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 1: on your weight in. Please let that subscribe button as
Speaker 1: well as the thumbs up button and leave a common below.
Speaker 1: If you're listening on a podcast platform such as Spotify
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Speaker 1: I really want to take a quick look at the
Speaker 1: price of bitcoin because right now it's pulling back and
Speaker 1: it's trading at one hundred and three thousand, three hundred
Speaker 1: and three dollars at the time of recording. So I
Speaker 1: want to make sure some of you are not panicking
Speaker 1: because the market is pulling back. And it's what I've
Speaker 1: been saying that the scenario bitcoin going and testing some
Speaker 1: lows first, maybe down to ninety a k before we
Speaker 1: bounce and head up. Right, So this is the scenario
Speaker 1: playing out. It's the alternative I was giving you guys
Speaker 1: on the live streams and much more so. Bullmarkets still intact.
Speaker 1: We're not out of a bull market, so I don't
Speaker 1: want to make sure folks understand what's happening here. I
Speaker 1: believe this is the dump before we set up for
Speaker 1: the massive breakout pump. It's just a matter of market
Speaker 1: cycles playing out, So don't panic, is essentially to take
Speaker 1: away here. But folks, we've got big crypto news. First up.
Speaker 1: Blackrock says they want to become the world's largest crypto
Speaker 1: asset manager by twenty thirty. This is incredible. This is
Speaker 1: their ambition. And years ago you had Larry Fink calling
Speaker 1: Bitcoin an index of or avenue of money laundering, Jamie
Speaker 1: Diamond saying this is all a scam. Now we want
Speaker 1: to be the largest crypto firm out there. Right, It's
Speaker 1: incredible how things have changed. It's a complete one to eighty.
Speaker 1: But this was always the plan. They were saying these
Speaker 1: things back in the day because they couldn't take a
Speaker 1: position yet, and then they started taking their positions and
Speaker 1: they launched their products, and now it's the best thing ever.
Speaker 1: So I hope you guys see how the game is
Speaker 1: played by tradfy and these institutional investors and the other
Speaker 1: takeaway here from them saying this, it's something along the
Speaker 1: lines of what I've been talking about for years that
Speaker 1: if these crypto startups, the native crypto companies, they don't
Speaker 1: get their act together, TRADFID is going to come in
Speaker 1: and take over. And it's clear what Black Rocks ambitions are.
Speaker 1: And of course it's not only them, it's the rest
Speaker 1: of Wall Street, your Fidelity, your Franklin, Templeton's, and of
Speaker 1: course the big banks are going to get in. Yesterday
Speaker 1: we talked about Bank of America's CEO confirming they're working
Speaker 1: on their own stable coin. It's only a matter of
Speaker 1: time before they start offering crypto investment and custody as well.
Speaker 1: Right over the years, I've often given the mock scenario
Speaker 1: of Hey, mister Jones, how are you doing today? This
Speaker 1: is Bob from JP Morgan. Guess what we offer bitcoin,
Speaker 1: crypto and all that you can invest and you don't
Speaker 1: have to worry about anything. It's going to be under
Speaker 1: your statements. We'll take care of everything. We'll custody for you.
Speaker 1: That's coming. Don't be surprised if your bank that you
Speaker 1: use they call you up and they started talking about
Speaker 1: crypt gone much more. It's coming, folks. The writings on
Speaker 1: the wall here so big statement by Blackrock, and it
Speaker 1: shows they are anticipating growth. They are looking to expand
Speaker 1: their footprint and their services because this acid class is
Speaker 1: here to stay and as we've talked about, blockchain rails
Speaker 1: are going to power the economy, the governments, and markets.
Speaker 1: Now moving ahead, we have some very big news for
Speaker 1: the XRP Ledger and as well as Circle's USDC. So
Speaker 1: Circle has expanded their USDC stable coin onto the XRP Ledger.
Speaker 1: So this is really great. I know a lot of
Speaker 1: people have been asking about this for a long time,
Speaker 1: but it goes back to a lot of things were
Speaker 1: held back because of the Ripple lawsuits. Right, many of
Speaker 1: these companies did not want to go participate on a
Speaker 1: chain that was under major litigation. But as I've been saying,
Speaker 1: despite Judge Torre is not wrapping up the paperwork and
Speaker 1: all that, the industry, enterprises and companies recognized this thing
Speaker 1: is over, the SEC's not going after Ripple, and people
Speaker 1: can freely build on the XRP Ledger. So Circle tweeted
Speaker 1: out they said, with the launch of native USDC on XRPL, developers,
Speaker 1: institutions and users gain the support of the world's largest
Speaker 1: regulated stable coin. So they highlighted that with the addition
Speaker 1: of the XRP Leisure, USDC is now supported natively on
Speaker 1: twenty two blockchains. So this is really great the folks
Speaker 1: that Ripple x tweeted out the future is interoperable USDC
Speaker 1: on the XRP ledger. Ripple and Circle are bringing the
Speaker 1: fully reserved one to one backed stable coin to the
Speaker 1: XRP ledger, accelerating DeFi and institutional adoption. This is really
Speaker 1: great to see, folks. This is the future interoperability. There
Speaker 1: won't be one chain to rule them all. There's going
Speaker 1: to be multiple blockchains. Not everything's going to be a winner, obviously,
Speaker 1: but you're going to have your maybe ten to fifteen
Speaker 1: blockchains that are used globally by different industries, different governments,
Speaker 1: different sectors of the economy and so forth, and there's
Speaker 1: going to be to be interoperability where tokenized assets, stable coins,
Speaker 1: and much more can move between these different chains. That
Speaker 1: is the future. So watch out for any type of maximalism.
