WEBVTT

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<v Speaker 1>Hong Kong is updating its crypto OTC trading regulations to

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<v Speaker 1>compete with the EU, and former Binance CEOCZ is out

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<v Speaker 1>of jail and the SEC has gone after another crypto company.

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<v Speaker 1>I'll share the details of the settlement. Let's get into it. Hey, everybody,

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<v Speaker 1>welcome into the Thinking Crypto podcast. You're home for cryptocurrency

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<v Speaker 1>news and interviews. I'm your host, Tony Edward. On your

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<v Speaker 1>way in, Please hit that subscribe button as well as

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<v Speaker 1>a thumbs up button and leave a common below. If

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<v Speaker 1>you're listening on a podcast platform such as Spotify or Apple,

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<v Speaker 1>please leave a five star rating and review. Folks. Today

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<v Speaker 1>Bitcoin crossed over sixty six thousand dollars, so continuing to

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<v Speaker 1>show the bullish momentum. However, I'm still waiting for further

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<v Speaker 1>confirmation that this is indeed the move to new all

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<v Speaker 1>time highs, and it's not going to happen in one

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<v Speaker 1>week or a few days. We have to give it time.

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<v Speaker 1>But what we're looking for is that bitcoin has found

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<v Speaker 1>its bottom and this is the move to new highs.

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<v Speaker 1>Going past seventy k once again, then breaking through seventy

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<v Speaker 1>three k and higher, and we know we're headed into

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<v Speaker 1>October and Q four is very bullish for the markets.

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<v Speaker 1>So things are looking good. But like I said, I'm

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<v Speaker 1>cautiously optimistic here. I want to see more confirmation. However,

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<v Speaker 1>some analysts are showing us that we may have already

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<v Speaker 1>found the bottom. Here. Wrecked Capital, who's a great analyst,

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<v Speaker 1>provided a chart that he's been updating for over a

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<v Speaker 1>year now where he's highlighting bitcoin's timeline. How has it

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<v Speaker 1>performed in previous bull markets and where is it now?

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<v Speaker 1>Are we on track? Are we ahead of schedule? Are

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<v Speaker 1>we early? So he said, here history has repeated itself.

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<v Speaker 1>Bitcoin has returned to its reaccumulation range and ended the

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<v Speaker 1>downside deviation. The bargain buying period is over. So he's

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<v Speaker 1>been highlighting for months that this boring zone, this sideways

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<v Speaker 1>chop is another reaccumulation opportunity. We saw it in twenty

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<v Speaker 1>nineteen into twenty twenty and previous bull markets before, so

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<v Speaker 1>it was another opportunity to grab bitcoin. And we haven't

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<v Speaker 1>hit the fifth wave, the final leg, which can last

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<v Speaker 1>you know, for three to four months or even longer.

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<v Speaker 1>It just depends on how the market cycle plays out. Now,

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<v Speaker 1>many of us thought bitcoin was possibly going to do

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<v Speaker 1>a blow off top by the end of this year,

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<v Speaker 1>because it was ahead of schedule at the beginning of

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<v Speaker 1>the year, where the ETF buying drove bitcoin to a

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<v Speaker 1>new high before the having that never happened in its history.

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<v Speaker 1>But then Bitcoin in this accumulation boring zone, which has

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<v Speaker 1>been pretty extended, its slowed down to where it's on

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<v Speaker 1>pace to how the previous bull market cycles played out.

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<v Speaker 1>So we are near the end of that, and that's

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<v Speaker 1>very bullish even if you don't hold Bitcoin and you

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<v Speaker 1>just hold all coins, because we see the liquidity flows

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<v Speaker 1>into bitcoin, then it goes down to the all coins.

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<v Speaker 1>I don't make the rules. That is just how it

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<v Speaker 1>is how the markets are played out, and it's playing

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<v Speaker 1>out like that again. So guys, as we head into October,

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<v Speaker 1>it looks like we're gonna start to see some upside.

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<v Speaker 1>I'm not saying Bitcoin's gonna hit one hundred thousand in October.

