Speaker 1: Hong Kong is updating its crypto OTC trading regulations to
Speaker 1: compete with the EU, and former Binance CEOCZ is out
Speaker 1: of jail and the SEC has gone after another crypto company.
Speaker 1: I'll share the details of the settlement. Let's get into it. Hey, everybody,
Speaker 1: welcome into the Thinking Crypto podcast. You're home for cryptocurrency
Speaker 1: news and interviews. I'm your host, Tony Edward. On your
Speaker 1: way in, Please hit that subscribe button as well as
Speaker 1: a thumbs up button and leave a common below. If
Speaker 1: you're listening on a podcast platform such as Spotify or Apple,
Speaker 1: please leave a five star rating and review. Folks. Today
Speaker 1: Bitcoin crossed over sixty six thousand dollars, so continuing to
Speaker 1: show the bullish momentum. However, I'm still waiting for further
Speaker 1: confirmation that this is indeed the move to new all
Speaker 1: time highs, and it's not going to happen in one
Speaker 1: week or a few days. We have to give it time.
Speaker 1: But what we're looking for is that bitcoin has found
Speaker 1: its bottom and this is the move to new highs.
Speaker 1: Going past seventy k once again, then breaking through seventy
Speaker 1: three k and higher, and we know we're headed into
Speaker 1: October and Q four is very bullish for the markets.
Speaker 1: So things are looking good. But like I said, I'm
Speaker 1: cautiously optimistic here. I want to see more confirmation. However,
Speaker 1: some analysts are showing us that we may have already
Speaker 1: found the bottom. Here. Wrecked Capital, who's a great analyst,
Speaker 1: provided a chart that he's been updating for over a
Speaker 1: year now where he's highlighting bitcoin's timeline. How has it
Speaker 1: performed in previous bull markets and where is it now?
Speaker 1: Are we on track? Are we ahead of schedule? Are
Speaker 1: we early? So he said, here history has repeated itself.
Speaker 1: Bitcoin has returned to its reaccumulation range and ended the
Speaker 1: downside deviation. The bargain buying period is over. So he's
Speaker 1: been highlighting for months that this boring zone, this sideways
Speaker 1: chop is another reaccumulation opportunity. We saw it in twenty
Speaker 1: nineteen into twenty twenty and previous bull markets before, so
Speaker 1: it was another opportunity to grab bitcoin. And we haven't
Speaker 1: hit the fifth wave, the final leg, which can last
Speaker 1: you know, for three to four months or even longer.
Speaker 1: It just depends on how the market cycle plays out. Now,
Speaker 1: many of us thought bitcoin was possibly going to do
Speaker 1: a blow off top by the end of this year,
Speaker 1: because it was ahead of schedule at the beginning of
Speaker 1: the year, where the ETF buying drove bitcoin to a
Speaker 1: new high before the having that never happened in its history.
Speaker 1: But then Bitcoin in this accumulation boring zone, which has
Speaker 1: been pretty extended, its slowed down to where it's on
Speaker 1: pace to how the previous bull market cycles played out.
Speaker 1: So we are near the end of that, and that's
Speaker 1: very bullish even if you don't hold Bitcoin and you
Speaker 1: just hold all coins, because we see the liquidity flows
Speaker 1: into bitcoin, then it goes down to the all coins.
Speaker 1: I don't make the rules. That is just how it
Speaker 1: is how the markets are played out, and it's playing
Speaker 1: out like that again. So guys, as we head into October,
Speaker 1: it looks like we're gonna start to see some upside.
Speaker 1: I'm not saying Bitcoin's gonna hit one hundred thousand in October.
Speaker 1: That is not what I'm saying, so please don't get
Speaker 1: me wrong. But we got to stare step our way
Speaker 1: out of this reaccumulation zone, and we want to get
Speaker 1: a general idea where we're at right. That's important if
Speaker 1: you're looking to take profits once again, even on all coins,
Speaker 1: because when Bitcoin hits its overbought zones, as it makes
Speaker 1: its way to the top and it's blob top, all
Speaker 1: coins are going to pump. So depending on your entry prices,
Speaker 1: you know you may want to start taking profits, so
Speaker 1: make sure you have a plan. So guys who're on track,
Speaker 1: just be continue to be patient. A big part of
Speaker 1: investing is being having patients, and I say that from
Speaker 1: experience as someone who started investing in twenty sixteen and
Speaker 1: was in patient lost some money, but then I learned
Speaker 1: my lesson throughout the different cycles and I started making money.
