1 00:00:00,017 --> 00:00:02,877 And something is wrong. Let's not forget, when the Federal Reserve was created, 2 00:00:02,977 --> 00:00:06,537 we were promised no more boom and bust cycles, right? We had four panics in 3 00:00:06,537 --> 00:00:07,937 the 1800s that were devastating. 4 00:00:08,177 --> 00:00:11,097 We had the panic in the early 1900s. They said, that's it. 5 00:00:11,197 --> 00:00:14,317 We're going to create this central bank, and we're going to 1913, 6 00:00:14,577 --> 00:00:16,337 and we're going to never have panics again. 7 00:00:16,437 --> 00:00:19,477 We're never going to have crazy business cycles. That's all we've had since then. 8 00:00:19,677 --> 00:00:22,397 That's true. Maybe it's a time to make some adjustments. 9 00:00:22,160 --> 00:00:34,800 Music. 10 00:00:34,257 --> 00:00:37,517 We'll be right back. Welcome in to This Week in Bitcoin, episode 22. 11 00:00:37,657 --> 00:00:39,397 My name is Chris. It's a special report. 12 00:00:40,417 --> 00:00:45,177 There is a lot going on today. Really, four major events came together to create 13 00:00:45,177 --> 00:00:48,177 just a hell of a day in the market, and Bitcoin's taken a beating. 14 00:00:48,437 --> 00:00:51,297 I want to explain what's going on, why it's impacting Bitcoin, 15 00:00:51,537 --> 00:00:55,237 how it's impacting Bitcoin, and maybe roughly guess for how long. 16 00:00:55,737 --> 00:00:59,257 Then I think we'll take just a couple of moments to respond to some of the no-coiners. 17 00:01:00,017 --> 00:01:04,737 That are just coming out of the woodwork to really just dunk on Bitcoin as the 18 00:01:04,737 --> 00:01:08,297 market is in pure reaction mode. Talk about opportunist. 19 00:01:08,597 --> 00:01:12,157 Because anyone watching Bitcoin over this weekend, it's Mondays I record, 20 00:01:12,377 --> 00:01:15,337 Monday the 5th of August, 2024. 21 00:01:16,157 --> 00:01:19,117 Anyone that was watching Bitcoin saw the writing on the wall. 22 00:01:19,577 --> 00:01:23,797 I mean, I was telling the family, like, brace yourselves. Monday morning is 23 00:01:23,797 --> 00:01:26,497 going to be a bloodbath in the market. it. 24 00:01:27,517 --> 00:01:30,417 We're following the breaking news out of Wall Street. The Dow, 25 00:01:30,617 --> 00:01:34,197 look at this, down 950. Right now, 958. 26 00:01:35,157 --> 00:01:40,857 As a global market sell-off intensifies, Friday's disappointing July jobs report 27 00:01:40,857 --> 00:01:44,937 showed that the unemployment rate was at a three-year high, 4.3%. 28 00:01:44,937 --> 00:01:49,877 That produced whispers of a potential recession, growing concerns about the 29 00:01:49,877 --> 00:01:51,097 strength of the U.S. economy. 30 00:01:51,517 --> 00:01:56,857 The Japanese markets dropped more than 4,400 points. That's their sharpest since 31 00:01:56,857 --> 00:01:58,577 the Black Monday crash of 87. 32 00:01:59,197 --> 00:02:03,277 Adding to the downturn are investor concerns that the Federal Reserve waited 33 00:02:03,277 --> 00:02:05,217 too long to begin cutting interest rates. 34 00:02:05,517 --> 00:02:07,497 So there's really... 35 00:02:08,375 --> 00:02:11,675 Four horsemen of the market apocalypse that she just touched on. 36 00:02:11,715 --> 00:02:13,515 I mean, she just banged through them. 37 00:02:13,915 --> 00:02:18,695 Weak jobs report suggesting economic slowdown and that jobs may be about to fall off a cliff. 38 00:02:19,155 --> 00:02:23,175 Number two would be speculation that the Fed waited too long, 39 00:02:23,295 --> 00:02:25,295 sort of a knock-on effect of the weak jobs. 40 00:02:25,815 --> 00:02:30,555 Number three, Middle East conflicts are accelerating in a very dangerous way. 41 00:02:30,655 --> 00:02:35,775 Number four, the yen carry trade collapse has really just begun. 42 00:02:36,215 --> 00:02:37,715 And I'll add a fifth in here. 43 00:02:38,435 --> 00:02:42,495 A fifth horseman, I guess. The market's just been going up for a long time, 44 00:02:42,595 --> 00:02:46,335 guys. Like it was sort of hot and ready for a correction. 45 00:02:47,035 --> 00:02:54,115 And this yen carry trade collapsing is maybe the perfect opportunity for this correction. 46 00:02:54,695 --> 00:02:58,675 And I think it means things are going to be dicey for a while while the market prices all of this in. 47 00:02:58,735 --> 00:03:02,615 But let's talk a little bit about this because it has been all of this coming 48 00:03:02,615 --> 00:03:07,455 together created kind of a historical market day. History in the making. 49 00:03:07,575 --> 00:03:09,595 What some would call history in the making. 50 00:03:09,815 --> 00:03:13,635 Don't say that. We have never been down 1,000 points ever, not even intraday 51 00:03:13,635 --> 00:03:15,735 on the NASDAQ. Is that true? That is true. Okay. 52 00:03:15,935 --> 00:03:20,415 I'm down 6% right from the get-go. This is heavy, heavy. Big tech. 53 00:03:20,455 --> 00:03:21,715 Here we go. Look at them go down. 54 00:03:22,415 --> 00:03:25,195 Microsoft is down 20 bucks. That's 5%. 55 00:03:26,415 --> 00:03:32,315 Alphabet, 5%. Meta, 6%. Amazon, 6%. Apple, 9% down. 56 00:03:32,375 --> 00:03:34,835 Let's pull out Apple. This is interesting. Interesting. 57 00:03:35,855 --> 00:03:40,115 Oh, Jan, yeah, if you've been in Bitcoin for a while, 6% declines, 58 00:03:40,115 --> 00:03:42,275 that's just a Monday. That's no big deal at all. 59 00:03:42,595 --> 00:03:46,215 But this yen carry trade is really something that I started talking about a 60 00:03:46,215 --> 00:03:48,955 few weeks ago or a few episodes ago on the show. 61 00:03:49,175 --> 00:03:54,055 And it was a sweet deal for risky traders. This clip will kind of explain the 62 00:03:54,055 --> 00:03:55,895 dynamics that were at play. At least. 63 00:03:56,135 --> 00:04:00,035 The Japanese stock market benefited tremendously from the persistent weakness 64 00:04:00,035 --> 00:04:04,815 in the yen. Remember, they've essentially had stagflation since the mid-90s over in Japan. 65 00:04:05,719 --> 00:04:09,419 Finally, the central organizers were able to kind of stoke inflation. 