Speaker 1: Oregon. Stanley is about to release the bitcoin bulls as
Speaker 1: they give the green light to their fifteen thousand wealth
Speaker 1: advisors to promote the black Rock and Fidelity Bitcoin ETFs
Speaker 1: to their clients. This is going to bring in a
Speaker 1: ton of capital and Congressman Rocanna, a Democrat, is hosting
Speaker 1: another meeting with Kamala Harris's team and the crypto industry
Speaker 1: next week and to ceefdc's going after hit network Ben Armstrong,
Speaker 1: bit Boy, Crypto's former company, over the bencoin and other promotions.
Speaker 1: We're gonna break this down and much more. Let's get
Speaker 1: into it. Hey, everybody, welcome into the Thinking Crypto podcast.
Speaker 1: You're home for cryptocurrency news and interviews. I'm your host,
Speaker 1: Tony Edward. On your way in. Please sit that subscribe
Speaker 1: button as well as the thumbs up button and leave
Speaker 1: a comment below. If you're listening on a podcast platform
Speaker 1: such as Spotify or Apple, please leave a five star
Speaker 1: rating and review. Folks, we have to start by taking
Speaker 1: a look at the price of bitcoin, because there's red
Speaker 1: candles all about are starting to get fearfold. There's a
Speaker 1: bit of panic because both the stock market, the bitcoin
Speaker 1: and the crypto market are all crashing. But guys, check
Speaker 1: your emotions at the door. Let's calm down and let's
Speaker 1: look at facts. Let's look at metrics. So what the
Speaker 1: hell is happening with the stock market right, because we
Speaker 1: know there's a correlation with crypto and the stock market.
Speaker 1: If we look at the Nasdaq and the S and
Speaker 1: P five hundred, both were in the overbought zone with
Speaker 1: the RSI over seventy, and that is textbook. Guys, go
Speaker 1: read about RSI. Fidelity has an entire educational guide on this,
Speaker 1: and let me just read an excerpt here. RSI is
Speaker 1: considered overbought when above seventy and over sold when below thirty.
Speaker 1: These traditional levels can also be adjusted if necessary to
Speaker 1: better fit the security. For example, if a security is
Speaker 1: repeatedly reaching the overbought level of seventy, you may want
Speaker 1: to adjust this level to eighty. And it talks about
Speaker 1: you know these things can lead to price corrections. Well,
Speaker 1: look at that, both the Nasdaq and and the S
Speaker 1: ANDP of five hundred, we're both hitting that eighty on
Speaker 1: the RSI level, breaking through seventy. So what did you
Speaker 1: think was going to happen? Right with zoom out, you
Speaker 1: see the same pattern going back to years and years,
Speaker 1: and if you just look at the past year, the
Speaker 1: same thing every time overbought correction, then it gets over
Speaker 1: sold pumps, then overbought dumps, then over sold pumps, right,
Speaker 1: same thing. This is why you have to understand the
Speaker 1: charts and the metrics. Guys. This is what changed my
Speaker 1: life when it comes to investing, because prior to this,
Speaker 1: I was going with my emotions and what the narratives
Speaker 1: are in the news. The news are saying, oh, the
Speaker 1: jobs report caused the market to crash. All recession fears, right,
Speaker 1: has nothing to do with that. So we are seeing
Speaker 1: typical market cycles play out here. And of course there's
Speaker 1: the correlation between the stock market and bitcoin and crypto,
Speaker 1: and it's all tied to global liquidity. Bitcoin is feeling
Speaker 1: that gravitational pull with the liquidity being sucked out of
Speaker 1: the stock market and so forth. But it's RSI. While
Speaker 1: it didn't break the seventy market, it was very close.
Speaker 1: It was around sixty eight, So it's pulling back just
Speaker 1: like the stock market. But what's interesting, guys, the DXY,
Speaker 1: the dolar currency index, is dumping as well. So I
Speaker 1: know you may say, Tony, you always tell us there's
Speaker 1: an inverse correlation, yes, but it's not one hundred percent accurate,
Speaker 1: and sometimes there's a lag. So, for example, the DXY
Speaker 1: crashing here, eventually the liquidity will move to the assets
Speaker 1: as they hit the overbod zone and then you're going
Speaker 1: to see an epic rally as the DXY continues to
Speaker 1: break down and show weakness. So please understand, it's not
Speaker 1: an instantaneous thing that all of a sudden, the DXY
Speaker 1: is dumping. That means assets have to pump. There's usually
Speaker 1: a lag, so please understand that. So, guys, the metrics
Speaker 1: are telling us these things were overbought and they were
Speaker 1: due for a cool down. There has not been any
Speaker 1: invalidation of the bull market and the uptrend we're in.