Speaker 1: And of course I'm here to make money this cycle.
Speaker 1: So being fully transparent with you guys, I'm a believer
Speaker 1: in the technology. I believe it's here to stay. I
Speaker 1: will be using it in different ways, but first and foremost,
Speaker 1: my number one goal make money to get financial free,
Speaker 1: eliminate debt, and build my nest egg for my retirement
Speaker 1: and so forth. So I'm sure many of you have
Speaker 1: similar goals. And obviously I'm going to be reinvesting some
Speaker 1: of my profits into bitcoin and crypto in the bear
Speaker 1: market when we hit the lows again, as well as
Speaker 1: other assets. I am diversified. I have an investment property,
Speaker 1: I have investments in the stock market as well, so
Speaker 1: I'm trying to once again get as much financial freedom
Speaker 1: as possible, eliminate debt and so forth. All Right, guys,
Speaker 1: some big news coming out of Hong Kong. Hong Kong
Speaker 1: looks to become the global OTC crypto center with the
Speaker 1: new EU style reporting. Remember, Hong Kong has bitcoin and
Speaker 1: etherorem ETFs. They have opened up business to crypto and
Speaker 1: they are financing crypto companies and so forth. This is
Speaker 1: a stark contrast to how things were years ago. But
Speaker 1: under the control of China, Hong Kong has opened up significantly,
Speaker 1: and earlier this year they opened up crypto trading to
Speaker 1: retail once again, I think, and that could be wrong
Speaker 1: about this prediction, but guys, I think, come early twenty
Speaker 1: twenty five, we're going to see China open up crypto
Speaker 1: trading to all their citizens, especially that these ETFs are
Speaker 1: in place and there are many big crypto businesses in
Speaker 1: Hong Kong now, so things are moving ahead globally. Let
Speaker 1: me give it to details. Hong Kong's financial regulators have
Speaker 1: announced plans to harmonize the cities over the counter OTC
Speaker 1: derivatives reporting regime, including cryptodervatives with international standards. The Hong
Speaker 1: Kong Monetary Authority and the Securities and Futures Commission released
Speaker 1: a joint consultation conclusion outlining changes that will bring the
Speaker 1: cities regulations in line with European and global practices. The
Speaker 1: new rules, set to take effect on September twenty ninth,
Speaker 1: twenty twenty five, will mandate the use of unique transaction identifiers,
Speaker 1: unique product identifiers, and critical data elements for OTC derivatives reporting.
Speaker 1: These changes aim to facilitate international standardization and harmonization of
Speaker 1: data elements reported across global OTC derivatives reporting regimes. So guys,
Speaker 1: we're seeing game theory play out here. One country moves,
Speaker 1: then the others followed, Right, Just look at when the
Speaker 1: United States approved the Bitcoin an e theorym ETFs. Well,
Speaker 1: first bitcoin ETFs, then you had Hong Kong and the
Speaker 1: UK start to do the same thing, and then you
Speaker 1: had Thailand as well. So the entire world is moving
Speaker 1: towards embracing crypto. They're not banning it anymore. Years ago,
Speaker 1: there was all this flip flopping and really bipolar behavior. Right,
Speaker 1: they were going back and forth, especially China banning, unbanning
Speaker 1: and doing all kinds of craziness. Now we're seeing more clarity.
Speaker 1: We're seeing regulations are being put into plays guardrails and
Speaker 1: they're embracing this, and they're talking about how this is
Speaker 1: going to be a big part of the economy. And
Speaker 1: it is, folks, because if they're going to take the
Speaker 1: traditional assets stocks, bonds, commodities and so forths and put
Speaker 1: it on the blockchain in tokenization format, what do you
Speaker 1: think all this is going to fall under the crypto umbrella? Right,
Speaker 1: It's happening right before for our eyes globally and alviousoe
Speaker 1: the United States is the biggest capital market, so everyone's
Speaker 1: going to follow and get in line here. So incredible stuff.
Speaker 1: And the other factor, like I was saying earlier China,
Speaker 1: I'm waiting for them to open it up to all
Speaker 1: their citizens. Now. I know many of you know that
Speaker 1: people have been bypassing the laws in China, right, many
Speaker 1: of them use VPNs and so forth, so and proxies
Speaker 1: and so forth, and you can't stop it. But what
Speaker 1: we're looking for is the non technical people, the mom
Speaker 1: and pops who will go to the et apps right.