66 00:04:09,659 --> 00:04:13,099 Yes, they were trying to actually stoke inflation. 67 00:04:13,799 --> 00:04:17,499 The problem is, is once it gets rolling, they have to start raising rates. 68 00:04:17,739 --> 00:04:21,719 Now, there are other positives that the Japanese economy has been going through, 69 00:04:21,819 --> 00:04:24,919 particularly corporate Japan in terms of corporate governance, 70 00:04:24,979 --> 00:04:28,599 returns on equity, unwinding share cross holdings and so on. 71 00:04:28,639 --> 00:04:30,599 So there was a fundamental story to Japan. 72 00:04:31,099 --> 00:04:35,659 But I think what this is reflecting in is how much money people borrowed in 73 00:04:35,659 --> 00:04:41,079 yen to buy Japanese stocks, among many other assets that are now unwinding. 74 00:04:41,159 --> 00:04:44,299 And this goes back to their rate hike last Wednesday, the same day the Fed was 75 00:04:44,299 --> 00:04:46,699 holding rates steady here. The Bank of Japan decided to hike rates. 76 00:04:46,799 --> 00:04:51,419 It wasn't exactly their first rate hike, but it was one of just a couple since, what, March or so? 77 00:04:51,519 --> 00:04:54,939 Why did that so quickly kind of push things to the other side of the card? 78 00:04:55,419 --> 00:05:00,319 Well, it's sort of revealing itself. The Fed That started raising rates in March 2022. 79 00:05:00,959 --> 00:05:06,459 It took the BOJ two years later just to get them out of negative interest rates. 80 00:05:06,659 --> 00:05:08,199 BOJ being the Bank of Japan. 81 00:05:08,499 --> 00:05:11,179 You think they should have gone sooner? They should have gone sooner when inflation 82 00:05:11,179 --> 00:05:12,759 was persistently above 2%. 83 00:05:13,619 --> 00:05:15,839 Now, one of the things that I don't think he's clearly saying, 84 00:05:15,899 --> 00:05:19,379 so I want to make sure it's clear to you, is that people were borrowing in yen, 85 00:05:19,559 --> 00:05:22,879 traders were borrowing in yen, because the interest rates were low. 86 00:05:23,839 --> 00:05:29,759 He says it in here. It was one of the last sources of cheap or free money. 87 00:05:30,159 --> 00:05:34,459 So they'd get a loan, I should say, in yen. 88 00:05:35,059 --> 00:05:38,799 Then they would move that around either in the Japanese stock market or in the 89 00:05:38,799 --> 00:05:41,879 U.S. stock market. And they'd buy tech, maybe with leverage. 90 00:05:42,079 --> 00:05:46,679 So maybe they'd come with $1,000 of yen collateral into the stock market. 91 00:05:47,059 --> 00:05:50,319 And then they'd buy on margin. margin so they put maybe 92 00:05:50,319 --> 00:05:54,879 they'd buy two thousand dollars worth of nvidia with one thousand dollars of 93 00:05:54,879 --> 00:06:00,279 yen collateral now if nvidia goes down like it has they get margin called but 94 00:06:00,279 --> 00:06:04,479 the problem is if the interest rate in japan goes up then they get less for 95 00:06:04,479 --> 00:06:08,799 their yen now their yen that they was worth a thousand dollars is only worth eight hundred dollars. 96 00:06:09,852 --> 00:06:14,152 And so they're getting margin called on their $2,000 margin loan for their NVIDIA 97 00:06:14,152 --> 00:06:16,792 stock. And their collateral is only worth $800. 98 00:06:17,712 --> 00:06:22,972 So it's, and then of course, the banks in Japan say, hey, wait a minute here. 99 00:06:23,892 --> 00:06:29,292 You need to actually pay up on your loan to us. And they margin call the loan in yen. 100 00:06:29,772 --> 00:06:37,692 It's a house of cards because essentially the traders were looking for a source of cheap liquidity. 101 00:06:38,212 --> 00:06:41,912 And since the US rate was going up, the interest rate was going up, 102 00:06:42,072 --> 00:06:44,972 the cost to borrow in the United States went up. 103 00:06:45,112 --> 00:06:48,132 And so they looked somewhere else and they found Japan. 104 00:06:48,492 --> 00:06:53,452 And Japan was keeping the rates low. And so all these traders took out loans 105 00:06:53,452 --> 00:06:56,832 in cheap Japan money, the yen. 106 00:06:57,132 --> 00:07:02,492 And they started buying up Nvidia and maybe Bitcoin ETFs and Apple stock and 107 00:07:02,492 --> 00:07:05,952 super micro Microstock and all these tech stocks that were pumping. 108 00:07:06,532 --> 00:07:11,732 They were buying them on margin too. So he's not quite explaining that dynamic, 109 00:07:11,852 --> 00:07:16,052 but that's why it matters so much that the Bank of Japan just started raising 110 00:07:16,052 --> 00:07:20,652 rates right as the Fed at the last FOMC meeting decided not to raise rates. 111 00:07:20,852 --> 00:07:26,012 It took the BOJ two years later just to get them out of negative interest rates. 112 00:07:26,092 --> 00:07:27,052 Do you think they should have gone sooner? 113 00:07:27,172 --> 00:07:30,332 They should have gone sooner when inflation was persistently above 2%. 114 00:07:30,332 --> 00:07:35,912 But by waiting, every month that went by, more borrowing was taking place in yen. 115 00:07:36,012 --> 00:07:39,252 It was the last place in the world to sort of get free money. 116 00:07:39,572 --> 00:07:44,172 And that free money, we couldn't necessarily quantify, but we're seeing sort 117 00:07:44,172 --> 00:07:48,732 of the result of the unwind now to say, wow, that was massive. 118 00:07:48,832 --> 00:07:52,972 We didn't really see it while it was going on to the extent that it's revealed 119 00:07:52,972 --> 00:07:55,592 itself to be, but it was obviously massive. 120 00:07:55,752 --> 00:07:58,912 History teaches us, too. It's funny how it's always something we can't quite 121 00:07:58,912 --> 00:08:01,852 see. Something a little different, something a little more opaque. 122 00:08:01,972 --> 00:08:03,572 Oh, we didn't quite see that. 123 00:08:04,492 --> 00:08:09,712 And, well, there you go. So that's the yen carry trade that you're hearing everybody 124 00:08:09,712 --> 00:08:15,052 talk about that's collapsing at this moment because it's not such a good source of cheap money anymore. 