Speaker 1: People telling you it's only this chain and all that, right,
Speaker 1: that's nonsense. We see that sometimes with bigcoin maxi's sometimes
Speaker 1: I see it in the XRP community, be like, oh, yeah,
Speaker 1: everything will be on the XRP ledger. No, everything will
Speaker 1: not be on the XRP ledger. There's going to be
Speaker 1: things on different blockchains, right because there's no one blockchain
Speaker 1: to rule them all here, So really great news and
Speaker 1: very bullish. Now the more bullish news, Eleanor Territor is
Speaker 1: reporting that the Senate will vote on the final passage
Speaker 1: of the Genius Act on Tuesday, so next week. The
Speaker 1: timing of that is tbd, but folks, a major hurdle
Speaker 1: was cleared this week because you have these different levels
Speaker 1: that you got to get the bill passed and approved
Speaker 1: through and have it made progress through the whole legislative process.
Speaker 1: So this could be really big, could be a key
Speaker 1: moment for the markets to recover, right, we'll see, you know,
Speaker 1: it all depends how the charts and everything looks like.
Speaker 1: But if Bitcoin is pulling back and the all coins
Speaker 1: that pulling back a bit, it bottoms out. May become
Speaker 1: Monday and then Tuesday we get the news and then
Speaker 1: we bounce. We'll see. That's not a guarantee, but we've
Speaker 1: seen things like this before. But this would be really great, guys,
Speaker 1: they get stable coin legislation through, it's going to be massive. Now,
Speaker 1: the SEC made an update to its qualified Custodial rule,
Speaker 1: and Eleanor Tarrott reported here. She said the SEC just
Speaker 1: officially scrapped the expanded custody rule proposal and Rule three
Speaker 1: BASH sixteen plus other Gensler error rules. The custody rule
Speaker 1: aimed to cover all client assets include crypto, broadened what
Speaker 1: counts as custody, and raised concerns about whether certain state
Speaker 1: charter entities would be qualified custodians. Rule three b NASH
Speaker 1: sixteen proposed DeFi exchanges slash platforms could be regulated a
Speaker 1: national security exchanges. The SEC also dropped its proposal to
Speaker 1: make public companies comply with enhance ESG reporting requirements. So
Speaker 1: this is really great. The SEC continues to clean up
Speaker 1: a lot of the garbage from Genzer's error, which is awesome.
Speaker 1: We're getting the clarity we need and this is happening
Speaker 1: before Congress even passes market structure regulation. So Hester Purse,
Speaker 1: Markuwaighted and of course Chair Paul Atkins doing an amazing
Speaker 1: job here. And all of these things are going to
Speaker 1: lead to more adoption because it provides clarity, removes risk,
Speaker 1: and allows more capital to come into the acid class. Folks,
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Speaker 1: Today was Coinbase State of Crypto Summit and I was there.
Speaker 1: I interviewed Brian Armstrong, coinbas CEO, and many of the
Speaker 1: coin based representatives, even Anthony Scaramucci of Skybridge Capital and
Speaker 1: much more so. Those interviews are going to be published
Speaker 1: next week. But folks, Coinbase now some very big updates today,
Speaker 1: huge huge adoption items. First, they introduce pay with crypto
Speaker 1: where it integrates with Shopify stores and it allows people
Speaker 1: to be able to then pay with USDC. So there
Speaker 1: are many companies that have their e commerce platforms build
Speaker 1: on Shopify and now they will be able to use
Speaker 1: and accept these stable coins, specifically USDC, So really massive news.
Speaker 1: And on that nodes, Coinbase also launch Coinbase Business, so
Speaker 1: similar to what they're doing with Shopify, they're creating solutions
Speaker 1: to allow businesses and merchants around the globe to be
Speaker 1: able to use stable coins and do payments and have
Speaker 1: custody and trading and much more. So this is a
Speaker 1: key infrastructure item here to allow the use of crypto,
Speaker 1: because if you don't have the merchants using this, you
Speaker 1: don't provide them an easy way to use it, then
Speaker 1: they're not going to set it up right. You've got
Speaker 1: to make it as easy as possible, kind of out
Speaker 1: of the box where they can integrate it into their
Speaker 1: systems and account do the accounting and tracking and much more.
Speaker 1: But this is massive, so really big news for Coinbase.
Speaker 1: And they are also launching a credit card, so it's
Speaker 1: called Coinbase one Card and it's actually powered by American
Speaker 1: Express and it includes cash back paid in bitcoin, so
Speaker 1: really cool. I love this, and again the on and
Speaker 1: off ramps, the infrastructure being set up for adoption globally,
Speaker 1: so really really like this, and Brian and I spoke
Speaker 1: about it at the event. So once again, those interviews
Speaker 1: are going to be published next week. Folks. That's the news.
Speaker 1: Let me know what you think. Leave your thoughts and
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Speaker 1: It's available in paperback in digital, and check out my
Speaker 1: course at Mycrypto course dot com. This is a comprehensive
Speaker 1: course that teaches you every aspect of crypto, so, folks,
Speaker 1: all the links will be in a description. Thank you
Speaker 1: so much for watching and listening. I appreciate you all
Speaker 1: and I'll talk to you all later