Speaker 1: So if the Hong Kong et apps open up to
Speaker 1: mainline China, what do you think is going to happen?
Speaker 1: Especially as currency debasement continues and China is now trying
Speaker 1: to bail out their economy. This has been big macro
Speaker 1: news covered by mainstream media. Right. They're going to do
Speaker 1: liquidity injection aka stimulus, and that means it's going to
Speaker 1: have to print money, folks. So all of this is
Speaker 1: going to drive up global liquidity, which is already on
Speaker 1: the rise, and it's going to help asset price is
Speaker 1: to increase. We've seen that correlation. In fact, we got
Speaker 1: news that China is weighing one and forty two billion
Speaker 1: dollars in capital injection into its top banks. Where have
Speaker 1: we seen that before here in the United States? Obviously
Speaker 1: after two thousand and eight. Right, So that one hundred
Speaker 1: and forty two billion US dollars equates to one trillion
Speaker 1: yu want So, guys, same story, different cycle. I've been
Speaker 1: telling you guys, they will go back all go back
Speaker 1: to money printing, because this is the Fiat system, and
Speaker 1: once your eyes are open to it and you understand it,
Speaker 1: then you can use it to your advantage to make money.
Speaker 1: Not just in crypto, but in the stock market, in
Speaker 1: real estate. There's a cycle to this thing. So now
Speaker 1: I know not to pay attention to Jim Kramer Financial TV,
Speaker 1: but to watch what the Fed is doing. Are they
Speaker 1: cutting rates, are they injecting liquidity? Look at the Treasury
Speaker 1: Janney Yellen, and so forth, because that will tell me
Speaker 1: where assets are going. Now, obviously the market doesn't go
Speaker 1: in a streight line. There's ebbs and flows, there's volatility,
Speaker 1: there's many crashes and so forth. But if you have
Speaker 1: the macro view to long term, you're gonna make money
Speaker 1: versus keeping your money under the mattress or in a
Speaker 1: silly checking and savings accounts with JP Morgan or something
Speaker 1: earning nothing right. So you have to obviously have a
Speaker 1: emergency fund, a rainy day fund, and you have to
Speaker 1: have cash. Obviously, I'm not saying you eliminate all your cash,
Speaker 1: but a good amount of your your capital has to
Speaker 1: go into assets to grow folks, because they're gonna keep
Speaker 1: doing this. This is the system, and unfortunately not a
Speaker 1: lot of people understand that. So if you do understand that, folks,
Speaker 1: count yourself lucky, because this is a big part of
Speaker 1: financial education. And crypto is what gave me this enlightenment
Speaker 1: moment to understand these things and to finally start to
Speaker 1: make money. And I try my best to share that
Speaker 1: knowledge of people so that they can work towards having
Speaker 1: financial freedom as well. Now moving ahead, c Z also
Speaker 1: known as pan Zau, former CEO, he has been released
Speaker 1: from custody. CZ did three to four months in jail.
Speaker 1: I don't think he should have went to jail, but
Speaker 1: I guess, you know, to get these world governments off
Speaker 1: his back, he had to do this. Remember, no fraud
Speaker 1: was done here, folks. He didn't steal people's money like
Speaker 1: FTX and sam Beck and Free. Rather, they were paying
Speaker 1: a penalty for not doing proper kyc AML in their
Speaker 1: early days. And that's this was the wild while West
Speaker 1: of the crypto market, right. So at the end of
Speaker 1: the day, Cez still filthy rich. They told him he
Speaker 1: can't really do anything with finance. He must stay away
Speaker 1: from crypto a bit. So I'm sure he'll stay away
Speaker 1: from maybe a year, and then maybe come back in
Speaker 1: some other form. But it'd be great to have him
Speaker 1: back on Twitter. I interviewed CZ a couple times years ago,
Speaker 1: and he's a great guy I thought he was. He
Speaker 1: seemed pretty genuine. But you know, it is what it
Speaker 1: is because we saw Tradify coming in, So this is
Speaker 1: kind of the penalty to pay. Obviously, four point three
Speaker 1: billion dollars was the other half of that penalty in
Speaker 1: addition to the four months of jail. But it is
Speaker 1: what it is. Now. A great place that you can
Speaker 1: buy crypto, folks is on Uphold, which is a great
Speaker 1: crypto platform that I've been using for years, going back
Speaker 1: to twenty eighteen. They have three hundred plus cryptocurrencies. You
Speaker 1: can buy Bitcoin and all the top all coins folks.
