Hey everybody, Welcome to The Thinking Crypto podcast, your home for cryptocurrency news
and the interviews. If you are new here, please hit that subscribe button
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star rating and review. Well, folks, Happy Bitcoin having day, The
Bitcoin having has been completed. Bullish times are ahead. We're going to break
down a lot and go into different news items, but first I want to
let you know that my book Rethinking Crypto is officially live on Amazon. Please
grab a copy and support the podcast, folks. This book tells the story.
It documents the story of what crypto has been through with the regulatory battles
with the SEC. It talks about Ripple Grayscale, the Bitcoin ETF race,
with black Rock tokenization, what does the future of crypto look like, Why
FTX and Sambang mcfreed were not the ethos of crypto, And it provides some
investing tips as it relates to crypto. What are the dos and don'ts.
So this would make a really great gift for someone who doesn't understand crypto and
is trying to learn it and they can get a holistic view of the market,
folks. So that's why I wrote the book. It took me a
while to write. It was certainly a challenging process, but certainly a rewarding
one now that the book is live, so please support. Also, I
will be hosting a book signing event in New York City right across the street
from the Wall Street Bull folks. So it's going to be a great venue
at Station three, which is a Web three hub and right in front of
that Wall Street Bowl folks. So if you are in the Tri state area
and you can attend, it's on April thirtieth, please come by. It's
free, grab a drink and so forth, and let's talk crypto. Get
a signed copy of the book and link will be in the description for you
guys to sign up on event bright But you know, grab a copy of
that book, guys, and I really appreciate your support. All right,
let's jump into the news. Bitcoin having has officially been completed, and this
is the fourth having, cutting the mining rewards from six point twenty five to
three point one two five, folks, historic every four years. The having
continues, and we know the great thing about this is that it's within the
bitcoin algorithm, and it happens approximately every four years, and it's the deflationary
aspect of bitcoin, which makes it vastly different from other currencies and store of
values out there. It becomes harder to mine bitcoin, and bitcoin that is
lost forever is gone forever, right, So that's the supply and demand economics
that plays out that drives the value of bitcoin, in addition to utility and
adoption. So pretty incredible. And of course the price of bitcoin right now
is at sixty three thousand, six hundred and three dollars, so very close
to sixty four thousand. And I've been here from multiple bitcoin havings and bull
market and bear markets cycles, and it's incredible to see what price we're at
right now. And even Michael Sailor tweeted out about this. He said bitcoin
was eight thousand, six hundred and eighteen dollars on the day of the last
bitcoin having and today we are at sixty three thousand dollars. So imagine what
the next leg of the bull run the bull market's going to look like,
folks. So that's why I think we will crack one hundred thousand dollars definitely
this cycle, and we could possibly top out at one hundred and thirty to
one hundred and forty thousand. Some people are calling for higher prices, but
there are diminishing returns every cycle, so I want to make sure I'm transparent
with that. But you are getting a return obviously, And as Paul Tudor
Jones said, Bitcoin and crypto is the fastest horse in the race now.
Right now, we are in a bit of a pullback, but that's the
micro, that's the short term. Long term, folks, I am immensely
bullish on Bitcoin and this entire market, all coins and much more. We'll
just have to go through the normal market cycles of pulling back and building support
levels. And we see the dollar currency index continues to look strong. So
patients is the key here. We got to go through these cycles, as
annoying, as painful as they are, sometimes we have to go through them.
So you know, Bitcoin is the rising tide that lifts all boths.
So as Bitcoin continues it's moved up, the liquidity will flow to these all
coins and they will start moving as well. Now here's a great chart analysis
put together by analyst Kevin Spenson, and he has a YouTube channel, make
sure you follow him. He's been documenting this parabolic curve and support trend line
here, and it's a beautiful thing on the chart. It's certainly aligned.
Now. One thing I've learned is that there's no analyst that is correct one
hundred percent of the time. That's why I follow multiple analysts, and I
look at the chart, and I do my own research behind their predictions and
their analysis that they put out, and and I think this is absolutely right
here, that this parabolic curve shows us that we could see a continuation in
the near future, possibly in May, towards the end of May, a
Bitcoin continuing this rally upwards. He said, Bitcoin the next parabolic advance could
start this week. Bullish continuation on the horizon, he asked. And it
may not happen this week once again, but when you look at his chart
analysis, it certainly lines up with the trend line here. So let's hope
he's right here. Wrecked Capital tuted out an updated chart, just beautiful showing
where we are at with the different havings. And we are still early in
a sense of we're not very close to the euphoric blowoff top. That's why
some folks are calling for two hundred thousand dollars bitcoin prices and much more.
So we still got more to go, folks, and what we're seeing.
