Speaker 1: I've got big crypto news for you guys. Ripple CEO
Speaker 1: Brad Garlinghouse highlights that the company has received approval for
Speaker 1: its r l USD stable coin to go live. I'll
Speaker 1: give you the details there, and Goldman Sach's CEO ways
Speaker 1: in on the company's crypto plans and will Google's new
Speaker 1: quantum chip be used to take down Bitcoin. I'll share
Speaker 1: what some folks are saying and what we can expect.
Speaker 1: Let's get into it. Hey, everybody, welcome into the Thinking
Speaker 1: Crypto podcast. You're home for cryptocurrency news and interviews. I'm
Speaker 1: your host, Tony Edward. On your way in, please hit
Speaker 1: that subscribe button as well as the thumbs up button
Speaker 1: and leave a comment below. If you're listening on a
Speaker 1: podcast platform such as Spotify or Apple, please leave a
Speaker 1: five star rating and review. Folks. Let's start by taking
Speaker 1: a look at the market. We're seeing a bit of
Speaker 1: a recovery here for Bitcoin and certain all coins, specifically
Speaker 1: XRP and Cardano. But I think it's still too early
Speaker 1: to judge this. I think we have to let the
Speaker 1: week play out and let the market show us which
Speaker 1: direction it wants to go in. Because we're talking probabilities here.
Speaker 1: We don't have a crystal ball, and we could see
Speaker 1: further downside pressure before balancing and heading upwards. So let's
Speaker 1: be patient. But good to see there's some level of recovery,
Speaker 1: even though it's pretty minuscule. And you know, we kind
Speaker 1: of want to watch what Bitcoin's going to do because
Speaker 1: Bitcoin leads the market. So if Bitcoin finds some support
Speaker 1: and starts moving up again this week, that's very good
Speaker 1: for the entire market. But my gut tells me that
Speaker 1: we might be in a bit of a sideways chopped
Speaker 1: for maybe a week and a half or two weeks
Speaker 1: before we see things move up again. So just be patient.
Speaker 1: This is the market cycles playing out. And remember embrace
Speaker 1: the volatility because the volatility that gives you these crazy
Speaker 1: swing downwards also gives you these incredible swing upwards. It's
Speaker 1: like a pendulum. Think of it that way. So be patient,
Speaker 1: and higher prices will eventually come as the bull market
Speaker 1: continues it because we are in the midst of the bullmarket,
Speaker 1: there has been no invalidation, So be patient. Guys. Now
Speaker 1: big news guys. Ripple CEO Brad garling House tweeted out
Speaker 1: this afternoon this just in we have final approval from
Speaker 1: the NYDFS for our l U s D exchange and
Speaker 1: partner listenings will be live soon and reminder, when our
Speaker 1: l USD is live, you'll hear it from Ripple first.
Speaker 1: So our l us D is, of course the stable
Speaker 1: coin being issued by Ripple. It's going to be launched
Speaker 1: on the XRP Ledger and ETHEROREM. We know that Charles
Speaker 1: Hastenson has been talking to Brad Garlinghouse and David Schwartz
Speaker 1: at Ripple about having our l U s D on Cardano,
Speaker 1: but I think that's going to be later down the line,
Speaker 1: but the launch will be on the XRP Ledger and Etherorem.
Speaker 1: This is huge news on multiple fronts. First, very big
Speaker 1: for Ripple as a company and the evaluation of that
Speaker 1: company and their eventual plans to do an IPO and
Speaker 1: so forth. Second, very big for the XRP Ledger because
Speaker 1: on this podcast we've often talked about Metcalf's Law, and
Speaker 1: Metcalf's Law talks about network effects. The more participants who
Speaker 1: have on a network, the more activity, more users, and
Speaker 1: so forth, the more stronger the network becomes and the
Speaker 1: more valuable it becomes. And of course with blockchains, you
Speaker 1: have a native token, so the token becomes valuable as well.
Speaker 1: So think of Facebook. Facebook was worth millions of dollars
Speaker 1: before they even monetize the platform at all. Go read
Speaker 1: the book, Go read the history, watch the social network
Speaker 1: and so forth. Right, it made no money for years,
Speaker 1: but yet it was valuated and millions of users. Why
Speaker 1: because there was people on there, There was network effects,
Speaker 1: so it had the potential for monetization and much more.
