40 Burst results for "Cnbc"
The Crypto Overnighter
A highlight from 688:FTXs Legal Woes, Hong Kongs Crypto Surge, and CFTCs DeFi Focus
"Good evening, and welcome to The Crypto Overnight. I'm Nickademus, and I will be your host as we take a look at the latest cryptocurrency news and analysis. So sit back, relax and let's get started. And remember, none of this is financial advice. And it's 10pm on Tuesday, October 3rd, 2023. Welcome back to The Crypto Overnight, where we have no sponsors, no hidden agendas and no BS. But we do have the news, so let's talk about that. Tonight, we dive into some tumultuous waters, from the legal quagmire surrounding FTX to Hong Kong's crypto rebellion against mainland China. The CFTC is setting its sights on DeFi, while Kenya grapples with the controversial WorldCoin project. The Ethereum ETFs underwhelm and Chainalysis cuts its workforce. Buckle up, it's going to be a bumpy ride. As Sam Beckman -Fried's trial is due to kick off today, I think it relevant to ask if we're off base on what happened at FTX. Let's start with the basics. FTX imploded last November, and the man at the helm, Sam Beckman -Fried, faces a criminal trial that kicks off tomorrow. He's up against seven fraud and conspiracy charges. The allegations? Misappropriating billions in customer funds. Noted author Michael Lewis defended FTX on CBS' 60 Minutes. He claimed FTX was, quote, a real business, not a Ponzi scheme. But let's be clear, federal prosecutors have a very different view. They questioned FTX's entire legacy, calling it a short -lived venture built on shaky ground. Now here's where it gets interesting. FTX was founded in 2019. By 2021, CNBC reported its revenue had skyrocketed to over $1 billion, up from just $89 million the previous year. But hold on, bankruptcy proceedings tell a different story. By the end of 2021, FTX and its sister company, Alameda Research, had racked up $3 .7 billion in operating losses for tax purposes. So where did that money go? Prosecutors allege that customer cash was mixed with assets at Alameda Research. The total shortfall? A staggering $8 billion. That's $8 billion of customer funds that went missing. Now, Lewis argues that FTX would still be profitable if traders had not withdrawn their money en masse. But let's not kid ourselves. Exchanges are supposed to hold one -to -one deposits. FTX failed to do that. It admitted to not having segregated reserves of customer assets. That's not just bad business. That's illegal. Lewis's defense of FTX has stirred the pot, especially for anyone skeptical of centralized exchanges. His comments come at a time when the crypto community is already on edge about regulatory scrutiny. His statements could be seen as an attempt to legitimize a business that federal prosecutors have labeled as fraudulent. But let's not forget, FTX is one of crypto's largest exchanges before its downfall. What does the crypto influencer cast have to say on the subject? Dan Held, a prominent figure in the crypto world, called it shameful for Lewis to defend Bankman -Fried. Why? Because exchanges can't handle deposits like banks do, at least not legally. The case against FTX and Bankman -Fried is a stark reminder of the risks involved in centralized exchanges. Unlike decentralized platforms, centralized exchanges like FTX hold customer funds, making those customer funds vulnerable to not only misappropriation, but hacks and embezzlement as well. It's also worth noting that FTX's downfall was not just a result of legal issues. The exchange faced a massive withdrawal of customer funds, forcing it to admit that it did not hold segregated reserves. This is a breach of trust that no decentralized system would allow. So what's the takeaway here? FTX is a lesson in the importance of regulatory compliance and financial transparency. It's a wake -up call for those who think they can skirt the law and still come out on top. Alright, you've just gotten a reality check on FTX. From one legal quagmire to another, let's pivot. Is Hong Kong having its own crypto rebellion defying mainland China? Folks, if you thought FTX was a rollercoaster, strap in for this one. Don't forget to hit those like and subscribe buttons for more insights.
Bloomberg Law
Fresh "Cnbc" from Bloomberg Law
"In Hong in Kong. Bloomberg Taiwan, Thanks .com very also up much for nine and listening. the -tenths Bloomberg We'll see Business of one Act. percent. For Doug Broadcasting Krisner in 24 New York, House hours a I'm day Brian Republicans Curtis at here are scrambling to find a new speaker after Kevin McCarthy was voted role this week. Ohio Congressman Jim Jordan and House Majority Leader Steve Scalise of Louisiana both launched their bids on Wednesday. President Biden says lawmakers need to change the business atmosphere in Washington. We have strong disagreements, but we need to stop seeing each other as enemies. We need to talk to one another, listen to one another, work with one another. Three Philadelphia police officers be are in said stable to condition after being shot. Authorities say it happened Wednesday in this city's Ronhurst section. There's a heavy police presence at the scene. The Anti -Defamation League says it plans to resume advertising on X, formerly known as Twitter. It comes after a recent spat with tech mogul and ex -owner Elon Musk. Last month, he threatened legal action against the group, claiming its statements about rising hate speech on the platform had resulted in lost ad revenue for X. The ABC says it's no longer distributing COVID -19 vaccine cards. The ABC says it's no longer delivering as more. There was a time when you practically couldn't leave home without it. You had to show it at airports, Broadway theaters and restaurants in many cities during the height of the COVID pandemic. But that time has passed. International travelers no longer have to show their COVID vaccine cards when arriving from other countries. But the CDC says if you're leaving the US, you should check what the rules are wherever you're going. And if you full need a vaccine record, you can get it from your state health department. The head writers of the Drew Barrymore show are quitting. On Wednesday it was reported the trio of head writers who worked on the show before the writers strike have all turned down offers to return now that the strike is over. Barrymore faced backlash this month after she announced the taping of her show would resume during the strike, a decision she later faced. I'm Brian Shook. California's Miracle Water Water year is finished and brought enough rain and snow to fill the state's biggest reservoirs averages. National Weather Service Bay Area meteorologist David King says now only half the state is in some form of drought after it was entirely so just three months ago. We've had this anomalous above average rainy season this year which you see how often we have to get rain to systems push through here to have such a significant event. NASA and USGS satellite site imagery has been tracking California's two largest reservoirs showing drastic changes over the year. The Federal Drought Monitor report shows most of the Bay Area is now formally out of drought stage. Snowpack is approaching levels that haven't been seen since the early 80s. Often known as the forgotten generation, problems faced by those now in their 40s and 50s cannot be explored. Rebecca Hughes explains, Gen Xers are failing to meet their targets for retirement savings according to a new report from the National Institute of Retirement Security. Experts say multiple financial struggles during their lifetime include wages not even remotely keeping up with inflation, the shift from employer -run pensions, and the need to dip into those retirement plans due to multiple national economic crises. Data from analyzed by Pew Research shows Millennials had higher 401k balances than Gen Xers at their same age. As well, CNBC reports 55 % of Gen X parents are financially sacrificing their own well -being to help pay their children's bills, which was only true for 44 % of Gen Xers' baby boomer parents. I'm Rebecca Hughes. The nation's first Gandhi Museum is now open in Houston. The eternal Gandhi Museum Houston held its grand opening on Monday. It's dedicated to the legacy of the Nobel Peace Prize winner Mahatma Gandhi and his teaching of non -violence. I'm Bryan Shook. And I'm Doug Krisner at Bloomberg World Headquarters in New York. Let's check this hour's top business stories and the markets. It's the latest U .S. economic data suggests the Fed can refrain from further rate increases. The payroll service provider ADP says American firms added the fewest numbers of jobs in since September the beginning of 2021 and at the same time pay growth slowed. Here's Bloomberg's Michael McKee. Over the past year, ADP has overstated the private sector job creation seven out of the 12 months. So if that follows, then we will unusually have an weak payrolls report on Friday. But hard to square with what we saw from the ISM numbers because ISM went positive and ADP says we lost 12 ,000 jobs. That is Bloomberg's Michael McKee also said 13 ,000 jobs were lost in trade and transportation and another 32 thousand were lost in professional and business services. On to politics now that Kevin McCarthy been has removed from his post as House Speaker several questions loom including what happens a when stopgap spending measure runs out November 17th. Here's Bloomberg's Kaylee Lines. The government funding that was agreed to in the continuing resolution of last weekend that led to McCarthy's downfall in the first place only to extends that date and the issue is right now we have paralysis in the house really the only thing that pro temp Patrick McHenry can preside over is a speaker vote he can't preside over usual business. That is Bloomberg's Kaylee Lines now the house is intending to vote on a new speaker next Wednesday US that would be October 11th AT &T has begun to explore options for its 70 % stake in TV the story from Bloomberg's Charlie Pellet. Word comes as AT &T approaches the end of an agreement upon which it can legally sell its interest in America's third largest paid TV provider. Sources say among AT &T's options are a dividend recapitalization adding a new investor or selling the stake and exiting the venture as early as August 2024. AT &T co owns DirecTV with private equity firm TPG as part of a joint venture formed in 2001. The business was valued at about $16 billion dollars at the time. And that is Bloomberg's Charlie Pellet. We're seeing a recovery in crude oil after WTI fell more than 5 .5 % in New York when the government pointed to extremely weak US fuel demand. Right now $84 .40 in the electronic session. We check markets throughout the day here on Bloomberg. In Tokyo the Nikkei up 9 .1 %. Hang Seng better buy 2 .1 %. The KOSPI rising 6 .1 %. And in Sydney the SX200 is ahead 4 .1 %. Global news powered by more than 2700 journalists and this is Bloomberg. This is Bloomberg Law. What does the prosecutor have to prove in order to get a RICO conviction? Tell us why the Solicitor General sometimes is referred to as the 10th Justice. Interviews with prominent attorneys and Bloomberg legal experts. That's Jennifer Kay for Bloomberg Law. Joining me is former federal prosecutor Robert Mintz and analysis of important legal issues cases pieces and headlines. Is the toughest hurdle for prosecutors proving Trump's intent. Alito took on Congress saying Congress has no power to regulate the Supreme Court. Bloomberg Law with June Grosso from Bloomberg Radio. Welcome to the Bloomberg Law Show. I'm June Grosso aheadness our the prosecution lays out its case against Sam Bankman freed and the Supreme Court appears ready to reject a challenge to you. The Sam Bankman freed on trial Manhattan in federal court looks different from the Sam Bankman freed that presided over a crypto
The Crypto Overnighter
A highlight from 680:Vitaliks CBDC U-Turn and HKs Regulatory Push
"Good evening and welcome to The Crypto Overnight. I'm Nickademus and I will be your host as we take a look at the latest cryptocurrency news and analysis. So sit back, relax and let's get started. And remember, none of this is financial advice. And it's 10pm Pacific on Monday, September 25th, 2023. Welcome back to The Crypto Overnight, where we have no sponsors, no hidden agendas, and no BS. But we do have the news, so let's talk about that. Tonight, we delve into the murky waters of crypto regulation and security. From Vitalik Buterin's changing views on CDBCs, to leadership shifts at the NYDFS, and from Hong Kong's regulatory moves, to the Republic of Korea's tightening grip. Add to that the eye -opening hacks at Mixon Network and up its scam crisis, and you've got yourself an episode that's packed with cautionary tales and wakeup calls. In a recent interview with CNBC, Vitalik Buterin expressed his growing concerns about the direction CDBCs are taking. To which I have to say, welcome to the party, pal. He was once optimistic, even hopeful that CDBCs could bring about transparency, verifiability, and a level of have become nothing more than front ends for the traditional banking system. In his words, quote, we get systems that are not actually much better than the existing payment systems because they basically end up being different front ends for the existing banking system. Now, what does this mean for you and me? Well, it's not good news. According to Buterin, CDBCs are likely to be anything but private digital assets. He warns that these digital currencies will allow both the government and corporations to monitor our financial transactions. In short, CDBCs could break down all existing barriers between surveillance from both corporations and the government. By now, here's where it gets interesting. Buterin suggests that Ethereum, especially now that it's running a proof of stake consensus mechanism, may be more resilient to government interference. Why? Because proof of stake is easier to anonymize and harder to shut down than proof of work. Proof of work requires massive amounts of physical equipment and electricity, things that are easy for the authorities to detect and control. Buterin's insights offer a sobering perspective on the state of CDBCs. While initially optimistic, he now sees them as extensions of the traditional banking system, lacking in transparency and privacy. This aligns with the growing concerns many in the crypto community have about government surveillance and control. Moreover, Buterin's focus on the utility of crypto in emerging markets is noteworthy. It's not just about investment, it's about financial inclusion and empowerment. This is where crypto really shines, according to Buterin, especially in places like Argentina, where adoption is high. His comments on the role of centralized exchanges in these markets are of note. While necessary for adoption, these exchanges stand in contrast to the decentralized ethos of crypto. Buterin's vision for a more peer -to -peer future is a call to action for the industry. Finally, with Buterin's comments on Ethereum's resistance to government intervention, especially with its shift to proof of stake, should not be overlooked. It's a subtle yet powerful statement on the network's resilience and its potential to uphold the values of financial freedom and privacy. So as we navigate the evolving landscape of digital currencies, it's crucial to stay informed and skeptical. CDBCs may come wrapped in the promise of innovation, but as Vitalik warns, they could just be a Trojan horse for more control and less privacy. Buterin's sentiments on CDBCs serves as a wake -up call for all of us. But the regulatory landscape isn't shifting in the crypto space, it's evolving with the very agencies that need it. Peter Martin is the head of the virtual currency division at the New York State Department of Financial Services, at least for now. He's stepping down by the end of the month. He took the helm in December of 2021 and is now moving to the private sector. Before joining NYDFS, he worked in digital asset strategy at IBM. His departure leaves a gaping hole in the department responsible for the state's BIT license program. This program, launched in 2015, mandates certification for businesses engaging in crypto activities in New York. This means the NYDFS is currently on the hunt for Martin's replacement. The new candidate will be responsible for managing BIT license applications, examinations, and ongoing supervision. This is a crucial role that directly impacts the crypto businesses you might be investing in or using. But there's more. NYDFS recently sought public feedback on a new rule that would alter its digital asset listing guidelines. The agency demands robust procedures for coin delisting, tailored to each company's specific business model and operations. Adrienne Harris is the NYDFS superintendent. She praised Martin for transforming the virtual currency unit. She also mentioned that the department added over 60 virtual currency experts to its team. Harris is confident that the team will continue to deliver best -in -class results for New York. Martin's exit and the subsequent leadership vacuum could slow down the BIT license application process. This could be a setback for crypto businesses eager to operate in New York. Moreover, the new rule proposals indicate that NYDFS is not backing down on its stringent regulatory stance. Martin's departure from the NYDFS is a significant event that could impact the regulatory landscape for cryptocurrencies in New York. Given that the NYDFS is a key player in the crypto regulation, especially with its BIT license program, this change in leadership could signal shifts in policy direction. Martin's move to the private sector also raises questions about the revolving door between regulatory agencies and the industries they oversee. Could this be a sign of increasing privatization in the crypto regulatory space? Moreover, Superintendent Harris' comments about adding more than 60 virtual currency experts to the NYDFS team indicate a concerted effort to bolster the agency's crypto expertise. This could be seen as a positive move for the crypto community, but it also raises questions. Will this new team continue to enforce existing regulations or introduce more stringent measures? The department's recent proposal to bolster its oversight of crypto firms looking to list coins in the state shows that the agency is not slowing down in its regulatory efforts. This could either be a boon or a bane for crypto businesses, depending on how these new guidelines are implemented. The proposal focuses on risk assessment, including fraud and price manipulation, which are areas of concern for the crypto community. However, the distrust towards governmental agencies could make these new measures a point of contention. Keep a close eye on who feels Martin's shoes. That person will wield significant influence over crypto regulation in New York, a state that's been both a pioneer and a pain point in the U .S. crypto landscape. The impending leadership change at NYDFS may cause ripples far beyond New York. Regulatory scrutiny is a global phenomenon, as seen in Hong Kong's recent actions. Ready to cross the Pacific and delve into Hong Kong's crypto regulation? But before we do, remember to subscribe for the latest updates in the crypto world.
