Speaker 1: Hey everybody, Welcome into the Thinking Crypto podcast. You're home
Speaker 1: for cryptocurrency news and interviews. I'm your host, Tony Edward.
Speaker 2: On your way in.
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Speaker 1: There's nothing new to report on the price. We're still
Speaker 1: waiting for bigcoin to make that move, whether that be
Speaker 1: a relief rally move or a continuation of the bullmarket
Speaker 1: to new all time highs. So at this point it's
Speaker 1: a waiting game. If there are major changes, I will
Speaker 1: of course let you guys know. But let's jump into
Speaker 1: some crypto news.
Speaker 2: Today.
Speaker 1: We had a bunch of xrpce body ttfs go live,
Speaker 1: so grey Scales xrp trust ETF went live, so that's
Speaker 1: a big one. And also Franklin Templeton launched their xrpce
Speaker 1: body TF, so a lot of xrp spoty tf's going
Speaker 1: live here guys. And Greyscale also launched their doge coin ETF,
Speaker 1: so this is really great. It's going to build a
Speaker 1: lot of awareness about these assets. It's going to be another
Speaker 1: on ram for people to participate in the crypto market,
Speaker 1: and you know, more of the supply to be bought up. Now,
Speaker 1: obviously we are in a major correction, so we have
Speaker 1: to get out of here before you start to see
Speaker 1: these ETFs perform really well. And here Eric Balachunz of
Speaker 1: Bloomberg says there are five spot crypto ETFs launching over
Speaker 1: the next six days. Beyond that, we don't have exact details,
Speaker 1: but we expect a steady supply of them, likely over
Speaker 1: one hundred in the next six months. And he shared
Speaker 1: a chart here that's his colleague James Seifert, who have
Speaker 1: had on the podcast, put together just showing bit wise
Speaker 1: as doge Coin ETF, Gray Scales, chain Link ETF as well.
Speaker 1: So a lot more is down the pipeline, and you
Speaker 1: know you're going to see a lot of all coin
Speaker 1: ETFs here. I expect to see Avax, Cardano, more Hbar
Speaker 1: ETFs and so on and so forth. Once again, I
Speaker 1: know the timing is not great with everything is happening
Speaker 1: in the market, but still it's these on rams being
Speaker 1: set up are very good for the long term. And
Speaker 1: you know, if we do see some sort of relief
Speaker 1: rally for bitcoin and all coins start going bananas, you
Speaker 1: could see the inflows take up. Now, if the bullmarket continues,
Speaker 1: you know, based on let's say my thesis of the
Speaker 1: macro factors, and we go to new all time highs,
Speaker 1: you're going to see a lot of inflows into these
Speaker 1: respective ETOs.
Speaker 2: Now, we have some.
Speaker 1: Interesting news around v chain. So vchain announced today that
Speaker 1: they have partner with Record to deliver digital product passports
Speaker 1: and RWA infrastructure for the EU market. So vchain has
Speaker 1: entered a strategic partnership with Record to accelerate the next
Speaker 1: phase of the tokenization infrastructure for real world assets. This
Speaker 1: partnership brings together Vchain's battle tested, energy efficient blockchain with
Speaker 1: Records API first trust layer which makes data streams tamper
Speaker 1: proof with minimal integration effort. Enterprises will be able to
Speaker 1: secure logs, documents, and product events on chain without changing
Speaker 1: user experience or rebuilding core systems.
Speaker 2: So this is really great adoption for v chain.
Speaker 1: I am a VET token holder, many of you know that,
Speaker 1: and I am bulsh on this project too. They continue
Speaker 1: to get adoption across the globe from different brands and companies,
Speaker 1: and this is a pretty big one. You know, we're
Speaker 1: seeing the tokenization trend grow significantly. Everyone is joining the tokenization.
Speaker 2: Race now, folks.