Speaker 1: Same type of principle applies to blockchains. So that's why
Speaker 1: this is bullish for the XRP ledger. It's bullish for
Speaker 1: XRP because remember when these transactions are happening on the
Speaker 1: XRP ledger, the token is being used, even in micro transactions. Right,
Speaker 1: the token greases the wheel. This is the same for
Speaker 1: every blockchain. Ethereum, Solana and so forth have that benefit.
Speaker 1: The third element to you know this being significant is
Speaker 1: the stable coin market continues to grow. Our l U
Speaker 1: s D is of course going to be a US
Speaker 1: born stable coin. It joins USD, c P, y USD
Speaker 1: and obviously Tether, but Tether wasn't started in the US.
Speaker 1: It's outside US, but it's the largest staple coin out there,
Speaker 1: of course, and we'll see how Ripple, you know, what
Speaker 1: their strategy is and go to market strategy to gain
Speaker 1: market penetration is and capture market share. But I think
Speaker 1: they're going to be off to a good start because
Speaker 1: they've already built a pipeline, a network, a global network
Speaker 1: with banks and payment service providers and so forth, so
Speaker 1: it's going to be pretty easy for them to position
Speaker 1: and inject this stable coin into those respective jurisdictions, countries,
Speaker 1: markets and so forth. So very good news. And from
Speaker 1: a macro perspective, this is of course very good for
Speaker 1: the price of XRP, given that we are in a bullmarket,
Speaker 1: you know, kind of any news is good news and
Speaker 1: the bulmarket right unless it's detrimental. But this will only
Speaker 1: benefit the price of XRP. And of course I'm sure
Speaker 1: you guys have seen my interviews with Brad Garlinghouse and
Speaker 1: Jack McDonald and different people from Ripple about the stable coin,
Speaker 1: and if you haven't, you know, go check those out
Speaker 1: there in a playlist. I'll link to some in the
Speaker 1: description where you can learn about these things, guys. So
Speaker 1: that's really big, guys, huge news for Ripple. But let's
Speaker 1: move ahead. Here we got news from Goldman Sachs SO
Speaker 1: three trillion dollar asset manager. Goldman Sachs says it will
Speaker 1: evaluate participating in bitcoin or e theorem markets if regulators permit.
Speaker 1: These comments are coming from their CEO, David Solomon, who
Speaker 1: spoke at Reuter's next press conference about the firm's future
Speaker 1: in crypto, saying, the further investments, you know, will be
Speaker 1: evaluated right now. Goldman Sachs does hold bitcoin and etherorem
Speaker 1: etf SO. Back in November, Goldman Sachs submitted it's thirteen
Speaker 1: F filing with the SEC. According to the filing, the
Speaker 1: finance giant holes around seven hundred and ten million dollars
Speaker 1: worth of bitcoin ETFs already as of September thirty, of
Speaker 1: twenty twenty four. So we know they want to jump
Speaker 1: all in. If Blackrock and all these other institutions are participating,
Speaker 1: Goldman Sachs is going to want to do more. They're
Speaker 1: going to want to tokenize and so forth. It's just
Speaker 1: a matter of time. It's not a matter of if,
Speaker 1: it's just when. And one of the things that's been
Speaker 1: holding them back has been the SEC SAWB one two
Speaker 1: one rule, which doesn't permit them to hold bitcoin and
Speaker 1: crypto directly. I think once that rule is out the
Speaker 1: way JP Morgan Goldman Sacks, all these guys are going
Speaker 1: to go all in, So get ready. Things are going
Speaker 1: to heat up and game theory is going to play
Speaker 1: out here. No one wants to get left behind. At
Speaker 1: the end of the day. If this acid is generating
Speaker 1: a ton of fees and there's demand for it and
Speaker 1: you're not offering it, and there's a race among all
Speaker 1: the Wall Street firms at the end of the day,
Speaker 1: the goal for them is to generate as much revenue
Speaker 1: as possible and of course as much profit as possible.
Speaker 1: You're going to look like an idiot not participating here.
Speaker 1: So I think they're going to do a lot more.