Speaker 1: They are fully reserved, they don't co mingle or lend
Speaker 1: out your funds. They have transparency reports that you can
Speaker 1: go review, so I trust them. They're reliable. I've interviewed
Speaker 1: the CEO many times, the CFO, and other representatives. They
Speaker 1: recently launched a great product called USD Interest Accounts where
Speaker 1: you can put your dry powder or your crypto profits,
Speaker 1: where you can earn up to five percent APY and
Speaker 1: it has to be a balance of one thousand dollars
Speaker 1: or higher to earn your five percent. If it's below
Speaker 1: one thousand, it's going to be two percent and Some
Speaker 1: of the great perks and benefits of this is that
Speaker 1: there's no lockups, so you don't have to lock up
Speaker 1: your funds for like twelve months or whatever it is.
Speaker 1: You can pull your money in and out point. There
Speaker 1: are no fees. There are no subscription fees, so they
Speaker 1: don't charge you anything for it, and it's FDIC insurance.
Speaker 1: So I'm using this product some of my crypto profits
Speaker 1: that I take in this bull market. I'll be parking
Speaker 1: here to earn that interest, and when I'm ready to
Speaker 1: deploy that capital back into the market, I'll just pull
Speaker 1: it out of the interest account and then buy the asset.
Speaker 1: So that's my strategy. So my cash is not just
Speaker 1: sitting there idly, it's actually earning some interest. So that's
Speaker 1: my plan. And if you'd like to learn more about Uphold,
Speaker 1: check out the link in the description. Now, we got
Speaker 1: some news here from the SEC. They said today we
Speaker 1: filed settle charges against Mango Doo and BlockWorks Foundation for
Speaker 1: engaging in the unregistered offer and sale of crypto assets
Speaker 1: called MgO tokens or mango tokens. I'm not sure how
Speaker 1: many of you are familiar with mango markets, but I
Speaker 1: know of this project, and it sucks that. Look, they settled,
Speaker 1: and the SEC is shaking down some of these smaller
Speaker 1: projects who don't have the capital fight back, you know,
Speaker 1: like Ripples fighting back, Coinbase, crack In, Robin Hood, Unit,
Speaker 1: Swamp and so forth. But it's pretty tough. So Mango
Speaker 1: Labs Mango down BlockWorks Foundation agreed to settle the charges
Speaker 1: and pay a total of seven hundred thousand dollars in penalties.
Speaker 1: The agency said it settled charges against BlockWorks Foundation and
Speaker 1: crypto platform Mango Labs LLC for acting as a broker
Speaker 1: without being registered. So this is nonsense, of course, right,
Speaker 1: Don't get me wrong. If a company did illegal activities,
Speaker 1: they defrauded people, the SEC should go after them and
Speaker 1: do the job. The problem is there's not clarity in
Speaker 1: the market, and the SEC is just going around shaking
Speaker 1: down companies. And we know Gary will tell people come in,
Speaker 1: come in, talk to us, and then stab them in
Speaker 1: the back. Right, But this is the nonsense we're dealing
Speaker 1: with until Congress accent puts out the clear guidelines. But
Speaker 1: I'm glad a majority of the industry are fighting back
Speaker 1: and taking Gary to the courts and handing him losses.
Speaker 1: But Unfortunately, he's going to shake down these smaller projects
Speaker 1: because they don't have the money to fight back. You
Speaker 1: can imagine and right, trying to fight the government to
Speaker 1: the SEC. It takes years, it takes millions of dollars.
Speaker 1: Look at how much money Ripple had to pay over
Speaker 1: one hundred million dollars. That that's crazy. So some of
Speaker 1: these smaller projects don't have that capital. You just look
Speaker 1: at the Stonercats, the NFT project, right, they went to
Speaker 1: the SEC, went and shook them down. They don't have
Speaker 1: capital to fight back. There's just an NFT project. So
Speaker 1: this is what's happening. Why you see somebody's companies settle
Speaker 1: and they'll just say, hey, we don't admit or deny
Speaker 1: any wrongdoing and we'll pay our penalty. The SEC just
Speaker 1: did this the E Toro, but I wish E Toro
Speaker 1: had fought back. They do have the capital, but I
Speaker 1: get it. You know, they probably don't want to get
Speaker 1: tied up. And their bigger markets I believe are in Europe.