Stephanie Miller
Fresh "Cnbc" from Stephanie Miller
"Payroll report. Small and medium sized businesses added jobs while the big companies did not. The government's September jobs report will be out Friday morning. It includes government hiring and the forecast is for 170 ,000 jobs to have been added last month. The Powerball jackpot, growing since mid -July. Tonight, $1 .2 million. Here are the CNBC Business Updates, each weekday at 12 .30 and 4 .30. Now your WCPT 820 Chicago weather update. Thanks for watching. Cloudy skies here this afternoon with a high into the mid 80s. Winds out of the southwest around 10 to 15 miles per hour, gusting as high as 25. Tonight, a chance for showers and storms lay cloudy alone here 64. Thursday, a chance for showers and thunderstorms cloudy skies high around 69. Then on Friday, Storms a chance for rain late and higher on 63. That's your latest Chicago weather update. Currently it's three. Tom Hartman in the 42 years since the start of the Reagan revolution bought off politicians have so altered our tax code that $51
Thinking Crypto News & Interviews
A highlight from ANTI BITCOIN BOB MENENDEZ CHARGED! SEC GARY GENSLER DOESN'T LIKE THE LAW (CRYPTO NEWS)
"Welcome back to the Thinking Crypto Podcast, your home for cryptocurrency news and interviews. If you are new here, please hit that subscribe button as well as the thumbs up button and leave a comment below. If you're listening on a podcast platform such as Spotify, Apple or Google, please leave a five star rating and review. It supports the podcast and it doesn't cost you anything. Well, folks, we got very interesting news, which I'm sure many of you may have heard in the mainstream media, and that is Senator Bob Menendez has been charged with bribery and a whole bunch of other crimes. And you may say, well, Tony, why are you talking about this? Right. Well, folks, Senator Bob Menendez, who is a Democrat, he introduced a bill back in 2022, which would help to stop Bitcoin adoption in El Salvador. And he was citing that the adoption would open the door for money laundering and corruption. Wow. Talk about hypocrisy, folks, right? This guy all along for a very long time, his track record, he's been accused of doing a lot of shady stuff and now he's being charged here. The folks at Bitcoin Archive said the senator who said Bitcoin can open the doors of corruption in El Salvador was just indicted for corruption by federal prosecutors who seized one hundred thousand dollars in gold bars and four hundred and eighty thousand dollars in hidden cash from his home. So politicians those who are often very loud and screaming against crypto are the ones who have a lot to lose and a lot to hide, who are probably doing shady stuff. For example, Elizabeth Warren, Brad Sherman, Gary Gensler, right? I'm sure they've got some really nasty stuff in their closet. And some folks have shown that Elizabeth Warren has a net worth of seventy three million dollars. And of course, her salary is just like two hundred and eighty thousand a year. That's a great amount of wealth she's accumulated from just a senator's salary, right, folks? But we know the game, right? This is why we got to keep fighting and we got to expose these corrupt bureaucrats and politicians like Elizabeth Warren and Brad Sherman. We know they are puppets on the string doing a lot of the bidding of the tradfi incumbents and people who would love to kill crypto and not just even kill crypto, but just stop or kill the startups and allow their banking buddies and Wall Street buddies to come in and take over. So I'm glad these folks are getting exposed. And President Nayib Bukele, who, of course, he's the president of El Salvador, he tweeted about this news. He said, this is the guy that called for an investigation against us. He ended up being charged, period. So I'm glad he's doing a victory lap there. Now we got some interesting news about a library in the SEC. So we had reported just about a week and a half ago or two weeks ago that library was going to file an appeal. And this is based on the Ripple lawsuit outcome. Right. It makes sense. We have new case law with XRP, so it makes sense for them to appeal. And the First Circuit Court of Appeals in Boston has directed library to file its brief by November 1st, 2023. Now of course, this is no guarantee they're going to win. But the point is, we want to put the pressure on the SEC and Gary Gensler. We want to expose them for their lies, hypocrisy and much more. So I'm glad library is doing this. Attorney Jeremy Hogan highlighted a video here with Gary Gensler being interviewed. And it just shows his hypocrisy that he doesn't care about the law. He just cares about his own power and his next job. And it's no wonder Judge Sarah Netburn said the SEC has no faithful allegiance to the law. So he says the crypto space is full of hucksters and noncompliance. Well, the reporter asked them, would anything a court says change your mind? Great question. Gensler said, well, no, not really. And of course, he looked very shaky. He's losing confidence. And Attorney Jeremy Hogan said, you can't make this stuff up. So clearly, this man has no respect for the law. He's just making things up as he goes. It's about his show, his power, his ego. And we can't have that, folks. This guy's supported by our tax dollar. He should be kicked to the streets. And I'm telling you, I hope that Coinbase mops the floor with his buffoon and the SEC so that he has so much pressure on him. He's forced to resign. I'm hoping that happens. Now, Stuart Aldarati highlighted that same video. And here's what he had to say. What's most concerning to me and should be to you in the full video clip, this is the shocking admission of an unelected bureaucrat that he won't respect the decisions of the courts. So I'm thankful for the judicial branch and the balances we have in the government that a corrupt scumbag regulator like Gary Gensler, as much as he can go around saying all kinds of nonsense and nasty stuff, he has to respect the courts in a sense of what they put out there. Right. The SEC has to abide by that. Now, he may not personally agree, and he can, you know, like in this interview, say, oh, no, I don't agree with anything. But at the end of the day, if he takes a loss, he takes a loss. Right. So we got to keep fighting. I'm hoping the industry keeps fighting back as well. Now, quick word from our sponsor, and that is Uphold, which is a great crypto exchange that I've been using since twenty eighteen. I've interviewed their CEO and many representatives so I can vouch for this platform. They have ten plus million users, two hundred and fifty plus crypto currencies, and they're available in one hundred and fifty countries. You can also trade precious metals and thirty seven fiat currencies so you can switch between these different currencies and crypto and precious metals at a click of a button. So it's a unique platform and they've been around for a long time. Once again, I can vouch for this platform. So if you'd like to learn more, please visit the link in the description. All right. Let's move ahead. Caitlin Long was at Mainnet and she was tweeting out some of the statements coming out of Mainnet. I was at Mainnet yesterday and I met her. I tweeted out a photo of us together. I was supposed to go on Wednesday as well, but I wasn't feeling too hot. So stayed home that day. But, you know, there was a lot of folks there. And Brian Armstrong, CEO, was there. He said the Biden administration has been terrible for crypto. Well, that's to say the least, right? That's an understatement. They've been horrendous, in my opinion. Caitlin also highlighted that 61 percent of pro -crypto voters actually this is she's highlighting what Chris Lee Hain had to say, that 61 percent of pro -crypto voters in 2020 voted for Biden. Democrats are at risk of losing them in 2024 due to anti -crypto policy. Absolutely right. And these Democrats are shooting themselves in the foot. Patrick Hanson of Circle highlighted the following, that the euro stablecoin, obviously Circle issues USDC, but they also have the euro stablecoin and it's now EURC instead of EUROC. So just an update there. So the euro coin is now EURC. So just heads up on that, folks. And I want to highlight something I tweeted out today, and I think it's important. And, you know, all emotions aside, all feelings aside, I was highlighting that I'm very bullish on Ethereum for the 2024 -2025 bull market. Now this is, once again, all emotions and feelings about Bill Hinman and Joe Lubin aside, I still want those guys to be held accountable. But as for the token and the code, it's getting adoption. And I highlight that PayPal is building their stablecoin in Ethereum, right, PYUSD, Citibank's token is built on Ethereum. JP Morgan is working on a deposit token, which is built on Onyx, which is a permissioned version of the Ethereum blockchain. Coinbase is obviously launching base, which is their layer two for Ethereum, or they have launched it, I should say. And there's a rise in institutional ETH staking. So I'm very bullish on ETH and this type of news, these facts now, not my feelings, not my opinions, but these facts of adoption from very big companies and brands has me very bullish on Ethereum. I obviously hold ETH in my portfolio. I stake it and I continue to buy the dip, not financial advice. You should do your own research. And obviously I'm not just bullish on ETH alone, but just there's been a lot of adoption. And I want to highlight that because it's about facts, not feelings now. And I'm bullish on Bitcoin, XRP, Chainlink and many other tokens. Let's talk about Core Scientific, which is a Bitcoin mining company. So Core Scientific sealed $77 million Bitmain deal for 27 ,000 Bitcoin mining rigs. The deal was first finalized in August with Anchorage as another party agreeing to an equity stake in the bankrupt crypto miner. So one of the key things is that BlackRock also gave them a bit of money. Guys, this was back in 2022. So it's kind of like to the Victor goes to spoils where Bitmain was in trouble and then a whole bunch of folks started coming in to grab up as much as they can. So the deal between the two mining companies will see Bitmain supply 27 ,000 Bitcoin mining rigs for $23 million in cash, along with $53 .9 million worth of common stock of the bankrupt firm. Apart from the mining hardware purchase deal, Bitmain and Core Scientific have signed a new hosting agreement to assist Bitmain's mining operations. The deal was finalized in August when a court filing highlighted Bitmain's plan to sell mining hardware in exchange for cash and equity. As part of Core Scientific's restructuring plan, apart from Bitmain, the restructuring plan also included Anchorage. And you guys may have seen my interview recently with the president of Anchorage and the co -founder of Anchorage, Diego Monica. If you haven't seen that, be sure to check it out. It says here, restructuring plan also included Anchorage, BlockFi and mass mutual asset finance. Apart from Anchorage, all other three firms chose a mix of cash and equity options to settle their claims. The expansion investment plan by Bitmain will come into force by the fourth quarter of 2023, pending approval from a judge. Once approved, the hardware will potentially add 4 .1 exahashes to Core Scientific's hash rate. The two crypto mining companies all have also agreed to work together to upgrade Bitmain's last generation miners hosted at Core Scientific's data centers to further increase the firm's productivity. So, folks, Core Scientific, I will be potentially interviewing the new CEO and I'll let you guys know when that's coming up. But I want to definitely get into the details here and what BlackRock is doing with them in addition to Bitmain. So I'll definitely be asking those questions once I get the interview locked in. But, you know, a lot of companies are preparing for the Bitcoin mining next year. And many of you may have seen my interview uploaded earlier today with Fred Thiel, who's the CEO of Marathon Digital Holdings, and Marathon is working with a sovereign wealth fund. So, folks, there's going to be a lot of capital coming to the market. You're going to see a rise in demand for Bitcoin as the spot ETFs get approved, especially around, you know, BlackRock spot ETF and Fidelity and so forth. So I'm very bullish, you know, like I've been saying, we are in quantitative tightening, fighting inflation, rates are high, but this will end right as it has historically boom and bust cycles. The Fed will eventually start its QE again. They're going to start printing money, global liquidity will go back up and we'll be back in a bull market. We just have to be patient, dollar cost average where possible. And, you know, don't look at the price every day because you'll drive yourself crazy. And, you know, it's very volatile. Sometimes it's moving sideways. It's very boring. And I know that's tough. But just, you know, take your positions, obviously do your research, take your positions and just be patient and then, you know, watch what these players are doing. Right. Not so much the price, but watch what the players like this are doing, who's investing, who's building, who's raising capital and much more. So that's what I'm looking at. And that's why I build this podcast to share the news, because, you know, this is not going to make mainstream news. This is not going to be on CNBC, Fox or CNN or whatever it is. Right. And a lot of people are not paying attention. But I'm glad I'm here early. If you are here early, pat yourself on the back because there's going to be billions of people coming in buying Bitcoin and other crypto at a premium and they're going to go to BlackRock and whoever else. Right. But you and I are on the side of smart money. We are on the side of BlackRock. We are on the side of Fidelity. Right. Accumulating the lows. And then when the bull markets come back, then, you know, the herds, the herd who watch Jim Cramer and listen to Jim Cramer will go by. And that's when I'll be taking profits. And I'm sure many of you as well. So once you understand the market cycles, both for stocks, even real estate and obviously crypto, you know, you can make money, folks. And that's what I had to learn. I had to unlearn the mainstream media finance and listening to Jim Cramer and all these things. Right. And study the charts and understand the market cycles and know when to buy and when to sell, because all those things, you have to be a contrarian. Right. You've got to go against your emotions. You've got to go against the herd mentality. And that's hard if, you know, all your life you've been trained to go with the herd. Right. From television and media and all these things, you have to unlearn that. And once you get it, boy, it's pretty sweet. Right. To be able to make a nice return, make nice money. And obviously you've got to diversify. I diversify into different tokens, into stocks. I've often tweeted and sometimes shared, you know, my positions. Recently, I told you guys I bought PayPal because Jim Cramer said to sell PayPal. So I bought PayPal. Right. I know it's not going to be some quick flip. It may I see I may see some nice returns by next year and that's OK. I a am patient investor looking to build wealth for me and my family. So anyway, guys, that's my approach. Let me know what you think. I would love to hear what you guys think about this news. Leave your thoughts and comments below. Hit the thumbs up button. Hit the five star rating on the podcast platforms. Don't forget to check out the merchandise store. Link will be in the description. Thank you for your support. Thank you for listening. And I'll talk to you all later. Thank you.
Stephanie Miller
Fresh update on "cnbc" discussed on Stephanie Miller
"Mhm. Mm hmm. I'm Jessica Edinger, CNBC. Wall Street is poised for some gains this morning after ugly stock sell off bond yields have pulled back today from 16 year highs on a weaker jobs report. The real estate market is watching mortgage rates again today as they zoom toward eight percent the rate on a year 30 fixed home loan, 7 .7 % today, according to Mortgage News Daily. Mortgage demand dropped its to lowest since 1996 last week. Fewer private sector jobs than expected were created in September, according to the ADP payroll report. Small and medium sized businesses added jobs while the big companies did not. The government's September jobs report will be out Friday morning. It
Thinking Crypto News & Interviews
A highlight from GARY GENSLER ATTACKS STONER CATS NFTS & RIPPLE XRP WILL FIGHT SEC, HEDERA HBAR STABLECOIN STUDIO!