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<v Speaker 1>That is not what I'm saying, so please don't get

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<v Speaker 1>me wrong. But we got to stare step our way

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<v Speaker 1>out of this reaccumulation zone, and we want to get

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<v Speaker 1>a general idea where we're at right. That's important if

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<v Speaker 1>you're looking to take profits once again, even on all coins,

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<v Speaker 1>because when Bitcoin hits its overbought zones, as it makes

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<v Speaker 1>its way to the top and it's blob top, all

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<v Speaker 1>coins are going to pump. So depending on your entry prices,

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<v Speaker 1>you know you may want to start taking profits, so

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<v Speaker 1>make sure you have a plan. So guys who're on track,

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<v Speaker 1>just be continue to be patient. A big part of

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<v Speaker 1>investing is being having patients, and I say that from

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<v Speaker 1>experience as someone who started investing in twenty sixteen and

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<v Speaker 1>was in patient lost some money, but then I learned

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<v Speaker 1>my lesson throughout the different cycles and I started making money.

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<v Speaker 1>And of course I'm here to make money this cycle.

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<v Speaker 1>So being fully transparent with you guys, I'm a believer

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<v Speaker 1>in the technology. I believe it's here to stay. I

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<v Speaker 1>will be using it in different ways, but first and foremost,

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<v Speaker 1>my number one goal make money to get financial free,

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<v Speaker 1>eliminate debt, and build my nest egg for my retirement

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<v Speaker 1>and so forth. So I'm sure many of you have

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<v Speaker 1>similar goals. And obviously I'm going to be reinvesting some

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<v Speaker 1>of my profits into bitcoin and crypto in the bear

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<v Speaker 1>market when we hit the lows again, as well as

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<v Speaker 1>other assets. I am diversified. I have an investment property,

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<v Speaker 1>I have investments in the stock market as well, so

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<v Speaker 1>I'm trying to once again get as much financial freedom

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<v Speaker 1>as possible, eliminate debt and so forth. All Right, guys,

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<v Speaker 1>some big news coming out of Hong Kong. Hong Kong

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<v Speaker 1>looks to become the global OTC crypto center with the

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<v Speaker 1>new EU style reporting. Remember, Hong Kong has bitcoin and

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<v Speaker 1>etherorem ETFs. They have opened up business to crypto and

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<v Speaker 1>they are financing crypto companies and so forth. This is

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<v Speaker 1>a stark contrast to how things were years ago. But

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<v Speaker 1>under the control of China, Hong Kong has opened up significantly,

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<v Speaker 1>and earlier this year they opened up crypto trading to

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<v Speaker 1>retail once again, I think, and that could be wrong

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<v Speaker 1>about this prediction, but guys, I think, come early twenty

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<v Speaker 1>twenty five, we're going to see China open up crypto

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<v Speaker 1>trading to all their citizens, especially that these ETFs are

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<v Speaker 1>in place and there are many big crypto businesses in

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<v Speaker 1>Hong Kong now, so things are moving ahead globally. Let

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<v Speaker 1>me give it to details. Hong Kong's financial regulators have

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<v Speaker 1>announced plans to harmonize the cities over the counter OTC

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<v Speaker 1>derivatives reporting regime, including cryptodervatives with international standards. The Hong

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<v Speaker 1>Kong Monetary Authority and the Securities and Futures Commission released

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<v Speaker 1>a joint consultation conclusion outlining changes that will bring the

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<v Speaker 1>cities regulations in line with European and global practices. The

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<v Speaker 1>new rules, set to take effect on September twenty ninth,

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<v Speaker 1>twenty twenty five, will mandate the use of unique transaction identifiers,

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<v Speaker 1>unique product identifiers, and critical data elements for OTC derivatives reporting.

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<v Speaker 1>These changes aim to facilitate international standardization and harmonization of

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<v Speaker 1>data elements reported across global OTC derivatives reporting regimes. So guys,

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<v Speaker 1>we're seeing game theory play out here. One country moves,

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<v Speaker 1>then the others followed, Right, Just look at when the

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<v Speaker 1>United States approved the Bitcoin an e theorym ETFs. Well,

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<v Speaker 1>first bitcoin ETFs, then you had Hong Kong and the

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<v Speaker 1>UK start to do the same thing, and then you

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<v Speaker 1>had Thailand as well. So the entire world is moving

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<v Speaker 1>towards embracing crypto. They're not banning it anymore. Years ago,

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<v Speaker 1>there was all this flip flopping and really bipolar behavior. Right,

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<v Speaker 1>they were going back and forth, especially China banning, unbanning

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<v Speaker 1>and doing all kinds of craziness. Now we're seeing more clarity.