125 00:08:15,612 --> 00:08:20,252 Now, in a month or so, probably two, three, whatever, by October, 126 00:08:20,592 --> 00:08:23,432 those situations are going to probably start changing here in the States. 127 00:08:24,850 --> 00:08:30,190 I would imagine something like this doesn't unwind over one week or over one market day. 128 00:08:30,570 --> 00:08:35,090 This is something that unwinds over years, this yen carry trade, years. 129 00:08:35,390 --> 00:08:40,070 So I don't think this is going to be ultimately what permanently drags down the U.S. market. 130 00:08:40,410 --> 00:08:44,630 Most of the knockout effects will happen immediately here in the U.S., 131 00:08:44,630 --> 00:08:46,490 but the longer tail is going to be in Japan. 132 00:08:46,910 --> 00:08:50,430 And I don't think it will have as direct impact on the U.S. 133 00:08:50,450 --> 00:08:55,610 Market after some time passes. But whenever this happens, whenever everything 134 00:08:55,610 --> 00:09:01,070 dumps, everything collapses, it always brings up the conversation of, 135 00:09:01,190 --> 00:09:02,410 well, what about Bitcoin? 136 00:09:02,970 --> 00:09:08,170 Why is all of this impacting Bitcoin? Why are these four horsemen that are attacking 137 00:09:08,170 --> 00:09:10,470 the macro economy impacting Bitcoin? 138 00:09:10,550 --> 00:09:12,990 Isn't it supposed to be its own thing? It's on its own network. 139 00:09:13,230 --> 00:09:16,430 It's not managed. You know, it's not pumped by the Fed. 140 00:09:16,830 --> 00:09:21,870 So why is Bitcoin dumping? Why isn't it a store of value? Bitcoin, what is Bitcoin? 141 00:09:27,130 --> 00:09:32,650 This is Joe on CNBC. Tom Lee's there. And of course, Aaron Sorkin is also at the desk. 142 00:09:38,670 --> 00:09:41,730 This is Tom Lee. He's a good investor. I think he's a good analyst. 143 00:09:42,490 --> 00:09:43,930 And he has to acknowledge the 144 00:09:43,930 --> 00:09:48,010 fact that most of the market right now does trade Bitcoin as a risk asset. 145 00:09:48,190 --> 00:09:50,910 Or another way you could put that as a tech stock. 146 00:09:51,550 --> 00:09:55,870 Most of the day traders that are trading Bitcoin, they're not using it for any 147 00:09:55,870 --> 00:09:56,790 kind of long-term hedge. 148 00:09:57,010 --> 00:09:59,710 They don't understand the monetary properties of it. They just see it as kind 149 00:09:59,710 --> 00:10:02,790 of like a tech stock, like an Apple or an Nvidia stock. 150 00:10:03,130 --> 00:10:07,650 And, you know, there's potentially been lots of liquidations. 151 00:10:07,650 --> 00:10:10,090 I think several hundred thousand accounts liquidated over the weekend. 152 00:10:10,430 --> 00:10:13,350 To get money, to get money. Yeah, margin calls. 153 00:10:13,970 --> 00:10:16,650 So what does that say to you, though, longer term about Bitcoin? 154 00:10:16,790 --> 00:10:17,910 Does it say anything to you? 155 00:10:19,034 --> 00:10:24,674 I think it's showing you that as it becomes more widely held and held in traditional 156 00:10:24,674 --> 00:10:27,994 brokerage accounts, it is going to be increasingly a risk on assets. 157 00:10:28,154 --> 00:10:30,934 We shouldn't think of it as gold then, a digital gold. We shouldn't think of 158 00:10:30,934 --> 00:10:32,774 it as a store of value per se. 159 00:10:32,974 --> 00:10:37,634 Aaron Sorkin going right for this favorite old horse of his that he loves to beat. 160 00:10:38,154 --> 00:10:41,594 This is a top issue for Aaron. He always, whenever Bitcoin's down, 161 00:10:41,794 --> 00:10:45,094 he loves to point out on TV that Bitcoin's down and it's not a store of value. 162 00:10:45,434 --> 00:10:47,774 Clearly, this must demonstrate it's not a store of value. Obviously, 163 00:10:47,814 --> 00:10:48,714 it's not a store of value. 164 00:10:49,274 --> 00:10:51,954 Because it's down today. We shouldn't think of it as gold, then, 165 00:10:51,994 --> 00:10:55,234 a digital gold. We shouldn't think of it as a store of value per se. 166 00:10:55,714 --> 00:11:02,454 We should think of it as something else, a speculative tool that's in this sort of NASDAQ-y camp. 167 00:11:03,474 --> 00:11:06,614 It's kind of both. I mean, it's kind of, it's very unique. How can it be both? 168 00:11:06,714 --> 00:11:10,014 When people say both, I don't get that both part. I sort of agree. 169 00:11:10,274 --> 00:11:14,934 Until it, I mean, it obviously has, some people think it has value, 170 00:11:14,934 --> 00:11:19,754 But when you need it and you need to turn some of that value into cash for margin 171 00:11:19,754 --> 00:11:21,654 calls, you're going to you're going to sell it if it's up. 172 00:11:21,794 --> 00:11:26,414 Yeah. So when would then it be a store of value? That's obviously it's a store 173 00:11:26,414 --> 00:11:28,514 of value when it's in the speculative and it goes up camp. 174 00:11:28,654 --> 00:11:32,834 It's not a store of value. Well, it's still storing fifty two thousand dollars 175 00:11:32,834 --> 00:11:35,294 worth of value versus eight thousand dollars worth of value. 176 00:11:35,394 --> 00:11:36,894 I agree. I'm just saying most people. 177 00:11:37,014 --> 00:11:41,234 What's incredible about Sorkin is what Sorkin doesn't understand. 178 00:11:41,234 --> 00:11:45,014 And I just, it blows me away, is then in the next segment, 179 00:11:45,694 --> 00:11:49,654 he'll talk about the NASDAQ 200-day moving average price and he'll completely 180 00:11:49,654 --> 00:11:53,494 ignore the today price, which is down, and he'll talk about the 200-day moving 181 00:11:53,494 --> 00:11:56,914 average price of another, like the NASDAQ, like in just the next segment. 182 00:11:57,594 --> 00:12:01,354 How he doesn't apply the same thinking to both is bonkers. When he says in here, 183 00:12:01,414 --> 00:12:03,814 well, it's not a long-term store of value because it's down right now, 184 00:12:03,954 --> 00:12:06,694 that really kind of betrays the way he's thinking about it. We'll play through 185 00:12:06,694 --> 00:12:07,914 some of this again and we'll break it down. 186 00:12:08,074 --> 00:12:12,994 I think it's showing you that But as it becomes more widely held and held in 187 00:12:12,994 --> 00:12:16,894 traditional brokerage accounts, it is going to be increasingly a risk on assets. 