"Welcome back to the Thinking Crypto Podcast, your home for cryptocurrency news and interviews. If you are new here, please hit that subscribe button as well as the thumbs up button and leave a comment below. If you're listening on a podcast platform such as Spotify, Apple or Google, please leave a five star rating and review. It supports the podcast and it doesn't cost you anything. Well, folks, I want to start off with the SEC versus NFTs. Stoner Cats agrees to pay a one million dollar fine to settle SEC charges. The Hollywood superstar backed Stoner Cats NFTs has neither admitted nor denied the SEC's allegation that it issued an unregistered security. So once again, folks, we see regulation by enforcement by scumbag regulator Gary Gensler. They're not putting out the clear rules of the road. And we even have two commissioners that dissented from this enforcement action. So we see even folks within the SEC don't agree. But we know Gary Gensler has been running around with a false narrative saying everything in the crypto industry is a security and that it's breaking securities laws. But of course, he's not providing any guidance. And we saw even members of Congress question him. Tell us what is it, which crypto coins and tokens are securities? Is Ethereum a security? Is XRP is a security? He can't answer. Right. So we are dealing with nonsense. And, you know, the challenging part here is that he takes these settlements here because these companies don't have the capital to fight the government, to fight the SEC. You saw Ripple. It's they spent one hundred million dollars to fight the SEC. So many of these companies don't have that type of capital. So they settle just to get the SEC off their back. But unfortunately, you know, Gary adds this to his wins list. Now, the good thing is that Stoner Cats is not some major brand, you know, well -known. The defeat that the SEC took with Grayscale and Ripple and I think soon Coinbase, those are big names and well -known. So they carry more weight when, you know, Gary takes the loss. So let me give you the details here, guys. The U .S. Securities and Exchange has charged and settled with NFT issuer Stoner Cats, too, for allegedly offering an unregistered security. Without denying or admitting to the SEC's allegations, Stoner Cats, too, has agreed to cease and desist from offering the NFTs and pay a one million dollar fine. Stoner Cats, too, also agreed to destroy all NFTs in its possession and issue a notice of order on its website and social media channels, the SEC said. Now Stoner Cats, if you're wondering who is the Hollywood backers, it was issued by actors Ashton Kutcher and Mila Kunis. They released 10 ,000 NFTs in a highly anticipated drop in July 2021. The drop raised eight million dollars. Now, folks, you see how ridiculous this is, you know? So what does that make any artwork that's put out there on the Web, right? Let's say it's not in NFT format. Let's say it's baseball cards or sports cards. This is just ridiculous. The SEC is completely overreaching here. And don't get me wrong, they have a job to do to monitor these NFT prices and crypto projects because there are bad actors. But clearly they're going after the good actors and they're leaving many bad actors to do their thing. So this really sucks. Now, SEC Commissioners Hester Peirce and Mark Ueda issued a dissenting opinion Wednesday arguing the Howey test cannot be met. So clearly, clearly the SEC is divided here and we know the entire industry and even members of Congress are not on board with this nonsense. But Congress has to act. The onus is on them to get the rules in place because Gary is just going to continue his nonsense and he's trying to get that Treasury job. So he's just trying to rack up wins here to say, see, look at all the enforcement actions I took. Look at all the capital I got. And he won't give the details to say, hey, these guys were just trying to issue NFTs. He'll say, you know, they're scammers, they're hucksters, they're doing all kinds of bad activity. Right. So that's his narrative. So we got to fight, folks. And this is why we use social media to our advantage, contact your representatives and much more. Here's what Mark Ueda had to say. Analyzing investment contracts in this way carries implications for creators of all kinds. We're to apply these securities laws to physical collectibles in the same way we applied them to NFTs. Artist creativity would wither in the shadow of legal ambiguity. Mark summed it up really well there. This is really, really insane what the SEC is doing. And we got to keep fighting, folks. But scumbag regulator Gary Gensler continues. Now, interestingly enough, yesterday, some folks from Ripple were interviewed by CNBC. And here's the headline from CNBC. Ripple says it will fight the SEC lawsuit all the way through. Ripple said it plans to fight the ongoing lawsuit with the U .S. Securities Exchange Commission all the way through its president, Monica Long, told CNBC. Ripple is among the crypto companies such as Binance and Coinbase, which are being sued by the SEC for violating laws. So Ripple is going to continue fighting. You guys know there's going to be even the proper party at the end of the month of September. And I'm looking forward to that in New York City. I will be attending. I know some people are down on it because the prices are down. But look, if you have to understand the market cycles, right, what's playing out, everything's down. Bitcoin is down. Even a large, large part of the markets out there because of the macroeconomic factors of inflation, rate hikes and much more. So I'm glad to see that Ripple is going to continue fighting and I'm sure they're going to push for some sort of settlement. And we know the SEC is trying to appeal, but, you know, Ripple took the bigger slice of the pie from a victory standpoint where XRP token was intrinsically stated as not being a security. And I think the judge got it right there. It goes back to how we test the orange groves and the oranges that we get at our supermarket or orange trees in general are not securities by themselves, but rather it's the packaging. So that's the key. So the tokens themselves, not securities is just how are they being packaged? And don't get me wrong, NFTs could be, and I say could be in certain circumstances, securities, right? If they're packaged in a certain way. But we know if you just simply issue artwork and NFTs on the blockchain, that does not make them intrinsically a security. But Gary Gensler, we know he doesn't. He's trying to muddy the waters and cause confusion and just saying everything that's issued is a security. We know it's nonsense. Now, moving ahead, Flare, many of you hold the Flare tokens. If you're an XRP holder who participated in the Flare snapshot, you got a distribution of your Flare tokens. You continue to get that. I personally am doing that and I delegate my Flare tokens and I'm earning rewards. I'm doing the same thing for Songbird. You can of course invest in the Flare token if you want. Well, Flare is going to be moving to a staking model and they provided an update here saying we will soon enter phase two of three in Flare's transition to a staking model, opening new opportunities to delegate stake to validators and earn rewards. The date when staking can commence will be announced in the coming weeks. So if you're a Flare token holder, this is great news and I'm looking forward to this. If I can stake and earn more rewards, that'll be great. And you know, I'm not selling any of the earnings I get from delegation because we're in a bear market. I am just delegating, earning more tokens, and then when the bull market comes, I will be looking to take profits as the prices rise. Now speaking of prices rising and selling, a great platform to do so is on Uphold, which is a great platform. I've been using them since 2018. They're one of my go -to exchanges. They have 10 plus million users, 250 plus cryptocurrencies, and they're available in 150 countries. You can also trade precious metals and equities and 37 national currencies. So that's different Fiat currencies, and you can swap easily between precious metals, cryptocurrencies, and these different 37 national currencies. So if you'd like to learn more about Uphold, please visit the link in the description. All right, folks, we got some very big Hedera HBAR news. So recently I interviewed Leemon Beard, who's one of the co -founders of Hedera. They're doing great things. I think this is going to be one of the blockchain projects that can really come out of this speculative crypto bubble and be one of the winners, right? If you look at the speculative bubble of the dot -com boom, you had your Googles, your Ebays, your Amazons, and a few others that came out that did really well. I think Hedera is one of them. And part of their governing council includes Google, Dell, IBM, Boeing, some of the biggest names. And just recently, Hyundai and Kia started building on the Hedera network. So huge news. So they tweeted out, we're excited to announce the Hedera stablecoin studio, the all -in -one stablecoin configuration issuance and management toolkit tailored for Web3 platforms, institutional issuers, enterprises, and payment providers alike. By leveraging Hedera, the network, and in collaboration with our partners, the stablecoin studio delivers a highly performant, seamless, and end -to -end stablecoin solution with proof of reserve, dedicated custodians, and network native KYC slash AML flagging. So this is pretty big. They said with Hedera, predictable fees, high programmability, and robust network of ecosystem partners, stablecoin issuance and management have never been simpler. Everything you need to build and configure stablecoins with ease. So this is a really great feature. Obviously, stablecoins are going to be a big part of the token economy and the ability to have your blockchain utilized for tokenization, whether it be CBDCs, stablecoins, NFTs, tokenization of real -world assets, and much more is going to be key to adoption because that's the future. So Hedera is ahead of the curve in many ways. And if you haven't seen my interview with Lehman Abir, be sure to check it out because we talk about the Hyundai -Kia situation. We talk about Xinhan Bank with their stablecoin on the Hedera blockchain being used to improve cross -border payments. So it's really, really big things happening here. I'm very bullish on HBAR. Now moving ahead, Coinbase, to integrate the Bitcoin Lightning Network in a bid to drive adoption, Coinbase CEO labeled Bitcoin the most important asset Tuesday following an announcement his company would integrate Lightning. Now Coinbase is a little bit late to the game here. There have been other exchanges like OKEx that integrated the Lightning Network. But more and more, I think, platforms are going to leverage the Lightning Network to help boost Bitcoin's ability to scale. Look, I don't think the Lightning Network is even there yet. We know the folks at Lightspark are trying to do something, Jack Mahler's strike, but it's not there. Look, Bitcoin is a great store of value, great hard money, great digital goal. I view it from that standpoint. And that's why I hold it in my portfolio. It has made me money. But for payments, not great. Not great at all. Now there could be great improvements to the Lightning Network where it gets global adoption and people start using it. But we are far from that. And we'll have to see what guys like Jack Dorsey's Cash App, David Marcus's Lightspark, Jack Mahler's strike, and these guys do because they've done it in small increments and small markets. But there's no major global adoption here where people are like, I'm going to go spend some sats. Don't get me wrong, it may be happening in, once again, small scenarios in El Salvador. But what about the rest of the world? People are opting more for stablecoins. So this is something that the folks who are building the Lightning Network have to figure out how to scale this thing and make it easy for people to onboard. So Coinbase looking to make a push here and get more adoption around Bitcoin, and it certainly makes sense. Bitcoin is definitely the brand that's well known. A lot of people come into the market via the Bitcoin asset, and then they usually go to altcoins after that. Now speaking of altcoins, Vitalik Buterin was speaking at Permissionless, the crypto conference in Austin. It's actually held by Blockworks. And he talked a bit about what's in the future for Ethereum. Now, some people listening to this may be very upset at Vitalik, Joe Lubin, Bill Hinman and so forth. And that's fine. You know, I understand I'm not the biggest fans of these folks as well. I do respect Vitalik as a coder and what he has built. I think folks can't ignore that. He did build a great platform. First mover advantage, the EVM is used by many other different blockchains. And there's been a lot of building on Ethereum. You can't deny that regardless if you hate it or you don't hold it. The facts are there from DeFi to NFTs and much more. And a lot of smart contract tech is being used and built around Ethereum. And he made some interesting statements as to what Ethereum is going to target next. So he said DeFi is cool. NFTs are a new primitive, but an extension of something that has a history and using crypto for payments is good, but also familiar. These are individual pieces that are designed to fit it into an ecosystem that's otherwise the same as before, Buterin said. He said what he's excited about is decentralized social, repeatedly name dropping Faircaster, a Twitter like protocol on the OP mainnet with a companion warp cast mobile app that is currently invite only alpha release. Along with Lens developed by Aave founder Stani Kulichov and running on Polygon's proof of stake chain, Faircaster and similar social experiences are using crypto tools to complete with centralized platforms. Let's see how far we can push things in that direction, Buterin said. But where I see the longer term feature here is it really can plug into all the other stuff that we've been doing as a space. So it sounds like he's trying to build like some sort of decentralized social platform that will include the tokenization, the entities, the DeFi and so forth. That makes sense. And as we head into Web3, just as people transition from Web1 to Web2 and even earlier versions of Web2 social platforms like Myspace and Friendster to eventually Facebook, Twitter and so on, we're going to see a transition from the Web2 social platforms into Web3 social platforms, especially as they become more easy to onboard and use. And there's a layer of rewards of tokens. And if people can legitimately earn tokens and get paid for their activity and it's on the block chain, it's verifiable, it's hard to hack and things like that. They will come folks. They will come. People will come, especially as data breaches continue with social platforms mainstream and other platforms as well. So interesting statements here from Vitalik. And I think we want to watch this closely because look, like I said, Ethereum has the adoption, has a lot of developers, has a lot of capital behind a lot of resources. So if there's any token that comes with these social platforms, I'm going to be looking into that and be looking into these platforms and seeing how I can capitalize on it to make a nice return. Well, folks, that's the news. Let me know what you think. Leave your thoughts and comments below. Hit the thumbs up button. Hit the five star rating on the podcast platforms. Don't forget to check out the merchandise store. Link will be in the description where you can buy the podcast branded gear as well as fire Gary Gensler T -shirts and hats and much more. Thank you for your support. And I'll talk to you all later. Bye bye.
Evening News with Art Sanders
Fresh update on "cnbc" discussed on Evening News with Art Sanders
"Stiffness swelling and fatigue for those who also have plaque psoriasis 90 clear of skin is possible with just four doses a year after two starter doses don't use of allergic to allergic reactions and an increased risk of infections or a lower ability to fight them may occur before treatment your doctor should check for infection and tuberculosis tell your doctor if you have an infection or symptoms such as fever sweats chills muscle aches or cough or if you plan to or recently received a vaccine with sky rizzi there's nothing like clearer skin and means everything ask your doctor today about and visit skyrizzi .com or call 1 -866 -skyrizzi to learn more and welcome back here with america in the morning at 21 after high interest rates and an auto workers strike does not equal lackluster car sales General Motors reported a more than 21 percent gain with more than two million vehicles sold in the last quarter led by their Buick and Chevrolet brands GM says they sold more than 20 ,000 electric vehicles with plans to launch more EV's in the coming quarters GM also remains seller the top of cars in the nation and the report comes as rival Stellantis reported a one percent line in sales compared with the same time a year ago CNBC's Jessica is Wednesday business Wall Street opens this morning with the Dow now negative for the year after an ugly sell -off for stocks yesterday fueled by spiking bond yields the 10 -year Treasury hitting 4 point seven percent the highest in 16 years we have a situation where the bond market has been pricing in this thought of higher for longer for six months now and the and the stock market is just starting to and so we have a big divergence between what's going on with the bond market the stock market and whenever that happens you know that's usually with the stock market coming down more miller tabex matt maley on cnbc and a strong jobs report may have have spooked stock investors to there were more job openings in August than expected 9 .6 million 8 .8 was expected july was revised higher what it does say which i think is spooking the market a little that is that economy and specifically the labor market is remaining remarkably resilient in the face of these rising interest rates and that isn't necessarily supposed to happen and it does give the fed more room to go even higher and to go higher for longer cnbc's sarah eisen netflix reportedly working on increasing prices for subscribers but one expert tell can happen for a while i love the way the management team is phrased as they talked about widening their price points it's just a way to price increase the question is when the hollywood strike did push that timing out they're not going to put a price increase during the strike and they're not going to put a price increase until the content slate gets more robust my guess is that a price increase is coming on the high -end price points but it's in the back half of next year evercore isis mark mahaney on nbc crispy cream doubling down on donuts and putting its insomnia cookies brand up for sale jessica you mentioned bond yields going higher how does that affect the mortgage rate situation they're going higher too zooming toward eight percent the higher bond yields mean higher mortgage rates average the rate on the 30 -year fix jumped to seven point seven percent rates have not been this high since the end of two higher rates of crushed affordability hitting both new and existing home sales market cnbc's diana olek on today's watch list a nationwide national public alert test from fema happening at two twenty pm eastern nearly all cell phones and tv and radio stations will deliver an arming noise and a test message we get more jobs data with the adp report on private sector hiring earnings are coming from tilray google holds its made by google launch event today is ten four october fourth it's called trucker day in the transportation industry ten four sixties jessica edinger at twenty four after when we return on america in the morning congressmen carjacked in our nation's lot
Simply Bitcoin
A highlight from How Bitcoin Saves the World's Energy Grid | EP 821
"It's all going to zero against Bitcoin, it's going up for evermore, you're against Bitcoin, you're against freedom. Yo, welcome to Simply Bitcoin Live, we're your number one source for the peaceful Bitcoin revolution breaking news culture, medic warfare. We will be your guide through the separation of money and state. Crazy, crazy news. Bitcoin's fixing the world's energy grids. I think it's starting in Texas, but slowly but surely it's going to spread all over the world. And you see this, you see little bits of news here and there, right? Whether it's Oman announcing that they're going to invest one point one billion dollars, that's billion with a B, to mining infrastructure. Of course, of course, volcano energy happening in El Salvador, Max Keiser and Stacey Herbert pushing that over there in in the shining country on the hill, the savior El Salvador. And of course, you know, the news that came out of it was the original article was dropped by Forbes, which is the country of Bhutan has been secretly the kingdom of Bhutan has been secretly mining Bitcoin for a while now. So we're going to break it down into all this. And and it's because this article was released, I think it was it was September 8th. So it was a couple of days ago and it was dropped by Mackenzie Segalos on CNBC. And it's Texas paid Bitcoin miner Riot thirty one point seven million to shut down during heatwave in August. So we're going to we're going to cover as to why they did that, how it actually benefits the grid. Remember, guys, Bitcoin is the energy buyer of last resort. Right. It stabilizes the grids. And I know like a lot of the talking points that uses too much energy, like it actually does the exact opposite. And then that kind of goes into because I think a lot of people don't understand electric electricity production. Like, look, the fact is that when you produce electricity, you have to use it on the spot. There's no effective way of storing it and you can't transport it efficiently over long distances. So you kind of have to use it on the spot. So that puts grid operators in this predicament where they kind of have to I don't want to say predict or guess, but they kind of have to do that. They have to have like a strong assumption. Now, imagine if they didn't have to do that because there was always an energy buyer no matter what. And that's what Bitcoin miners provide. So we're going to get into the details of this. I think it's going to fundamentally change the world specifically for isolated for communities that were otherwise isolated, but they have an abundant amount of stranded energy. All of a sudden, that stranded energy Bitcoin gives it value. That's that's what the Bitcoin miners are actively seeking throughout the world. And I think it's going to fundamentally change things. And I'm most bullish in Africa. Like you have you have these very isolated communities that would otherwise be very poor. There's no opportunities. Bitcoin miners could go in there and provide economic opportunity. And I'm really, really looking forward to that. We also have some an update for you guys. And I'm really, really excited for for, you know, a release that is going to be is going to be coming out of Swann very, very soon. But what I'm referring to is how Ripple acquired crypto focus charter trust company Fortress Trust. So we're going to have an update for you guys on that as well. It's going to be a great show overall. Looking forward to it. And I want to bring up my legendary co -host, always optimistic. How are you doing, Opti? What's up, dude? Just sorry, I was getting distracted by the chat. Hello, everyone. We are back. It's Monday. What a weekend. I fully unplugged this weekend. Good to be here, actually, and had a great, great stream on sessions. Why are we bullish? And actually, before I go on. Yeah, I want to give McLovin a shout out in the chat. He's always hanging out with us. And he did a comment on why are we bullish about how I basically orange pilled him the first time he watched simply Bitcoin and instantly dumped his shit coins. OK, it's about the first two minutes and went Bitcoin only. And like this is why we do the show. This is why we try to make this show in such a way that we can get as many new people stacking Bitcoin and realizing why they should be holding Bitcoin only. So shout out to you, McLovin, really felt that comment over the weekend. You know, one in my heart, bro. My my Grinch heart grew a centimeter over the weekend, but I'm glad I'm glad we're talking about energy because I've been saying it for a while. I've been referencing my boy, Mike Hobart. We've been talking about this on the Twitter spaces all the time, about how the marriage of Bitcoin mining and energy is really where Bitcoin is going to be unstoppable. And it's going to be ubiquitous with the modern world. So like Bitcoin mining and energy is why Bitcoin will never go away. Anyways, we'll get into that in the news or the numbers. I don't know where we're at. We got a guest today. Shouts out to Thomas, a .k .a. Thomas underscore far on Twitter. He's co -founder of Apollo Sats, a memer. So we'll get his Bitcoin story. But how are you doing this morning, Thomas? What is Apollo Sats? First of all, let's start off with that. Yeah, pleasure to be here with you guys.