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<v Speaker 1>We're seeing regulations are being put into plays guardrails and

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<v Speaker 1>they're embracing this, and they're talking about how this is

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<v Speaker 1>going to be a big part of the economy. And

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<v Speaker 1>it is, folks, because if they're going to take the

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<v Speaker 1>traditional assets stocks, bonds, commodities and so forths and put

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<v Speaker 1>it on the blockchain in tokenization format, what do you

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<v Speaker 1>think all this is going to fall under the crypto umbrella? Right,

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<v Speaker 1>It's happening right before for our eyes globally and alviousoe

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<v Speaker 1>the United States is the biggest capital market, so everyone's

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<v Speaker 1>going to follow and get in line here. So incredible stuff.

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<v Speaker 1>And the other factor, like I was saying earlier China,

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<v Speaker 1>I'm waiting for them to open it up to all

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<v Speaker 1>their citizens. Now. I know many of you know that

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<v Speaker 1>people have been bypassing the laws in China, right, many

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<v Speaker 1>of them use VPNs and so forth, so and proxies

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<v Speaker 1>and so forth, and you can't stop it. But what

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<v Speaker 1>we're looking for is the non technical people, the mom

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<v Speaker 1>and pops who will go to the et apps right.

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<v Speaker 1>So if the Hong Kong et apps open up to

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<v Speaker 1>mainline China, what do you think is going to happen?

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<v Speaker 1>Especially as currency debasement continues and China is now trying

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<v Speaker 1>to bail out their economy. This has been big macro

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<v Speaker 1>news covered by mainstream media. Right. They're going to do

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<v Speaker 1>liquidity injection aka stimulus, and that means it's going to

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<v Speaker 1>have to print money, folks. So all of this is

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<v Speaker 1>going to drive up global liquidity, which is already on

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<v Speaker 1>the rise, and it's going to help asset price is

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<v Speaker 1>to increase. We've seen that correlation. In fact, we got

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<v Speaker 1>news that China is weighing one and forty two billion

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<v Speaker 1>dollars in capital injection into its top banks. Where have

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<v Speaker 1>we seen that before here in the United States? Obviously

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<v Speaker 1>after two thousand and eight. Right, So that one hundred

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<v Speaker 1>and forty two billion US dollars equates to one trillion

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<v Speaker 1>yu want So, guys, same story, different cycle. I've been

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<v Speaker 1>telling you guys, they will go back all go back

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<v Speaker 1>to money printing, because this is the Fiat system, and

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<v Speaker 1>once your eyes are open to it and you understand it,

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<v Speaker 1>then you can use it to your advantage to make money.

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<v Speaker 1>Not just in crypto, but in the stock market, in

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<v Speaker 1>real estate. There's a cycle to this thing. So now

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<v Speaker 1>I know not to pay attention to Jim Kramer Financial TV,

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<v Speaker 1>but to watch what the Fed is doing. Are they

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<v Speaker 1>cutting rates, are they injecting liquidity? Look at the Treasury

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<v Speaker 1>Janney Yellen, and so forth, because that will tell me

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<v Speaker 1>where assets are going. Now, obviously the market doesn't go

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<v Speaker 1>in a streight line. There's ebbs and flows, there's volatility,

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<v Speaker 1>there's many crashes and so forth. But if you have

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<v Speaker 1>the macro view to long term, you're gonna make money

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<v Speaker 1>versus keeping your money under the mattress or in a

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<v Speaker 1>silly checking and savings accounts with JP Morgan or something

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<v Speaker 1>earning nothing right. So you have to obviously have a

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<v Speaker 1>emergency fund, a rainy day fund, and you have to

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<v Speaker 1>have cash. Obviously, I'm not saying you eliminate all your cash,

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<v Speaker 1>but a good amount of your your capital has to

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<v Speaker 1>go into assets to grow folks, because they're gonna keep