188 00:12:17,054 --> 00:12:19,794 We shouldn't think of it as gold then, a digital gold. We shouldn't think of 189 00:12:19,794 --> 00:12:21,654 it as a store of value per se. 190 00:12:22,174 --> 00:12:28,854 We should think of it as something else, a speculative tool that's in this sort of NASDAQ-y camp. 191 00:12:29,994 --> 00:12:33,014 It's kind of both. I mean, it's kind of, it's very unique. How can it be both? 192 00:12:33,134 --> 00:12:36,474 When people say both, I don't get that both part. How can he not understand? 193 00:12:36,794 --> 00:12:39,994 I mean, I could understand an average person not getting it, 194 00:12:40,034 --> 00:12:45,794 but he sits at the desk for Squawk Box on CNBC and he covers this and he has 195 00:12:45,794 --> 00:12:50,074 Larry Fink sit down and he has Michael Saylor and he has all these different 196 00:12:50,074 --> 00:12:52,154 people explain it to him over and over again. 197 00:12:52,154 --> 00:12:55,614 And the moron still doesn't get it. It's really simple Aaron. 198 00:12:55,814 --> 00:13:01,274 It's really really simple It goes up on the long term if you hold it for four 199 00:13:01,274 --> 00:13:06,234 to five years Nobody has ever lost money in the history of Bitcoin in 15 years 200 00:13:06,234 --> 00:13:12,074 No one has ever lost money if they hold the asset for four or five years It's a store of value. 201 00:13:12,174 --> 00:13:18,534 You could buy it at $28 hold it for five years and sell it for $35,000 just to you know. 202 00:13:19,215 --> 00:13:24,695 Or today, you could buy it at $60,000 and hold it, and it'll probably be worth 203 00:13:24,695 --> 00:13:27,755 $150,000 or whatever it's going to be in five years. 204 00:13:28,075 --> 00:13:30,835 Over the long term, if you look at the 200-day moving average, 205 00:13:31,075 --> 00:13:36,415 which, by the way, all these companies like MicroStrategy and all the ETFs that 206 00:13:36,415 --> 00:13:39,275 are looking at their cost basis for Bitcoin acquisition, 207 00:13:39,595 --> 00:13:44,895 they all use the 200-day moving average price because they're serious about 208 00:13:44,895 --> 00:13:47,195 this. They're not looking at the one-minute chart. 209 00:13:47,575 --> 00:13:52,735 No serious investor is living and dying by the one minute chart. 210 00:13:52,975 --> 00:13:57,095 And that is basics. That's one-on-one. That's not unique to Bitcoin. 211 00:13:57,395 --> 00:14:00,955 That's everything. And I can't believe Sorkin doesn't understand that. 212 00:14:01,375 --> 00:14:05,095 He really can't wrap his head around it because he doesn't want to. 213 00:14:05,195 --> 00:14:09,275 And what Aaron fails to mention while he's dunking on Bitcoin right then when 214 00:14:09,275 --> 00:14:13,675 it's on a down day is at that moment, and I believe as I still record, 215 00:14:14,015 --> 00:14:18,095 six of the major trading platforms forums are down, including Citi, 216 00:14:18,195 --> 00:14:20,295 Fidelity, E-Trade, Vanguard, 217 00:14:20,635 --> 00:14:24,035 TD Ameritrade, and Charles Schwab. They all crashed. 218 00:14:24,315 --> 00:14:27,355 They all went down. So none of the retail could get out. 219 00:14:28,135 --> 00:14:31,135 Bitcoin was up 24-7, seven days a week. 220 00:14:31,615 --> 00:14:37,215 You can sell millions of dollars of Bitcoin from your phone in two minutes, 24-7. 221 00:14:37,975 --> 00:14:41,875 Nothing, nothing is as liquid and as available as Bitcoin. 222 00:14:42,355 --> 00:14:45,435 It has the market size. it has a trillion dollar market 223 00:14:45,435 --> 00:14:48,835 cap it has buyers and sellers 24 7 you 224 00:14:48,835 --> 00:14:51,755 can do it with a range of options and companies and directly on 225 00:14:51,755 --> 00:14:54,755 your phone and it also means and this 226 00:14:54,755 --> 00:14:58,855 i don't know why people haven't wrapped their head around this yet it means 227 00:14:58,855 --> 00:15:04,195 bitcoin is always going to be the first to price in major problems if you've 228 00:15:04,195 --> 00:15:07,335 got a trader who's sitting there friday night saturday morning sunday afternoon 229 00:15:07,335 --> 00:15:11,215 and they're panicked about world war three or they know that it's going to be 230 00:15:11,215 --> 00:15:12,995 a bloodbath on Monday and they need some cash. 231 00:15:13,235 --> 00:15:16,475 They can't sell stock. They can't sell gold. They can't sell their house. 232 00:15:17,115 --> 00:15:20,375 They can't sell anything. They can't go to the bank. They can't get it out of 233 00:15:20,375 --> 00:15:24,115 their bank account. But they can sell Bitcoin in two minutes on their phone. 234 00:15:24,675 --> 00:15:28,335 So it's always going to be the first to price it in at every level, 235 00:15:28,395 --> 00:15:30,655 from retail all the way up to the professional traders. 236 00:15:31,455 --> 00:15:36,555 Bitcoin is the canary in the coal mine because it is the only remaining free 237 00:15:36,555 --> 00:15:40,555 market with actual liquidity and a wide network and distribution. 238 00:15:42,099 --> 00:15:46,159 And so instead of mocking Bitcoin, people should be watching Bitcoin to try 239 00:15:46,159 --> 00:15:48,299 to understand where this is going. 240 00:15:48,479 --> 00:15:52,219 But you can't just do that. You have to debase yourself. 241 00:15:52,459 --> 00:15:55,999 And we're going to keep the receipts here on the show. I'm going to keep these clips. 242 00:15:56,519 --> 00:16:00,939 And we're going to play these clips again. This is Kramer dunking on Bitcoin this morning. 243 00:16:01,519 --> 00:16:07,259 And it's just, you know, he's all crypto is great. Larry Fink's a genius when 244 00:16:07,259 --> 00:16:09,479 the number go up. And then as soon as the number go down. 245 00:16:10,099 --> 00:16:16,059 Bitcoin was supposed to be a store of value. Thank you. Yeah. 246 00:16:16,139 --> 00:16:17,499 Would we be safe in Bitcoin? 