Speaker 1: A great place where you can buy, sell, and stake
Speaker 1: your crypto assets is on Uphold. So if you want
Speaker 1: to buy v chain or XRP or doge or bitcoin itself,
Speaker 1: you can do that on an uphold and they have
Speaker 1: three hundred plus cryptocurrencies. They offer staking on twenty plus
Speaker 1: crypto assets now. I've been a user of v chain
Speaker 1: since twenty eighteen. They're one of my go to exchanges.
Speaker 1: I've never had any issues or problems and they've always
Speaker 1: been reliable and best of all, they don't commingle or
Speaker 1: lend out your crypto assets and they are one hundred
Speaker 1: percent reserve. You can review their transparency report on their
Speaker 1: website now. They also offer a great rewards program where
Speaker 1: you can earn up to five point two five percent
Speaker 1: on stable coins and part of the rewards program you
Speaker 1: get twenty four hour early access to new tokens that
Speaker 1: they list now to stable coin z. The support for
Speaker 1: this program is USDC that's issued by Circle you get
Speaker 1: two percent. There are l USD which is issued by
Speaker 1: Ripple you get five percent. There and USBC you get
Speaker 1: five point two five percent there, so great program and
Speaker 1: in order to participate, you simply have to open the
Speaker 1: app once per month, deposit fifty dollars once per month,
Speaker 1: and trade fifty dollars once per month. And folks, they're
Speaker 1: doing it the right way. I vetted this. I interviewed
Speaker 1: the CEO and many folks, and they're not doing anything
Speaker 1: weird or shady like you know firms having the pass.
Speaker 1: They are a regulated exchange and they're doing it the
Speaker 1: right way. So if you'd like to learn more about Uphold,
Speaker 1: check out the link in the description. Now, folks, it
Speaker 1: seems Operation Choke point two point zero is not over
Speaker 1: and JP Morgan is continuing it. So JP Morgan has
Speaker 1: ended banking ties with Strikes CEO Jack Maller So. Senator
Speaker 1: Cynthia Lumis even tweeted out about this, and she said,
Speaker 1: policies like JP Morgan's undermines confidence in traditional banks and
Speaker 1: send the digital assets industry overseas. It's past time we
Speaker 1: put Operation Choke point two point zero to rest to
Speaker 1: make America the digital asset capital of the world. So
Speaker 1: Jack Maller's, you know, I highlighted that they closed his account,
Speaker 1: and he's been banking with them for a long time,
Speaker 1: but he has made some very scandalous comments about Jamie
Speaker 1: Diamond and JP Morgan, talking about you know, the work
Speaker 1: they did with Jeffrey Epstein and all that, right, and
Speaker 1: he's not wrong, but he's been very public and it
Speaker 1: seems like there's some retaliation here because when he asked them,
Speaker 1: why have you debanked me?
Speaker 2: And they are like, we're not allowed to tell you.
Speaker 1: So that's weird, right if you did something and they're like, hey,
Speaker 1: you did X or why and this is why we're
Speaker 1: shutting your account. Okay, you know, you give a valid reason.
Speaker 2: They're just not saying anything.
Speaker 1: So this is clearly some form of retaliation and it
Speaker 1: sucks that these banks can do this. They can shut
Speaker 1: your account down, don't give you a reason, like what,
Speaker 1: But you know the end crypto industry is going to
Speaker 1: fight back. We've been winning these battles and we won
Speaker 1: the war. Honestly, it's we are in the then you
Speaker 1: win phase, right, So these folks that are going to
Speaker 1: be in for it as crypto. You know, even crypto
Speaker 1: is preparing for the midterms coming up in the election,
Speaker 1: So stand where Crypto is going to vet twenty twenty
Speaker 1: six candidates on digital asset positions. So Crypto is ready
Speaker 1: to spend money again. And anyone who's anti Crypto are
Speaker 1: they going to get their assets handed to them again?
Speaker 1: Because Crypto was the biggest spender in the twenty twenty
Speaker 1: four US elections and we saw how that panned out.