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<v Speaker 1>doing this. This is the system, and unfortunately not a

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<v Speaker 1>lot of people understand that. So if you do understand that, folks,

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<v Speaker 1>count yourself lucky, because this is a big part of

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<v Speaker 1>financial education. And crypto is what gave me this enlightenment

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<v Speaker 1>moment to understand these things and to finally start to

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<v Speaker 1>make money. And I try my best to share that

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<v Speaker 1>knowledge of people so that they can work towards having

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<v Speaker 1>financial freedom as well. Now moving ahead, c Z also

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<v Speaker 1>known as pan Zau, former CEO, he has been released

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<v Speaker 1>from custody. CZ did three to four months in jail.

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<v Speaker 1>I don't think he should have went to jail, but

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<v Speaker 1>I guess, you know, to get these world governments off

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<v Speaker 1>his back, he had to do this. Remember, no fraud

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<v Speaker 1>was done here, folks. He didn't steal people's money like

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<v Speaker 1>FTX and sam Beck and Free. Rather, they were paying

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<v Speaker 1>a penalty for not doing proper kyc AML in their

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<v Speaker 1>early days. And that's this was the wild while West

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<v Speaker 1>of the crypto market, right. So at the end of

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<v Speaker 1>the day, Cez still filthy rich. They told him he

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<v Speaker 1>can't really do anything with finance. He must stay away

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<v Speaker 1>from crypto a bit. So I'm sure he'll stay away

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<v Speaker 1>from maybe a year, and then maybe come back in

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<v Speaker 1>some other form. But it'd be great to have him

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<v Speaker 1>back on Twitter. I interviewed CZ a couple times years ago,

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<v Speaker 1>and he's a great guy I thought he was. He

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<v Speaker 1>seemed pretty genuine. But you know, it is what it

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<v Speaker 1>is because we saw Tradify coming in, So this is

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<v Speaker 1>kind of the penalty to pay. Obviously, four point three

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<v Speaker 1>billion dollars was the other half of that penalty in

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<v Speaker 1>addition to the four months of jail. But it is

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<v Speaker 1>what it is. Now. A great place that you can

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<v Speaker 1>buy crypto, folks is on Uphold, which is a great

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<v Speaker 1>crypto platform that I've been using for years, going back

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<v Speaker 1>to twenty eighteen. They have three hundred plus cryptocurrencies. You

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<v Speaker 1>can buy Bitcoin and all the top all coins folks.

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<v Speaker 1>They are fully reserved, they don't co mingle or lend

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<v Speaker 1>out your funds. They have transparency reports that you can

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<v Speaker 1>go review, so I trust them. They're reliable. I've interviewed

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<v Speaker 1>the CEO many times, the CFO, and other representatives. They

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<v Speaker 1>recently launched a great product called USD Interest Accounts where

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<v Speaker 1>you can put your dry powder or your crypto profits,

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<v Speaker 1>where you can earn up to five percent APY and

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<v Speaker 1>it has to be a balance of one thousand dollars

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<v Speaker 1>or higher to earn your five percent. If it's below

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<v Speaker 1>one thousand, it's going to be two percent and Some

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<v Speaker 1>of the great perks and benefits of this is that

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<v Speaker 1>there's no lockups, so you don't have to lock up

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<v Speaker 1>your funds for like twelve months or whatever it is.

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<v Speaker 1>You can pull your money in and out point. There

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<v Speaker 1>are no fees. There are no subscription fees, so they

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<v Speaker 1>don't charge you anything for it, and it's FDIC insurance.

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<v Speaker 1>So I'm using this product some of my crypto profits

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<v Speaker 1>that I take in this bull market. I'll be parking

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<v Speaker 1>here to earn that interest, and when I'm ready to

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<v Speaker 1>deploy that capital back into the market, I'll just pull

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<v Speaker 1>it out of the interest account and then buy the asset.