Speaker 1: As I've been telling you guys, we're in a macro
Speaker 1: bowl market for crypto stocks really the state and so forth.
Speaker 1: And guys, here's the more bullish news. The M two
Speaker 1: money supply, the USM two money supply has crossed twenty
Speaker 1: one trillion dollars. Once again, if you go and look
Speaker 1: at this on the Federal Reserve website, and you even
Speaker 1: just do a five year outlook, right, there was incredible
Speaker 1: liquidity that was put in in twenty twenty twenty twenty one,
Speaker 1: we know they printed trillions and so forth, and then
Speaker 1: the Fed started tightening. Come twenty twenty two, they started
Speaker 1: selling the securities, raising rates, and then you saw that
Speaker 1: liquidity dip. Well, all of a sudden, it's on the increase.
Speaker 1: So you know what that means, folks boom and bus,
Speaker 1: rinse and repeat. They're gonna start cutting as their own
Speaker 1: palace signal, they're gonna start printing money. And one of
Speaker 1: the things I highlighted to you guys the other day
Speaker 1: or literally yesterday, Janet Yellen and the folks at the
Speaker 1: Treasury are increasing their liquidity injections. So you have rate cuts,
Speaker 1: the signal coming September into Q four, and then you
Speaker 1: have Janet yelling and Treasury injecting liquidity, and all of
Speaker 1: these things are going to lead to higher asset prices.
Speaker 1: Not only is the liquidity growing in the United States,
Speaker 1: it's happening globally. China injected money into their stock market
Speaker 1: and so forth, and then you have ray cuts have
Speaker 1: already started in other countries. So it means we're going
Speaker 1: back to easy money, more money printing. I'm not saying
Speaker 1: that I want that to happen. I'm just stating the
Speaker 1: facts because sometimes people are like, dude, that's not good.
Speaker 1: I know it's not good. But the only way to
Speaker 1: save yourself is to diversify into assets so you outpace
Speaker 1: the debasement, you outpace the inflation, and you grow your wealth.
Speaker 1: So that's what we're doing here, right. I'm not trying
Speaker 1: to say keep printing money until the governments figure out
Speaker 1: a solution. This is the story. This is how it goes.
Speaker 1: So we until maybe they do something with blockchain and bitcoin.
Speaker 1: I don't know with cbdc's We'll have to wait and see.
Speaker 1: But this is the name of the game. So guys,
Speaker 1: I'm bullish. I gave you fact metrics here, not my emotions,
Speaker 1: not my hopes and dreams, but what I'm seeing on
Speaker 1: the charts and the different data points on the macro
Speaker 1: as well. And here's some very bullish news which indicates
Speaker 1: that institutional investors know there's higher heights coming. Morgan Stanley
Speaker 1: tells wealth advisors they can pitch bitcoin ETFs in a
Speaker 1: first for a big bank. Folks, there's so many of
Speaker 1: the Wall Street firms who have not touched the ETFs
Speaker 1: as yet, and Morgan Stanley is one of the biggest.
Speaker 1: In fact, I interviewed an ex Black Rock VP who
Speaker 1: now works at Mike Novagrants's Galaxy Digital. The interview was
Speaker 1: published this morning and he was literally talking about this.
Speaker 1: And it's serendipitous where the news broke this morning that
Speaker 1: I published the interview of these big wirehouses and so
Speaker 1: forth that have not given the green light for their
Speaker 1: folks to start pitching this. So here it is, it's coming.
