Speaker 1: Hey, everybody, Welcome into the Thinking Crypto Podcasts. You're home
Speaker 1: for cryptocurrency news and interviews. I'm your host, Tony Edward.
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Speaker 1: Folks Bitcoin right now under one hundred and sixteen thousand,
Speaker 1: so we're kind of in no man's land, just consolidating.
Speaker 1: So at this point we all have to be patient
Speaker 1: and let the market do its thing. We know we
Speaker 1: are still in a macro bull market based on the data,
Speaker 1: not our feelings and dreams and emotions, but what global
Speaker 1: liquidity is doing. All the Fibonacci levels, the Elliott wave levels,
Speaker 1: and much more. Everything is still intact. So we really
Speaker 1: really have to be patient here. I do believe that
Speaker 1: we're going to bottom sometime this month. We're obviously just
Speaker 1: past the middle of the month, and then we're going
Speaker 1: to rally, and that rally could continue into September then
Speaker 1: have a strong correction. But we'll have to wait and
Speaker 1: see how things play out. One thing that Caleb Friendzen
Speaker 1: and great analysts who've had on the podcast said about
Speaker 1: what bigcoin's doing right now. He said, Bitcoin is oddly
Speaker 1: enough in no man's land. If it breaks above the
Speaker 1: green level all time highs, that's bullish. He shared a
Speaker 1: chart here with those respective levels, and he says, if
Speaker 1: it breaks below the red level the lower lows, that's
Speaker 1: bearish because it's an uptrend on bullish and expect that
Speaker 1: bitcoin will make new all time highs soon. But I'm
Speaker 1: staying objective. So of course you're going to see people
Speaker 1: who don't understand markets. You're going to say, oh, so, Tony,
Speaker 1: you're just telling us that it could go up or
Speaker 1: it could go down. Well, yeah, we don't have a
Speaker 1: crystal ball. We're using the data. Rather than use our
Speaker 1: emotions and get emotional about this stuff, just simply say, hey, look,
Speaker 1: Bitcoin is literally between the highs and the lows right now.
Speaker 1: We got to give it more time to give us
Speaker 1: confirmation as to which direction it wants to go in.
Speaker 1: That's a very hard thing for many people who are
Speaker 1: used to just playing the lottery or going to the
Speaker 1: casino getting instant outcomes. But with investing you have to
Speaker 1: be patient and then you have to wait. Sometimes for
Speaker 1: data to show you the direction. Right. This is why
Speaker 1: I often say, when we have a breakout, let's wait
Speaker 1: for confirmation, because the market can fake us out, just
Speaker 1: like Bitcoin fake this out. Last week, we go to
Speaker 1: move to one hundred and twenty four thousand dollars, a
Speaker 1: new all time high, then it flash crashed on us. Right.
Speaker 1: So these are the things you have to expect in markets.
Speaker 1: And you know I've been in doing this since twenty sixteen.
Speaker 1: So that's why I often tell you, guys, hey, I
Speaker 1: don't know what's happening here. Here are the scenarios and
Speaker 1: the probability of which scenario playing out. So I do
Speaker 1: believe though, because we are in an uptrend, because we
Speaker 1: are in a bull market and we're not far from
Speaker 1: the top, I think we're gonna pick up momentum. I
Speaker 1: don't think this is going to be like a thirty
Speaker 1: percent correction. I could be wrong, but I honestly don't
Speaker 1: think so. The probability of us having a slight pullback
Speaker 1: then continuing is stronger, So be patient, guys. And even Etheroreum.
Speaker 1: If you look at the Etheroreum chart, it is cooling down.
Speaker 1: It's currently at four three hundred and seventy one dollars.
Speaker 1: So ETH was getting a lot of momentum, a lot
Speaker 1: of the liquidity was going to ETH, and that's very
Speaker 1: good for the entire all cooin market. But even ETH
Speaker 1: is cooling down. It was in the overboughd zone. So
Speaker 1: at this point is just like chill out and let's
Speaker 1: find the support level that it's going to bounce on
Speaker 1: and keep moving up. But one thing's for sure, there's
Speaker 1: a lot of buying of etherom right now. So ether
Speaker 1: accumulation heats up. Eight hundred and eighty two million dollars
Speaker 1: in eth snapped up by Bitmine and an unknown whale.
