --> 00:01:38.200 and say slow or stop or kill these startups. Not kill crypto, kill 21 00:01:38.200 --> 00:01:42.280 these startups until we can catch up. And here's a clear example of how 22 00:01:42.319 --> 00:01:45.760 they're trying to catch up. So let me give you the details here. 23 00:01:46.000 --> 00:01:51.359 Fidelity International, a London based funds management firm, has tokenized shares in a 24 00:01:51.480 --> 00:01:57.200 money market fund using JP Morgan's Ethereum based private blockchain network on ex digital assets. 25 00:01:57.480 --> 00:02:01.000 Now, many of you know JP Morgan was an early investor in Consensus 26 00:02:01.000 --> 00:02:06.079 back in twenty eighteen. They were helping to build Ethereum. They did a 27 00:02:06.120 --> 00:02:10.680 private fork of Ethereum called Quorum that eventually evolved to onyx, and they launched 28 00:02:10.759 --> 00:02:15.599 jpm coin, which is a stable coin that they use on a private on 29 00:02:15.639 --> 00:02:19.879 the private blockchain, so it's not public. But clearly, once again as 30 00:02:19.960 --> 00:02:23.879 much as Jamie Diamond spreads fud about this industry and so forth. He's using 31 00:02:23.919 --> 00:02:29.080 the technology. Why it is the future. It's the next layer on top 32 00:02:29.080 --> 00:02:34.159 of the Internet. And tokenization of real estate and securities, stocks, bonds, 33 00:02:34.159 --> 00:02:38.120 and so forth is what's coming twenty four to seven. Trading no more 34 00:02:38.240 --> 00:02:43.360 opening or closing bell a full global market and because of tokenization, it creates 35 00:02:43.400 --> 00:02:47.319 secondary markets, tertiary markets, and much more. That is why JP Morgan, 36 00:02:49.039 --> 00:02:53.680 the world's largest bank, is taking the time and resources to do these 37 00:02:53.719 --> 00:02:55.400 things. Folks. They're not doing it for fun. They're here to make 38 00:02:55.520 --> 00:03:01.039 money and they recognize the disruption that is at their doors, so they're trying 39 00:03:01.360 --> 00:03:07.560 to catch up here. So tokenization occurred near instantaneously through connectivity between the funds 40 00:03:07.560 --> 00:03:15.000 transfer agent JP Morgan's transfer agency business and Tokenized Collateral Network, an application that 41 00:03:15.039 --> 00:03:20.919 sits between a collateral receiver and a collateral provider on the bank's Onyx blockchain set 42 00:03:20.919 --> 00:03:25.560 Fidelity International, which is a separate entity to the US based Fidelity Management and 43 00:03:25.639 --> 00:03:30.520 Research. Tokenization of traditional financial assets has become a priority for banks, and 44 00:03:30.599 --> 00:03:36.080 it's an area JP Morgan has been working on for some years. The essence 45 00:03:36.120 --> 00:03:40.639 of tokenization is to create on a blockchain a virtual investment vehicle representing real world 46 00:03:40.719 --> 00:03:45.719 assets such as real estate, precious metals, and collectible stocks and bonds work 47 00:03:45.840 --> 00:03:50.719 too. Fidelity International also has a long history with digital assets, most recently 48 00:03:50.759 --> 00:03:55.360 working on a tokenization project with Swiss banks Signum in March. In October last 49 00:03:55.439 --> 00:04:00.960 year, JP Morgan carried out its first live blockchain based collater settlement transaction involving 50 00:04:01.240 --> 00:04:06.360 tokenized shares in a Blackrock money market fund. The shares were transferred to Barclays 51 00:04:06.400 --> 00:04:12.680 for collateral in an over the counter derivatives trade. Blackrock has gone on to 52 00:04:12.800 --> 00:04:18.800 further embrace tokenization through its public facing build a project with tokenization services firm Securitize. 