Speaker 1: What do you think this is going to do? One
Speaker 1: of the biggest Wall Street banks and firms, they bring
Speaker 1: in a ton more capital folks. So Morgan Stanley on
Speaker 1: Friday told its army of financial advisors that it will
Speaker 1: soon allow them to offer bitcoin ETFs to some clients,
Speaker 1: first among major Wall Street banks. CNBC has learned the
Speaker 1: firms fifteen thousand or so financial advisors can solicit eligible
Speaker 1: clients to purchase shares of two exchange traded bitcoin funds
Speaker 1: starting August seventh, just next week. According to people with
Speaker 1: the knowledge of the policy, those funds are black Rocks
Speaker 1: I Shares Bitcoin Trusts and Fidelities Wise Origin Bitcoin fund
Speaker 1: So they're starting with black Rock and Fidelity I hope
Speaker 1: you see what's happening here. Morgan Stanley's not caring about
Speaker 1: this pullback. They're probably gonna use this as a buying opportunity, right,
Speaker 1: to allow their clients to get the versification by to
Speaker 1: lows and then they'll sell the highs. Right, Guys that
Speaker 1: they know what they're doing. They they have rooms full
Speaker 1: of analysts, tons of bots and algorithms and so forth.
Speaker 1: Know the deal. And unless you're financially educated where you
Speaker 1: understand market cycles and these metrics, I'm showing you, you
Speaker 1: are like a plastic bag caught in the win. You're
Speaker 1: just blowing with it right, listening to Jim Kramer. But
Speaker 1: this is why I keep preaching guys, look at these metrics.
Speaker 1: You can go pull them up. I share my screen.
Speaker 1: I shows what's on Trading View. I show you what's
Speaker 1: on the RSI. I showed you with Fidelity's website with
Speaker 1: the educational section on RSI, go read up on that.
Speaker 1: I showed you the M two money supply in the
Speaker 1: US on the fed's website. You can go pull that up.
Speaker 1: I am not here to play games. I'm here to
Speaker 1: make money. And these are the things I'm seeing. And
Speaker 1: this is very bullish news. I hope you guys understand
Speaker 1: what's happening here. And as always, game theory will play out.
Speaker 1: The other firms are gonna follow Morgan Stanny's lead here.
Speaker 1: We saw it with the ets. We've seen it time
Speaker 1: and time again, and just recently Goldman Sachs CEO I
Speaker 1: think it was last week, came out and said, you know,
Speaker 1: biitcoin's bullish on bitcoin. They're gonna launch tokenization projects and
Speaker 1: the rest is history. They're all here. You can't sit
Speaker 1: on the fence anymore. If you don't adapt to this technology,
Speaker 1: you will get left behind and you could have your
Speaker 1: blockbuster moment where you go bankrupt. All right, guys, moving ahead,
Speaker 1: we got big news that Congressman Rocanna, who I recently
Speaker 1: had on the podcast. He's a Democrat, one of the
Speaker 1: top Democrats out of California. He's very familiar with tech.
Speaker 1: He's been heading up Silicon Valley or representing Silicon Value
Speaker 1: for a long time. Well, he's going to host another
Speaker 1: meeting with Kamala Harris's team and the crypto industry to
Speaker 1: I quote, help repair crypto relations. This is being reported
Speaker 1: by Eleanor Taroti Fox Business. So he recently held a
Speaker 1: round table with Mark Cuban, so it looks like he's
Speaker 1: making another push. And there's talks that Kamala Harris's team
Speaker 1: has met with Ripple coinbase A, sixteen Z and other
Speaker 1: industry leaders. So this is very bullish and I'm not
Speaker 1: advocating to go vote for Kamala Harris. My goal here
Speaker 1: is to make sure crypto is a bipartisan issue, not
Speaker 1: a partisan issue. It shouldn't be. Oh, Democrats are anti
Speaker 1: crypto and Republicans are pro crypto. That is not the case.
Speaker 1: I know Elizabeth Warren made it that way, but it
Speaker 1: shouldn't be the case. It shouldn't even be an election issue.