247 00:16:17,719 --> 00:16:22,479 Would have been the thought that perhaps John Book. That is not that is not the case. 248 00:16:22,959 --> 00:16:25,379 Well, it just turns out that gold. 249 00:16:25,999 --> 00:16:29,839 Yeah, gold. In fact, it's all about gold. You see, gold is the better play, 250 00:16:30,019 --> 00:16:30,979 according to Jim Cramer. 251 00:16:31,159 --> 00:16:34,599 He was talking to like an oil driller in Canada. 252 00:16:34,919 --> 00:16:38,419 And he that guy was really bearish on crypto. I'm not kidding you. 253 00:16:38,419 --> 00:16:42,439 This is literally the conversation they had on air. Two other hosts on CNBC who don't get it. 254 00:16:42,999 --> 00:16:48,759 And, you know, so obviously gold's the way to go. Why? Why does Jim Cramer say gold's the way to go? 255 00:16:49,099 --> 00:16:54,999 Because gold is scarce. When things go bad, crypto will go bad with it, 256 00:16:55,039 --> 00:16:58,999 but gold won't because we've only found about 1% more gold each year. 257 00:16:59,099 --> 00:17:00,739 There's just not a lot of gold to be found. 258 00:17:00,959 --> 00:17:04,779 I love that. I love this. I thinking, right? Gold's scarce, so it makes it better 259 00:17:04,779 --> 00:17:08,439 than Bitcoin, which has 21 million coins hard capped. Thank you. 260 00:17:09,133 --> 00:17:13,413 Like, wow. Okay. Okay, Jim. That's some great logic there. 261 00:17:13,533 --> 00:17:20,173 And then maybe Bitcoin dumps harder when there's a market crisis because Bitcoin is liquid. 262 00:17:20,373 --> 00:17:25,473 And gold, how are you going to get your gold? And what happens if you get a 263 00:17:25,473 --> 00:17:27,993 paper run on gold? How are they going to fulfill that? 264 00:17:28,413 --> 00:17:33,313 People can't take a million dollars or in this case, a trillion dollars has 265 00:17:33,313 --> 00:17:35,253 been removed from the crypto market. Yeah. 266 00:17:35,353 --> 00:17:39,493 You can't you can't take out nearly a trillion dollars in gold without causing 267 00:17:39,493 --> 00:17:42,613 massive havoc because they can't get you that gold that fast. 268 00:17:42,733 --> 00:17:44,773 Right. What are you going to go to give it to somebody else? 269 00:17:44,793 --> 00:17:46,613 They're going to give you cash. Like, what's the process here? 270 00:17:46,953 --> 00:17:54,593 It's the idea that the velocity somehow equates to the quality is silly because 271 00:17:54,593 --> 00:17:56,473 you could apply the same logic reverse to gold. 272 00:17:56,693 --> 00:17:59,373 But, you know, because gold's scarce, it's better than Bitcoin. 273 00:17:59,553 --> 00:18:02,613 And with it, but gold won't because we've only found about one percent more 274 00:18:02,613 --> 00:18:05,813 gold each year. There's just not a lot of gold to be found. 275 00:18:05,973 --> 00:18:11,593 And that's not managed by just a handful of big companies that are very intentionally 276 00:18:11,593 --> 00:18:15,633 trickling gold onto the market to maintain prices at a certain level. 277 00:18:15,693 --> 00:18:19,213 That's clearly not that. And a lot of it's in high-cost places. 278 00:18:19,693 --> 00:18:23,633 So gold is maintaining its value. And I think that's great. And I think everyone 279 00:18:23,633 --> 00:18:25,833 should have 10% of their assets in gold if they can get it. 280 00:18:25,973 --> 00:18:28,433 And try getting that out of Costco. It's, like, really hard. 281 00:18:28,613 --> 00:18:30,913 Yeah, but by the way, it's hard to get the gold. And it's hard to get rid of 282 00:18:30,913 --> 00:18:33,273 your gold, too. So it's hard to get the gold. It's hard to get rid of your gold. 283 00:18:33,273 --> 00:18:36,073 But you should have 10% of your assets in it. So that way you can't even beat inflation. 284 00:18:36,453 --> 00:18:40,853 I mean, I'm not a gold hater, but I'm living in Washington state where like 285 00:18:40,853 --> 00:18:43,313 my cost of living is up over 20% year over year. 286 00:18:43,473 --> 00:18:46,773 This is ridiculous things. It's like the things here, the food alone has got 287 00:18:46,773 --> 00:18:49,313 to be up like 60% for some of the things we buy for our family. 288 00:18:49,833 --> 00:18:54,993 Gas prices have doubled. Gas is still $4 over four, almost, almost $6 a gallon 289 00:18:54,993 --> 00:18:56,113 at some places when you go downtown. 290 00:18:57,043 --> 00:19:00,643 And he's telling me that I should save my life energy in gold, 291 00:19:00,803 --> 00:19:03,543 which is like going up a tiny percent. 292 00:19:04,083 --> 00:19:07,143 It's ridiculous. Just because it doesn't crash today when everything else crashes. 293 00:19:07,523 --> 00:19:12,563 This is the difference between a beta trader and somebody who is building lifetime 294 00:19:12,563 --> 00:19:15,003 wealth. You have to remain rational. 295 00:19:15,303 --> 00:19:18,323 You have to keep focused on the fundamentals. 296 00:19:18,683 --> 00:19:22,403 It's crucial for navigating volatile markets like we see today. 297 00:19:22,723 --> 00:19:24,683 And I have a question for you. So, Booston. 298 00:19:26,323 --> 00:19:30,983 Do you agree with me here? Let me know your thoughts on this kind of like coming 299 00:19:30,983 --> 00:19:32,943 out of the woodwork to bash on Bitcoin. 300 00:19:33,323 --> 00:19:37,083 And also, if you get values from this type of specific episode, 301 00:19:37,303 --> 00:19:39,883 if you like these focused episodes, let me know. Boost in. 302 00:19:40,023 --> 00:19:43,323 Tell me what you think about it. But one more clip that I want to play for you. 303 00:19:43,363 --> 00:19:44,623 This one, this one's really good. 304 00:19:44,943 --> 00:19:49,303 This is the Tezos co-founder. Now, Tezos is a blockchain technology company 305 00:19:49,303 --> 00:19:51,003 with their own ship coin. 306 00:19:51,363 --> 00:19:56,503 And she comes on CNBC and she uses this opportunity today to dunk on Bitcoin. 