53 00:04:18.959 --> 00:04:23.439 Now we know Blackrock is using etherorem and they're going to expand to other 54 00:04:23.519 --> 00:04:28.279 blockchains as well. But clearly, folks, if you were on the fence 55 00:04:28.319 --> 00:04:33.360 about blockchain and digital assets and tokenization, wake up. The world's largest bank 56 00:04:33.439 --> 00:04:38.199 is involved, and we know the world's largest asset manager, Blackrock is involved, 57 00:04:38.199 --> 00:04:41.680 and the rest of Wall Street is also doing the same. So bullish 58 00:04:41.759 --> 00:04:45.680 times ahead. This is why I often say watch what they do, not 59 00:04:45.800 --> 00:04:48.160 what they say. If you are listening to Jamie Diamond all these years and 60 00:04:48.199 --> 00:04:53.399 you didn't do your research and take a position. He fooled you, he 61 00:04:53.439 --> 00:04:57.759 played you, and he'll probably his bank is going to call you up near 62 00:04:57.800 --> 00:05:00.639 the peak of the market to sell you these assets. So wake up, 63 00:05:00.680 --> 00:05:04.720 call there if you don't recognize what's happening. Now. We got some interesting 64 00:05:04.839 --> 00:05:10.600 updates around the ethermi's body TF. We know the SEC approved phase one, 65 00:05:10.680 --> 00:05:14.399 which is the nineteen B dash force, and we're waiting for the S one 66 00:05:14.439 --> 00:05:17.759 approvals for these ETFs to go live. So James Safer to Bloomberg said, 67 00:05:17.759 --> 00:05:23.639 the SEC just added the appro shares etherm ETF to its website. That is 68 00:05:23.720 --> 00:05:29.040 extremely quick. He says instinct initially says this won't launch on day one with 69 00:05:29.120 --> 00:05:31.800 the other ETFs whenever that is, but who knows. This is interesting. 70 00:05:32.120 --> 00:05:36.959 So we're seeing some movement here. Some people are anticipating the approval may come 71 00:05:38.000 --> 00:05:41.160 within the next two to three months. It could be sooner. We'll see 72 00:05:41.160 --> 00:05:45.920 what happens. But things are moving ahead, and I think the etherm ETF 73 00:05:45.959 --> 00:05:48.759 approval will be very bullish for many all coins. It opens the door for 74 00:05:49.120 --> 00:05:55.240 other all coins to get their ETFs as well. So exciting times ahead. 75 00:05:55.279 --> 00:06:00.199 We just have to be patient. And speaking of ETF's Blackrock now holds three 76 00:06:00.399 --> 00:06:06.079 hundred and four nine hundred and seventy six bitcoin worth over twenty one billion dollars 77 00:06:06.160 --> 00:06:11.439 for their spot Bitcoin ETF. That is an insane number. And they just 78 00:06:11.519 --> 00:06:15.439 did this months ago. Remember these the eastfs just got approved earlier this year. 79 00:06:15.839 --> 00:06:20.199 It's incredible what's happening. They're buying. The inflows are starting to rise 80 00:06:20.199 --> 00:06:25.959 again after the cool off when bitcoin hit around seventy four thousand, and this 81 00:06:26.120 --> 00:06:29.600 is just I would say wave two, and then you still have Wave three, 82 00:06:29.639 --> 00:06:32.360 and there's more waves to come, and you're gonna see a lot more 83 00:06:32.399 --> 00:06:36.079 capital come into bitcoin. And it's not only in the United States. There 84 00:06:36.079 --> 00:06:41.519 are ETFs being launched in London, Hong Kong, we saw Thailand as well. 85 00:06:41.759 --> 00:06:45.680 So game three is playing out here. Nate Garachi, president of the 86 00:06:45.720 --> 00:06:48.639 ETF Store, and my interview with him will be published tomorrow. He gave 87 00:06:48.720 --> 00:06:53.519 some context as to how incredible these ETFs have been performing. He said, 88 00:06:53.680 --> 00:06:59.560 four spot bitcoin ETFs are in the top fifty of all ETF inflows this year, 89 00:06:59.600 --> 00:07:03.000 including two in the top five. So number two is the I Shares 90 00:07:03.000 --> 00:07:08.680 BITCOININGTF that's black Rock, number five is Fidelity. Number thirty six was arc 91 00:07:08.800 --> 00:07:12.519 As Kathy Wood. Number forty eight is bit Wise and he says there are 92 00:07:12.600 --> 00:07:16.759 thirty five hundred plus ETFs, so puts these in top one point five percent 93 00:07:16.839 --> 00:07:23.480 of all ETFs by inflows. Incredible performance, folks. Now, in addition 94 00:07:23.560 --> 00:07:27.160 to the ETFs, we're seeing more companies are starting to add bitcoin to the 95 00:07:27.199 --> 00:07:30.959 balance sheet as a reserve asset to protect the value of their cash reserves. 