Speaker 1: So my hope is that Kamala Harris comes out with
Speaker 1: a pro crypto policy and it balances the situation because
Speaker 1: Donald Trump is procrypto, so it takes that issue off
Speaker 1: the table. People can go vote for whatever other issues
Speaker 1: that we have, and there's many more. Right, everybody has
Speaker 1: a different walk of life, a different perspective. I'm not
Speaker 1: here to tell you who to vote for. You are
Speaker 1: an adult, and I'm here to report the news and
Speaker 1: then you form your own conclusions and make your own
Speaker 1: decisions as an adult. I'm not here to tell you
Speaker 1: to go vote this person, go vote that person. No,
Speaker 1: that's up to you because your first issue may not
Speaker 1: be crypto, it could be many other things. So, guys,
Speaker 1: this is very it looks promising, but as I've been saying,
Speaker 1: talk is cheap. Kamala Harris, where you at. I haven't
Speaker 1: seen one word out of your mouth and I haven't
Speaker 1: seen any action taken. And those are the facts. So
Speaker 1: until we see something, this is all for a dog
Speaker 1: and pony show. And look, I am optimistic they can
Speaker 1: do something, but at the end of the day, don't
Speaker 1: tell me, show me. So eleanor Terret says. This meeting
Speaker 1: was originally supposed to take place on Monday, but they
Speaker 1: got to push back till later in the week, so
Speaker 1: essentially it's happening next week. I'm hoping to hear some details.
Speaker 1: Maybe I'll try to get Congressman ro Kanna back on
Speaker 1: the podcast to talk about this and let's see what
Speaker 1: they're able to come up with. But it's promising. It's
Speaker 1: a good sign, but show me, don't tell me. Now, guys,
Speaker 1: we got some details as to why Senator Roger Marshall,
Speaker 1: a Republican backed out of Senator Elizabeth Warren's anti crypto bill.
Speaker 1: If we recall I reported on this news I think
Speaker 1: it was last week, and this was a huge loss
Speaker 1: for Elizabeth Warren. One of the biggest names in her
Speaker 1: anti crypto army, who was co sponsoring this bill, just
Speaker 1: dropped out. And I mean that was a big win
Speaker 1: for the industry. So here's a quote from Roger Marshall.
Speaker 1: I think that it probably goes too far in the
Speaker 1: know your customer, he said, adding that bitcoin minors shouldn't
Speaker 1: be subject to KYC requirements. I think I was a
Speaker 1: little bit misinformed on how to get all the way
Speaker 1: up the crypto chain. Shout out to Taylor Barr who
Speaker 1: highlighted this. He's of the Digital Chamber. So you have
Speaker 1: folks at the Digital Chamber, the Satoshi Act Fund, Blockchain Association,
Speaker 1: all these firms have been doing a lot of advocacy
Speaker 1: and spreading knowledge in DC. And knowledge is winning here, folks,
Speaker 1: and education is winning here. Because Roger Marshall said he
Speaker 1: didn't understand he was misinformed, most likely by Elizabeth Warren,
Speaker 1: and he's like, you know what, I can't back this nonsense.
Speaker 1: I'm getting out of it. That's a huge loss for
Speaker 1: Elizabeth Warren, and we're seeing her cronies are dropping like
Speaker 1: flies in the elections. They're losing support and Crypto has
Speaker 1: amassed over two hundred million dollars to support pro crypto candidates,
Speaker 1: So are on a deserted island by themselves. So this
Speaker 1: is big news here. Alexander Grieve highlighted the following from
Speaker 1: Republican SEC Commissioner marqu Wade Up. He says, in a
Speaker 1: Data Standard Protocol MARKETWAYA calls for ideas around decentralized disclosure
Speaker 1: from crypto companies and protocols. There are great people at
Speaker 1: the SEC. The guy at the top just ruins everything.
Speaker 1: We know who he's talking about, and that is scumbag
Speaker 1: regulator Gary Gins, who should be fired. It's unbelievable what
Speaker 1: the SEC has become under this guy. All right, guys,
Speaker 1: quick word from our sponsor, and that is Bitco. Bit goes,
Speaker 1: one of the top crypto custodians and the industry. They're
Speaker 1: headed up by Mike Belshie, who's a Web one point
Speaker 1: zero and two point zero legend. The man was at Netscape,
Speaker 1: he was at Google, and now he's here building in
Speaker 1: Web three. Many big companies in the crypto industry use
Speaker 1: Bitgo for custodies such as Pantera Capital, Thats, dan Morehead,
Speaker 1: bit Stamp Exchange, Bitcoin Ira, Nike uses Bitgo's wallet services
Speaker 1: for their NFTs and the certain says that bitgo offer
Speaker 1: include hot wallets, custodio wallets, self managed co wallets, and
Speaker 1: NFT wallets. So if you'd like to learn more about bitgo,
Speaker 1: visit bitgo dot com. Guys, we've got some news here
Speaker 1: that the CFTC subpoenis ben Bitcoin, Armstrong's former company in
Speaker 1: fraud investigation asked about activity for tokens such as ben
Speaker 1: So this is MESSI and many of you know Bitboy.
