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
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Speaker 1: we've got to take a look at the price here
Speaker 1: because bitcoin is below one hundred and fifteen thousand dollars.
Speaker 1: Once again, we're seeing red on the charts. Everything's bleeding
Speaker 1: out right now. But this should come as no surprise
Speaker 1: because what have I been telling you guys over the
Speaker 1: past two weeks on the podcast in my newsletter that
Speaker 1: on the weekly chart the MAC these shows the bears
Speaker 1: are in control. And I didn't like what I was
Speaker 1: seeing on a chart. I said that so many times. Right,
Speaker 1: I have the receipts. So the point is that data
Speaker 1: was showing us what's the common. Sometimes it does take
Speaker 1: some time for these things to play out, but it's
Speaker 1: all cyclical, right. I often highlight the MACD showing where
Speaker 1: bulls are in control and now bears are in control.
Speaker 1: But that's okay. This is just short term, and we've
Speaker 1: seen when bitcoin becomes over sold. You know, we look
Speaker 1: at the RSI and the daily chart, it's heading back
Speaker 1: to that over soul zone, which is about thirty or below,
Speaker 1: and then we're going to bounce from there. So the
Speaker 1: market may need to feel a bit of fear, right,
Speaker 1: you have the sentiment reset and then the bulls takeover.
Speaker 1: It's the same cyclical pattern. But the important thing is
Speaker 1: from the macro, the bull market is still intact. Our
Speaker 1: support levels are there, our macro factors are there, our
Speaker 1: signals are there. The things that have flash at the
Speaker 1: top have not flash right. So it's just the patience
Speaker 1: part of this market. So this is where I know
Speaker 1: it's hard. I know it's boring. I know some of
Speaker 1: you are losing confidence, but don't be emotional, be educated.
Speaker 1: This is why I'm sharing the data points with you,
Speaker 1: why I've been sharing the mac D again. It's in
Speaker 1: my newsletter as well. Right my last newsletter I put
Speaker 1: that I gave the warning saying, hey, look, bears are
Speaker 1: still in control here, so just shouldn't come as a surprise.
Speaker 1: But I know, you know, it's hard to see the
Speaker 1: market go through these turmoil and boring and volatile moments,
Speaker 1: but this is how you make money. You got to
Speaker 1: stomach through this and you've got to be patients. So
Speaker 1: right now you got to use a lot of patients
Speaker 1: because you know, it's been pretty boring. Nothing much happening,
Speaker 1: but we're gonna get back on track, so don't get
Speaker 1: shook out. That's what the whales and market makers want
Speaker 1: you to do. If we look at global liquidity, as
Speaker 1: I've been sharing with you guys, it is hitting new
Speaker 1: all time highs. This thing is not over. In addition,
Speaker 1: we continue to see bitcoin whales based on on chain
Speaker 1: data with wallets of ten or more bitcoin continue to accumulate.
Speaker 1: They're not dumping. So again, these are just a couple
Speaker 1: of metrics. There are more, but I just want to
Speaker 1: highlight that everything is still intact. Just the short term.
Speaker 1: We got in the micro, we got volatility we got
Speaker 1: to deal with and we've got to be patient. But
Speaker 1: the macro everything is still on track. And you know,
Speaker 1: we've been looking at even the stock market, you know
Speaker 1: that has been hitting new highs some P five hundred
Speaker 1: and that's that and much more. And as I've been
Speaker 1: stating recently, you know, gold was leading the market, as
Speaker 1: we've seen many times throughout this bull market. Then it
Speaker 1: cools down there and there's a rotation to stocks, and
Speaker 1: then I think crypto is going to follow. So everything
Speaker 1: still on track, folks, Again based on the data, not
Speaker 1: feelings or emotions. So this is a time to exercise
Speaker 1: a lot of patients. If the charts and your portfolio,
Speaker 1: look at your portfolio bothers you right now, don't look
Speaker 1: at it. I haven't looked at my portfolio because there's
Speaker 1: volatility right now. There's not much to pay attention to here,
Speaker 1: So don't look at your portfolio every day. That's that's
Speaker 1: a big trick in staying patient and keeping your mental
Speaker 1: health right because looking at these things every day and
Speaker 1: oh my god, my portfolio just went down it that'll
Speaker 1: drive you nuts. Don't do that, right. So I've learned
Speaker 1: that lesson being here from multiple bull and bear market cycles.