96 00:07:31.120 --> 00:07:38.680 So DeFi Technologies adopts bitcoin treasury strategy. The publicly listed Canadian company announced the 97 00:07:38.680 --> 00:07:43.199 purchase of one hundred and ten bitcoin and repayment of five million dollars in debt 98 00:07:43.240 --> 00:07:47.600 by its subsidiary Valor. So huge news, incredible, what's happening. And 99 00:07:47.680 --> 00:07:51.240 this is just not a US and Canadian thing, It's happening globally. So 100 00:07:51.360 --> 00:07:58.560 Japanese public company Metaplanet purchases additional twenty three point three to five bitcoin worth one 101 00:07:58.560 --> 00:08:03.959 point six million dollars. So bitcoin, I believe will become a treasury asset, 102 00:08:03.040 --> 00:08:07.399 folks. So there's some bitcoin I'm never selling. I'm going to hand 103 00:08:07.399 --> 00:08:11.000 it down to my daughter and I'm going to play the cycles for the majority 104 00:08:11.000 --> 00:08:13.279 of my bags. And that is I've told you guys, I'll sell the 105 00:08:13.319 --> 00:08:18.800 peak and take some of that profits and reinvest it in the bear markets and 106 00:08:18.839 --> 00:08:22.079 grow the pool of money that way. Now you do your own research. 107 00:08:22.199 --> 00:08:24.920 That's not financial advice. Now great place to buy your bitcoin, folks, 108 00:08:26.040 --> 00:08:30.959 is on Uphold. You can buy bitcoin, xrpe Theorem, Salona, Cardano, 109 00:08:31.279 --> 00:08:33.759 all the top all coins. They have two hundred and sixty plus cryptocurrencies. 110 00:08:35.080 --> 00:08:37.039 They are available in over one hundred and fifty countries. They also have 111 00:08:37.120 --> 00:08:41.440 precious metals you can buy, sell, trade goalsilver, palladium, and platinum. 112 00:08:41.840 --> 00:08:46.200 Uphold is also fully reserved. You can go review their transparency reports. 113 00:08:46.240 --> 00:08:50.679 They don't co mingle or lend out your funds. I've been using this platform 114 00:08:50.759 --> 00:08:54.600 since twenty eighteen and I trust them, so I'm backing vouch for them of 115 00:08:54.639 --> 00:08:58.480 course. So if you'd like to learn more about Uphold, check out the 116 00:08:58.519 --> 00:09:03.039 link in the description. Folks, we got some very big news around Fireblocks 117 00:09:03.039 --> 00:09:07.120 and Coinbase. So Fireblocks is a crypto custodian and Coinbase of course has their 118 00:09:07.159 --> 00:09:13.240 own custody products. So Fireblocks partners with Coinbased International to extend security, governance 119 00:09:13.320 --> 00:09:20.000 and policy support. Fireblocks is extending its multi party computation MPC protection to coinbas 120 00:09:20.080 --> 00:09:24.919 international customers. Clients using the coin based International Exchange will be able to mitigate 121 00:09:24.960 --> 00:09:30.000 operational risks by using the fireblocks network. So I love this the crypto industry 122 00:09:30.000 --> 00:09:33.919 coming together, sharing their technology and setting up better security and guardrails to protect 123 00:09:33.919 --> 00:09:37.720 the investors. We need these things for the ACID class to continue to grow. 124 00:09:37.879 --> 00:09:43.559 We don't want another Excelsius, we don't want another Tara, Luna or 125 00:09:43.679 --> 00:09:46.279 FTX. We don't want hacks, right, So the more security layers that 126 00:09:46.360 --> 00:09:50.200 we can put into place, that's great for the continued adoption of the ACID 127 00:09:50.279 --> 00:09:54.840 class. Now, guys, we continue to see governments around the world are 128 00:09:54.879 --> 00:09:58.320 building CBDCs and even stable coins. We were just talking about jpm coin. 129 00:10:00.159 --> 00:10:05.600 HSBC China rolls out the ec and y services for corporate clients. Folks. 130 00:10:05.639 --> 00:10:11.000 The token economy is rolling out right before our eyes. Not only are we 131 00:10:11.039 --> 00:10:16.000 going to see tokenization of real world assets such as real estate and art working, 132 00:10:16.039 --> 00:10:18.240 all these things, but fiance currency, as you all know, will 133 00:10:18.240 --> 00:10:22.519 be on the blockchain. So that's going to come into form of stable coins 134 00:10:22.519 --> 00:10:26.200 and CBDCs. So the bank's China branch said that it is the first foreign 135 00:10:26.200 --> 00:10:31.600 bank in China to offer the digital u Wan services to builth retail and corporate 136 00:10:31.679 --> 00:10:35.240 customers. And let me tell you something, the rest of the world is 137 00:10:35.240 --> 00:10:39.639 paying attention and eventually every major government is going to be using a CBDC. 138 00:10:39.080 --> 00:10:43.200 And not only is is this just the adoption of technology, this is going 