Speaker 1: So Bitmine is tom Lee and that publicly traded company
Speaker 1: that is buying a ton of Eth. They are looking
Speaker 1: to raise twenty billion dollars to buy e theorem, so
Speaker 1: essentially becoming the Micaelsalor strategy of ethereum. So this is incredible.
Speaker 1: A lot of buying is happening on the ETR front.
Speaker 1: A lot of treasury companies are buying, so as stated,
Speaker 1: this is very bullish. We still got more upside, so
Speaker 1: that's why these firms are buying and trying to get
Speaker 1: as much as possible because there's upside and then they
Speaker 1: make a lot of money off the arbitrage with their stocks,
Speaker 1: and we'll see how this all works out in the
Speaker 1: bear market. Now, it does have an advantage because it's
Speaker 1: proof of steak and you can do DeFi with it,
Speaker 1: so you can continue to earn even in a bear
Speaker 1: market when the price is down versus Bitcoin not so much.
Speaker 1: So we'll see how this all pans out as the
Speaker 1: bear market rolls around. So guys, this is a time
Speaker 1: to maybe step away from the markets a bit because
Speaker 1: nothing's happening. But once we find the bottom and we
Speaker 1: start moving, then you really zoom in and pay attention
Speaker 1: on the daily right, So don't fret, don't worry, we're
Speaker 1: still on track. Now, here's some interesting news. The Winklevoss
Speaker 1: Twins Gemini Crypto Exchange has filed for a NASDAC listing
Speaker 1: after a strong bullish debut. So Bullish did an IPO
Speaker 1: last week, and we're seeing a lot of crypto companies
Speaker 1: go public. These things happen in a bull market, right folks.
Speaker 1: No one does an IPO in a bear market, So
Speaker 1: we're seeing a lot of crypto companies joining the herd
Speaker 1: here trying to go public. So Gemini, the Winklevoss founded
Speaker 1: crypto exchange in Custodian, has filed to list on Nasdaq
Speaker 1: under the ticker Gemi. Gemi revealing steepening losses ahead of
Speaker 1: its IPO. So they highlighted here some losses, and we
Speaker 1: know Gemini is a small exchange. They honestly haven't innovated
Speaker 1: or expanded the way that coinbase and other exchanges have,
Speaker 1: So it looks like they're operating at some losses here.
Speaker 1: But you know, these numbers could easily flip as the
Speaker 1: bull market heats up. But it's getting very competitive out there,
Speaker 1: very very competitive, which is good for us as users
Speaker 1: and consumers. Because you have more players in the market,
Speaker 1: everybody has to raise their standard, offer cheaper fees, better services,
Speaker 1: things along those lines. So very interesting that they're looking
Speaker 1: to do an IPO. Look at this, The SMP five
Speaker 1: hundred and the Dow Jones are in talks to launch
Speaker 1: tokenized indexes. Of course they are folks. When I was
Speaker 1: telling you back in twenty eighteen, twenty nineteen, that's stock exchanges, banks,
Speaker 1: financial institutions would offer crypto. Here you go, We're seeing
Speaker 1: every day, week, month, new big institutions are jumping all in.
Speaker 1: So the SMP Dow Jones Indices is exploring partnerships with
Speaker 1: major exchanges, custodians, and DeFi protocols to launch tokenized versions
Speaker 1: of its benchmark. So as crypto matures as an asset
Speaker 1: class and you have all these different financial products, you're
Speaker 1: going to need the analytics, the reporting, the white glove service,
Speaker 1: all the things that exist for assets in the trad
Speaker 1: fire world, right, they're going to be built for crypto.