Speaker 1: So Jamie Diamond and JP Morgan, they are going to
Speaker 1: be in trouble now. They do have a lot of power,
Speaker 1: so we'll see what happens. But I think if the
Speaker 1: public pressure builds up, plus the pressure from members of Congress,
Speaker 1: they're going to have to capitulate or at least give
Speaker 1: an answer why they debanked him.
Speaker 2: And let's see if they start to debank other people.
Speaker 1: Even though they have been embracing Crypto, you know, they're
Speaker 1: kind of forced to. You know, I don't think they
Speaker 1: want to. I think Jamie Diamond is doing it kicking
Speaker 1: and screaming. He does not like it at all. But
Speaker 1: like I said, we're in the then you win phase. Well,
Speaker 1: let's watch this closely. Are these banks, you know, trying
Speaker 1: to stop some of these players so they can push
Speaker 1: their products and services right that they're building out. Let's
Speaker 1: see how this works out now moving ahead, Onto Finance
Speaker 1: turns to figures stable coin with twenty five million dollar
Speaker 1: investment to back Tookenize fun So I am an Onto
Speaker 1: token holder. I'm bullish on this project. I recently interviewed
Speaker 1: the founder, Nathan Allman at Chainlink Smart Con. Many of
Speaker 1: you have seen that interview at Publish a few days ago.
Speaker 1: So Onto Finance has purchased twenty five million of YLDs,
Speaker 1: the yield bearing stable coin issued by Figure Technology Solutions,
Speaker 1: to diversify the assets backing its tokenized US Treasury funds.
Speaker 2: The company said.
Speaker 1: Monday that YLDs will be added to a reserves portfolio
Speaker 1: that already includes tokenized treasury products from major asset managers,
Speaker 1: including funds issued by Blackrock, Fidelity, Franklin Templeton, and wisdom
Speaker 1: Tree Design. For institutional investors, the Onto Short Term US
Speaker 1: Government Bond Fund offers on chain exposure to treasuries with
Speaker 1: twenty four to seven redemptions and an estimated annual return
Speaker 1: of three point sixty eight percent. The tokenized fund has
Speaker 1: about seven hundred and seventy seven million dollars in total
Speaker 1: value locked as of this writing.
Speaker 2: So guys.
Speaker 1: We continue to see expanding and building, which is very healthy.
Speaker 1: And you can see tokenization is the big race here
Speaker 1: in to stable coins, and these folks are backing their
Speaker 1: tokenized funds or with different assets, so they're backing with
Speaker 1: figure stable coin, which is interesting. Now crypto is a
Speaker 1: global acid class, and we got news out of Japan,
Speaker 1: Japanese watchdog to require exchanges to hold liability reserves. So
Speaker 1: across the global seeing the infrastructure being built for the
Speaker 1: crypto acid class, regulations and rules are being put into place.
Speaker 1: There's no banning anymore. The people who are anti crypto
Speaker 1: have capitulated. They've all disappeared. You got the un educating
Speaker 1: people about crypto. You have the IMF and the BIS
Speaker 1: showing people which way to go, which rules to put
Speaker 1: into place. They've completely capitulated. It's amazing. So the Financial
Speaker 1: Services Agency in Japan will reportedly require cryptocurrency exchanges to
Speaker 1: maintain liability reserves as part of measures to guard against
Speaker 1: hacks or unforeseen events. According to a Monday NIK report,
Speaker 1: Japan's FSA will revise its requirements for local companies to
Speaker 1: include methods for quickly compensating users affected by security breaches.
Speaker 1: Or other causes. The Financial Watchdog cited recent hacks of
Speaker 1: global exchanges as part of the reason behind the change.
Speaker 1: So I think this is great. You know, these exchanges
Speaker 1: need to have the liability reserves. Something happens, right, unforeseen
Speaker 1: events like the article says that they can make their
Speaker 1: users whole.
Speaker 2: The right. We've seen this time and time again.
Speaker 1: This is why I encourage you guys to do self
Speaker 1: custody treasurers one of my sponsors. I use the you
Speaker 1: know the devices, the links will be in a description
Speaker 1: to hold the majority of your crypto assets there because
Speaker 1: you know, you control the private keys. You can put
Speaker 1: it in a safe and a safety deposit box or whatever.