Evening News with Art Sanders
Fresh update on "cnbc" discussed on Evening News with Art Sanders
"Welcome back here with America in the Morning at 21 After. High interest rates and an auto workers strike does not equal lackluster car sales. General reported Motors a more than 21 % gain with more than 2 million vehicles sold in the last quarter led by their Buick and Chevrolet brands. GM says they sold more than 20 ,000 electric electric vehicles with plans to launch more EVs in the coming quarters. GM also remains of the cars top in seller the nation and the report comes as rival Stellantis reported a 1 % decline in sales compared with the same time a year ago. CNBC's Jessica Edinger covers Wednesday business. Wall Street opens this morning with the Dow now negative for the year after an ugly sell off for stocks yesterday fueled by spiking bond yields the 10 -year Treasury hitting 4 0 .7 % the highest in 16 years. We have a situation where the bond market has been in this thought of higher for longer for six months now and the and the stock market is just starting to. we So have a big divergence between what's going on with the bond market and the stock market coming down more. Miller Tabak's met mainly on CNBC and a strong jobs report may have stock spooked investors to there were more job openings in August than expected 9 .6 million 8 .8 was expected July was revised higher what it does say which I think is spooking the market a little bit is that the economy and specifically the labor market is remaining remarkably resilient in the face these of rising interest rates and that isn't necessarily supposed to happen and it does give the Fed more room to go even higher and to go higher for longer CNBC's Sarah Eisen Netflix reportedly working on increasing prices for subscribers but one expert tells CNBC happened for a while I love the way the management team is phrased as they talked about widening their price points it's just a way to describe really what is a price increase the question is when the Hollywood strike did push that timing out they're not going to put up a price increase during the strike and they're not going to put a price increase until the content slate gets more robust my guess is that a price increase is coming on the high -end price points but it's in the back half of next year Evercore ISI's Mark Mahaney on CNBC Krispy Kreme doubling down on donuts and putting its Insomnia cookies brand up for sale Jessica you mentioned bond yields going higher how does that affect the mortgage rate situation? well they're going higher too zooming toward 8 % the higher bond yields mean higher mortgage rates the average rate on the 30 -year fixed jump to 7 .7 % rates have not been this high since the end of 2000 higher rates of crushed affordability hitting both new and existing home sales market CNBC's Diana Olick on today's watch list a nationwide national public alert test from FEMA happening at 2 .20 pm eastern nearly all cell phones and tv and radio stations will deliver an alarming noise and a test message we get more jobs data with the ADP report on private sector hiring earnings are coming from Tilray Google holds its made by Google launch event today is 10 -4 October 4th
Simply Bitcoin
A highlight from Mexico's Third Richest Man Buys MORE Bitcoin | EP 820
"It's all going to zero against Bitcoin. It's going up forever, Ron. Bitcoin! You're against Bitcoin, you're against freedom. Yo, welcome to Simba Bitcoin Live, we're your number one source for the peaceful Bitcoin revolution, because we're breaking news, culture, and medical warfare. We will be your guide through the separation of money and state. My mistake, guys, I did set going live to 12 .15 PM, not 12 .15 AM, I apologize. I'm in Los Angeles right now, so a bit of a mix -up in terms of the time changes, that's why you see me in this dark hotel room, but I am well lit, so there is good news, I guess. Anyways, today's news, guys, we're going to cover a lot. We have a look into, remember a couple of weeks ago, guys, there was this news coming out of Oman that they were going to invest $1 .1 billion into mining infrastructure. Well, it looks like our friends over at Luxor did an analysis of what that, you know, what that, what that entailed. And also, we're also going to talk about the richest man in Mexico. And he recently did an interview with Natalie Brunel, and I'm talking about the third richest man, by the way. His name is Ricardo Salinas. And once again, he has increased his Bitcoin position and also comedian Bill Burr calls out the Federal Reserve and the debasement of the dollar. So it looks like the Bitcoin echo chamber continues to break. People are starting to question what is money. I remember I was I was checking into into my room last night, into the hotel. And I remember the the people at the lobby were talking about that they were just having a conversation like, look, life is good, man, but like, holy cow, this this inflation thing. And and again, like, think about it, like, what is the probability that I'm there at that specific time to hear that type of conversation on the side? And I feel like people are enduring this everywhere. And we covered an article that came out in reference to in reference to 61 percent of Americans, according to CNBC, are living paycheck to paycheck. So yeah, it's it's pretty crazy. Also breaking news. We'll have more follow up news for you guys next week. Ripple acquires crypto focus chartered trust company, Fortress Trust, and McShane from Bitcoin magazine tagged CEO and CEO Corey Clipsons, and he said, how will this affect customer Bitcoin deposits at Swan? Corey replied and said, near term, no change. Fortress Trust will be run as an autonomous unit. Midterm will have some news out very, very soon. So also, full disclosure, Swan is a partner of of Simply Bitcoin and I work at the company also. I'm part of the part of the media. So we'll keep you guys in the loop, as always, like what we've always advocated for on Simply Bitcoin. Take self custody of your Bitcoin if you know, if you don't like what's going on. That's that's what I would advise. You know, it's it's good to trust, minimize in regardless of the situation, regardless of who your broker is, who your custodian is. You should really trust yourself with your money, especially if you don't like what's going out externally, what's going on externally. Anyways, I want to bring up my legendary co -host, always optimistic. How are you doing, Opti? I'm doing wonderful. It is Friday. I feel good. Actually, full disclosure, I drank too much coffee this morning, guys, so I'm probably going to go absolutely bananas on today's show. But hey, it is what it is. Hey, everyone's trolling me on my lack of a mustache, guys, I cannot grow facial hair. Chill out in the chat. Anyways, anyways, let's let's bring in our guest today, Vox, how you doing? We got a Bitcoiner, as we say all the time on the show, we bring on Bitcoiners from all walks of life, from the biggest names to the everyday Bitcoiner. So you already know we're going to go down his Bitcoin story, how you became a Bitcoiner. And he told me, at least tweeted at us last night, that he's been reading Lynn Alden's new book, so we'll probably get some thoughts on that and then maybe some thoughts on what he thinks is the best way to orange pill. So anyways, Vox, how you doing? I know you got your cold brew over there. I hope you get just as jacked as I will on today's show.
Tech Path Crypto
A highlight from 1239. Bitcoin ETF Approved By October? Bloomberg Intelligence INTERVIEW
"All right, so today we're going to dive into some interesting stuff. I think you guys are going to like it. It'll be breaking down some of the ETF news that, of course, we heard last week and, of course, some of the interesting aspects around what was going on with BlackRock. We'll break all that down today. I think you guys are going to love it. My name is Paul Baron. Welcome back into Tech Path. Joining me today is Eric Balshunis, who is a senior ETF analyst over at Bloomberg Intelligence. Great to have you on the show. Great to be here. Thank you. Hey, Eric. So a couple of things I wanted to kind of touch on. Obviously, some of the things that everybody was looking at last week was, of course, the delays. The letters started coming in on Friday. We saw all that happening. There was a little bit of a slowness of the BlackRock news. Just your opinion. Why do you feel like that was happening in the way that it was happening? Yeah. I don't understand because BlackRock was up after some other people, or before them, rather. And so it didn't appear as though the delays were chronologically rate -based. It didn't appear as though the delays were based on size. There was no rhyme or reason. It seemed random. And BlackRock came a little later. And the weird thing is, on the site where they consolidate all of them, BlackRock was never added. Yet, on a different place, they did delay BlackRock. So I've long equated what I'm doing here to Jim Garrison, played by Kevin Costner in the movie JFK. There's all these things that could be something, like did Lee Harvey Oswald act alone? And in the movie, he uncovers all this, some legit, some not legit, circumstantial evidence that there was multiple shooters and a conspiracy. So this reminds me of one of those things that probably means nothing in terms of that. That said, just the fact that BlackRock filed is big, and that does mean something. And obviously we can get into that, but certainly BlackRock getting delayed and Fidelity, it shows that they just delayed them all. For a minute there, there was a thought that would delay some of the smaller ones and just approve BlackRock and or Fidelity. But again, we had thought all along this was going to be delayed, because this lawsuit happened like two days before. So it was not a surprise. If they're going to put them out, I think they need more time to work with the issuers and develop some kind of a game plan and make sure all of the T's are crossed and the I's are dotted. So that would not happen in two days. So no biggie. All right. So you mentioned, obviously, the fact that BlackRock is filing in the first place. That's really the huge news here. When you look at BlackRock's position of filing, along with other major proponents, we'll just use there Fidelity as well. And you look at the likelihood with this, obviously, they have a very low ratio of losses when it comes to our non -confirmed ETFs that they've filed. What would make, first of all, what would make BlackRock to have this much confidence to go ahead in this market, the way that this market has been evolving with Chair Gensler and everything that's been happening with the SEC, it's not, it doesn't feel like it's a slam dunk. Why would BlackRock go out on a limb? Yeah. So we have a couple of theories. The best, I mean, BlackRock is a publicly traded company. They're looking to make money. Larry Fink has to appeal to his board that he's doing new things. And it does feel like BlackRock was full on into ESG. That kind of has died a bit. And it seems like this might be taking its place in terms of something BlackRock can do to grow its business, because you cannot make money battling Vanguard in terms of selling like cheap beta ETFs, because even at three basis points on $100 billion, it's not a ton of money and it's not a high growth area. It's growth for assets, but not necessarily for revenue. So we think they're obviously motivated by having a new area they can launch in. Vanguard will probably never launch a Bitcoin ETF, so they're worried about Vanguard there. They could charge a decent fee and they can make it have a new revenue stream. So I think that's largely their motivation. I also think Larry Fink, in my opinion, has heard some back channel that he thinks the U .S. is losing the sort of global battle to be a leader in the crypto space. And I think that frustrates him to a degree. So I think those are two reasons. Back to the revenue, though, think about this gold ETF GLD was launched in 2004, I believe. To this day, it's still the third highest revenue generating ETF, even though there's many cheaper ones. And the reason is, if you could be the big one that has all the liquidity or a lot of it, that gives you pricing power. You don't ever really need to lower your fee because there's just so many investors who just prize liquidity above all else. So we think BlackRock thinks they have a shot to be the one, the GLD of Bitcoin, and that that's going to be a nice little business for them. And we were talking, if it had the same assets as GLD, it would be, again, top five revenue generating ETF. GBTC, by the way, which isn't even an ETF, if it were, it would make the same money as GLD. So like two, GLD and GBTC are in the top five if you ranked all ETFs by revenue. And so I just think that's their primary motivation. I think they also like, what they tell you publicly is they're in the business of sort of democratizing investing and bringing down frictional costs. And I do believe they believe that and they would do that in this case. That said, I think revenue is definitely a motivator. Yeah, for sure. OK, so a couple of things you mentioned there. One, of course, is Larry Fink's position around ESG. He has been a very strong proponent of sustainable governance throughout the last few years. You know, in his letter to his investors over the past couple of years, that's been a big part of it. Now you move into Bitcoin. Bitcoin often accused as one of the most non -friendly carbon neutral tokens and projects out there. But yet at the same time, you have BlackRock potentially on the lead position here for an ETF. How do they balance that out? I get it that they've kind of backed off the ESG message. But how do you balance that out to the investors? Look, I mean, I'm just going to be frank. A lot of ESG, if you get too moralizing when it comes to ESG, it's tough because guaranteed you do something that makes you a hypocrite. It's just the way it is. So I think they backed off a little. And ESG ETFs haven't really sold that great. Even BlackRock took money out of its own ESG ETF from its models. Let's just face it. All this evidence is pretty strong that the term ESG is under pressure and ESG investing, I think, is also going to face some headwinds for like, what are we really doing here? How does it actually impact anything? It just, you know, I've seen this happen. This trend gets a little ahead of its skis. The media love this story. They really hyped up ESG. It's going to save the world. The millennials are into it. And then, boom, it started underperforming and it got political. And so reality set in and it's now going to be probably relegated to a very niche status in the ETF world. One to two percent market cap of the total. I mean, I look at it just in the sense of, hey, it's a capitalist market. Capitalists are going to do things that capitalists do, and that is find where the market flows. And this is obviously what's happening right now. A couple of things you had mentioned around the potential of this ETF going through. I know your percentage right now with you and James has been climbing. Have you changed your position since last Friday before the holiday in terms of percentage of approval? No. Seventy -five percent factored in the delay on Friday. We assumed that. We'd be shocked if they approved them. That said, we went from 65 percent to 75 after Grayscale. And the reason for that is in our 65 percent, we had a 70 percent chance likelihood that Grayscale would win based on our senior legal analyst. So the fact that they won gave us a little extra juice. The other thing is it was three to oh in terms of how that lawsuit was, the ruling came down. Two of the judges came from Democrats. That's really important because there are political workings here. Gensler has a Democratic boss. He is a Democrat. And if enough Democrats start to just move over on this issue and shift to the middle or to the crypto side, it makes Gensler's position more politically untenable by the minute. And so he could keep moving the goalposts legally, I think, as long as he wants. But it's going to begin to look more and more desperate and he's going to face more backlash. And this is a big deal for us. So we thought it was the decisiveness of the ruling, the language, like everything you said has to go out the window. Your whole reason for denial is vacated. And the fact that two Democrats signed on to that, huge. Then the second part was the media attention. Once every six or seven years, do I see ABC News or CNN have an ETF in the headline? I know this because ETFs are in their own little underground. Every now and then, though, something big happens. And ETFs were all over mainstream news. New York Times, ABC, Washington Post. This also matters because the headlines were like, SEC loses, paves way for spot Bitcoin ETFs. Well, now people are just sort of thinking this is going to happen because the New York Times said it and people on Capitol Hill read this. They don't necessarily read crypto trade publications. mainstreamness So the of the media attention and how they were presenting it also made us think that the pressure would increase. And our senior litigation analyst looked at the legal side and determined the SEC has very little wiggle room. That was his words. So when you add the PR aspect to the legal aspect, that's where we upped it a little bit to 75%. That still leaves 25 % for this theory, which is that Gensler being potentially a stubborn guy and or just truly, truly not feeling this should ever happen, even though, again, the stuff that's come out is way more dangerous, 2x Bitcoin futures, come on. Anyway, what he might do is he might lock into some other reason, like custody. I don't know what the custody is safe, then he might start to look at how custody could delay these further. And he may make that the next denial. Like I said, it's going to look more and more desperate every time they latch on to a new issue, but it's possible. And that's why we leave the 25 % opening for that. I want to jump over and onto the Grayscale side of things. From an analyst position, and you look at Grayscale's current scenario playing out, obviously there's a little bit of lead time here. Maybe they do some changes in the way they submit a spot ETF. What is in the future of Grayscale's potential of getting into the ETF game? So Grayscale is going to be tricky. We have this phrase that Grayscale may win the case and lose the race. I'll make some of those things rhyme if you're a headline writer. But anyway, Grayscale is a private placement trust that was just for accredited investors. We've never seen anything like that just, boom, become an ETF. We've seen mutual funds convert to ETFs. I think one closed -end fund converted to ETF, separate accounts, but I guess it's possible. It's just unprecedented. And given you just embarrassed the SEC, it's possible the SEC says, let's make you refile and get in the back of the line, and we'll prove all the other ones first. So this has been somewhat of our theory all along in why BlackRock filed. BlackRock saw a scenario where, I doubt the SEC told them this. That would be a little, I think that's illegal, but let's just say BlackRock thought of this whole scenario, which is, you could see this is a pretty viable thesis. Hey, let's file, because if the SEC loses to Grayscale, you know they're going to be pissed off at Grayscale pursuing them and embarrassing them. And maybe if we're sitting there waiting, just, oh, hey, by the way, SEC, if you want to use us and our new surveillance sharing agreement that we put in here, which is kind of novel, as an excuse as to like why you never approved Grayscale, and you can make them wait, and you can leave this whole thing with the adults in the room of BlackRock, right, you know we're not going to mess this up. I could see that appealing to the SEC, and I could see BlackRock seeing how that would appeal to the SEC. So you get to save face and kind of enact a little revenge on Grayscale in the process. Now, possibly Grayscale could sue them again for that, I don't know. But I see how that would possibly be one of the reasons BlackRock thought they had a route to approval first. Interesting. Well, I think in that kind of scenario, I mean, it makes sense in the essence of this being such a political landscape as it is right now, because you're right, it's all really kind of a card game right now, especially around the issue of ETFs. I want to get into the potential of the impact on the market. And I remember in a podcast you had mentioned potential here around $20 billion in the first couple of months, $150 billion in the first year or two. When you look at that market, do you feel like that is where this, this I'm assuming with BlackRock leading the way as kind of the premier ETF? Yeah, if you have a BlackRock ETF, okay, that's prime time. I mean, we have a saying on the team that BlackRock and Vanguard ETFs are the new IBM. And what I mean by that is if you're a 65 year old financial advisor and you were a broker 30 years ago, it used to be said, you could never get fired for buying IBM. It's just, it's just too good. It's like all American company. No, none of your clients are going to be like, what did you get me into? Now it's, you can't get fired for buying a BlackRock or Vanguard ETF. It's just, it's too good a deal. It's just too bulletproof. Whereas if you went into some crazy hedge fund and stuff, they make it mad, right? But BlackRock and Vanguard ETFs, solid. So once you put it into a BlackRock ETF, it sort of goes into this, it elevates it, I think, for the financial advisors who are like maybe willing to use as a hedge or an alternative, or they have younger, you know, their, their clients' kids are into it. And they're like, ah, now, now I feel comfortable, safe and willing to do this because I use ETFs in the rest of my portfolio. I trust BlackRock. I certainly don't want to custody it myself. They're going to do it. I feel safe with them. The fee's not that bad. It costs one basis point to trade, to trade. I think that's very powerful. And