Speaker 1: So that is what's happening here. Crypto will eventually become
Speaker 1: like the stock market, and in a sense that it
Speaker 1: becomes like a household thing and is traded by everybody.
Speaker 1: It's well known, it's going to be discussed in mainstream media.
Speaker 1: That's what's coming. And of course they're going to tokenize
Speaker 1: stocks and all these things on the blockchain. So Stephanie Roton,
Speaker 1: the firms director of US Equities, told coin Telegraph that
Speaker 1: the index provider is taking a strategic approach to ensure
Speaker 1: tokenized SMP products are launched only on platforms that meet
Speaker 1: high standards for transparency, security and regulatory compliance. Here is
Speaker 1: a quote. By establishing these types of relationships, we hope
Speaker 1: we can work together to participate in a robust infrastructure
Speaker 1: that supports the trading and accessibility of tokenized versions of
Speaker 1: our indexes, ultimately enhancing the investor experience, she said. Very
Speaker 1: bullish news guys, now look at this speaking of tokenization,
Speaker 1: Centrifuge tops one billion dollars of TVL as institutions drive
Speaker 1: tokenize RWA boom, so Centrifuge joins BlackRock's Biddle and Onto
Speaker 1: Finance in the one billion dollar RWA club as demand
Speaker 1: grows for tokenized products. So you're seeing the growth of
Speaker 1: the tokenized asset markets, coinbased, Crack and all these exchanges, Robinhood,
Speaker 1: they all want to launch tokenized stocks, and we are
Speaker 1: seeing different companies pop up, Like I didn't really know
Speaker 1: much about Centrifuge. I knew about Blackrock of course in Onto,
Speaker 1: So this is very very interesting. So Centrifuge's CEO Bogy Illuminati,
Speaker 1: attributed the milestone to institutions moving from pilots to real
Speaker 1: deployments alongside strong on chain allocator demand. Markets need more
Speaker 1: than t bills, Illuminati told coin Telegraph, pointing to JAAA,
Speaker 1: an on chain version of the Janice Henderson's AAA rated
Speaker 1: collateralized loan obligation investment fund. That's a mouthful, Oh my goodness,
Speaker 1: as a natural step for institutions seeking higher yields than
Speaker 1: risk free rates. So, folks, see the direction to puck
Speaker 1: is heading in here. We are seeing a lot of
Speaker 1: growth and maturation in this industry. And guess what real
Speaker 1: estate will be tokenized. Real estate is the world's largest
Speaker 1: asset class. It will all go unchain. The process of
Speaker 1: buying and selling a home will be dis disrupted by
Speaker 1: block train. Intermediaries will be removed, fees will be cheaper,
Speaker 1: and it will be a much more transparent, faster, easier process.
Speaker 1: And Propy is leading to charge with doing that. Propy
Speaker 1: has been around since twenty seventeen. Folks, they have facilitated
Speaker 1: over four billion dollars in transactions. There will licensed Web
Speaker 1: three pioneer, so they have put deeds on the blockchain.
Speaker 1: They have created NFTs for properties, and you can buy
Speaker 1: and sell your house on Propy, and if you want
Speaker 1: to accept crypto, you can do that. So if you
Speaker 1: want to sell your house for bitcoin or XRP, whatever,
Speaker 1: you can do that. And they use coinbase for the
Speaker 1: crypto escro service. So Propy I am a token holder.
Speaker 1: I have been since twenty eighteen. Yes that long, and
Speaker 1: I'm very bullish on this project because I viewed this
Speaker 1: as a long term play. You know, it's going to
Speaker 1: take time to disrupt this massive real estate industry. But
Speaker 1: Propy is ahead of the curve. They are ahead of
Speaker 1: other competitors and they've been doing this for a long time, folks.
Speaker 1: So check them out. Go to propy dot com. Link
Speaker 1: will be in the description. Now look at this news.
Speaker 1: Japan's FSA will approve the country's first yen stable coin,
Speaker 1: the JPYC, is set to launch as early as this fall.