Speaker 1: So again, guys, expect more downside, but we're going to
Speaker 1: find that support level and then the sentiment's going to
Speaker 1: be reset and then the bulls are going to take
Speaker 1: over and we're going to have a monster rally. And look,
Speaker 1: seasonality wise, Q four, I mean has always been incredibly
Speaker 1: great especially in bullmarket years. Right, beer market year is
Speaker 1: not so much. But we're we're in the third bullmarket
Speaker 1: year and Q four is setting up to be pretty great,
Speaker 1: and it's going to be for all market stocks and
Speaker 1: so forth. So your patience will be rewarded, folks, quickly
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Speaker 1: look at this news. You know we were talking about
Speaker 1: we're still in the bullmarket. Arthur Hayes, who I've had
Speaker 1: on the podcast, you know, he mentioned the following cryptos
Speaker 1: ready for up only mode once the US Treasury General
Speaker 1: Account hits eight hundred and fifty billion dollars target. Now
Speaker 1: we've seen this throughout this bullmarket, not just under Trump,
Speaker 1: but when Jenny Yellen was running things under Biden as well.
Speaker 1: They've done some pseudo QE with the Treasury, so I
Speaker 1: think he's right. Let me give you the details of
Speaker 1: what he had to say. Crypto markets will enter up
Speaker 1: only once the United States Treasury hits its target goal
Speaker 1: of filling the General Account the TGA, the Treasury Department's
Speaker 1: bank account, with eight hundred and fifty billion dollars. According
Speaker 1: to Arthur Hayes, co founder of bitmexs crypto Exchange, with
Speaker 1: this liquidity drain complete up only can resume Hayes' roads
Speaker 1: on Friday, as the US TGA's opening balance cross eight
Speaker 1: hundred and seven billion dollars. When the Treasury is filling
Speaker 1: its general account, the funds are generally sequestered and do
Speaker 1: not flow into private markets. Many crypto investors and traders
Speaker 1: anticipate rising liquidity levels in the coming months as the
Speaker 1: US Federal Reserve leans into interest rate cutting cycle, which
Speaker 1: should boost asset prices until liquidity dries up and rate
Speaker 1: tightening process begins again. So once again global liquidity on
Speaker 1: the rise. Rates are being cut by the Fed. Obviously
Speaker 1: they just cut by twenty five basis points and there's
Speaker 1: more cuts that are scheduled. So I think the table
Speaker 1: is being set here for the bull market to continue.
Speaker 1: And once again we already see global liquidity is breaking
Speaker 1: into new highs. So I think Arthur is spawn on here.
Speaker 1: This is something he's been tracking over the past couple
Speaker 1: of years as we've been in the bull market, and
Speaker 1: it's been on point right, So let's see. I don't
Speaker 1: know if the Fed's going to go full QWI like
Speaker 1: they have in the past, but they're doing pseudo qi
Speaker 1: working with the Treasury moving ahead, Coinbased CEO sets sites
Speaker 1: on replacing banks with crypto super app. So everybody is
Speaker 1: trying to set up these web three apps that offer
Speaker 1: all in one financial services and features and a lot
Speaker 1: of on chain services of course. And you know, I
Speaker 1: think it was Sandy Call of Franklin Templeton, who I've
Speaker 1: had on a podcast a few times, where she said,
Speaker 1: we're moving away from an account based setup, which would
Speaker 1: be like your banks, to a wallet based setup. And
Speaker 1: I think we all see the direction to Puck is
Speaker 1: heading here, where your digital identity, you're banking, you're on chain.