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<v Speaker 1>So that's my strategy. So my cash is not just

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<v Speaker 1>sitting there idly, it's actually earning some interest. So that's

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<v Speaker 1>my plan. And if you'd like to learn more about Uphold,

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<v Speaker 1>check out the link in the description. Now, we got

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<v Speaker 1>some news here from the SEC. They said today we

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<v Speaker 1>filed settle charges against Mango Doo and BlockWorks Foundation for

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<v Speaker 1>engaging in the unregistered offer and sale of crypto assets

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<v Speaker 1>called MgO tokens or mango tokens. I'm not sure how

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<v Speaker 1>many of you are familiar with mango markets, but I

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<v Speaker 1>know of this project, and it sucks that. Look, they settled,

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<v Speaker 1>and the SEC is shaking down some of these smaller

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<v Speaker 1>projects who don't have the capital fight back, you know,

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<v Speaker 1>like Ripples fighting back, Coinbase, crack In, Robin Hood, Unit,

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<v Speaker 1>Swamp and so forth. But it's pretty tough. So Mango

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<v Speaker 1>Labs Mango down BlockWorks Foundation agreed to settle the charges

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<v Speaker 1>and pay a total of seven hundred thousand dollars in penalties.

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<v Speaker 1>The agency said it settled charges against BlockWorks Foundation and

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<v Speaker 1>crypto platform Mango Labs LLC for acting as a broker

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<v Speaker 1>without being registered. So this is nonsense, of course, right,

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<v Speaker 1>Don't get me wrong. If a company did illegal activities,

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<v Speaker 1>they defrauded people, the SEC should go after them and

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<v Speaker 1>do the job. The problem is there's not clarity in

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<v Speaker 1>the market, and the SEC is just going around shaking

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<v Speaker 1>down companies. And we know Gary will tell people come in,

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<v Speaker 1>come in, talk to us, and then stab them in

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<v Speaker 1>the back. Right, But this is the nonsense we're dealing

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<v Speaker 1>with until Congress accent puts out the clear guidelines. But

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<v Speaker 1>I'm glad a majority of the industry are fighting back

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<v Speaker 1>and taking Gary to the courts and handing him losses.

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<v Speaker 1>But Unfortunately, he's going to shake down these smaller projects

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<v Speaker 1>because they don't have the money to fight back. You

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<v Speaker 1>can imagine and right, trying to fight the government to

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<v Speaker 1>the SEC. It takes years, it takes millions of dollars.

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<v Speaker 1>Look at how much money Ripple had to pay over

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<v Speaker 1>one hundred million dollars. That that's crazy. So some of

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<v Speaker 1>these smaller projects don't have that capital. You just look

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<v Speaker 1>at the Stonercats, the NFT project, right, they went to

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<v Speaker 1>the SEC, went and shook them down. They don't have

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<v Speaker 1>capital to fight back. There's just an NFT project. So

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<v Speaker 1>this is what's happening. Why you see somebody's companies settle

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<v Speaker 1>and they'll just say, hey, we don't admit or deny

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<v Speaker 1>any wrongdoing and we'll pay our penalty. The SEC just

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<v Speaker 1>did this the E Toro, but I wish E Toro

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<v Speaker 1>had fought back. They do have the capital, but I

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<v Speaker 1>get it. You know, they probably don't want to get

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<v Speaker 1>tied up. And their bigger markets I believe are in Europe.

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<v Speaker 1>So it is what it is now. Speaking of crypto regulations,

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<v Speaker 1>Republican control of Senate would benefit digital assets, says Senator

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<v Speaker 1>Cynthia Lummis. And remember there is a bill that is

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<v Speaker 1>scheduled to go through the Senate. We're hoping it happens

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<v Speaker 1>this year. Chuck Schumer, top Democrat, said he's willing to

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<v Speaker 1>work with Republicans to get it through, but most likely

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<v Speaker 1>it will happen in twenty twenty five. Obviously, that bills

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<v Speaker 1>the fit twenty one bill, but Senator Lummis and Jillibrand

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<v Speaker 1>have their own version. So here's some details of what

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<v Speaker 1>she had to say. A US Senate flipped from Democrat

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<v Speaker 1>to Republican controlled in the upcoming elections would bode well

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<v Speaker 1>for digital assets, said Senator Cynthia Lummis in an interview

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<v Speaker 1>with CNBC on Friday morning. Lummis pointed to crypto friendly

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<v Speaker 1>Republican Senator Tim Scott taking the helm of the Senate

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<v Speaker 1>Banking Committee, which Democrats Senator Sharrod Brown currently chairs. Brown

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<v Speaker 1>is less friendly to the industry. Sharrod Brown is one

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<v Speaker 1>of the biggest enemies of crypto. He is a Warren Knight.