so when I come up with the 150 billion, here's the math, right? One is that's about how much gold ETFs have. Two is if you take advisors and wealth managers, they have $30 trillion that they run for the rich boomers of America, basically. If only 0 .5 % of that comes over, that is 150 billion. So that's, I think, pretty fair because I think you have some advisors who might allocate 2%, but then some that just find it to be repelling and do nothing. So I think 0 .5 to me seems like a pretty fair number. Even it could be low. That's how I get to the 150 billion over time. And gold is about there. So GBTC has 20 billion. So I think you could, let's just say that moves over instantly. That's where I get to the 28 billion pretty soon because either the people move or it just converts over. And then you get BlackRock Fidelity, you're adding to that. And I think also they'll steal some business from the exchanges, frankly. I think if you're in a crypto exchange and you're charging 30 to 150 basis points per trade, this ETF trading on NYSE at one basis point is going to be appealing. So I also think institutions could get into it, especially the one that becomes very liquid because I wrote a book called The Institutional ETF Toolbox. And institutions don't need ETFs generally. They can get everything on their own in separate accounts for almost cheaper than ETF. And they like it private. They feel like ETF is kind of like the dirty public pool down the street. That said, what the ETF does have is even an institution can't resist this liquidity. And it's also anonymity. So if an institution wants to get short or long crypto quickly, it would use this most liquid Bitcoin ETF as a way to put that trade on. We see that happen with GLD all the time. If you look at GLD or SPY, these are things that institutions can get. But the liquidity in them is great because they can go in there with no contracts, anonymous. They don't move the market and they can just get that into their portfolio quickly. So the most liquid spot Bitcoin ETF, I think, will even draw big fish in. So you add a lot of that together and I think you're looking at that much money. Now, let's say there's another FTX that could delay some of this. But I was pretty impressed at how quickly Bitcoin, how resilient Bitcoin was to FTX. It was in the gutter both PR and price wise for a little bit, but not that long. Like I said, Bitcoin, even though I don't understand every aspect of it, I respect its resiliency. It just keeps coming back. Yeah, it's one of those that has made its way finally into the mainstream. Now, I think a lot of this has been legitimized with companies like BlackRock obviously getting involved. But to your point, before we go on to other ideas around this, because there are other components key here that might make sense for how successful BlackRock might be. I wanted to go to James Saffert's post here, one of your colleagues there. Some of the key dates that, let me zoom in on that, you're going to look at a couple of dates here. You've got iShares coming in on 10 .17. There's quite a few coming up right here in the middle of October and even early October with GlobalX. They've got a refiling, I think, coming in. Anyway, when do you think the next potential timing would be for a lot of these potential ETFs to maybe get a green light, if there was a window here? Yeah, so I've got to be honest, I like October because, I don't know, first of all, it gives the SEC two months to work this out, roughly. October is when the Bitcoin futures ETF launched. We're also going to have a whole slew of Ether futures ETFs in October. As you get closer to Christmas, I think maybe the odds go down a little because the holidays hit. October is just a very vibrant month in general, and you've got a slew of deadlines coming up in October. But I sometimes put the deadlines aside and I think that, because if we're going strictly on deadlines, and they want to punt, punt, punt, the first deadline is ARK in January, final deadline where they have to approve or deny. And I don't know if they want to put ARK out first, and that'd be two months ahead of anybody else. They'd be playing Kingmaker. And I think after Bitto, they let Bitto out first like a week before Valkyrie, and Bitto has 95 % of all the volume assets. So I don't think they want to play Kingmaker here. So my guess is they're going to scrap the timeline and we're going to wake up one day and hear probably going to be a scoop or from Coindesk Wall Street Journal or something, or Bloomberg hopefully, that the SEC has decided to say okay to these and they're going to work it out. They'll launch in two weeks. That's my gut. I just don't know if they punt in October and they keep punting and they get to January and they actually deny ARK. I don't know. That makes it feel like just every other denial that's ever existed. So I don't know. I'm leaning towards we're just going to wake up one morning and we're good. I could be wrong. How does this play out, Eric? If that were the case, let's go the absolute negative side of this and they do punt and they finally go to the deadline. They don't push out ARK. They basically do a denial. What does that look like on BlackRock's record? Does BlackRock even worry about that at all or are they like, hey, this is getting out of hand here? You mean if BlackRock's denied in October again? No. I mean, look, what can they do? There's not a ton they can do. Well, if they approve others and let BlackRock, that would upset them, I think. But as long as they're in the group, their main goal is to be outburst. I think their goal is to be one of the ones launched on day one. So as long as that happens, whether it's in October or frankly next year, I'm sure they're fine with that. Now, I think the longer you wait, the longer you get into the situation of what I think also bothers Larry Fink, which is the US is behind the rest of the world in this big time. They've got spot Bitcoin ETFs all over the world and they work fine and they have less liquidity from big time market makers like we have here. So if they can work well during overseas a period like FTX and the percent premiums are pretty tight, they're going to work here. And this is why ETFs are so good. They allow arbitrage. And so I think by releasing the ETF in the US sooner rather than later, it just makes a lot of sense in terms of that race with the rest of the world. But again, Genzer clearly is tough. But the last SEC guy is Jay Clayton. And he said on CNBC after the Grayscale ruling that they have to approve them. It's inevitable. JP Morgan, my colleagues in the sell side, who I'll just say this. I feel we stick our necks out a little more and we're trying to be progressive. JP Morgan now finally after Grayscale says, yeah, they're probably going to approve them like, well, OK, well, welcome to the club. We've been here for a little while. Yeah. Very conservative position. Yeah. And Bernstein said the same thing. But again, as you get these bigger banks actually coming out, again, the narrative then becomes the SEC is approving them. And so, again, it's almost like a self -fulfilling prophecy at some point, especially, again, as you see headlines in The New York Times, it paves way, paves way.
Coin Stories with Natalie Brunell
A highlight from News Block: Grayscale Victory, ETF Delays, Binance Troubles, Cost to Own Home Skyrockets
"Welcome to the CoinStories news block. I'm Nathalie Brunel and in the span of just 10 minutes, roughly the same time it takes to mine a new Bitcoin block, I'll provide you with concise, insightful updates on Bitcoin and the global financial landscape so you're well informed on the week's top stories. Everything you need to know, in one place, in one block. Let's go. The biggest news of the last week came out of Washington, D .C., when the U .S. Court of Appeals sided with Grayscale in its battle against the SEC. This case is all about potentially converting the Grayscale Bitcoin trust into a Bitcoin spot ETF. Better known for its ticker GBTC, the Grayscale Bitcoin trust is the world's largest Bitcoin investment fund. Today, it holds more than 600 ,000 Bitcoin, around 3 % of Bitcoin's circulating supply. Last Tuesday, the court ruled that the SEC was wrong in its decision to deny Grayscale's ETF application. An ETF, or Exchange Traded Fund, is similar to a stock. It trades on a stock exchange, but it tracks an asset or collection of assets like stocks, bonds or commodities. A spot Bitcoin ETF would make buying Bitcoin as easy as buying shares of a company. If you recall, the SEC approved multiple Bitcoin futures ETFs back in 2021, so the regulators' denial of Grayscale's spot ETF conversion confused a lot of people. Bitcoin futures ETFs allow investors to invest in paper Bitcoin contracts that settle in dollars. No actual Bitcoin is bought in the process. In the case of a spot Bitcoin ETF, a fund would have to buy and hold actual Bitcoin, and the performance of the ETF would be directly tied to the underlying asset. When the SEC denied Grayscale's spot Bitcoin ETF application, regulators argued it didn't meet investor protection standards and was prone to market manipulation. Grayscale sued, essentially saying, hey, if you're worried about market manipulation with a spot ETF, shouldn't you also be worried about manipulation with a futures ETF that tracks the same underlying Bitcoin? If so, then why did you approve one and not the other? Well, the court agreed with Grayscale. The judges called out the SEC, stating that the agency's denial was arbitrary and capricious and fell short of the standard for reasoned decision making. So where does that leave things? Well, the SEC has 45 days to decide whether or not to challenge this ruling. If regulators choose not to appeal, then we could see a spot Bitcoin ETF hit the market sooner than we thought. But the ball is in the SEC's court. The SEC can come up with a different argument for denying Grayscale's conversion, or they can agree with the court's ruling but instead choose to remove the futures ETFs. This seems unlikely given their size and popularity. So although this ruling doesn't necessarily mean that GBTC will be converted into a spot Bitcoin ETF, it certainly does increase the odds. Bloomberg ETF analysts Eric Belkounis and James Saifert have increased their odds of a spot Bitcoin ETF approval this year to 75 % in the wake of the Grayscale victory. On CNBC, former SEC chair Jay Clayton said that an approval of a spot Bitcoin ETF is inevitable. As you may know, Grayscale isn't the only player in town vying for a spot Bitcoin ETF. Large institutions like BlackRock, Fidelity, ARK Invest and Invesco are all waiting for their spot Bitcoin ETF applications to get approved by the SEC as well. We got an update last Friday when the SEC announced that it will delay making any decision on all of these ETF applications until at least mid -October. A spot Bitcoin ETF approval would mark a milestone for the industry. Not only would it be a signal of approval from regulators, but it would also make it easier than ever before for investors to gain exposure to Bitcoin, potentially bringing in a flood of new demand. Michael Saylor tweeted the approval of a spot BTC ETF will mark a crucial inflection point in the history of Bitcoin adoption. Whereas some investors appear optimistic about a potential ETF approval, others are taking a different stance. Investors podcast host Preston Pish tweeted, What Preston may be alluding to here is that Binance is still very much a looming shadow over the industry. If the SEC's main concern revolves around market manipulation, then perhaps it won't be approving any ETFs until Binance's market share of trading volume takes a serious dip. For perspective, Binance isn't just big, it's massive. Recent data shows that as of the end of July, Binance accounted for nearly half of all Bitcoin trading volume. Half. This doesn't bode well for the ETF chances given that Binance was recently accused of market manipulation and fraud in a recent SEC lawsuit. On top of that, Binance is currently under investigation by the Department of Justice in connection with potential money laundering and sanctions violations. Now here's where things got super interesting last week. The SEC took the uncommon step of filing sealed documents in its lawsuit against Binance. Filing a court document under seal means the SEC wants to keep sensitive information from going public. Former SEC chair John Reed Stark tweeted that the SEC would only take this action for two reasons. One, it doesn't want to interfere with an ongoing DOJ investigation. And two, it wants to protect companies or individuals involved with the investigation. This sealed motion raised eyebrows given that it hints that the SEC has submitted potentially incriminating evidence against Binance related to the DOJ's investigation. The developments surrounding Binance will continue to unfold. Whether or not the SEC will wait until there's some resolution there before approving a spot Bitcoin ETF is purely speculation right now. But given the serious charges of market manipulation against Binance, if more trading volume flowed away from Binance and into more regulated exchanges, it would likely help ease some of the SEC's concerns and potentially lead to a spot ETF approval. All of this uncertainty with Binance only reinforces how important it is to learn how to take self -custody of your Bitcoin. The whole point of Bitcoin is that you don't have to trust any exchange or third party to own it. The best time to take self -custody of your Bitcoin was yesterday. The second best time is today. As regulators and investors remain focused on Bitcoin ETFs and the activities of crypto exchanges, more and more Bitcoin miners are coming online, causing Bitcoin's hash rate to grow relentlessly in 2023. The hash rate refers to the amount of computational power being used to process Bitcoin transactions. And recently it surpassed 400 exahash per second for the first time in history, up over 50 % just this year. If you took all the computational power of Amazon, Google and Meta combined, you still wouldn't come close to this figure. It means that more energy is being used to secure the Bitcoin network than ever before. So where is the hash rate coming from? A recent mining report from Galaxy Research suggests a majority is coming from miners outside the United States. This theory is supported by recent news that the oil -producing country of Oman is investing more than a billion dollars in Bitcoin mining facilities. Oman government officials stated that these mining facilities will be used to make its stranded gas flares profitable to help develop new hydropower projects and to stabilize its electrical grid. Oman joins other nation states like Bhutan and El Salvador, which have also publicly announced their investment in Bitcoin mining. Finally this week, as Bitcoin's hash rate is going up, U .S. home affordability is in a freefall. The U .S. average 30 -year mortgage rate recently touched 7 .5%, the highest in 25 years. That rapid climb, a direct result of the Federal Reserve hiking interest rates at one of the fastest paces in history. According to the Cabeza letter, the monthly cost to own a home is up 90 % since 2020, and the median income earner is now spending 40 % of their monthly take -home pay on mortgage payments. That's the highest in history. This is a topic I discussed more in depth on my latest Coin Stories episode with Danielle DiMartino Booth. And to take it one step further, property taxes, homeowners insurance, and the cost of materials for maintenance have all increased as well due to inflation. This nasty combination has moved U .S. housing affordability to the lowest level in nearly four decades. And to make matters worse, according to recent data from the U .S. Census Bureau, more than 40 % of U .S. homes are owned by someone who does not live there. This means wealthy individuals that bought second homes or turned their property into Airbnbs, and large institutions like BlackRock that have been buying up whole neighborhoods for investment purposes. Real estate has now become the primary way investors save because the dollar doesn't hold its value over time. This drives up real estate prices, making the dream of owning a home more and more unattainable for families. What was once a staple of the American dream has grown almost completely out of reach, especially for younger generations. This is why so many are turning to investing in Bitcoin as a form of digital property, one with no maintenance or upkeep costs that you can carry with you wherever you go. And unlike a home, you can buy just a fraction of a Bitcoin to start saving for your future today. That's it for the News Block, your weekly Bitcoin and economic news update. I'm Natalie Brunell. Make sure you're subscribed to Coin Stories so you never miss an episode. Until next time, keep stacking.
Simply Bitcoin
A highlight from BREAKING: China to Reverse Bitcoin Ban?! | EP 816
"It's all going to zero against Bitcoin. It's going up for everyone. You're against Bitcoin. You're against freedom. Yo, welcome to Simply Bitcoin Live, our number one source for the peaceful Bitcoin revolution of code breaking news culture and medic warfare. We will be your guide through the separation of money and state. Speaking of the separation of money and state, China seems to be reversing course. You wouldn't expect that. I mean, if you've been paying attention, they've been kind of dropping some little hints here and there. We know by some data collected by CNBC, I think it was Mackenzie Segalos who originally dropped the article, that it was estimated to be still 20 % of the Bitcoin hash rate is still located in China even after the China ban. And then the news from Hong Kong started coming out where Hong Kong seems to be trying to attract Bitcoin companies or Bitcoin and altcoin companies to set up shop in Hong Kong. And Hong Kong is a semi autonomous region. You know, supposedly it's a one country, two systems, but they have been cracking down a lot on freedom of speech and all that stuff over there. So they wouldn't be able to do this without Beijing's approval. And that that isn't just simply Bitcoin saying that there's articles that have said that Bloomberg has said that I know I know another publication has said this as well. So I don't think it's a coincidence that literally a couple months later, an article dropped out dropped originally in it was originally in Mandarin. And then Yahoo News published the article late at midnight, midnight today, and it says China court says virtual assets legally protected as properties. So you know, this 180 basically, we know that the CCP, who is, you know, the governing body of mainland China or the governing political party, they absolutely hate Bitcoin. They're all hell bent on pushing forward the central bank digital currency system with the social credit system, all that stuff, you know, like freedom money. But this is something that Alex Gladstein has written about where he wrote an article for Bitcoin magazine called Bitcoin is the Trojan horse for freedom. And he made the case that, uh, NGU technology and freedom enabling technology, they're inextricably inextricably linked. You can't separate the two. I see Afi Opti laughing in the background to my pronunciation. Sorry. Not sorry. Um, but I think this is a testament to Bitcoin's incentives. And even if you are from one of the most totalitarian countries in the world, um, you know, we always hear that a nai mukhelei is a danger to democracy, a dangerous democracy. We never hear that about China for some reason, we don't even have democracy, right? Um, so yeah, it's just, uh, it's, it's just interesting how Bitcoin's incentives are irresistible. And this is actually one of Opti's like famous lines, right? It's like, you can't ban yourself, uh, I forget, let me bring up Opti so that he could actually say the line. Opti, how do you say it? Uh, again, just to be clear, I didn't create this. I just propagate the meme, but you can't ban Bitcoin. You can only ban yourself from Bitcoin. Boom. Exactly. Right. So you can't ban Bitcoin. You can only ban your, uh, you can only, exactly. So, and then we see that with the hash rate, right? People are willing to go to jail on Bitcoin. That's so crazy. Right. Um, and then there are some numbers that were coming out of Binance that apparently it's like 20 % of the exchange volume is still coming out of China, right? So it's, it's, it's some absurd amount and this is Bitcoin's incentives. And this is something that we've been propagating. And this is something that we've been talking about for a very, very long time in the separation of money and stay in this process that we're all kind of living through these days is what they have is coercion. They coerce can people into using state money to using money that has control surveillance inflation built in, but Bitcoiners don't have to rely on coercion. We just have incentives. Our money has a better incentive structure. And I think that's why at the end of the day, we're going to win this thing eventually. The only question is how long is it going to take and how painful is it going to be? And that's just, that's the big question, right? Corey Clipsen from Swan wrote this amazing article, highly recommend it called the race to avoid the war. And he's talking about, we have to, we have to ruin the race. We have to get in a minority of people, an intransigent minority that's not willing to bend on a certain issue that is holding Bitcoiners, that's holding Bitcoin. And they're not willing to bend. They're just saying like, look, like I, this is, you know, like this is my wealth, this is my future, this is the money I decided to use. And then it becomes a voting issue, a policy issue that just doesn't move. The example that I would give for you guys is the gun lobby in the United States. Like look how hard it is to pass a gun, whether you agree with them or not, obviously you guys know we're Freedom Maxis. So I'm a big fan of the Second Amendment personally, but I respect people's different differing of opinions, of course.