Speaker 1: He's had his ups and downs with his life and
Speaker 1: all kinds of stuff, substance abuse and so forth. And
Speaker 1: I'm not here to judge demand, but I'm just reporting
Speaker 1: the facts. And it seems like the CFTC is like, Okay,
Speaker 1: we're gonna see what the hell is going on here.
Speaker 1: So hit Network was the company that eventually took over
Speaker 1: bit boys channel and all that stuff, and we know
Speaker 1: they how that's relationship ended. So they're going to look
Speaker 1: into the tokens such as the bencin and other token
Speaker 1: promotions they did back in twenty twenty. So I don't
Speaker 1: know what's gonna happen here. But you know, I don't
Speaker 1: know if they promoted things and did not disclose that
Speaker 1: they were token holders. I always disclose my sponsors, right,
Speaker 1: I clearly tell you about that. It's disclosed in my
Speaker 1: description of my podcast and so forth. So that's the thing.
Speaker 1: You have to disclose that you're promoting a token and
Speaker 1: you were paid to do so, or you're a token holder. Right,
Speaker 1: So let's see what happens. But this could get really
Speaker 1: messy because we see a lot of drama follow Ben Armstrong,
Speaker 1: bit boy. So let's see where things go. All right,
Speaker 1: we got news here that hash keys over the counter
Speaker 1: trading unit awarded Singapore's payment license. So around the globe
Speaker 1: we're seeing expansion licenses getting acquired, mergers and acquisition and
Speaker 1: much more so. The license, which allows the firms to
Speaker 1: offer a number of digital asset related services, was introduced
Speaker 1: following the Payment Services Act of twenty nineteen. So guys,
Speaker 1: you see, these things take years. Sometimes a lot of
Speaker 1: these companies are waiting for their licenses to deploy more capital,
Speaker 1: speak and launch new services for institutional investors and retail investors.
Speaker 1: So OTC we know, for the most part is institutional.
Speaker 1: That's where you buy, you know, crypto assets, but it's
Speaker 1: not recorded on the open market like an exchange. So
Speaker 1: for example, a high net worth individual who's maybe a
Speaker 1: multimillionaire can go buy millions in bitcoin, ethereum, x rpiece, alona,
Speaker 1: whatever it is, over the counter and none of that
Speaker 1: is recorded on the open market. What price they bought at,
Speaker 1: how much and so forth. Now you may summize, okay,
Speaker 1: some stuff move from this wallet to that wallet, but
Speaker 1: it has no effect on the price the buying and
Speaker 1: selling and so forth. And that's what a lot of
Speaker 1: whales do. They buy over the counter, and they buy
Speaker 1: directly from minors and so forth, So they don't use
Speaker 1: what retail uses, you know. They don't go to coinbase
Speaker 1: app and buy or uphold or something and buy any
Speaker 1: open market they'll go. It's kind of the back room
Speaker 1: thing where no one knows that accept those folks. So
Speaker 1: very interesting news here. Genesis completes bankruptcy restructuring, begins distributing
Speaker 1: four billion dollars in crypto and cash. So crypto lender
Speaker 1: Genesis Global has completed its restructuring process on Friday after
Speaker 1: filing for bankruptcy protection in January twenty twenty three. The
Speaker 1: firm is also beginning to distribute four billion dollars worth
Speaker 1: of assets to its remaining creditors. On average, Genesis creditors
Speaker 1: will recover sixty four percent of their in kind cryptocurrency repayments,
Speaker 1: though it will vary coin by coin. So, guys, we're
Speaker 1: seeing the absolute cleanup of all the legacy twenty twenty
Speaker 1: two debacles. And obviously Genesis was a big one with
Speaker 1: Gemini and the Earned situation, and thankfully that has been
Speaker 1: resolved with the Earned users they got their money back,
Speaker 1: and FTX bankruptcy taken care of Celsius I believe they're
Speaker 1: somewhat taken care of as well, so this is good.