Speaker 2: Right, But there's a risk.
Speaker 1: When you put stuff on exchanges and you leave it there,
Speaker 1: because even if the exchanges is really great, they're not
Speaker 1: trying to scam people, they could be attacked. And now
Speaker 1: if they have insurance and they have the liability reserves
Speaker 1: to make you whole, then you know, I think that's good.
Speaker 1: Maybe you can leave a little bit of crypto on there,
Speaker 1: but if you're leaving all your crypto on their long term,
Speaker 1: make sure they have the reserves and the insurance. But
Speaker 1: I would highly recommend you go self custody.
Speaker 2: So this is good.
Speaker 1: You know, we need this globally, have the reserves to
Speaker 1: make people whole, have the insurance and so forth. So
Speaker 1: the Financial System Council and Advisory Body to the FSA
Speaker 1: is set to release a report on the matter following
Speaker 1: a meeting on Wednesday. One of the expected recommendations would
Speaker 1: require crypto firms to create liability reserve funds. So this
Speaker 1: is great, guys, this is what we want to see.
Speaker 1: And just look at what's happening the building out right.
Speaker 1: A lot of the white glove service, a lot of
Speaker 1: the insurance, assurance and infrastructure that exists in trad.
Speaker 2: FI is now being built for crypto.
Speaker 1: So that is a very good And look some of
Speaker 1: the trad five folks are building it right because they
Speaker 1: want to offer these services. They know what their clients
Speaker 1: want and they have the pedigree. They've gone through the
Speaker 1: process with stocks and other assets. But with crypto it's new.
Speaker 1: They got to do things a little bit different, but
Speaker 1: still you got to have that infrastructure. So all great
Speaker 1: news here, folks. Folks, that's the news. Let me know
Speaker 1: what you think. Leave thoughts and comments below. I know
Speaker 1: we're going to head into Thanksgiving with not any type
Speaker 1: of major price action, which is very different. It's a
Speaker 1: big departure from what we've seen historically. But look, this
Speaker 1: is the nature of markets, right and I often say,
Speaker 1: no one has a crystal ball, and we need to
Speaker 1: adapt to the market changes. Obviously, we don't want to
Speaker 1: invest with hopes and dreams and feelings, but rather look
Speaker 1: at the data, and we're just seeing a shift in
Speaker 1: the timeline, you know, with the headwinds we've had this market.
Speaker 1: And I think a big milestone will be the FED
Speaker 1: ending QT that is happening December first, so pretty much
Speaker 1: next week, so I think, you know, I'm waiting to
Speaker 1: see what happens posts FED ending QT, and then you
Speaker 1: get the market structure. Bill liquidity is going to start
Speaker 1: flowing again. We're seeing different governments around the world like
Speaker 1: Japan start to do quantitative easing. The FED, I think,
Speaker 1: is going to cut rates again, so we're heading to
Speaker 1: a very loose monetary environment where low rates quantitative stop
Speaker 1: and then FED I think we'll roll into quantitative easing
Speaker 1: at some point. But you know, they have different mechanisms
Speaker 1: and ways to inject liquidity, like we've seen in the Treasury,
Speaker 1: the TGA, and much more so. Patience. Patience is a
Speaker 1: key here, folks. I know it's painful, I know it's rough.
Speaker 1: I'm with you, but we got to be able to
Speaker 1: push through these things because it's the nature of markets, right.
Speaker 1: You can't have the pumps without these type of volatility moments. Now,
Speaker 1: a great way you can support me in the podcast
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Speaker 1: Check out my book on Amazon it's available in paperback
Speaker 1: in digital, and my course at mycrypto course dot com.
Speaker 1: This course teaches you everything you need to know about crypto,
Speaker 1: so if you'd like to learn more, check out the
Speaker 1: link in the description and I'll talk to you all
Speaker 1: later