CoinDesk Podcast Network
A highlight from THE HASH: The Best of 'The Hash' Over the Years
"Hey there, welcome to the last episode of The Hash. For now at least, it's a three box Thursday. I'm Zach Seward. We got Jensen Asse. We got Will Foxley. We're pouring one out for a great 2 .5 plus year run here on Coindesk TV. Also, Coindesk Podcast Network. It's all good stuff and all good things must come to a close. And today it is that close. So we're just going to look back, have fun, keep it loose, and maybe even talk to some other folks. But first, I think we have a highlight reel, which none of us have seen, which is a little scary. I'm very scared. It's like I'm very anxious. I am very nervous. I am going to just take the leap of faith. I'm going to throw it to the highlight reel. We're going to react. But let's watch this montage. Take it away. Gary Gensler was confirmed as the next SEC chairman. Gary Gensler said that federal financial regulators should be ready to bring cases against bad actors in crypto. Gary Gensler went on CNBC's Squawk Box this morning and said crypto investors need better protection in a space that is significantly non -compliant. Gary Gensler was getting it from all sides. They're alleging that it's the fall of Gary Gensler's SEC for failing to provide those rules of the road. We haven't had any progress. We haven't had anybody step up to check Gary Gensler and the other public servants that are getting paid with our taxpayer dollars. And that's where I draw the line. Hi, everyone, and welcome to The Hash, your daily beat on crypto news and culture. This comes, you know, I forget how many days after Elon seemingly trolled the world by putting Bitcoin in his Twitter bio. And now I guess we see why he may have been so keen on doing that. I mean, for the last few days, we've been talking about Bitcoin and other crypto assets just becoming really mainstream this year. And I think this just kind of pushes us more in that direction. Who do you think the next Tesla is going to be? Who is buying the next billion dollars worth of Bitcoin? Oh, my goodness. I got to get out of the tarot cards for this one. Now, Coinbase is the largest U .S. exchange, but I just thought this was really, really interesting. And it's reporting that, you know, shares on the secondary market are currently going for around $300, which would at its current valuation make the company more valuable than the New York Stock Exchange parent company. People are super excited about this public listing of Coinbase. Obviously, it comes at a time when Bitcoin is above $50 ,000, I think, on last check. So the timing is right for this blue chip crypto exchange, as it may one day be seen as to go public. The market value of Bitcoin has surpassed one trillion dollars. A big moment for this space. Still about a tenth of the way to the market value of gold. People is making bank and waves in the digital art world. Every day is the first 5000 days has sold for I cannot believe it. Sixty nine million dollars. That's including fees through Christie's auction house. Now, this was the first purely digital artwork to be auctioned by a major auction house. And now people is among the top three valuable living artists. They're accusing Google of using privacy to kind of keep up a fence around its market share, which is huge. And that's because they say we can't do our jobs as effectively if you remove third party cookies. But there are loopholes in other ways that Google will continue to kind of track data on customers. Meanwhile, Google, on the other hand, is saying, you know, we're pushing privacy because we do value, you know, the ability for people not to be tracked. And, you know, there have been privacy concerns over Google for a while. So it's sort of like privacy has become this interesting tug of war between these two parties. And the fact that it's getting roped into this antitrust suit or action is just kind of fascinating. I think it's something we might see more of. Doge supporters are calling for this to be the inaugural Doge Day. The aim for those people is to push the price as high as possible. There's the idea, Jen, when you say that people are just trying to push the price as high as possible. I'm just like, oh, my gosh, like who's going to be left holding those bags? Right. Because it's going to correct. It's going to come crashing down. So, you know, it's all fun and games to get involved with this meme coin and go and have fun. Let's not take it too seriously. But do realize that there is real money. At stake here, this is a big round, one of the bigger ones that we've seen in recent memory. And it suggests that investors are still seeing opportunity in these markets. I'm going to throw this to you, Will, if someone seems to be crawling behind you, which is a fun look. So I'm going to toss this to you for your take. I thought we were just going to let that go. You should have Zach. It's all right. No, my pipe burst my house last night and now I have people crawling all over trying to fix it, which is kind of fun to do in the middle of show. But, you know, that's how it is. DeFi represents the ability to use your crypto without spending your crypto, which I think is really attractive to a lot of people who have committed value to these platforms. And then sort of on the whale side or on the professional trading side, you know, you over collateralize for some of these loans, but you're able to sort of cover the costs of that loan by way of making bets that are likely to pay off across the rest of the ecosystem. There are just epic privacy concerns. There are epic financial sovereignty concerns when you start to move into central bank digital currencies. So this idea that we still have cash is this backbone of society. We can still use it. We can still retain control over our finances is rubbish as soon as you try it. So I am I am terrified of these new central bank digital currencies. I'm terrified that we're moving into more of this programmable, controllable monetary world. I'm not excited about this world. And that is why I'm so excited about decentralization and the world of cryptocurrency. El Salvador is going to be like a really interesting case study when we're looking at Bitcoin adoption because it's like legally enforced as opposed to a voluntary way that it's been kind of pushed beforehand. Like everyone's coming like, hey, go and add open now or go and add something that allows you to take Bitcoin payments. But in El Salvador, you have to do it.
Thinking Crypto News & Interviews
A highlight from ELON MUSK'S TWITTER X CRYPTO PAYMENTS LICENSE! CIRCLE USDC LATAM, GRAYSCALE SEC VICTORY COMMENTS!
"Welcome back to the Thinking Crypto Podcast, your home for cryptocurrency news and interviews. If you are new here, please hit that subscribe button as well as the thumbs up button and leave a comment below. If you're listening on a podcast platform such as Spotify, Apple or Google, please leave a five -star rating and review. It supports the podcast and it doesn't cost you anything. Well, folks, I want to start off with big news around X, also known as Twitter. They have acquired a license that would allow them to integrate crypto payments. So Elon continues his push forward to build out X as this super payment social media app. And of course, it's going to include cryptocurrencies. And we know Elon, he understands crypto and blockchain. He understands payments, right? Man holds Bitcoin, Ethereum and Dogecoin. He said this, his companies have Bitcoin on their balance sheet. And we've seen that he's talked about integrating Doge as like the main crypto payment. But obviously it's going to be multiple currencies. And I had interviewed the CEO of eToro, which had partnered with X to integrate crypto and stock data. So Elon is moving forward and this is a big license. So here are some details. The Rhode Island currency transmitter license was approved to X on August 28th, according to the data displayed on NMLS. The license is required to provide virtual asset related services on behalf of users. So this is pretty cool. It will enable the social media platform to store, transfer and exchange digital assets for its massive user base. This is pretty big folks, and it comes as no surprise. Elon is moving full steam ahead. I'm sure he's looking to target some sort of launch as we enter the next bull market, right? 2024 to 2025. We'll see what the timing is, but we know for the most part, X is going to include crypto payments and crypto functionality and blockchain. To what degree? I'm not sure. We'll have to wait and see, but definitely bullish news because this platform is going to be used by millions of users. Now we got big news around Circle and USDC. So Jerry Miller, the CEO of Circle tweeted out the largest FinTech in Latin, which is in Latin America, Mercado Pago. Part of Mercado Libre is the Amazon of LATAM with 200 million users is rolling out support for USDC in key markets, starting with Chile momentum for USDC and digital dollars building around the world. This is very bullish for Circle and LATAM is a massive market. And we know a lot of folks want to use a US dollar stable coin for payments. And is USDC a big one, right? The second largest stable coin in the world behind Tether. So big move here by the folks at Circle and USDC. Jeremy continues. He said, we recently shared that approximately 70 % of our USDC adoption was non -US and a lot of that is driven by emerging markets. Latin American FinTechs will be a major driving force in the adoption of digital dollars. Here's our analysis. He provided a full link. So very bullish news, folks, and the token economy I've been talking about for years is being built right before our eyes, right? Everything running on the blockchain. You have cryptocurrencies, digital assets, stable coins, tokenization, CBDCs, and much more. Now, quick word from our sponsor, and that is Uphold, which is a great, great platform that I've been using since 2018. I've been buying a lot of crypto on here. It's easy to use this platform. They have a full website and app and much more. They have 10 plus million users, 250 plus cryptocurrencies, and they're available in 150 countries. They also offer precious metals and you can trade between cryptocurrencies and precious metals. So really cool. And if you'd like to learn more about Uphold, please visit the link in the description. Well, folks, earlier today I did a podcast talking about Grayscale's victory over the SEC. The SEC was trying to deny their Bitcoin spot ETF and the court said, no, we're not having that because the things you did were arbitrary and capricious. Now, one of the things here that was highlighted by the documenting Bitcoin Twitter handle is how many headlines from mainstream media covered this news. And it's all bullish. I mean, we're talking TechCrunch, CNBC, Fortune, ABC, Financial Times, Reuters, the Wall Street Journal, Bloomberg, CNN, and much more. And what I tweeted out regarding this, I said, you've lost the narrative, Gary Gensler, and the optics for you and the SEC are looking very bad. Time to resign. And I think, as I've said many times, optics is a big part of politics and there's a lot of Democrats that are already distancing themselves from Gary Gensler and I expect more too. This will also further push Congress to work together to pass crypto regulations. So I don't know what's going to happen over the next month if Gary is going to resign or what. He may be able to shake down small crypto companies, but he's losing the larger narrative, right? Yesterday, we talked about Impact Theory, NFT settlement with the SEC, but Impact Theory is a podcast. It's not some big company, market moving company or news, but this certainly is the court siding with Grayscale for a spot Bitcoin ETF. Now, something that's important, folks, even though the court sided with Grayscale, the SEC hasn't actually approved the Bitcoin spot ETF. And we have some folks weighing in on this, including Ripple CEO and Caitlin Long and many more. So let me share what they had to say. Caitlin Long said, still shocked at how much the Biden administration's hatred of anything crypto drove it to poor judgment, now boomeranging back on it in courts. Better to have worked with law abiding players. This was their choice. Courts curbing federal agencies power impacts far more than crypto. She's absolutely right. And you know, she mentioned it under the Biden administration because Gary Gensler is appointed by Biden and the Democrats, right? And we see that Janet Yellen and all these people have been anti -crypto. Caitlin's been fighting her own battle with the Fed and trying to get, you know, part be part of one of the Federal Reserve's registered banks. And she has a crypto bank, but we know the Fed has been stonewalling her, blocking her. And we know why, right? They were just trying to slow crypto down, you know, slow these startups down so that the stratifying comments can come in and take over.
The Bitboy Crypto Podcast
A highlight from Cardano Will Be The MOST IMPORTANT Altcoin Next Bull Market!
"I do think there's going to be a period where cash is eliminated. In this future utopia, we have flying cars, and there's jet packs, and everything's on a screen. We're not pulling out wadded paper, dropping it on the counter. Everything's going to be digital. Charles Hoxton believes Cardano will become the biggest crypto in the world, serving as a backbone of a new digital nation. I think I caught this speak. Yeah, this was the keynote address. I was in the crowd, folks. I was in the crowd. I was cheering. I was hollering. I was hooping, and then I got dragged out in a headlock. All right, people are scared of decentralized governance because they view it as something that takes away, but I never believe that. I think if you give people the chance to rise up and show who they are, what they can do, they will do amazing things. So that's our challenge, and that is why Cardano, I feel, is probably going to become the biggest cryptocurrency in the world, says Charles Hoskinson. Now, that is a bold statement. Bigger than ETH, bigger than Bitcoin, Nick. I mean, it's not a 0 % chance. What would you put it at, though? Would you put it in single digits? I mean, I would say it's tough to be bigger than Bitcoin. It's already good. It's going to be real tough to be bigger than Ethereum, but if I were to choose on any coin to do it, sorry, XRP. I am choosing Cardano to be that coin. 100 % agree. In my opinion, Bitcoin and Cardano are the only true crypto projects that have stayed to the cypherpunk ethos. I think by value, Cardano won't be able to touch Bitcoin, but by users, for sure. I think there's going to be so many hundreds of millions of people onboarded in Africa, in the Middle East, in Southeast Asia, on Cardano with their NFTs, with their smart contracts, that it's going to blow everything else out of the water. I firmly believe that. All right. All right. And one more quote from Charles here. I think it's going to be more than cryptocurrency. I think it's going to become the backbone of a new digital nation, a new society, a place where we can finally begin to trust each other again, a place where we do all our voting, a place where our money lives, a place where our digital life lives in every dimension and aspect of it, because we deserve that. A decentralized version, not the WF plant version. Oh yeah. You know, here's, oh, you laughed at that joke from the TV too loud. We know what you're laughing at. We're going to deduct your points. You're laughing too loud. That guy felt that was supposed to be a funny moment. Well, he did. And I'm sorry. So yeah, that's, it's essentially, guys, this is a, this is a scary thing I've said before. I'm gonna say it again. I do think there's going to be a period where cash is eliminated and this future utopia, we have flying cars and there's jet packs and everything's on a screen. We're not pulling out wadded paper, dropping it on the counter. Everything's going to be digital. And so do we want the, there are no choices and look, yeah, we just got to pull out our US gov ID or do we want some decentralized options and how do we get decentralized options? We get it with adoption. We get it with building and we get it with just education here. And so I think we really, really press that message. We can make that future because you go to, you don't have to use a credit card. You can use Apple pay. Tim Apple built something big enough where it's going to be, you know, used in a lot of places. I think we could do something similar with Cardano. I say, we, you know, they, you know, shout out to the junkies, but Charles and the team and what they're building and all the wallet makers out there, they're, they're really going to be what can get us to that next level, to that decentralized level. And that is where we all want to be. We don't want to be under the government's control. We don't want to live in 15 minute cities, but that is what they want us to do. All right. Let's talk about the South Korean exchange here. Crypto exchanges are required to hold minimum reserves starting in September. This is pretty big. All right. So they're going to hold a minimum reserve of funds of 3 billion won. Someone in chat might know that is, oh, wait, here we go. It's $2 .26 million. Bury the lead there. The new reserve requirement reportedly protect users in case of unforeseen issues, such as hacking or system failures. We keep going here. Additionally, the financial services commission's financial intelligence unit, whoa, has reportedly prepared a draft for the rules. These regulations come in response to requests from cryptocurrencies and exchanges for clear out clear crypto framework in response said all the Island holders set up to MTG here. All right. And now one more story here, CNBC covering Solana, dropping Bitcoin cash and Litecoin. Now, just the last part of that, they dropped Bitcoin cash. They dropped Litecoin. How do you feel about that? I don't care. They'll bring it back. All right. Well, if they were going to drop that, who would you want to replace it? Cardano. Okay. Okay. All right. All right. Nick might like Cardano folks. I mean, yeah. I mean, it's the most relevant. It's making the most moves. It has the biggest footprint outside of those other things. I mean, I'm sorry, Litecoin. Sorry. People would like XRP. There's probably some people, you know, I'm surprised they went with Solana polygon, you know, what they're doing with Starbucks and Reddit and so many other big brands, you know, I wouldn't, I wouldn't be surprised to see Matic or ADA up there. I think, you know, it might've been a better choice than Solana. Nothing. I have some Solana none against that team, but anybody got a Solana phone? It was like six people a day. All right. CNBC, one of the world's largest cable news networks providing real -time financial markets coverage has dropped Bitcoin cash and Litecoin and replace them with Solana. Meanwhile, they'll continue to cover news related to Bitcoin and need two of the most, you know, most valuable crypto platforms. We go here subsequently, Bitcoin cash and Litecoin are no longer in the top 10 by market cap and have emerging smart contracts and transactional networks that have taken positions in recent years. Litecoin and Bitcoin cash have a market cap of around 4 .8 billion and 3 .7 billion and are among the top 20 still coming in at 16th and 18th. I did not know Litecoin fell all the way almost to 20 there. Let's see. Let's go here. There you go. This is going to miss a coin or two. All right. So we go. Yeah. Litecoin coming in at 16 and then Bitcoin cash now coming in at 19 battling, battling this 3 .7 to $3 .8 billion market cap there. So Bitcoin cash fell 2 .8. Now dropping to 19. Looks like they're going to be out of the top 20. I would say out of the top 20 by the next bull run, then retail will buy a lot because there's still a lot of apps that have Bitcoin cash. So you're going to have retail. They're going to hear about Bitcoin. They're going to download Robinhood. They're going to see Bitcoin's $50 ,000, and they're going to see something with the same name that is $500. Oh, I'm just, why would I buy the one that's $50 ,000? I'm gonna buy the one that's $500. That's where the opportunity is. We're going to have a lot of that. And so I would expect it to, you know, maybe it'll drop and then it'll surge back. I don't know when it will surge back though.