139 00:10:43.240 --> 00:10:48.240 to play into politics and economics as well. Because the United States has the 140 00:10:48.279 --> 00:10:52.399 world reserve currency with the dollar, China would love to steal that mantle, 141 00:10:52.600 --> 00:10:56.120 right. They would love to inject their digital u want into different markets and 142 00:10:56.120 --> 00:10:58.679 get adoption that way. And it will be very easy to inject a digital 143 00:10:58.720 --> 00:11:03.720 current and into certain markets. So let's say China, like, for example, 144 00:11:03.759 --> 00:11:07.080 they're going to certain African countries and doing infrastructure, setting up shop there, 145 00:11:07.600 --> 00:11:11.000 and people have smartphones. Hey, download this wallet, we'll send you 146 00:11:11.440 --> 00:11:16.679 the ecn Y and you know that could be a currency you use. It's 147 00:11:16.759 --> 00:11:20.559 going to happen if the United States does not get its act together and figure 148 00:11:20.600 --> 00:11:24.320 out what they want to do. I'm not saying for cbdc's but I'm just 149 00:11:24.360 --> 00:11:28.679 thinking the facts. Right, we got to figure out the balance here of 150 00:11:28.039 --> 00:11:35.799 global competition, economic competition, and of course finding the balance where our privacy 151 00:11:35.879 --> 00:11:39.000 rights are protected. I can't talk about the digital you want, because I 152 00:11:39.000 --> 00:11:41.960 don't live in China and I don't use it. But here in the United 153 00:11:41.960 --> 00:11:46.559 States, we got to make sure the FED gets the digital dollar right or, 154 00:11:46.360 --> 00:11:52.759 as per my interviews recently with Carmel Cadet of m Tech, saying that, 155 00:11:52.960 --> 00:11:56.159 look, there's a digital dollar that's issued, but it can't be touched 156 00:11:56.159 --> 00:12:01.039 by retail. What happens is that the stable coin issue is like Circle Ripple, 157 00:12:01.919 --> 00:12:05.159 PayPal and so forth, they have to use the digital dollar as part 158 00:12:05.159 --> 00:12:09.559 of their reserves. I think that's the more likely scenario given all the bills 159 00:12:09.559 --> 00:12:15.759 that have come out from Congress with the anti CBDC privacy and all these things. 160 00:12:15.840 --> 00:12:18.679 Right, we've seen tom Ember put out a good amount of things like 161 00:12:18.720 --> 00:12:26.080 that, So folks, it blows me away that these things are happening and 162 00:12:26.240 --> 00:12:28.080 a lot of people are not paying attention. Right, they're not paying attention 163 00:12:28.159 --> 00:12:33.000 in what's coming. But hey, this is how it is. Early adopters 164 00:12:33.240 --> 00:12:37.919 will have the opportunity to make significant returns while other people waste their time looking 165 00:12:37.960 --> 00:12:41.120 at Netflix shows and TV. And I'm not saying you can't do those things, 166 00:12:41.159 --> 00:12:46.080 But I'm saying people are opting to do that and spend their time on 167 00:12:46.159 --> 00:12:50.639 social media versus researching and learning how to invest and learning about this technology and 168 00:12:50.639 --> 00:12:54.639 how they can use it to make some wealth for themselves, to give themselves 169 00:12:54.720 --> 00:13:01.159 financial freedom, but also what to expect and how to not fall victim to 170 00:13:01.360 --> 00:13:05.399 any type of draconian law or technology. Once again, we've got to make 171 00:13:05.399 --> 00:13:09.000 sure the United States keeps to the Constitution when it comes to the digital dollar. 172 00:13:09.159 --> 00:13:11.600 All right, folks, that's the news. Don't forget to grab a 173 00:13:11.639 --> 00:13:16.879 copy of my book, Rethinking Crypto and Amazon available in paper and digital. 174 00:13:16.080 --> 00:13:20.240 Grab a copy to support the podcast. If you bought a copy already, 175 00:13:20.279 --> 00:13:22.759 please leave a rating and review, And folks, grab a couple copies for 176 00:13:22.840 --> 00:13:26.279 your friends and family who want to learn about this technology. It covers Crypto's 177 00:13:26.320 --> 00:13:30.879 past, president, and future, and it just gives the holistic view. 178 00:13:31.240 --> 00:13:33.399 So thank you guys for watching and listening. I appreciate you all, and 179 00:13:33.440 --> 00:13:35.080 I'll talk to you all later.