Speaker 1: All these things will be all wallet based and maybe
Speaker 1: in one app. So we'll see who is able to
Speaker 1: build that respective app and how they're able to roll
Speaker 1: it out to the masses. So let me give it
Speaker 1: to details. Speaking during a recent interview with Fox Business,
Speaker 1: Brian Armstrong, Coinbased CEO, confirmed the company's plans to offer
Speaker 1: a full suite of financial services with payments to credit
Speaker 1: cards and rewards, all powered by crypto rails. Here's a quote. Yes,
Speaker 1: we do want to become a super app and provide
Speaker 1: all types of financial services. Armstrong said, we want to
Speaker 1: become people's primary financial account, and I think that crypto
Speaker 1: has a right to do that. So coinbase is positioned
Speaker 1: to be able to do this. They have the brand,
Speaker 1: they're public, they are the largest exchange in the United States,
Speaker 1: so you can imagine it's going to be easy for
Speaker 1: them to push this type of app because they have
Speaker 1: a huge customer base. Plus they have the resource to
Speaker 1: really market this app, and they already do a lot
Speaker 1: of great marketing. Many of you have seen the TV
Speaker 1: commercials and they're usually around in sports arenas, like I
Speaker 1: watch a lot of basketball games the NBA and I
Speaker 1: see coinbas ads plastered in the arena and much more so. Clearly,
Speaker 1: right the direction things are heading in is that it's
Speaker 1: going to be wallet based on chain, so very very exciting.
Speaker 1: Now look at this Bitco files for a US IPO
Speaker 1: with ninety billion dollars in assets under custody. This is
Speaker 1: going to be another big IPO. Another confirmation item here
Speaker 1: that we are in a bull market. No one does
Speaker 1: an IPO in a bear market, right when liquidity is
Speaker 1: dried up. So we've been seeing a flurry of crypto
Speaker 1: companies go public, which is very bullish. It reminds me
Speaker 1: of the Dot com boom in the nineties. Will everything
Speaker 1: be successful? Obviously not right. The history and the nature
Speaker 1: of markets shows us that certain companies will do well
Speaker 1: and some will not. Write but that's the nature of
Speaker 1: markets and the economy. Now, I'm not saying that for Bitco.
Speaker 1: I actually think Bigco is going to be successful. They
Speaker 1: are custodian from many of the big institutions in the
Speaker 1: crypto industry, and this would be a really big IPO.
Speaker 1: You know, just about a week and a half ago
Speaker 1: Gemini went public and was bullish. Of course, of course
Speaker 1: Circle was a big one, so this would be really big.
Speaker 1: So crypto custody firm Bitco has filed for a US
Speaker 1: initial public offering, also known as IPO, aiming to capitalize
Speaker 1: on the renewed institutional demand for digital asset infrastructure under
Speaker 1: the Trump administration. The firm aims to list its Class
Speaker 1: A common stock on the New York Stock Exchange under
Speaker 1: the ticker symbol BTGO. According to its Form S one
Speaker 1: registration with the SEC dated Friday, the Palo Alto based
Speaker 1: company reported approximately ninety point three billion dollars in assets
Speaker 1: on its platform as of June thirty, twenty twenty five.
Speaker 1: Its client based spans over forty six hundred entities and
Speaker 1: more than one point one million users across one hundred countries.
Speaker 1: So bitco supports over one four hundred digital assets and
Speaker 1: serves a mix of crypto native firms, financial institutions, governments,
Speaker 1: and high net worth individuals. The firm also touts two
Speaker 1: hundred and fifty million dollars in insurance coverage and completion
Speaker 1: of SoC one and SOFT two audits. So I know
Speaker 1: bitgo very well. It's headed up by Mike Belshie who's
Speaker 1: the founder and CEO. And Mike Belshe is a Web
Speaker 1: two point zero legend. The man was at Google building
Speaker 1: Google Chrome and much more so a big fan of
Speaker 1: bit go and I'm really looking forward to seeing this
Speaker 1: company go public. I'll try to get Mike back on
Speaker 1: the podcast I've had him on many years. But exciting times, folks,
Speaker 1: Really great to see these companies going public. Final news
Speaker 1: item here is Senate Democrats push bipartisan authorship process for
Speaker 1: crypto market structure built. So, of course many of you
Speaker 1: know the Clarity Act. The market Structure bill is in
Speaker 1: the Senate ready to be marked up, voted on, and
Speaker 1: much more. Now it's a whole process, right. If you
Speaker 1: guys remember with the Genius Act, there were so many
Speaker 1: hurdles and votes. You know, through the process. It's kind
Speaker 1: of painstaking, but that's how it's done. That's how the
Speaker 1: sausage is made. But this thing gets past, you know,
Speaker 1: it's going to be exciting. I actually interviewed Congressman Tom
Speaker 1: Member last week. I'll be publishing the interview in the
Speaker 1: morning where we talk about the timeline, what's the process,
Speaker 1: what does it look like, in addition to other things.