CoinDesk Podcast Network
A highlight from THE HASH: Mastercard, Binance to End Crypto Card Partnership; Why Meme Coin PEPE Is Tumbling
"Hey, everybody. Happy Friday. Welcome to The Hash. It's Coindesk TV. I'm Zach Seward. That's the show. We've got two special guest stars on the show today. Sam Kessler, the real Danny Nelson. Let's do this thing. How are you doing, guys? Doing well. It sounded like you were calling me the real Danny Nelson and I was confused. Well, yeah. That's a fake one. My bad. Anyway, forget all that nonsense. Let's talk about Binance. I'm starting this off today. Mastercard ends Binance card partnership in latest blow to crypto giant. A bit dramatic of a headline, I would say, by CNBC. I think this is certainly in line with the reputational risk that is associated with Binance right now and Mastercard acting on that reputational risk is saying, hey, we're not doing those cards in the Middle East and Latin America anymore. We don't want your name on our product. I think it stems from a lot of stuff going on with Binance that we've been documenting over these last few months as regulators worldwide. Kick the tires and understand if anything shady is going on, including US authorities. I'm going to toss this straight to Danny for his thoughts on this one. What do you think? Mastercard, Binance, breakup, does it matter? What do we think of this? Well, it certainly matters and I don't know the numbers of this deal, but let's pretend that I do for a second. Let's just think about it. If you want to stick with the business decisions that are making you money, I don't know in this environment how much money this was bringing in, right? How much revenue was being driven for Mastercard by this tie up with Binance? Then does that revenue make it worth the reputational risk of just being associated with Binance? The answer, regardless of the numbers, which I don't know, but will pretend to, obviously was no. I don't think that bodes well for any crypto payment device. You have to remember the way these cards generally work. You can't pay with Bitcoin from your Bitcoin wallet at a point of sale. What you can do is have it in some sort of vault, some sort of account where that can be drawn from by a credit card processor, such as Mastercard or Visa or another layer that feeds into them. Then they pay with dollars or euros or pesos or whatever at the point of sale. The merchant doesn't actually have to deal with the crypto and no cryptos going across Mastercard, Visa's networks, but the name Binance is still associated. That's just not good in the eyes of Mastercard to be associated. Sam, what's your take on this? Yeah, I think if you look at this from both ends, both from the Mastercard and Visa end, as well as from the Binance end, I think the best way to view this is in terms of reputation and marketing. As somebody like Danny, who does not know the exact numbers, my last recollection when I was trying to kind of learn about this stuff a while back was that this card thing was not actually a huge part of Binance's business, something in like the single digit percentage points in terms of its overall revenue, but it was a key way or seen as a key long -term way for Binance to recruit new users and to turn specifically Bitcoin and other virtual currencies into day -to -day payment methods, which is something that crypto has always kind of seen as its eventual golden goose and just hasn't come to happen. So when you look at this from a reputation and marketing standpoint in the Binance end, and then it's on like a crypto writ large, and I think the erosion of these partnership deals from Visa, Mastercard, and probably long -term with other companies and other cards, it's actually going to be a blow more towards the idea of crypto in general being a sort of payment method. I think it's less of just like a Binance, Mastercard, Visa thing, and the reputation of these assets as those sorts of payment methods is going to go away. Zach, what do you think? I don't know. I mean, I am long -term bullish on stable coins being used for payments in new and novel ways. But again, I think your point generally stands as it relates to like these cards, which I think historically these cards have been very overblown, right? There'd be like a lot of like, yeah, there's a Visa card attached to Coinbase or something. And I think a lot of it was just sort of very far again from the roots of crypto and probably ultimately not that impactful outside of just some initial euphoria of, oh, the big brands like us now. So now we get to see the flip side of that play out. And I think that's all well and good. But I will say, despite your proclamation, I think there is a bullish case for stable coins on these open blockchains being used at scale to do cross -border payments much more conveniently than these existing cards are configured to do. But I got to get Jen's take. I got to throw it to you. Well, I tried to use one of these cards, not the Binance one, and it has never worked. So I am, because of that experience, just not bullish on any of these credit card exchange partnerships. My money is still there. I should probably get it off at some point. I agree with all of you. I think from a business and PR perspective, MasterCard looked at what has been going on with finance, not only in the US, but in countries all over the world. They've exited Canada, they've exited the Netherlands. They are facing regulatory scrutiny in various different countries and just thought, you know, this probably isn't worth it. From MasterCard's point of view, they've been exploring Web3 too. You know, I think last month we heard that they had a bunch of partnerships for this Web3 music accelerator. They were recently talking about CBDCs, a consortium with Ripple and Fireblocks. And so I think they're starting to explore where their foothold is in the Web3 space and starting to realize that maybe it's not in these exchange partnerships. And Zach, to your note on the stable coins, you have turned me. I am also becoming very interested and bullish on stable coins as payments, especially after PayPal's PAI. Before the end of next week, I will say PAI USD properly. We have the PAI USD and then we have that new Shopify partnership with Solana's payment infrastructure where people are going to be able to use USDC. So I think the credit cards are out and the stable coins are in. And that is my hot take here. You are going to be sitting pretty when USDC pumps to $2 after these proclamations, my friend. Let's do this thing.
The Café Bitcoin Podcast
A highlight from Bitcoin's True Spot-Price with Steve, UTXO.Live + Bonds over Bitcoin with Greg Foss, Joe Caralsare and the Caf Bitcoin Crew - August 17th, 2023
"Hello, and welcome to the Cafe Bitcoin Podcast brought to you by Swan Bitcoin, the best way to buy and learn about Bitcoin. I'm your host, Alex Danson, and we're excited to announce that we're bringing the Cafe Bitcoin Conversations Twitter Spaces to you on this show, the Cafe Bitcoin Podcast, Monday through Friday every week. Join us as we speak to guests like Michael Saylor, Len Alden, Corey Clifston, Greg Foss, Tomer Strohle, and many others in the Bitcoin space. Also, be sure to hit that subscribe button. Make sure you get notifications when we launch a new episode. You can join us live on Twitter Spaces Monday through Friday, starting at 7 a .m. Pacific and 10 a .m. Eastern every morning to become part of the conversation yourself. Thanks again. We look forward to bringing you the best Bitcoin content daily here on the Cafe Bitcoin Podcast. Good morning. Cafe Bitcoiners, how are we doing today? Peter, Tom Bay, Jacob. Good morning. Good morning. We're cruising. It's Thursday. How are you doing, Alex? I'm good, man. It's a crazy time right now because my son's wedding is this weekend. My house is full of people and we're like in hardcore wedding prep mode right now. And then right after that, man, I'm packing the house and we're moving. So, dang, it's no reason to shorten the show to kind of busy. They can wait. Alex, make sure Jinxy doesn't flush that bad toilet. You know what I mean? Yeah, bro. I'm tracking. It's always the toilet's fault. Oh, man. We are doing a shortened show today because I need to be on the road early. My time to hit the airport, picking up my son's best man. I think he's the best man. Anyway, let's roll. Good morning, Wicked. Good morning, Mickey. Shout out to Joe Carlissari in the audience. All you Cafe Bitcoiners, good morning to you. All right, we got a couple of different things going on today. It's going to be a pretty free flow conversation. I'm multitasking a lot as I'm prepping to be away from office for a little bit during this move. So, you know, talk about whatever mostly. But why don't we start out with there's a really interesting video. OK, before we go to that, Wicked, good morning, what's up? No, never mind. Go to the video. It's a stupid idea that I want to talk about. But you have something in mind. Go to the video. OK, so we have a video. This is CNBC. You know, it's a crack up. Have you watched Joe Kernan's Energy lately? He seems pretty happy and he's asking every freaking guest about Bitcoin now. It's pretty fascinating. So in this video, CNBC, they're talking about bonds or Bitcoin. Pretty fascinating. Let's roll. You know, from such a different generation, should she be? She's got plenty of time. She's young. Should she be thinking about buying 4 % bonds or would you recommend to buy some Bitcoin? I mean, what would you tell Kelly Evans to do? What would I tell Kelly Evans? Diversify. That's what I would say. Diversify. I'm kidding when I say don't buy a two year note, buy Bitcoin. Sort of kidding. I'm sort of kidding. But as you know. Let's be clear. Bitcoin should not be a dominant portion of any investor's portfolio. I guess I can rewind for a second. So I like what you said how Bitcoin is a technology, right? And there are. All right. So it cuts off there. I just found that part really fascinating where the dude's like, OK, OK, look, look, don't get over your skis here. You shouldn't have too much Bitcoin in your portfolio. And the gal's like, hmm. That's called dropping the rope, Alex. And if you know your audience and you know who you're talking to and this is this is like the center of tradfi here. You know, and as you know from talking to many, many people who are coming into the space, you kind of have to talk to them in terms that they understand. And the key is to get them to start thinking about an asset like Bitcoin. Most people, once they once they start going down the rabbit hole, are going to acquire more and more over time. I just think that's just like a normal iteration of most people who come to the space, come to Bitcoin, and they begin to see the bright orange future and the truth of Bitcoin. And they come to it on their own terms. So, you know, I really think that, you know, walking into a space like that and looking at somebody and saying, yeah, you should be 100 percent Bitcoin right now, wicked, probably isn't going to work too well. I totally wasn't paying attention. What did you say? I didn't say anything. Nothing. Nothing at all. Yeah, I think it's going to be a while before, you know, traditional portfolio allocation starts to change. One of the coolest tools I've ever seen is NakamotoPortfolio .com that was created by Alpha Zeta that basically shows you how all this stuff might work if you add Bitcoin to a mix of other assets and you can do some really interesting things with it and model some really interesting scenarios. You can also backtest going back, you know, just rewind the clock and you can say, OK, well, if I had a portfolio that was constructed like this and I had this asset, this asset, this asset, and then I stuck in X amount of Bitcoin on this date, how would that have changed the portfolio's performance? And it's pretty mind blowing the results of that. Mickey Koss, good morning.
The Dan Bongino Show
Bharat Ramamurti: Rebranding the 'Inflation Reduction Act'
"He's got to make it seem like an ice cream cone. So he sent out National Economic Council Deputy Director. But Rod Rama, Marty, I see a lot of this guy on the business channels to just humiliate himself. So I want you to listen to this because this is hilarious. The host at CNBC asks and Listen, obviously, Biden's not happy with the Inflation Reduction Act, the name of it, because hasn't been reduced. The rate of change has but prices have not come down. Matter of fact, they're still going up lot. a So he says, Well, what would you change it to? This guy hilariously say, Oh, well, maybe we'll call it like the Growth Act or the Inflation Cutting Act or the Deficit Cutting Act. actor. None of this stuff is true, folks. But listen to Barat Not Rama Murti, National Economic Council Deputy Director, tried to gaslight you yesterday on CNBC. Take a listen. This was reported that the president said at a fundraiser the other day that it probably wasn't the best named legislation. And I'm wondering what the White House would want to call it if they were fresh today. Well, I think one of the great things about this legislation is that it does so much and you're restricted to maybe having few words when you name your piece of legislation. It's not the most pippy name, but maybe you could call it the economic growth, inflation reduction, deficit reduction, cost savings act, carbon greenhouse gas bill. It did a lot. Cost savings, emission reduction, cost control, inflation reduction, deficit control, growth act. Okay, let's go through those one by one, because one of the things on this show, listen, you know, me with the economic segments, fellas, ladies, you know, I love them, but you know, I'm always torn over them because I'm not sure how much you care about these economic segments. I always get great feedback, but I feel like
The Eric Metaxas Show
A highlight from Democrats Looking For Another Candidate?
"You've spoken and we've heard you loud and clear. We're proud to announce our brand new ACLJ Life and Liberty Drive. Our legal teams will be focusing on the issues that you, our ACLJ members, have told us matter the most to you, life and religious liberty. We're redoubling our efforts to beat back the radical left's attack on your constitutional religious freedoms and to defend the sanctity of human life. This is your moment to get in the fight. Every tax -deductible gift will be doubled. Join the ACLJ in the fight to keep America free. This house, wherever the rules are disregarded, chaos and mob rule. It has been said today, where is bravery? I'll tell you where bravery is found and courage is found. It's found in this minority who has lived through the last year of nothing but rules being broken, people being put down, questions not being answered, and this majority saying, be damned with anything else. We're going to impeach and do whatever we want to do. Why? Because we won an election. I guarantee you, one day you'll be back in the minority and it ain't going to be that fun. Hey, everybody. Welcome back to the podcast. Glad you're with us today. We're going to go, we're digging in deep. This is another time on the news that you may have passed up. We've got some interesting things, especially the Democratic primary. I told you we're going to talk about the presidential races coming up. I got an interesting one that is blooming out in California. Democrats do not like this, but we're going to talk about it anyway. A couple other stories out there that you may have crossed your radar, maybe didn't cross your radar. I want you to hear about it. But before we get to that here in just a minute, you can go on over these news. I have to tell you, there was a craziest article a few weeks back and this could, this could have probably, I could probably bring James in on this one because this would be one of those, you know, Friday's finest kind of things, but it actually intrigued me. Have you ever been, you know, this clickbait, you're going through, uh, you know, websites, you're reading the news and they had the little clickbait articles over there. And this one caught my eye. It said these eight habits daily could add up to 24 years to your life. A new study says even adding only one may lead to four extra years. Well, I said, you know, Hey, I'm getting up there. This is my birthday month, by the way, the Collins podcast. Not only are we about two years old on the podcast, I will, uh, birthday on August 16th of this year. So I said, Hey, this may be something interesting. If I can add some line to my life, what could these amazing thoughts be? So I went to the you know, they had talked about adding areas to your life. And then it came to the eight habits is under the CNBC make it, uh, uh, website. Anyway, it said eight habits that could add up to 24 years of your life. Folks, before we get into some real stuff, you got it. You got to just roll your eyes and laugh at this one. Here are the eight habits listed in order, starting with the highest impact on lifespan and include exercising, not having an addiction to opioids, avoiding smoking, managing your stress level, adhering to a healthy diet, not binge drinking, prioritizing, good sleep, and maintaining positive social relationships. I just got, I mean, I look, I hope you're laughing with me on this one because it's like, are you kidding me? Is this captain obvious is come on to the internet, but this is what clickbait gets you. Uh, you know, no one would ever guess exercising would have actually extended your life. Nobody would actually guess that being addicted to hard drugs probably lowers your lifespan, not binge drinking all the time. That's probably another one that your liver would probably thank you for folks in the silliness of this world. Sometimes you just have to take a step back. And here on the Doug Collins podcast, I'm willing to give you the very finest habits that can impact your life up to 24 years. Not sure how we actually engage that, but Hey, 24 years. But you know, look, we've had enough of it out there today. Uh, there's a lot of things going on. Let's get into it right after the break. Hey everybody, you know, about legacy precious metals, legacy precious metals. You hear from, uh, we taught once a month, we talk about legacy, press metals, talking about precious metals, being part of your portfolio, how they're your navigator. Well, now they're not only navigating in a new way. Uh, they're actually giving you a way to buy gold and silver. In fact, legacy precious metals has put in, developed a revolutionary new online platform that allows you to invest in real gold and silver online. And a few easy steps. You can open an account online, select your metals of choice and choose to have them stored in a vault or shipped to your door. I'm more of a ship to my door kind of person. I enjoy having them with me and, but they can do it either way. And you can now do it online. It gives you real access to a dashboard where you can track your portfolio growth in real time. Anytime you'll see transparent pricing on each coin and bar. This puts you in complete control of your money. This platform is free to sign up for just visit legacy PM investments .com and open your account and see this new investing platform for yourself. Gold hedges against inflation and is against, uh, and against the volatile stock market. A true diversified portfolio is just more stocks and bonds, but a different asset class. This platform allows you to make investments in gold and silver, no matter how small or large with just a few clicks. Remember do as I have done, go to legacy PM investments .com and get started today. And now you've got a new tool to help you along in your investments.