You know, I've been talking about the macro and what the FED is doing,
and I've been sharing the theory that I think the blow off top could
happen here because markets are front running the rate cuts which will come. I
don't think they're going to come in the middle of the year or even before
the election. I think after the election. That's just my opinion. I
could be wrong, but I'm sharing my thesis with you guys from doing my
own research because I don't think the markets or even the president, this current
sitting president doesn't want to have the economy look bad, doesn't want inflation to
be high, and they have to keep rates high for longer to fight off
that inflation. So I think markets will keep rallying. And what we see
in historically is when they start to cut rates, that means something's breaking and
then usually there is a massive correction at those periods where there's cuts. So
using that thesis and historical data, I think we keep going up the stock
market, bitcoin, crypto and everything, and we're kind of in a macro
everything bubble if you look at it that way, and it's all correlated to
global liquidity, as macro investor Ral Palell would say. So I'm using multiple
data sources, multiple thoughts and ideas and thesis from different people. So I'm
trying to remain holistic and look at this thing from a three sixty view,
not just from with blinders on tunnel vision and only one view, because I
think it's all correlated to global liquidity and what the FED and the macro does.
Because you just look at the charts, Bitcoin is aligned to the NASDAC
and how the NASDAK moves. It's pretty fascinating, folks. Before we go
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the description. All right, let's jump into some other news items here.
Attorney John Deeton has filed for permission to appear as a MEC council on behalf
of four thousand, seven hundred and one coinbased customers in the SEC versus Coinbase
case. John is doing God's work here, folks. Remember he supported seventy
five thousand plus x RPE holders in the ripple or the SEC versus Ripple case,
and we saw how impactful that was for that case because the judge was
forced to look, at Hey, what the SEC is doing here is actually
hurting investors. They're not actually trying to solve anything here or try to protect
investories. It's kind of ridiculous because there was no fraud. Same thing here
at coinbase, no fraud. But this is the work of scumbag regulator Gary
Ginser. So thank you, John, if you're listening or watching, thank
you for doing this. John, is you know, fighting on behalf of
the common man, because look, yes, Coinbase as a company wants to
win here, but you as customers of whether you're a token holder or you're
a user of the platform with different tokens, you're the one that's getting hurt
by these SEC lawsuits because once again, no fraud has been committed. There's
no Ponzi scheme or crazy stuff happening here. They're just trying to stop good
actors because they are disrupting the banking incumbents, and the banking incumbents are pulling
the strings with Elizabeth warning Gary Ginser here. So that's what's going on.
So John entering in as a MESI is very great to see and I think
it will have an impact as well. And I think, you know,
with the Ripple case, really set kind of the game plan out here to
blueprint for how we got to fight back the SEC and scumback regulator Gary Genser,
and we have to beat them in court because Congress has not acted yet.
So this is really great Metal law Man James Murphy says, here we
go John Deeton stepping up again to speak up for victims of the SEC's war
on crypto. Will any of the people behind the tokens at issue in the
coinbase case also intervened? The tokens are ata soul matic file coin sand He
lists all of them right that we're in that lawsuit. So we'll see maybe
the token projects you know, actually step up. I'm hoping Charles Hoskinson does
because he's been very vocal and him and the folks at Ada or Cardano step
up here. That would be really impactful. Because united we stand, Divided,
we fall, and if we are able to get more participants coming in
as a MEC and participating in different ways, it will carry a lot of
weight in the case. James also highlighted that there's an important deadline in the
SEC versus Coinbase case. He says, anyone interested in filing an amikas briefed
to support of coinbases motion for interlocatory Appeal must do so by April twenty six,
twenty twenty four. So important note there. All right, folks,
we got the IRS getting their crypto reporting requirements together. Here here's the headline.
IRS releases draft of twenty twenty five digital asset reporting form for US taxpayers.