Speaker 1: And I think once there's clear regulations, it's going to
Speaker 1: open the floodgates. Guys. There's a lot of capital still
Speaker 1: on the sidelines that wants to participate but they can't,
Speaker 1: and once the legislation comes through, it's going to be
Speaker 1: exciting times. Guys. A great place you can buy bitcoin,
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Speaker 1: like to learn more about uphold, visit the link in
Speaker 1: the description. All right, guys, moving ahead, I'm sure many
Speaker 1: of you heard Google has launched Willow, their newest quantum chip,
Speaker 1: and they said here, in under five minutes, it's able
Speaker 1: to perform a benchmark computation that would take one of
Speaker 1: today's fastest supercomputers ten septillion years that's greater than the
Speaker 1: age of the universe. So technology is moving at a
Speaker 1: rapid place and we are living in the fourth Industrial
Speaker 1: Revolution with AI, robotics, blockchain and crypto ev, space exploration.
Speaker 1: You see, all these things are happening. Guys, it's the
Speaker 1: next Industrial Revolution and we're living in the midst of it.
Speaker 1: It's amazing times. And yes, the world has problems, but
Speaker 1: you also got to stop to appreciate all the great
Speaker 1: things that are happening and what the future may look like.
Speaker 1: But a lot of people are coming out saying, hey, well,
Speaker 1: this type of technology, these super chips and computers be
Speaker 1: used to take down blockchains and for example like bitcoin. Right,
Speaker 1: So someone addressed this, and I want to share the
Speaker 1: details because you know, there's a lot of fud being spread.
Speaker 1: But we got to go back to facts. So the
Speaker 1: shout out to Ben Sigman. He's actually the author of
Speaker 1: the Big Bitcoin Book, and he says, today Google announced
Speaker 1: that Willow has reached one hundred and five cubits with
Speaker 1: improved error rates. Should bitcoiners worry? Short answer, no. Bitcoin
Speaker 1: relies on two types of encryption. First, is the e
Speaker 1: c D SA two five six, vulnerable to Shor's algorithm,
Speaker 1: but cracking it would require over one million cubits. Willow's
Speaker 1: one hundred and five isn't even close. Second Shaw two
Speaker 1: five six even tougher requires a different approach, Grover's algorithm
Speaker 1: and millions of physical cubits to pose a real threat.
Speaker 1: Bitcoin's cryptography remains SAFU for now, so we're still early.
Speaker 1: This thing is nowhere near powerful enough to take down
Speaker 1: the Bitcoin network. The other thing to keep in mind,
Speaker 1: and I think this has been addressed for years now.
Speaker 1: If this technology is coming out, guess what the mining
Speaker 1: technology is going to be updated with it? Rights, Just
Speaker 1: as we've seen the upgrade of mining equipment over the
Speaker 1: years as computation and technology has gotten better, So do
Speaker 1: the miners have to make sure they upgrade? Hell? Yeah, right,
Speaker 1: they need to make sure their equipment and everything's upgraded.
Speaker 1: But is there anything to worry about now, like all
Speaker 1: of a sudden, will is going to take down the
Speaker 1: Bitcoin network or other blockchains? No, And if it gets
Speaker 1: to a point where it can do that, then we
Speaker 1: got bigger problems. Then you know, this thing could take
Speaker 1: over the world, It could take down governments and all that. Right,
Speaker 1: we got bigger problems, so right now, nothing to worry about.
Speaker 1: But I do believe the miners will will update their
Speaker 1: respective technology and mind equipment accordingly as this technology progresses. Now,
Speaker 1: today there was a big conference happening in the UAE
Speaker 1: around bitcoin, and Donald Trump's son Eric Trump said he
Speaker 1: predicts a one million dollar bitcoin. He also stated that
Speaker 1: he believes that cryptocurrencies are the future. Banking as slow
Speaker 1: as hell. It's antiquated, and it doesn't work. It doesn't
Speaker 1: make any sense that banks run on nine to five
Speaker 1: schedules five days a week. So he's absolutely right. I
Speaker 1: agree with them there, All right, guys, some not so
Speaker 1: good news for bitcoin. The Microsoft shareholders voted against a
Speaker 1: bitcoin investment. The preliminary votes shows. So this is not
Speaker 1: really unexpected because the board, if you recall, was not
Speaker 1: in favor of the idea. Now, the shareholders had to
Speaker 1: ultimately make the decision and they said no at this point.