Speaker 1: The cleanup nature is healing, right. We can put these
Speaker 1: things behind us and go for the moon and higher prices,
Speaker 1: and the Wall streeters are here, the institutional investors and
Speaker 1: I think were The bar has been raised higher with
Speaker 1: custody and security and so forth, so this is all good.
Speaker 1: I want these things to be wrapped up sooner than
Speaker 1: later so we can put them behind us. Check this
Speaker 1: out Instagram and Facebook a veteran joins crypto VC firm
Speaker 1: Paradigm as the CMO. So David Swan is the new
Speaker 1: chief marketing officer. So the hire comes shortly after Paradigm
Speaker 1: raised eight hundred and fifty million dollars for its third
Speaker 1: fund in June. So Paradigm is is one of the
Speaker 1: biggest investment firms in crypto. Guys, and look at the
Speaker 1: amount of money they raise for their third fund, not
Speaker 1: the first, not the second, the third. It's pretty amazing.
Speaker 1: And of course they're deploying that capital into companies, building
Speaker 1: the infrastructure of the market, but also buying tokens. And
Speaker 1: I often like to pay attention to where they're putting
Speaker 1: their money and look at their portfolio, especially like a
Speaker 1: sixteen Z I had not too long ago interviewed a
Speaker 1: Vichel Garg of Electric Capital, where they have two billion
Speaker 1: in assets under management. They're one of the top crypto
Speaker 1: investment firms as well. So, guys, lots of capital is
Speaker 1: coming into this market. The exodus some trad FI into
Speaker 1: crypto is happening. As I mentioned, I interviewed an ex
Speaker 1: Blackrock VP who's now working at a crypto investment firm,
Speaker 1: Galaxy Digital, and That interview was published earlier, so be
Speaker 1: sure to check it out. So, guys, I'm bullish. I
Speaker 1: don't care what the hell the price is doing here.
Speaker 1: There hasn't been any invalidation of the bull market. I'm
Speaker 1: looking at the macro factors. I'm looking at different metrics
Speaker 1: in the charts and so forth, data driven, not emotional driven.
Speaker 1: If there's an invalidation, I will be here telling you, guys,
Speaker 1: this thing has been invalidated. Pack your bags, let's go home.
Speaker 1: It's over right. But there hasn't been anything like that.
Speaker 1: And while it may be stomach churning and it's a
Speaker 1: rollercoaster ride, you know, when the market's so volatile, you
Speaker 1: got to hang in there. You got to check your
Speaker 1: emotions to the door. Sometimes it's good to step away
Speaker 1: from the charts. Don't look at them. I've done that.
Speaker 1: It's good for your mental health. Right, step away, go
Speaker 1: out and do something. Don't look at the prices if
Speaker 1: you know, like, ah, okay, we're on the way down.
Speaker 1: Like I don't plan to look at the prices at all.
Speaker 1: For this weekend. I'm going to go out and do things.
Speaker 1: I'm sharing this in full transparency because experience is a
Speaker 1: great teacher, and you know I've learned these things and
Speaker 1: I'm hoping to help some of you who are now
Speaker 1: entering the market or it's your first or maybe even
Speaker 1: second bull market cycle, while it's my third. These things
Speaker 1: are very helpful, guys when it comes to investing and
Speaker 1: maintaining your perspective and not getting trapped in some sort
Speaker 1: of emotional rollercoaster of what the market is doing. Right, folks,
Speaker 1: let me know what you think. Hit the thumbs up button. Also,
Speaker 1: don't forget to subscribe for my free email newsletter on substack.
Speaker 1: It's one hundred percent free, filled with crypto insights and knowledge.
Speaker 1: Link will be in the description. Also, grab a copy
Speaker 1: of my book, folks. It's available on Amazon in paper back,
Speaker 1: in digital. Grab a copy for yourself, Grab a couple
Speaker 1: of copies for your friends and family who want to
Speaker 1: learn about crypto. It includes tips for investing in crypto.
Speaker 1: If you bought a copy already, please please please leave
Speaker 1: a rating and review. It will really help out my rankings.
Speaker 1: Thank you, guys. I appreciate you all, and I'll talk
Speaker 1: to you all later