Speaker 1: So he's optimistic this can get done this fall. I
Speaker 1: don't think it's going to happen in October. Based on
Speaker 1: what he's saying, It's most likely going to be probably
Speaker 1: late November into early December. I think that's the realistic
Speaker 1: thing because Congress government doesn't work, you know, on time.
Speaker 1: They're often slow. Plus you have government shut down things
Speaker 1: that are going to be coming up. So it's your
Speaker 1: typical stuff in DC. So, twelve Senate Democrats released a
Speaker 1: statement on Friday pressing their Republican colleagues to agree to
Speaker 1: a bipartisan authorship process for the crypto Market Structure legislation
Speaker 1: currently making its way through Congress. The Democrats won a
Speaker 1: greater role in writing the legislation rather than providing comments
Speaker 1: on a GOP written bill Politico Report. I don't have
Speaker 1: a problem with this. I think the Democrats need to
Speaker 1: play a bigger role in I think that's important right
Speaker 1: for our democracy, that you have these people weigh in.
Speaker 1: If you recall, did twelve Democrats that are mentioned here,
Speaker 1: they did introduce their own version of the bill. So
Speaker 1: I think it's important for them to bring their ideas
Speaker 1: to the table, even if some of it we don't like,
Speaker 1: but at least let them feel like they are participating,
Speaker 1: giving ideas and maybe bring some balance. Right. But you know,
Speaker 1: obviously if they're putting stuff that doesn't make sense for crypto,
Speaker 1: we can't have it. So you know, if Elizabeth Warren is,
Speaker 1: you know, influencing this group in any way, you know
Speaker 1: it's not going to be good. But I'm optimistic because
Speaker 1: we saw the Democrats partner with their colleagues to get
Speaker 1: the Genius Act through. In addition, in the House they
Speaker 1: were able to get the Market Structure bill. There seventy
Speaker 1: one Democrats joined the Republicans. So I'm optimistic going to
Speaker 1: get this done. And it is much harder in the Senate. Right,
Speaker 1: not too many bills make it through the Senate, but
Speaker 1: I think we can get it done. Crypto's I think
Speaker 1: a high priority for these folks. I think many of
Speaker 1: them would become educated, especially a lot of Democrats. And
Speaker 1: Elizabeth Warren is no longer in the same power capacity,
Speaker 1: if you want to call it that. You know, no
Speaker 1: more Gary Ginser and no more Charad Brown. So I
Speaker 1: think the Democrats who were wanting to support Crypto were
Speaker 1: holding off because of Elizabeth Warren. You know the amount
Speaker 1: of power she had on the Diviner administration. But now,
Speaker 1: of course Elizabeth Warren and Gary Ginzer are being defeated,
Speaker 1: and we saw how the election results played out. So
Speaker 1: I don't think these Democrats want to play any games
Speaker 1: here going against Crypto. That's the wrong side of history
Speaker 1: to be on. So I'm optimistic they can get this done.
Speaker 1: But I think any hope of it getting done in
Speaker 1: October is out the window, according to what Congressman Tom
Speaker 1: Members said. But anyway, you guys can check out on
Speaker 1: an interview in the morning. But guys, I think this
Speaker 1: is going to be a huge narrative in addition to
Speaker 1: liquidity and the Q four. You know, kind of seasonality
Speaker 1: that we see with market. So I think things are
Speaker 1: leading up here to fedes cut rates. A lot of
Speaker 1: important factors that will be good for a rally are
Speaker 1: happening here. And I think once this goes into law
Speaker 1: assigned by President Trump, it's going to be so bullish
Speaker 1: for this market, not just for the immediate or even
Speaker 1: twenty twenty six, but I'm talking the next bullmarket because
Speaker 1: you can imagine drenking a bear market. A lot of
Speaker 1: company are going to build, they have the clarity, and
Speaker 1: they're going to set up for the next massive bull market. So, folks,
Speaker 1: exciting times. I know the price doesn't reflect that yet,
Speaker 1: but it will, right. Don't be emotional, be educated. So folks,
Speaker 1: that's the news. Let me know what you think. Leave
Speaker 1: your thoughts and comments below hit the thumbs up button.
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Speaker 1: so much for watching and listening. I appreciate you all,
Speaker 1: and I'll talk to you later.