307 00:19:56,983 --> 00:20:00,383 No, I think I think basically what we're seeing is something similar to what 308 00:20:00,383 --> 00:20:01,183 happened at the beginning of 309 00:20:01,183 --> 00:20:04,783 COVID, where folks get a sense of something that looks like a recession. 310 00:20:04,943 --> 00:20:07,523 And the first thing they decide to sell is their pretend Internet money. 311 00:20:08,043 --> 00:20:11,483 But yeah, the news coming out of Japan obviously correlates with quite a bit of that. 312 00:20:11,703 --> 00:20:15,043 Pretend internet money. And you can guarantee on CNBC, Aaron Sorkin, 313 00:20:15,123 --> 00:20:16,583 he's going to be all over some Bitcoin hate. 314 00:20:16,903 --> 00:20:21,583 So it's nothing different than margin calls. And if you have stocks or Bitcoin 315 00:20:21,583 --> 00:20:28,803 or any assets that are sellable, you can take profits and maybe cover what you 316 00:20:28,803 --> 00:20:29,723 need to cover elsewhere. 317 00:20:29,943 --> 00:20:32,063 Nothing further than that. I mean, gold didn't go down. 318 00:20:32,323 --> 00:20:35,923 No, I think Bitcoin, it's a bit of a shellacking because it's definitely cast 319 00:20:35,923 --> 00:20:39,883 more as a speculative currency. It's not treated the same as a lot of other equities. 320 00:20:40,103 --> 00:20:42,183 You just called a pretend internet money. Yes. 321 00:20:46,143 --> 00:20:51,503 You're saying the quiet part out loud for some people. He was just waiting for that moment. 322 00:20:52,723 --> 00:20:58,403 She runs a competing blockchain. The bias, it's obvious. 323 00:20:58,643 --> 00:21:00,843 She should come out there with locos on her shirt. 324 00:21:01,463 --> 00:21:03,443 And she sits there the whole time with her mouth hanging open, 325 00:21:03,523 --> 00:21:06,763 by the way. That's the quality of guest here. 326 00:21:07,463 --> 00:21:11,863 The fact that people can sell off their Bitcoin fast and get cash in the moment 327 00:21:11,863 --> 00:21:15,803 of some sort of economic uncertainty is a feature, not a bug. 328 00:21:16,563 --> 00:21:21,483 Nobody can say no. Nobody can stop you. No trading platform goes down, Bitcoin remains up. 329 00:21:21,643 --> 00:21:25,183 No circuit breaker breaks. No company tells you no. No Robin Hood cutting you off. 330 00:21:25,623 --> 00:21:27,463 You get access to your money. 331 00:21:27,943 --> 00:21:31,483 And then you can save your money in small fractions as you can afford. 332 00:21:32,063 --> 00:21:34,083 Man, things are tight in my household. 333 00:21:34,663 --> 00:21:39,463 I don't have very much money to buy gold or stocks, especially when I never 334 00:21:39,463 --> 00:21:41,223 know if the stocks are actually going to go up or down. 335 00:21:41,263 --> 00:21:45,443 And if they do go up, maybe I get 8%, 10% return. Whoop-dee-doo. 336 00:21:47,183 --> 00:21:52,303 Again, doesn't even cover the debasement of my fiat. But I can buy Bitcoin one 337 00:21:52,303 --> 00:21:54,043 sat at a time with something like Strike. 338 00:21:55,189 --> 00:21:58,669 You know, when it was on a time like this, when the price is down, 339 00:21:58,709 --> 00:22:00,969 when Bitcoin's on sale, I'll pick up a couple million sats. 340 00:22:01,669 --> 00:22:05,509 I can pick up a couple million sats. And I can store that and I can sit on that 341 00:22:05,509 --> 00:22:08,249 for five years. And it'll be worth substantially more. 342 00:22:08,909 --> 00:22:11,869 And I can do it incrementally as my budget allows for. 343 00:22:12,649 --> 00:22:15,589 And none of these analysts, because they're all rich, they're all privileged, 344 00:22:15,649 --> 00:22:20,709 they don't seem to understand what the situation is for everyday people out 345 00:22:20,709 --> 00:22:25,069 there. Nearly one-third of parents say they cannot afford back-to-school shopping 346 00:22:25,069 --> 00:22:26,769 for their kids this year. 347 00:22:26,969 --> 00:22:32,189 A new study conducted on behalf of Credit Karma shows 50% of parents plan to 348 00:22:32,189 --> 00:22:35,489 sacrifice necessities in order to get enough school supplies. 349 00:22:35,669 --> 00:22:38,509 That includes sacrificing groceries and paying bills. 350 00:22:39,589 --> 00:22:44,669 So parents are going to sacrifice food and paying the bills, 351 00:22:44,789 --> 00:22:46,509 like, you know, the lights. 352 00:22:46,509 --> 00:22:52,429 A national report finds families are now spending an average of $874 just on 353 00:22:52,429 --> 00:22:55,749 school supplies and electronics. United States of America, everybody. 354 00:22:56,209 --> 00:23:01,689 And they're dunking on Bitcoin because the people can get money out when they need it fast. 355 00:23:01,949 --> 00:23:05,329 Do you understand how sick and twisted that is? It's swisted. 356 00:23:05,449 --> 00:23:09,509 It's what it is. The Bitcoin haters are swisted. They're really swisted. 357 00:23:09,989 --> 00:23:15,849 And I think they're going to look silly. I think just maybe not in a week, 358 00:23:15,909 --> 00:23:16,869 maybe not a couple of weeks. 359 00:23:16,909 --> 00:23:20,169 Maybe it's going to take till October. I don't know who does. Nobody could. 360 00:23:20,629 --> 00:23:26,049 But in not so long, they're going to look silly. Things will turn around. 361 00:23:26,489 --> 00:23:30,029 I want to recap the state of Bitcoin. But before we get there, 362 00:23:30,109 --> 00:23:32,269 I have to point out the obvious elephant in the room. 363 00:23:32,369 --> 00:23:35,309 This is not a political show, but there's an election at stake here. 364 00:23:35,409 --> 00:23:40,449 All that, ladies and gentlemen, and everyone else, that is called Bidenomics. 365 00:23:44,969 --> 00:23:48,669 That is called Bidenomics, and we are very proud of Bidenomics. 366 00:23:48,949 --> 00:23:53,009 So, you know, you can't have all this going down right 90 days before an election. 367 00:23:53,109 --> 00:23:57,369 Like, they're going to have to try to do something, and it's going to get political. 