Hey, everybody, Welcome into the Thinking Crypto Podcast, your home of your
cryptocurrency news and interviews. I'm your host, Tony Edward. On your way
in. Please hit that subscribe button as well as the thumbsup button and leave
a comment below. If you're listening on a podcast platform such as Spotify or
Apple, please leave a five star rating and review. Folks, we got
a big week ahead for the entire crypto industry. First up, everyone is
paying attention to the Bitcoin chart because we're all waiting for Bitcoin to find its
bottom if it hasn't already, and to start that reversal where we see that
slow, steady grind out of the pullout, and then we'll build some support
levels and start moving up and start going parabolic again. So this could play
out over the summer, so we have to be mentally prepared for that.
That we're not going to see a new all time high soon, but it
could happen sooner. This market moves very different from anything else out there,
and none of us have a crystal ball, but we look at the indicators
and metrics to get an idea of we're at to form a thesis, as
I always say, and none of the major macro bull market signals have flag
that we have hit the top. In addition, we haven't had any major
invalidation of the bullmarket despite this pullback, and as I've been saying for a
while now, we've seen deeper pullbacks going back to twenty seventeen and so forth.
This is nothing. And we saw a similar pattern play out last year
in August of twenty twenty three. So we have to be patient. And
like I said, all eyes are on bitcoin to see what it's going to
do next, because Bitcoin is the rising tie that lifts all boats. The
market moves with Bitcoin. What's interesting also is the DXY, the Dollar currency
index, continues to break downwards. Usually you don't see these things happening in
parallel risk assets crashing as well as the dollar crashing. So one of them
is going to do a reversal soon, and I believe it is bitcoin and
crypto. Now I could be wrong, because once again I don't have a
crystal ball, but based on my research and what the different factors and things
are telling us is that Bitcoin is narrative bottom and the DXY was due for
its collapse, which we've been talking about for months. So let's hope fingers
crossed that this is the scenario that plays out, because we're talking about probabilities
here, not certainties, and we'll have to adjust our strategies accordingly as the
facts change and the data changes from day to day. Now, another important
metric that we've been following for a while is the Bitcoin Fear and Greed Index.
Going back to March, we were in a epic greed zone right People
were so greedy. People were starting to feel a bit euphoric because bitcoin hit
a new all time high before the having the Bitcoin ETF inflows were incredible,
big names involved and so forth. So people almost had the idea that,
oh, the ETFs are here, it will never correct, it will always
keep going up in a straight line. That's not possible. Markets don't work
that way, and this is why you have to dollar cost average in,
and when we're hitting near the top of your dollar costs average out, you
take the profits off the table because the bull market doesn't last forever. And
look, bear markets don't last forever, but you want to walk away with
money in your pocket. So the Bitcoin Fear and Greed Index right now is
at the twenty eight. That's very bullish in a bull market, so I'm
excited seeing that we're in this zone. We're hanging out here. Bitcoin is
almost near its bottom, I think, if it hasn't hit it already.
At the time of recording, it's below fifty five thousand dollars. So let's
be patient. Let's see what happens this week. Now. One item I
actually forgot to mention here is that whales are buying the dip. So Hunter
Horseley of Bitwise Asset Management highlighted on July fifth, which was Friday, that
they had thirty million dollars of inflows into their Bitcoin ETF. Earlier in the
week, they had a day of forty million dollars. So smart money is
buying the dip, and even James Seifert of Bloomberg said Bitcoin ETF's doing the
exact opposite of dumping in the first twenty percent draw downs since launch. So
of course, naturally you're going to have a rebalancing of the et apps and
people's portfolios. But whales, and this is where you want to follow the
data, are accumulating these dips. I'm personally buying the dip. I'm not
buying the different bitcoin because, as I've stated many times I bought bitcoin when
we were at that sixteen seventeen eighteen thousand dollars range in December twenty twenty two.
What I am buying is all coins. My bitcoin bags are full right
now, and I don't plan to do put any extra money in there because
I believe all coins are going to outperform Bitcoin. That is not to say
you can't make money with bitcoin, obviously, but this is where diversification is
important. All coins are obviously more riskier than Bitcoin, and recently I expanded
my Solana holdings significantly given the major things they've launched, and I'm going to
continue to buy Solon and some other alts as well as some AI themeed tokens.
So excited guys for the continuation of this bull market. Now we got
some a very big crypto regulation type news here for this week. Eleanor Tarota.
Fox Business is reporting some notable events in Washington for crypto peeps to keep
an eye on. This week. Wednesday, there will be the Senate Agriculture
Committee's Oversight of Digital Commodities Hearing with CFDC Chairman Roston Benham at ten am.
Rocanna's Democrat Crypto Roundtable will Mark Cuban and White House and Biden administration folks and
industry leaders. That's going to be taking place on Wednesday as well. We
got Thursday a Senate hearing for Biden's renomination of SEC Commissioner Caroline Crenshaw, a
new FDIC nominee for Chair Christy Goldsmith Romero, who's currently a CFDC commissioner.