Speaker 1: So it is what it is now. Speaking of crypto regulations,
Speaker 1: Republican control of Senate would benefit digital assets, says Senator
Speaker 1: Cynthia Lummis. And remember there is a bill that is
Speaker 1: scheduled to go through the Senate. We're hoping it happens
Speaker 1: this year. Chuck Schumer, top Democrat, said he's willing to
Speaker 1: work with Republicans to get it through, but most likely
Speaker 1: it will happen in twenty twenty five. Obviously, that bills
Speaker 1: the fit twenty one bill, but Senator Lummis and Jillibrand
Speaker 1: have their own version. So here's some details of what
Speaker 1: she had to say. A US Senate flipped from Democrat
Speaker 1: to Republican controlled in the upcoming elections would bode well
Speaker 1: for digital assets, said Senator Cynthia Lummis in an interview
Speaker 1: with CNBC on Friday morning. Lummis pointed to crypto friendly
Speaker 1: Republican Senator Tim Scott taking the helm of the Senate
Speaker 1: Banking Committee, which Democrats Senator Sharrod Brown currently chairs. Brown
Speaker 1: is less friendly to the industry. Sharrod Brown is one
Speaker 1: of the biggest enemies of crypto. He is a Warren Knight.
Speaker 1: He's like Elizabeth Warren's left hand man. Gary Againster is
Speaker 1: the right hand man right Sharad Brown. He's no good
Speaker 1: And look, we got news that there's been a lot
Speaker 1: of spending. Crypto packs dominate Ohio Senate race, spending forty
Speaker 1: million dollars on Sharrod Brown's foe, So they're propping up
Speaker 1: his foe and obviously looking to take Shard Brown down
Speaker 1: or kick him out of office. So crypto fan candidate
Speaker 1: Bernie Moreno has caught up in the Ohio polls as
Speaker 1: the industry's cash outpaces other packs in one of the
Speaker 1: key US Senate races that may decide the majority. So
Speaker 1: this is Elizabeth Warren's fault. She created the anti crypto army,
Speaker 1: put Sharrod Brown as one of the generals. Gary Ginster
Speaker 1: is another. But they're going to learn their lesson. The
Speaker 1: crypto industry put together over two hundred million dollars and
Speaker 1: they're spending. They're the biggest spender in this election, which
Speaker 1: is amazing. And to add fuel on top of the fire,
Speaker 1: here you got these presidential candidates like Donald Trump and
Speaker 1: before he dropped out RFK Junior who are pro crypto
Speaker 1: and they're campaigning on it. And it looks like Kamala
Speaker 1: Harris is waking up a bit and she's starting to
Speaker 1: talk about crypto, but it might be too late for her,
Speaker 1: and she hasn't put out a clear policy, but we'll see.
Speaker 1: But these anti crypto people, it's over for them. We
Speaker 1: saw many of them started losing already in the primaries
Speaker 1: and on Super Tuesday earlier this year. So this is
Speaker 1: what happens when you take a neutral technology and you
Speaker 1: make it political and you attack it. But we know
Speaker 1: the reason why they did this. The call was made
Speaker 1: from Wall Street, from the Tradify incumbents who were getting disrupted.
Speaker 1: They called up Elizabeth Warren and Gary Genser, and that's
Speaker 1: why they started doing all this nonsense. And that's why,
Speaker 1: while the attack was happening to the crypto industry, Wall
Speaker 1: Street came right in, give me my ETF, here's my
Speaker 1: tokenized funds. Let me custody your funds for you. Right.
Speaker 1: I've shared the example so many times now, so I
Speaker 1: often stated, how can these two things be happening in parallel.
Speaker 1: That's because the incumbents are getting disrupted and they're trying
Speaker 1: to catch up. Right. JP Morgan built its own blockchain,
Speaker 1: launched its own stable coin jpm coin, and there's so
Speaker 1: much more exams, but you guys know about it. If
Speaker 1: you've been subscribe, you've been listening to this podcast. So
Speaker 1: I've shared all those examples, but these people are going
Speaker 1: down the ones who are anti crypto folks. That's the news.
Speaker 1: Let me know what you think, Lee, your thoughts and
Speaker 1: comments below hit the thumbs up button. Don't forget to
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Speaker 1: It's on Substack. It's filled with crypto insights and knowledge.
Speaker 1: Be sure to grab a copy of my book, Rethinking Crypto.
Speaker 1: It's available on Amazon and paperback and digital. And if
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Speaker 1: It will really help me out. Thank you, guys. I
Speaker 1: appreciate you all, and I'll talk to you all later