So folks, they know we are in a bull market, they know
gains will be made. And I've often stated that, you know, capital
gains taxes are highway robbery by the government. You take your already tax money,
invest it, you make a return, and you have to pay the
government a whole bunch of money. It's ridiculous. Now, I'm not against
taxes altogether. I believe we need to have some level of tax to pay
for our row codes and fire department, police and all that jazz, military
and all that right, But we see that the governments have gone beyond normal
levels of taxation because they can't control their spending, and that's why the taxes
have become ridiculous. So I'm hoping the capital gains taxes can be reduced at
least so the United States IRS, the country's Tax Service, has released a
draft of its new form ten ninety nine DA Digital Assets Proceeds from Broker Transactions
for reporting income from digital asset transactions. The form is expected to come into
use in twenty twenty five. For reporting in twenty twenty six, a broker
will prepare form ten ninety nine d DA for every customer who sells or exchanges
digital assets. Brokers include KIOSK operators, digital asset payment processors, hosted wallet
providers, unhosted wallets providers, and others. Part of the copies of the
ten ninety nine DA will be sent to customers and the IRS, which will
use them for verification purposes. The form asked for token codes, wallet addresses,
and blockchain transaction locations. Under the rule proposed in August twenty twenty three,
cryptocurrencies, non fungible tokens, and stable coins are reportable. The rule
stated, with third party information reporting that specifically identifies digital asset transactions, the
IRS could more easily identify taxpayers with digital asset transactions that are otherwise difficult to
discover. Now, many in the crypto industry are not happy with this and
the devils and the details here, so the crypto community weighed in on the
proposed reporting requirements after they were announced. The Blockchain Association said the rule contains
fundamental misunderstandings about the nature of digital assets and decentralized technology. Coinbased Chief legal
officer Paul Grewall said the proposed rules would set a dangerous president for surveillance of
every day financial activities of consumers by requiring nearly every digital asset transaction, even
the purchase of a cup of coffee, to be reported. So this thing
has to be pushed back obviously, right, it's kind of crazy. It
goes back to that Infrastructure Bill situation where you know, they have these unreasonable
requirements for things that can even report, right if you're a note or or
doing different things. So we got to push back, you know, at
least though I think the IRS is not as crazy as like Gary Genser and
the sec are, so they're willing to work the Treasury and so for they're
willing to work with folks. So the industry is going to have to push
back here and if it gets you know, crazy where we then have to
call up our representatives and go through the whole campaign like we did with the
Infrastructure Bill, we'll have to do that. So we'll watch as closely.
But this is something the new and it clearly shows many of these government folks
are not fully educated as to how this technology works because they propose things that
don't make sense for it. So stay tuned on this now. Yesterday we
talked about Binance moving its saf FU fund to USDC near a billion dollars,
and I said, look, this is another clear indication that the digital dollar
will could possibly probably be the USDC stable coin. We'll have to wait and
see. But Binance also received a license in Dubai. So here we got
news that Binance has secured a virtual Asset Securities provider license from Dubai's Virtual Assets
Regulatory Authority. So they continue to expand, and I think they're in the
green here after the whole penalty and paying their fine and cz having to step
down. I'm not going to rehash that whole scenario. You guys know the
story already. It was pretty high profile case. But you know this is
what I was saying. They're not shutting down, they're not banning these crypto
companies. Just get in line. Now, one could say in the United
States, it's a different story. And I believe so right they're trying to
kill these crypto startups. Not kill crypto, but kill the startups because you
know, as Coinbase and all these guys are getting sued. On the other
hand, Black Rock and Fidelity in Wall Street have issued big quinnytifs. They're
starting to tokenize. Clearly they're using crypto and blockchain tech, so it's not
to kill it. It's just they want the banking incumbents and the tradify incumbents
who have controlled the markets for years, who have the politicians in their pockets
who make campaign donations, to control it, right. That's the game.
We've been talking about it forever now, so good to see finance is expanding
here and Dubai has become a very attractive region or country for crypto because they
have clarity. Now we have news there to Tether bring USDT and gold stable
coins to the ton blockchain, to n blockchain, so this is fascinating.
Teather is expanding its US dollar back stable coin USDT and its goalback stable coin
xau T to the open network, which is Ton. USDT will go live
on Ton on April twentieth, and xaut will follow in the coming months.
Teather CEO Paolo or do Eno, told the block Now. I recently interviewed
Paolo on the podcast. If you haven't seen that, be sure to check
it out. We talk about all these things and their expansions and plans and
much more. Now, folks, before I wrap it up here, quick
word about the DC Blockchain Summit. I will be at this summit on May
fifteenth and May sixteenth. Fifteenth is the Summit Day with great speakers, many
from DC. Patrick McHenry, Christin Gillibrands, Senator Lumis has their purse,
Caroline fam and many industry leaders and guys. You don't want to miss this,
and I'll be there so we can catch up. And also day two,
the sixteenth, will be Blockchain Education Day where we will be going on
Capitol Hill, so that will be really great. I'm looking forward to that
and if you can make it, be sure to check out the link in
the description. You can get a discount on the tickets using the code thinking
Crypto. It would be great to be there. It's being put together by
the Chamber of Digital Commerce and it'd be fascinating, especially the Blockchain Education Day
to go on DC and see how the advocacy groups like the Chamber of Digital
Commerce, you know what they're doing and how they are speaking to these folks.
So I hope to see those of you who can make it there,
and guys, once again, check out my book if you haven't as yet
link in the description on Amazon appreciate your support. Thank you for watching and
listening, and I'll talk to you all later at pak take dost past