Also Kristin Johnson to be an Assistant Secretary of US Treasury and Gordon Itto to
be a member of the Financial Stability Oversight Council. Eleanor says expect some questions
on agencies approaches to digital assets in this hearing. She also highlighted that there's
a possible House vote to overturn Biden's SAB one to one repeal veto on Thursday
or Wednesday. She said they would need a two third majority on it.
I think this is highly possible because we saw many Democrats join their Republican colleagues
to pass SAB one to one in House and the Senate, and to pass
the FIT twenty one bill. So could they override Biden here? I think
so, because this is not some massive public issue which the average Joe and
Jay know about. Because we know, you know, there's the whole party
lines thing that many of the Democrats don't want to appear like they're against Biden.
You guys know how it all works. But this is such a niche
issue specific to the crypto industry that even if they joined the Republican colleagues,
you walk on the street and ask someone, hey, do you know what
TSA one two one is there? They have no idea, right, So
I really think that this could get overruleable. We'll have to wait and see,
but hopefully it does, because this is a major item that many Democrats
recognize shouldn't be a partisan issue. But just Elizabeth Warren is the one pulling
Biden strings here. She's the anti crypto army leader, right guys. But
she's going to lose. She's on the losing side of history. Now,
guys, some details here about the SEC which makes my blood boil. Apparently
the SEC has spent one hundred and two million dollars on office moves in the
last three years. One one hundred and two million dollars for moving. I
mean this hashtag fire Gary Gancer like this comeback guy needs to be kicked out.
This is pathetic and he's been asking for more money. I mean,
come on, man, unbelievable. One user here, Daniel sembre Pico,
said, meanwhile, their budget request for to Congress has increased by four hundred
million dollars. And every year they also claim to need to add a few
hundred more employees to their head count. They're now at over five thousand employees.
This is big government for you, folks. It's not an SEC specific
issue. We know the SEC is run by a scumbag regulator, Gary Ginser,
who needs to be kicked out or there. But it's a big government
agency where we've seen that many of these agencies have gone rogue, They become
drunk on their own power right and become political and corrupt and so forth.
And obviously a clear example of that is the SEC. So this is wild.
Ryan selkiss a Missori. He tweeted out the following today, He said,
good morning, I've declared independence from the SEC and its corrupt chair Gary
Ginser. In the months ahead, Missori will be operationalizing a war against this
illegitimate and corrupt agency. The draft below will be polished, improved, and
sent to the SEC in Congress. So the letter he put together, it's
titled Missari in twenty twenty four declaring independence from the SEC. So I'm not
going to read through this whole thing. You guys can go check it out.
But the TLDR here is they're going after the SEC. They listed a
bunch of reasons and all the nonsense that's been going on, and they said
MISSORI will no longer engage with the SEC in any formal or informal capacities until
it is reformed and its leadership change. We now treat the agency as a
constile, adversary, competitor, and superfluous federal regulator. Wow, this is
interesting, and I hope more people follow. You know, sometimes these things
are just about optics, but that's part of the game, right, Yes,
there's the actual rubber hitting the road and getting things done, and what
actually happens a lot of this is narratives and optics. Look at Elizabeth Warren
anti crypto army. She says all these nasty things about the industry. The
same thing with Gary Genser, right, he says, like all these crypto
CEOs are going to jail. Really, they paint the industry with a broad
stroke, right, So we got to fight back, and we got to
play the optics game as well, So I give credit to Ryan here.
Even if this doesn't pan out to do anything, it just puts a lot
in the sand. It puts a counter argument to Gary's narratives, his false
narratives and so forth. And I love that the crypto industry is suing the
SEC. They're counter suing taking them to court. And this is I think
why Congress and the Senate are going to be forced to push regulations too,
because eventually this is going to boil over to madness. Right, industry suing
the SEC, the SEC suing them against are getting called out by massive companies,
and this is why Congress needs to act because it's becoming messy now.
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dot org. Now, guys, we are waiting for the SEC to approve
the etherorem Spot ETPs. We know it's fifty percent done. The nineteen B
dash fours are approved. We just need the s ones to be approved for
these ETFs to go live. Many are anticipating the middle of July or to
the latter a half, but I'm hoping it's the middle and that could be
a catalyst where the market to bounce. Nake A Raci of the ETF stores
said the spot ether ETF S one amendments supposedly due tomorrow, so talking about
Monday, July eighth, how quickly will the SEC turn these around again?
Main item I'm watching for his fees which won't be required with these amendments.
Otherwise, assume issuers gearing up for a launch in next week or two.