Speaker 1: So the token economy is growing. Digital currencies, tokenized assets, cryptocurrencies,
Speaker 1: digital assets. That is where we're headed, folks. Everything running
Speaker 1: on the blockchain. I've said it many times. The markets,
Speaker 1: the economies, and the governments will all run on blockchain rails.
Speaker 1: You will be using blockchain technology in one way or
Speaker 1: the other, whether you love it or hate it, whether
Speaker 1: you're invested or not. It will be the backbone, just
Speaker 1: like you use the Internet now. It will be the
Speaker 1: backbone of many of these infrastructures. So let me give
Speaker 1: it to details. Japan's Financial Services Agency is preparing to
Speaker 1: prove the issuance of a yen denominated stable coins as
Speaker 1: early as this fall, marking the first time the country
Speaker 1: will allow a domestic fiat PEG digital currency. Tokyo based
Speaker 1: fintech firm JPYC will register as a money transfer business
Speaker 1: within the month and will lead the rollout. Japanese news
Speaker 1: outlet the nihon Kaizi Simbun reported on Sunday, I probably
Speaker 1: butchered dad, but just so you guys know, uh JP
Speaker 1: YC is designed to maintain a fixed value of one
Speaker 1: jp y equals one yen, backed by highly liquid assets
Speaker 1: such as bank deposits and Japanese government bonds. After purchase
Speaker 1: applications from individuals or corporations, the tokens are issued via
Speaker 1: bank transfer to digital wallets. Now, there's no details on
Speaker 1: which blockchains are going to be used, so we'll have
Speaker 1: to wait and see, folks. It's going to be very
Speaker 1: revealing to see which blockchains these governments use in building
Speaker 1: their digital currency and stable coins and much more. Obviously
Speaker 1: some are going to use it for cbdc's as well.
Speaker 1: But you know, this is what we're gonna have to
Speaker 1: be vigilant because I do believe that some stable coins
Speaker 1: are cbdc's with a different mask on, like a wolf
Speaker 1: in sheep's clothing, right, So we have to be vigilant
Speaker 1: to make sure that they're not doing anything effishy here.
Speaker 1: But nevertheless, nothing is stopping this train. Do you guys
Speaker 1: see what's happening here? Governments, the trad five, folks, everybody's
Speaker 1: getting involved here now, speaking of being vigilant, look at this.
Speaker 1: US Treasury weighs digital ID verification in DeFi to tackle
Speaker 1: illicit finance. So this is a bit controversial, folks, that
Speaker 1: the US Department of Treasury is seeking public feedback on
Speaker 1: how digital identity tools and other emerging technologies could be
Speaker 1: used to fight illicit financing crypto markets, with one option
Speaker 1: being embedding identity checks into decentralized financed smart contracts. The
Speaker 1: consultation published this week stems from the newly enacted Guiding
Speaker 1: and Establishing National Innovation for a US stable Coins Act,
Speaker 1: known as the Genius Act, signed into law in July.
Speaker 1: The Act, which sets out a regulatory framework for payment
Speaker 1: stable coin issuers, directs to Treasury to explore new compliance technologies,
Speaker 1: including a programming interfaces, artificial intelligence, digital identity verification, and
Speaker 1: blockchain monitor. One of the ideas in the request for
Speaker 1: common is the potential for DeFi protocols to integrate digital
Speaker 1: identity credentials directly into their code. Under this model, a
Speaker 1: smart contract could automatically verify a user's credential before executing
Speaker 1: a transaction, effectively building KYC, Know your Customer and AML
Speaker 1: anti money laundering safeguards into blockchain infrastructure. So, folks, I
Speaker 1: don't necessarily have an issue with having a digital identity.
Speaker 1: What I think would be a nice balance is I
Speaker 1: can control it and release it to who I want,
Speaker 1: and it is secured by zero knowledge proof technology. So
Speaker 1: if I want to participate in DeFi and the government
Speaker 1: saying okay, in order to participate, you need to give
Speaker 1: your identity, this is where it gets complicated because I
Speaker 1: don't necessarily want the government involved in everything I'm doing,
Speaker 1: Like why do they need to be in everything? But
Speaker 1: I understand bad actors are going to do stuff, So
Speaker 1: I would probably like to have some sort of ZK
Speaker 1: proof technology in place where that I can release my
Speaker 1: data but the government only gets a bit of it.