368 00:23:58,484 --> 00:24:04,404 And the longer it's painful, the worse it's going to be for the incumbent, well, or for the VP. 369 00:24:04,944 --> 00:24:08,944 But let's recap Bitcoin, because just despite the fact that there's this political 370 00:24:08,944 --> 00:24:14,004 element, and when you review the Fed's decisions, depending on how you measure 371 00:24:14,004 --> 00:24:17,024 it, it looks like they're pretty political sometimes, especially during election years. 372 00:24:17,344 --> 00:24:21,764 In fact, if you look historically at Bitcoin's price, you can see political 373 00:24:21,764 --> 00:24:27,764 interactions every election cycle that, you know, happens on a four-year cadence 374 00:24:27,764 --> 00:24:28,684 just like the halving does. 375 00:24:29,164 --> 00:24:34,324 But this year is different. Spot ETFs launched and Larry Fink is mega bullish. 376 00:24:34,864 --> 00:24:38,884 And these ETF firms are incentivized for the ETF number to go up. 377 00:24:39,264 --> 00:24:41,684 They don't benefit from the ETF number going down. 378 00:24:42,084 --> 00:24:44,064 And these are massively powerful institutions. 379 00:24:44,704 --> 00:24:48,144 Two different presidential candidates in the United States spoke at the Bitcoin 380 00:24:48,144 --> 00:24:51,704 conference saying that they would implement strategic reserves in the US of 381 00:24:51,704 --> 00:24:53,244 A. That idea is out there now. 382 00:24:53,764 --> 00:24:57,624 One of the largest wealth advisors, Morgan Stanley, just approved their financial 383 00:24:57,624 --> 00:25:01,944 advisors to market the Bitcoin ETFs to their high net worth clients. 384 00:25:02,784 --> 00:25:06,004 Others will absolutely follow suit. This is a massive deal. 385 00:25:06,724 --> 00:25:10,504 Cantor Fitzgerald says they own a shipload of Bitcoin. 386 00:25:11,124 --> 00:25:15,104 I don't think you can understand how big it is that Cantor Fitzgerald is out there saying that. 387 00:25:15,144 --> 00:25:20,104 VanEck's CEO is also out there saying he has 30% of his personal funds in Bitcoin. That's VanEck's CEO. 388 00:25:20,644 --> 00:25:22,604 30% of his personal funds are in Bitcoin. 389 00:25:23,344 --> 00:25:27,744 Selmer Scientific announced a Bitcoin treasury and submits an S3 for $200 million 390 00:25:27,744 --> 00:25:28,984 in funding to buy more Bitcoin. 391 00:25:29,564 --> 00:25:34,364 Saylor over at MicroStrategy has submitted for a $2 billion ATM to buy Bitcoin. 392 00:25:34,944 --> 00:25:39,644 Reports have it that Jamie Dimon has changed his tune on Bitcoin after being 393 00:25:39,644 --> 00:25:40,784 a staunch detractor for years. 394 00:25:41,404 --> 00:25:45,884 The Mt. Gox distribution, just about over. El Salvador continues, 395 00:25:46,084 --> 00:25:49,264 even today, to buy one Bitcoin every single day. 396 00:25:49,784 --> 00:25:53,284 Banks are still working to custody Bitcoin for massive clients. 397 00:25:53,924 --> 00:25:58,744 Fiat currencies are continuing to be debased. M2 supply just hit an all-time 398 00:25:58,744 --> 00:26:00,624 high while all this is going down. 399 00:26:00,984 --> 00:26:05,224 And the DCA crowd out there is still stacking every day, reducing the number 400 00:26:05,224 --> 00:26:06,544 of Bitcoin available for purchase. 401 00:26:07,124 --> 00:26:12,124 And in the face of massive recession fears, Bitcoin's price is basically, 402 00:26:12,124 --> 00:26:14,804 as I record right now, back to where it was in July. 403 00:26:15,859 --> 00:26:20,059 Maybe we'll slide back to May. Bitcoin has been more and more resilient in the 404 00:26:20,059 --> 00:26:22,359 face of macro panic than I have ever witnessed it. 405 00:26:22,759 --> 00:26:26,239 And even though it's being used more and more frequently as a source of quick 406 00:26:26,239 --> 00:26:28,139 liquidity, it's still holding up. 407 00:26:28,139 --> 00:26:31,499 I mean, you guys have to understand that when we are seeing this, 408 00:26:31,519 --> 00:26:38,519 the four horsemen of an economic apocalypse like this, even just as as as just as recently as covid, 409 00:26:38,639 --> 00:26:42,979 the start of covid lockdowns, bitcoin tank down to like eight thousand dollars 410 00:26:42,979 --> 00:26:45,759 and we're hanging out in the 50s right now. 411 00:26:45,759 --> 00:26:48,779 You know, you got to be kidding me. That's massively bullish. That's massive. 412 00:26:49,319 --> 00:26:52,399 That means collectively we've repriced Bitcoin. 413 00:26:52,659 --> 00:26:55,619 And even if it continues to slide, the fact that it's holding on and hanging 414 00:26:55,619 --> 00:26:58,359 to these levels means as a community, 415 00:26:58,499 --> 00:27:02,199 we have repriced what expensive and cheap Bitcoin is in our head. 416 00:27:02,419 --> 00:27:05,079 And to us now, 50,000 seems cheap. 417 00:27:05,579 --> 00:27:08,339 That's a remarkable land shift for all of us to have taken. 418 00:27:08,859 --> 00:27:13,659 So my word is, my advice I should say is don't panic, but be prepared. 419 00:27:14,159 --> 00:27:17,679 There could be more to come for a bit. we're going to be in this unknown phase 420 00:27:17,679 --> 00:27:22,139 for a little while. And I think it's pretty common to see a big dip before a rate cut as well. 421 00:27:22,879 --> 00:27:27,119 So there was some school of thought that this was coming if we were going to get a rate cut. 422 00:27:27,419 --> 00:27:31,979 And now the conversation around rate cuts has absolutely shifted to win rate 423 00:27:31,979 --> 00:27:33,639 cuts. It's a foregone conclusion now. 424 00:27:33,959 --> 00:27:37,259 And when that happens, you're going to see Bitcoin pump again. 425 00:27:37,799 --> 00:27:43,719 And there are years where all of Bitcoin's price action happens in just 10 days of the year. 426 00:27:43,719 --> 00:27:48,219 That's happened before where Bitcoin is just sideways, it crab walks, 427 00:27:48,579 --> 00:27:53,259 it steps down for a while, and then it rips for 10 days and reaches all time new highs. 428 00:27:53,339 --> 00:27:56,979 And then it fights around that new level for a while. It's pretty common. 429 00:27:57,399 --> 00:28:00,779 This could be a historically great buying opportunity. 