Very interesting. Once again, this could be a catalyst and give the market
a reversal getting these ETFs live Now, guys, we've got to report here
that Web three users hit ten million in Q two of this year and MetaMask
to enhance security finance redefined. So we've often talked about how do we bring
in the next billion users to Web three and crypto, and I've often stated
that we need to make it as easy as the Web two applications, where
it's a one click, very easy, where your mom or your grandma can
do it right, like logging into Facebook or whatever it is. It has
to look and feel a bit like the Web two apps, although the behind
the scenes infrastructure is Web three. And they'll get me wrong, some of
the interfaces need to be upgraded, right, The user experience needs to be
upgraded. But we need to make it that easy, and we're getting there.
This technology is actually getting faster adoption than the Internet did, and that's
of course because we're building on a much more advanced and faster infrastructure. People
have smartphones in addition to laptops and so forth. It's been decades, of
course since the Internet launched, so you had time that runway for people to
be able to learn this technology and go through all their trial and errors and
all these things and figure out how they want to use it, So let
me go to details here. This past week in DeFi saw Web three users
reach a new all time high of ten million in the second quarter, and
Consensus has integrated wallet guard to boost metamass security. The integration will involve the
wallet Guard team joining the Meticamass product safety team to ensure a smooth transition.
According to a July fourth report from blockchain analytics platform dap Radar, the number
of users using Web three applications reached a record high in the second quarter.
The number of daily unique active wallets was approximately ten million over the course of
the quarter, a forty percent increase from the first quarter and the highest number
ever reach. According to the report, and this is a quote, each
sector of the decentralized application industry has experienced notable growth, contributing to overall bullish
trajectory. Is great news, guys, very bullish, but just the tippity
iceberg. We need bill, we need a billion, and then I think
that would put us in the mass adoption category. And then when you think
about you know this acid class and technology, it is truly global. It
is not specific to the United States and so forth. Like let's say the
Dot com boom wars, where the Internet was primarily adopted in the United States,
then eventually the rest of the world. This thing is happening globally in
many jurisdictions and countries. So I'm very excited, folks, And this is
why I've often talked about future bull markets. Yes, I'm here to make
money in this bull market, but I'm also but I also have my strategy
of buying the dip come twenty twenty six, twenty twenty seven, and so
forth, and then wait for the next bull markets in twenty twenty eight,
which is the next bitcoin having So I'm looking at this from the macro.
I hope you are as well. Now on that note of adoption, we
got a report here that Solana has impacted Africa's crypto market mature, says an
exchange executive, So I'm probably gonna butcher this guy's name. Ola Dountun Wilfred
Acambe, the Chief marketing officer at FLYNNCAP, a platform for African over the
counter crypto exchanges, has highlighted the crypto industry's remarkable growth and maturity, focusing
mainly on Solana's resilience and community efforts In Africa. He told coin Telegraph that
the crypto industry is steadily maturing, demonstrating its ability to withstand various challenges that
would have previously triggered a market downturn. He stated the strength and adoption of
any technology heavily dependent on the vigor of its community. Crypto Project's continuous focus
on solving community problems, particularly in remittances and international payments, indicates positive year
over year growth. Here's a quote. With the kind of communities built around
several crypto projects, we're closer to mainstream adoption than ever. His sentiment follows
a recent series of Solana also as Nigeria community meetups in different parts of Nigeria,
showcasing solonas thriving community in Africa. So to my point that I said
earlier, this is a truly global asset class. Never in the history have
we had a truly asset class. I know some people will say, what
about gold. Yeah, but you can't see the supply of goal real time.
You can't move over the internet, you know, move gold like that
obviously, And many of these cryptocurrencies are hardcap, like bigcoin is hardcap.
You can't continue to mine more after it's done, and if it's lost,
it is lost, and all of these things contribute to higher value and so
forth. So this is why, over the years, despite the challenges we
face in the United States with the SEC, I was a big believer in
this technology and so bullish because I'm like, this thing is running on the
Internet, so you could be in any part of the world if you're connected
to the Internet. A majority of people are, even in developing countries.
People have smartphones now out and they pretty much do a lot of stuff through
smartphones, so crypto is easily accessible that way. So I'm very bullish on
this and it's obviously the next layer on the Internet. It is the future.
And despite what clowns like Gary Ginzer and some Elizabeth Warren, you know,
whatever roadblocks they try to put up, they're gonna get steamrolled, right,
They're not going to be able to stop this. The genies out the
bottle, The train is ut the station. They can annoy us and slow
us down a little bit, but they're not stopping this train. Guys.
All right, folks, that's the news. Let me know what you think.
Leave your thoughts in comments below. Don't forget to grab a copy of
my book, Rethinking Crypto. It's available on Amazon in digital and paperback.
Grab a copy to support the podcast. Grab a couple of copies for your
friends and family who want to learn about this technology and asset class. It
includes tips for investing in crypto, and if you bought a copy already,
please leave a rating and review. It would really help me out for as
far as my rankings. Thank you guys for watching and listening, and I'll
talk to you all later. Buskate, Destgate, Tuscate, State St.