Speaker 1: You know. I have to flush this thought out a bit,
Speaker 1: and I'll probably write an article about it, But we've
Speaker 1: seen sometimes that the government, you know, they can trample
Speaker 1: on your right. So this is this is where I'm conflicted,
Speaker 1: right because I understand you need to protect people. I
Speaker 1: understand they are bad actors. You need to stop actors.
Speaker 1: But do you need to be involved in every single
Speaker 1: defind transaction. Maybe there's a threshold anything above ten thousand
Speaker 1: or twenty thousand, I don't know. But if I'm doing
Speaker 1: something for a few hundred bucks, why does the government
Speaker 1: need to be involved in that? Right? So this is
Speaker 1: where we're going to have to figure out. And I
Speaker 1: guess this is good that they're asking for commentary and feedback,
Speaker 1: and I'll be trying to speak to some people in
Speaker 1: the industry and see who will be submitting their ideas
Speaker 1: and get them on the podcast to talk about this
Speaker 1: because this is something we do. We do have to
Speaker 1: discuss and find a balance because I understand, once again,
Speaker 1: government has to stop bad actors, and we don't want
Speaker 1: bad actors using crypto to do nefarious things. But also
Speaker 1: we don't want government to trample our rights and our
Speaker 1: right to privacy. So this is where he gets tricky, folks.
Speaker 1: So we'll have to see where it goes. But this
Speaker 1: is where again we've got to be vigilant and watch
Speaker 1: these governments closely. All right, moving ahead, Final news item,
Speaker 1: Norway's sovereign Wealth fund boosted bitcoin exposure by eighty three
Speaker 1: percent in Q two. Standard Charter says, so you got
Speaker 1: sovereign wealth funds around the globe investing in crypto. It's incredible.
Speaker 1: It's amazing how things have changed and the level of
Speaker 1: folks who are investing here. So Norgious Bank Investment Management
Speaker 1: increase its bitcoin equivalent exposure from sixty two hundred bitcoin
Speaker 1: to eleven four hundred bitcoin in Q two. According to
Speaker 1: Standard Charter's Jeoffrey Kendrick, the bulk of the position remains
Speaker 1: in micro Strategy shares, with a small addition in Metaplanet.
Speaker 1: Kendrick noted, so they're essentially using the proxy company. The
Speaker 1: two biggest companies are micro Strategy and Metaplanet that have
Speaker 1: the biggest bitcoin treasury strategy. And clearly these folks are
Speaker 1: some of them are going to ETF route buying the
Speaker 1: actual bigcoin ETFs. Some are going through the stocks of
Speaker 1: the treasury companies. So it's just fascinating to see how
Speaker 1: these things are set up and why these Treasury. Companies
Speaker 1: are going to continue to do well because there's not
Speaker 1: full clarity in every country. The United States hasn't passed
Speaker 1: market structure yet right as an example, the EU has
Speaker 1: done micup, but there are a lot of jurisdictions, like
Speaker 1: probably Norway, there isn't any crypto legislation in place, So
Speaker 1: these companies are like, you know, we're not going to
Speaker 1: go directly. We're going to do indirectly. Hold the stock
Speaker 1: of a company that has BIGCOE on its balance sheets.
Speaker 1: So I think that's what's happening here, folks. But very
Speaker 1: interesting that these folks are investing via a proxy. Right,
Speaker 1: all right, folks, that's the news. Let me know what
Speaker 1: you think. Leave your thoughts and comments below hit the
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Speaker 1: every aspect of crypto. If you want to expand your
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Speaker 1: dot com. Folks, thank you so much for watching and listening.
Speaker 1: I appreciate you all, and I'll talk to you all
Speaker 1: later