430 00:28:01,179 --> 00:28:04,699 It's a great time to implement DCA, daily cash average. 431 00:28:04,799 --> 00:28:09,999 Don't go all in on one particular price point because could slide for a bit, could also rip. 432 00:28:10,259 --> 00:28:12,779 You just don't know when things are this volatile. 433 00:28:13,159 --> 00:28:17,379 So if you DCA and you purchase a little bit at a time, you can be purchasing 434 00:28:17,379 --> 00:28:21,359 into the dip or into the pump, and you're not going all in on one particular price level. 435 00:28:21,919 --> 00:28:26,159 It's all about staying rational. It's all about recognizing that this happened 436 00:28:26,159 --> 00:28:27,719 before and it will happen again. 437 00:28:27,859 --> 00:28:30,339 In fact, this is my last clip of the episode. 438 00:28:30,499 --> 00:28:34,999 This is a fantastic clip of Peter Lynch talking about pullbacks in the stock 439 00:28:34,999 --> 00:28:37,039 market back when I was like a kid. 440 00:28:37,359 --> 00:28:41,239 But you should study history, and history is the important thing you learn from. 441 00:28:41,539 --> 00:28:43,459 What you learn from history is the market goes down. 442 00:28:44,059 --> 00:28:49,139 It goes down a lot. The math is simple. There's been 93 years this century. This is easy to do. 443 00:28:50,436 --> 00:28:55,776 The market's had 50 declines of 10% or more. So 50 declines in 93 years. 444 00:28:56,256 --> 00:29:00,256 About once every two years, the market falls 10%. We call that a correction. 445 00:29:00,456 --> 00:29:03,256 That means that's a euphemism for losing a lot of money rapidly. 446 00:29:03,436 --> 00:29:05,796 But we call it a correction. 447 00:29:07,216 --> 00:29:11,676 So 50 declines in 93 years. About once every two years, the market falls 10%. 448 00:29:11,676 --> 00:29:17,896 Of those 50 declines, 15 have been 25% or more. That's known as a bear market. 449 00:29:18,416 --> 00:29:21,736 We've had 15 the clients in 93 years so 450 00:29:21,736 --> 00:29:25,536 every six years the markets gonna have a 25% decline that's all 451 00:29:25,536 --> 00:29:28,296 you need to know you need to know the markets gonna go down sometime 452 00:29:28,296 --> 00:29:32,736 if you're not ready for that you shouldn't own stocks and it's good when it 453 00:29:32,736 --> 00:29:37,896 happens if you like a stock at 14 it goes to six that's great you understand 454 00:29:37,896 --> 00:29:40,816 the company you look at the balance sheet they're doing fine and you're hoping 455 00:29:40,816 --> 00:29:46,656 to get to 22 with it 14 to 22 is terrific 6 to 22 is exceptional so So you take 456 00:29:46,656 --> 00:29:47,696 advantage of these declines. 457 00:29:47,856 --> 00:29:50,096 They're going to happen. No one knows when they're going to happen. 458 00:29:50,996 --> 00:29:53,256 People tell you about it after the fact that they predicted it, 459 00:29:53,296 --> 00:29:54,756 but they predicted it 53 times. 460 00:29:56,316 --> 00:30:00,276 So you can take advantage of the volatility in the market if you understand what you own. 461 00:30:01,036 --> 00:30:05,856 So I think that's the key element. Another key element is that you have plenty of time. 462 00:30:06,836 --> 00:30:11,356 People are in an unbelievable rush to buy a stock. I'll give you an example 463 00:30:11,356 --> 00:30:12,316 of a well-known company. 464 00:30:13,076 --> 00:30:15,456 Walmart went public in October of 1970. 465 00:30:16,396 --> 00:30:23,016 In 1970 it went public. Already had a great record. It had 15 years performance, great balance sheet. 466 00:30:23,476 --> 00:30:26,996 You could have waited 10 years saying you're a very conservative investor. 467 00:30:27,076 --> 00:30:28,756 You're not sure this Walmart can make it. 468 00:30:29,036 --> 00:30:32,816 You want to check. You see them operate in small towns. You're afraid they can 469 00:30:32,816 --> 00:30:35,056 only make it in seven or eight states. You want to wait until they go to more states. 470 00:30:35,396 --> 00:30:39,036 You keep waiting. You could have bought Walmart 10 years after it went public 471 00:30:39,036 --> 00:30:41,336 and made 35 times your money. 472 00:30:41,976 --> 00:30:44,316 If you bought it when they went public, you would have made 500 times your money. 473 00:30:44,316 --> 00:30:49,016 But you can wait 10 years after Walmart went public and made over 30 times your 474 00:30:49,016 --> 00:30:51,156 money. There you have it. Peter Lynch from 1994. 475 00:30:52,516 --> 00:30:55,316 I will wrap it up right there. Thank you so much for joining me. 476 00:30:55,336 --> 00:30:57,536 Please do boost in if you found this valuable. 477 00:30:57,696 --> 00:31:01,716 My node now actually should be sorted. I think I had some channel issues that 478 00:31:01,716 --> 00:31:04,736 I didn't realize in the last episode. So some of you tried to boost and it failed. 479 00:31:04,916 --> 00:31:07,996 But it should be working now. And I'd appreciate a little bit of help testing 480 00:31:07,996 --> 00:31:09,716 it if you'd like to send a boost in. 481 00:31:10,316 --> 00:31:12,896 Links to what I talked about today are at thisweekinbitcoin.show. 482 00:31:13,056 --> 00:31:16,496 And I'm going to leave you with a song that really spanks. So you've been warned. 483 00:31:16,816 --> 00:31:22,336 You've been warned. This is Jim Cramer pumps CrowdStrike and dumps Bitcoin by Anonymous. 484 00:31:22,636 --> 00:31:27,256 Bitcoin is about to go down big. And I would sell my Bitcoin right into this rally. 485 00:31:27,436 --> 00:31:31,276 And believe me, I had been a believer one time in Bitcoin. Not here, not now. 486 00:31:31,676 --> 00:31:37,076 One company that seems to be immune because it's now the king of cyber, which is CrowdStrike. 487 00:31:37,216 --> 00:31:42,256 Now they report June 4th. This company has yet to miss a quarter since it came public. 488 00:31:42,436 --> 00:31:46,356 That's the last remaining domino, and I don't think that domino is going to... 489 00:31:47,440 --> 00:33:09,953 Music.