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<v Speaker 1>He's like Elizabeth Warren's left hand man. Gary Againster is

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<v Speaker 1>the right hand man right Sharad Brown. He's no good

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<v Speaker 1>And look, we got news that there's been a lot

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<v Speaker 1>of spending. Crypto packs dominate Ohio Senate race, spending forty

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<v Speaker 1>million dollars on Sharrod Brown's foe, So they're propping up

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<v Speaker 1>his foe and obviously looking to take Shard Brown down

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<v Speaker 1>or kick him out of office. So crypto fan candidate

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<v Speaker 1>Bernie Moreno has caught up in the Ohio polls as

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<v Speaker 1>the industry's cash outpaces other packs in one of the

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<v Speaker 1>key US Senate races that may decide the majority. So

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<v Speaker 1>this is Elizabeth Warren's fault. She created the anti crypto army,

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<v Speaker 1>put Sharrod Brown as one of the generals. Gary Ginster

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<v Speaker 1>is another. But they're going to learn their lesson. The

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<v Speaker 1>crypto industry put together over two hundred million dollars and

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<v Speaker 1>they're spending. They're the biggest spender in this election, which

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<v Speaker 1>is amazing. And to add fuel on top of the fire,

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<v Speaker 1>here you got these presidential candidates like Donald Trump and

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<v Speaker 1>before he dropped out RFK Junior who are pro crypto

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<v Speaker 1>and they're campaigning on it. And it looks like Kamala

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<v Speaker 1>Harris is waking up a bit and she's starting to

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<v Speaker 1>talk about crypto, but it might be too late for her,

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<v Speaker 1>and she hasn't put out a clear policy, but we'll see.

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<v Speaker 1>But these anti crypto people, it's over for them. We

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<v Speaker 1>saw many of them started losing already in the primaries

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<v Speaker 1>and on Super Tuesday earlier this year. So this is

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<v Speaker 1>what happens when you take a neutral technology and you

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<v Speaker 1>make it political and you attack it. But we know

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<v Speaker 1>the reason why they did this. The call was made

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<v Speaker 1>from Wall Street, from the Tradify incumbents who were getting disrupted.

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<v Speaker 1>They called up Elizabeth Warren and Gary Genser, and that's

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<v Speaker 1>why they started doing all this nonsense. And that's why,

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<v Speaker 1>while the attack was happening to the crypto industry, Wall

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<v Speaker 1>Street came right in, give me my ETF, here's my

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<v Speaker 1>tokenized funds. Let me custody your funds for you. Right.

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<v Speaker 1>I've shared the example so many times now, so I

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<v Speaker 1>often stated, how can these two things be happening in parallel.

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<v Speaker 1>That's because the incumbents are getting disrupted and they're trying

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<v Speaker 1>to catch up. Right. JP Morgan built its own blockchain,

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<v Speaker 1>launched its own stable coin jpm coin, and there's so

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<v Speaker 1>much more exams, but you guys know about it. If

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<v Speaker 1>you've been subscribe, you've been listening to this podcast. So

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<v Speaker 1>I've shared all those examples, but these people are going

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<v Speaker 1>down the ones who are anti crypto folks. That's the news.

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<v Speaker 1>Let me know what you think, Lee, your thoughts and

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<v Speaker 1>comments below hit the thumbs up button. Don't forget to

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<v Speaker 1>subscribe to my free email newsletter. It's one hundred percent free.

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<v Speaker 1>It's on Substack. It's filled with crypto insights and knowledge.

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<v Speaker 1>Be sure to grab a copy of my book, Rethinking Crypto.

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<v Speaker 1>It's available on Amazon and paperback and digital. And if

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<v Speaker 1>you bought a copy already, please leave a rating and review.

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<v Speaker 1>It will really help me out. Thank you, guys. I

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<v Speaker 1>appreciate you all, and I'll talk to you all later