Speaker 1: But do I think eventually once again, not a matter
Speaker 1: of if, but when they will do this. I think so.
Speaker 1: And I shared my reasons in the previous podcast that
Speaker 1: if Blackrock is here tokenizing, financializing bitcoin and crypto, and
Speaker 1: we've seen what they've done with other commodities and movements
Speaker 1: like ESG. A lot of people have to fall in line, right,
Speaker 1: A lot of corporates were jumping on the ESG train,
Speaker 1: if you recall, and obviously that that whole movement died
Speaker 1: down and on so forth. But uh, I think Blackrock,
Speaker 1: if the you and along with the US government, you know,
Speaker 1: forming a bitcoin strategic reserve is going to make it
Speaker 1: easy for these corporates to add bitcoin to your balance sheet.
Speaker 1: And you know, we're seeing across the globe companies are
Speaker 1: doing this. And recently we got to report that a
Speaker 1: company was going to add bitcoin and excerpt as part
Speaker 1: of its reserves. So you know, these things are going
Speaker 1: to happen in phases. Is going to be crawl, walk, run, right,
Speaker 1: Not everyone's going to be Sailor, Michael Sailor and just
Speaker 1: go buy a shit ton of bitcoin and raise incredible
Speaker 1: amounts of debt to buy bitcoin. So but I think
Speaker 1: you know, eventually this will happen, guys, all right, moving ahead,
Speaker 1: this is a surprise. Kaitlyn Long of Custodia Bank highlighted
Speaker 1: that the New York Times actually did some good reporting
Speaker 1: today where they highlighted the Operation Choke point two point
Speaker 1: zero and the banking of crypto, and you know that
Speaker 1: was led by Elizabeth Warren and her cronies and the
Speaker 1: anti crypto army. Look at the headline from the New
Speaker 1: York Times how crypto insiders turned d banking into a
Speaker 1: political storm. So Kaitlyn Long read through and saying it's
Speaker 1: a balanced story from them, so they actually did a
Speaker 1: good job. And she highlighted how punch Bowl, sixty minutes
Speaker 1: and Washington Post and others were running denial stories about
Speaker 1: this situation. So the truth is going to come out.
Speaker 1: I mean, we got congressional hearings, we got proof, we
Speaker 1: got letters, coinbas and these guys released, so all these
Speaker 1: people who are part of this thing is going to
Speaker 1: get they're going to get exposed. Final news item here,
Speaker 1: we got news that coinbase Institutional they're integrating chain Link
Speaker 1: and I'm bullish on chain link. I hold in my
Speaker 1: portfolio and full transparency. They tweeted, I We're excited to
Speaker 1: announce that our Project Diamond platform is integrating the chain
Speaker 1: Link standard for on chain finance. Chain Link will unlock
Speaker 1: utility and unify liquidity across the Project Diamond platform. So
Speaker 1: this is pretty great and you're just seeing Chainlink being
Speaker 1: used by other blockchains and many different companies. The technology
Speaker 1: is pretty amazing. So this is why I'm holding in
Speaker 1: my portfolio. Not financial advice, of course, so they said
Speaker 1: here in their press release. By natively integrating chain Link
Speaker 1: standard coin basis, Project Diamond Platform can now offer data
Speaker 1: and cross chain connectivity in a secure way that helps
Speaker 1: meet the compliance needs of institutional adopters. So big stuff, guys.
Speaker 1: All right, folks, that's the news. Let me know what
Speaker 1: you think. Leave your thoughts and comments below. A great
Speaker 1: way you can support me, guys is by signing up
Speaker 1: for my free email news that are on Substack. It's
Speaker 1: one hundred percent free, and grab a cop in my book,
Speaker 1: Rethinking Crypto. It's available on Amazon and paperback in digital.
Speaker 1: Grab a copy for yourself, grab a few copies for
Speaker 1: your friends and family who want to learn about crypto.
Speaker 1: Give it as a gift this holiday. And if you
Speaker 1: bought a copy already, please leave a rating review. Thank
Speaker 1: you guys. I appreciate you all, and I'll talk to
Speaker 1: you all later.