Thinking Crypto News & Interviews
A highlight from HUGE HBAR NEWS! FEDNOW HEDERA DROPP - COINBASE CRYPTO REGULATIONS, ARGENTINA BITCOIN + COREUM
"Welcome back to the Thinking Crypto Podcast, your home for cryptocurrency news and interviews. If you are new here, please hit that subscribe button as well as the thumbs up button and leave a comment below. If you're listening on a podcast platform such as Spotify, Apple or Google, please leave a five star rating and review. It supports the podcast and it doesn't cost you anything. Well, folks, I want to start off by giving you some perspective about all markets and bad actors and good actors. You know, quite often we hear Gary Gensler say there's a lot of scammers and hucksters and whatever else in the crypto market, right? He's painting the whole industry and asset class with broad strokes. But we know that's a lie and he's just gaslighting, right? But if you look at all markets, there are bad actors there. For example, UBS, one of the largest banks to pay $1 .4 billion for fraud in mortgage backed securities. So great example that even a established, fully regulated industry still has fraud happening, JP Morgan and all these banks, Wells Fargo, they all get billions of dollars in fines almost every year because they're doing something shady. And that is because in civilization and humanity, there are bad people looking to do bad things. So it's not that the technology or the asset class is bad, but rather there needs to be proper regulations and we have to weed out the bad actors. Now one could argue it's not possible to weed out every bad actor because we don't know what's happening in the minds of people. We're not mind readers, but we at least have to have proper regulations. So when you see the likes of Gary Gensler and others who are anti -crypto, gaslighting and putting out sensationalized headlines, don't be dismayed and realize what's happening. They're trying to put out a narrative. And we know crypto is here to stay. There are a lot of folks building with the technology. Are there bad actors? Of course, just look at Sandbank -Meerfried, right? But Sandbank -Meerfried is crypto's Bernie Madoff. So you just see these things when you line up all markets, you see the bad actors and of course the good actors. So a great example here. Now folks, Michael Burry, the big short Michael Burry, apparently he is running some shorts here and it's at a market value of $1 .6 billion. Apparently he bought $890 million of the SPY puts, bought $740 million of the QQQ puts Now, we don't know what the expiration dates are on these. So we don't know what the timeline is here, but he's looking to short the stock market and we'll see how that works out because look, he was right with the 2008 mortgage backed security situation and everything that took place there. He was absolutely right, but he hasn't been right every time. And we'll see where this goes. But I think he's seeing something on the horizon that what many of us have been tracking, many analysts is that the stock market is retracing. I don't know if this is a move to all time highs. I honestly don't know. I took some profits recently because I'm like, I don't know. I'll walk away with some money on my stocks, but we'll see what happens. And, you know, as far as the stock market and we know Bitcoin and crypto has been correlated to it, you know, Bitcoin is at a pivotal moment right now. So one of analysts tweeted out sideways at $29K has run its course. So it's decision time for Bitcoin this week. Is our next significant move up or down? You all know. I'm hoping it's upwards. Right. I've been sharing a chart with you guys for over a year now where we've been following Bitcoin's retracement. You know, certainly it's going to be a roller coaster ride upwards, just like it was in 2019. Nothing goes up in a straight line. But boy, I hope there's another leg up that takes us to, you know, 40K plus. And that will be a nice retracement move, at which point I'll take some profits. But there's no guarantee of that. And right now, Bitcoin is still holding support here with this trend line. But boy, like I said, guys, I'm hoping for another move up. We'll see what the catalyst may be, maybe some bullish news, some other big player entered in the crypto market. But let's keep our eyes on this. Hopefully it's not a dump. All right, folks, we got some very huge Hedera HBAR news. You all know I hold HBAR in my portfolio. I am bullish on it. I continue to dollar cost average, you know, not financial advice. Please do your own research. So here's the headline. FedNow showcases DLT powered payment system as service provider. The United States Federal Reserve's instant payment system FedNow has added a company powered by the distributed ledger technology platform Hedera Hashgraph to its showcasing service providers. On August 14, FedNow's official website added DROPP, a micro payments platform built on Hedera to its FedNow service provider showcase section. The section aims to connect financial institutions and businesses with service providers that can help them innovate and implement instant payment products using the FedNow service. Folks, this is really huge. I mean, the Fed endorsing micro payments provider that is built on the Hedera blockchain. That is huge news. If you hold HBAR, remember, they don't necessarily have to be using the HBAR token, but we're talking about Metcalfe's law, network effects, right? The more building on a network, the more adoption, the more participants, the stronger the network becomes, the more valuable it also becomes. And of course, in this digital realm that we live in, in the token economy, the native token will increase in value, folks, because the tokens grease the blockchain, right, help to process and fund the blockchain. So this is huge news. I'm very, very bullish on HBAR. Once again, not financial advice. Please do your own research. According to the FedNow site, DROPP is a digital solution that was made so that merchants can accept payments at low cost. The company uses DLT and regulated banking tech to build its solution that allows merchants to accept payments without paying huge transaction fees. While the new updates seem like the Federal Reserve is warming up to the DLTs, the FedNow service also wrote on its website that materials are only presented as convenience to potential FedNow service participants. So huge news, folks. And remember, the folks who are part of the governing council for Hedera, their global governing council includes Boeing, Dell, Google, IBM, LG, ServiceNow, Standard Bank, much more huge, huge brands. This is one of the projects I think will come out of the whole speculation bubble and enter the utility phase and be one of the crypto blockchains that have lasting potential. So I'm very bullish on this. All right, let's move ahead. We got some updates here from Eric Balcones of Bloomberg around Cathie Wood's ARK Invest crypto ETFs. So he said new filing from ARK for a digital asset and blockchain thematic ETF will hold equities. So this is interesting. Cathie, we know she's trying to get a Bitcoin spot ETF. She's in line with BlackRock and the others, but they're also looking to build new ETFs, too. So here, Nate Geraci of the ETF store said, odd filing, given how saturated this space is. He's talking about the equity ETFs. Wonder if there is anything to read into here regarding ARK's confidence around spot Bitcoin approval, which if it happens, these blockchain ETFs would face an additional headwind in terms of competition. So maybe ARK is not that confident. So we shall see. Look, I think it's certainly almost guaranteed that BlackRock is going to get approved because of their record and because they pretty much run the world for the most part. But let's see what happens. There's no guarantees here, folks. And look, there could be a buy the rumor, sell the news event around these ETF approvals. So just be prepared for that. If an ETF is approved, that doesn't mean billions of dollars are coming in overnight. They have to set up the marketing, the structures. They have to get the RIA's onboarded, right? It doesn't happen overnight. They'll probably need a few months. If you look at the when the gold ETFs were approved, it didn't pump instantaneously. It pumped maybe like six months later the gold market. So something to keep in mind, folks, and, you know, know how to strategize. So I think there will be, once again, a buy the rumor, sell the news event. Now, quick word from our sponsor, and that is Uphold, which makes crypto investing easy. I've been using Uphold since twenty eighteen, one of my go to exchanges, so I can vouch for this platform. They have ten plus million users, two hundred and fifty plus crypto currencies, and they're available in one hundred and fifty countries. You can also trade precious metals and equities on this platform. If you'd like to learn more about Uphold, please visit the link in the description. All right, folks, let's move ahead because we got Jay Coward Clayton. Yes, former SEC chairman that I call a coward because he's the one who filed a lawsuit against Ripple and ran out the door the next day. He did not approve a Bitcoin spot ETF. And of course, we know he was doing some corruption in the back room with Bill Hinman and Ethereum to get them the free pass, nothing against Ethereum, but rather the SEC corruption, because guess what? These are the people who are supposed to have integrity. They're funded off our tax dollars and they're supposed to be stopping the bad guys, but they themselves are the bad guys doing fishy corruption in the back room, getting paid millions of dollars. So Jay, of course, making his biweekly appearance on CNBC Squawk Box this time, he was talking about Sandbag Refreed and of course, the Bitcoin spot ETF. And of course, the Joe Kernen, Becky Quick, Andrew Ross Sorkin and these folks failed to do their job. No questions about the Ripple ruling. Of course, there was no question when he came on the show, I think last week or the week before, because they're clearly and probably Jay doesn't want to answer anything and they're kowtowing to that. So it's pathetic. It is not how a journalist does their job trying to bury a story when the man who filed a lawsuit is sitting right in front of you. Right. And this ruling, we know how huge it is. Members of Congress are using it as a president to push their crypto bills through and much more so pathetic. Jay's a coward. And of course, he doesn't want to talk about it. Pathetic. They won't even ask him the question. It's not like they ask him the question. He's like, you know what? Good for Ripple, but I don't want to talk anymore. You know, it could have been that much. But guess what? No questions. Zero, zero questions. So, you know, there's a big cover up. There's a big Jay is just a coward. Like, don't even ask me that question. So screw Jay Clayton. He's a coward. Let's move ahead. Coinbase launches nonprofit to advance crypto legislation to stand with Crypto Alliance will prioritize supporting and advancing legislation in the US that supports the industry and investors. The stand with Crypto Alliance is something Coinbase obviously is trying to get going and they want you to participate and sign up. This is great, guys. We need need more of this, more advocacy, more education, more getting the word out there so that we can bring more folks together and unite against folks like Gary Gensler and corrupt bureaucrats and regulators like Gary Gensler. So the alliance is a 501 C for organization under the internal revenue service, meaning it is an exempt social welfare group. The current discussion around crypto policy in Washington, D .C., between centralized players and other big groups. Kara Calvert, Coinbase's head of US policy, said Monday during a Twitter Spaces event, but the stand with Crypto Alliance hopes to bring new voices into the picture. Here's a quote. The alliance completely embodies exactly what the crypto industry is all about. Calvert said it's all about decentralized efforts, decentralized power, decentralized access. And that's, I think, really what the stand with crypto movement is about. So this is great. I love it. I wish more crypto companies would unite and do this. And get the once again, the word out there. Education is a big key in D .C., getting our representatives educated about blockchain and crypto. We're seeing more and more bipartisan support for crypto. So our efforts are paying off, but we need to do more, of course. Now, folks, there's some interesting news coming out of Argentina. So pro Bitcoin candidate Triumph sees Bitcoin reach historic high against Argentinian peso. So we got a presidential candidate. I honestly don't know much about this person, but, you know, a lot of people are bullish on this because his name is Javier Mele, if I'm saying that right, won the country's primary presidential race. He's pro Bitcoin. And we know the folks there are dealing with insane inflation. Many have been moving to Bitcoin as a store of value, as well as stable coins. So hopefully, you know, some things could happen here where they can maybe make Bitcoin a legal tender, something along those lines like El Salvador. But there is something else happening in the mix here. So Mele's unexpected triumph is seen as a rejection of Argentina's entrenched political establishment. The pro Bitcoin candidate became anti establishment after proposing the dollarization of the economy and call for the abolishment of the central bank due to the country's economic woes. So they want to certainly use the US dollar over the Argentinian peso. And I don't blame them. So this could be a really big move. And once again, this guy's pro Bitcoin. So let's see where it goes. Moving ahead, new indictment alleges Sam Bankman -Fried gave more than $100 million to politicians. Bankman -Fried and his associates donated across party lines to various candidates and political action committees. Boy, look, I am not a conspiracy theorist, but man, this guy donated a lot of money and it's probably why he's been getting the easy path, right? Being able to stay at home in his parents' house. And obviously recently they were like, no, dude, you're trying to, you know, game the system. He released Caroline Ellison's diary. So witness tampering and all that. And they were like, all right, we're going to put you in jail. So that's a good thing. He's in jail. But look, there are some people saying he could have an Jeffrey Epstein situation, if you know what I mean. And that wouldn't surprise me, folks. This man has a lot of dirt on politicians. He made them all look like fools, right? And that's, I've often talked about it. Optics is a big thing in politics. It's narratives and optics. So right now he's not making a lot of people look good and they want him gone. As you can imagine, like get the hell out of here, whether it be in jail or you know what else. So it looks like they may try to bring back some of the campaigns, finance charges that had been previously dropped, but we shall see what happens. And hopefully, you know, he sits in jail for a long time because he committed the crime folks. He's the one that was committing fraud. He's the one that was okaying funds, leaving FTX and going to Alameda, which was his firm. They were trading that money and losing it. So straight up fraud, as I said earlier in the podcast, he's the Bernie Madoff of crypto. But let's hope justice is served here and we'll follow this as it continues. Now, here's some not so good news. Coindesk lays off 45 % of editorial staff as an eyes deal to sell company. Look, it's not so much that they laid people off, but it's in conjunction with what else has been happening with Digital Currency Group. So Digital Currency Group owns Grayscale, Coindesk, Genesis Trading and much more. And we all know what has been happening with the Genesis Trading and Gemini situation. So Barry Silbert and these guys, it's not looking good. And I would not be invested or involved in anything Digital Currency Group, guys. If you're holding Grayscale shares, just be careful. I don't know what's happening here with this whole parent group and they could be in big trouble. So especially with the Genesis Trading situation and who knows if there's going to be cross contamination, the fact that Genesis Trading is in a hole and they are going to have to pull money and sell Coindesk and all these things, it's just a mess. So I don't think these guys are running the business well. Once again, it doesn't have anything specific to do with the blockchains or the crypto currencies, but rather, you know, the risks that you take and how you run your business. So we shall see. Finally, guys, our partner, Quorium, and I highly recommend you check out this blockchain. It is a third generation blockchain. They announced here new wallet integration. Frontier is now supporting the Quorium mainnet, prioritizing security through real time fraud prevention. It says Frontier Wallet offers a swap aggregator and cross chain bridges, a key partner to manage Quorium assets effectively. So once again, guys, check out Quorium. They're doing some great things and they got a new wallet support here. And I personally hold a Quorium tokens, not financial advice. Please do your own research. As always, don't blindly invest because you hear me holding a token or somebody else, any influencer or any YouTube or a podcast or whatever it may be, always do your research. So definitely check out Quorium. They're doing some great things. All right, folks, that's the news. Let me know what you think. Leave your thoughts and comments below, hit the thumbs up button and leave a five star rating on the podcast platforms. And I'll talk to you all later. Bye.
Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
A highlight from 1370: Why You MUST Own at least 1 Bitcoin - Jack Mallers
"Welcome, everyone. In today's episode, I'm going to be breaking down the latest technical analysis, as well as MicroStrategy marks three years of holding Bitcoin with four and a half billion dollars in Bitcoin and company stock, literally up two hundred and ten plus percent. We'll also be discussing PayPal executive says that their new stablecoin will be made available for DeFi in the future, as well as Bitcoin as a ticking time bomb set for historic expansion, as rare indicator sends a signal. I'll be breaking this down for you. We'll also be discussing breaking news of fun. Strad investor note says Bitcoin can hit one hundred and eighty thousand dollars before the upcoming block reward, having scheduled for April of twenty twenty four. We'll also be discussing the top reasons why the Bitcoin price will smash a million dollars per coin, as well as why you must own at least one Bitcoin right now. We'll also be taking a look at the overall crypto market, all this plus so much more in today's show. What's good, crypto fam? This is first and foremost, a video show. So if you want the full premium experience with video, visit my rumble channel at CryptoNewsAlerts .net. Again, that's Crypto News Alerts .net. And welcome, everyone. Just tuning in. This is Pod episode number thirteen hundred and seventy. I'm your host, JV. Today is August 13th, twenty twenty three. Kicking off today's episode here with our market watch, we can see Bitcoin still holding strong onto twenty nine thousand four hundred, but slightly consolidating for the day. We also have Ether barely back in the green, trading above eighteen hundred and fifty dollars, along with BNB and XRP also in the green. And checking out CoinMarketCap .com, the current crypto market cap sits at one point one seven trillion dollars, with about 17 billion in volume in the past twenty four hours, with the Bitcoin dominance at forty eight point seven percent and the Ether dominance at eighteen point nine percent. And checking out the top one hundred crypto gainers in the past twenty four hours, we have room lead in the pack up twelve percent, trading at a dollar thirty seven, followed by a ton up about seven percent, trading at a dollar forty three, followed by Pepe up four and a half percent and checking out the top one hundred crypto gainers for the past week. Mostly, I'd say we got a few in the green, but also probably equally as much in the red. Some of the biggest losers include Koss and Bone, with some of the top gainers for the day, the same as the week with Tun, Rune and Pepe. And checking out the Crypto Greed and Fear Index, we're currently rated a fifty four neutral, same as yesterday. Last week was a forty nine and last month was a sixty in greed. So there you have it. How many of you are currently bullish on the king crypto and have been taking advantage of this recent dip? Let me know in the comments right down below. And now let's dive into today's Bitcoin technical analysis and see what's happened with the continuous sideways trading action. Most of the alts are also quiet today on Sunday, similar to how they perform yesterday on Saturday, except for Rune and Tun taking the lead. Now, the past few weeks went in a rather unventful fashion for typically more volatile crypto asset. This past Monday saw some movements as Bitcoin dipped below twenty nine thousand to mark the weekly low. However, it went on an offensive almost immediately and had surged past thirty thousand by the time Wednesday came. But that was short lived. More volatility was expected on Thursday when the US CPI numbers were set to come out. Yet that wasn't the case. Bitcoin remained at just under thirty thousand, where it had retrace hours just before that. And then the following days were quite stagnant. Once again, Bitcoin stood still within the same tight range of between twenty nine and twenty nine five. And expectedly, the weekend didn't provide anything different, given the typically lower trading volume. So there you have it. I mean, it's been very boring sideways trading action. Nothing new. But I feel once we can break thirty two, we're likely to continue marching on up, breaking the annual high. And there's not much resistance between thirty two and forty. So do keep that in mind as well. Now for the latest regarding the first publicly traded company to put Bitcoin on their balance sheet, which is MicroStrategy. They're still holding their four and a half billion dollars worth of BTC. Let's break this down. As you can see here, it's been three years since MicroStrategy first accumulated their BTC. Michael Saylor spearheaded the strategy of making Bitcoin their primary Treasury Reserve asset, directing the firm to buy twenty one thousand four hundred and fifty four BTC for two hundred and fifty million at an individual price of roughly eleven thousand six hundred dollars on August 11th of 2020. That's when it all began. Now, in the up and down years since MicroStrategy continued to consistently invest in the top crypto asset, becoming the largest institutional holder of Bitcoin. And as of July 31st, the firm holds one hundred and fifty two thousand eight hundred BTC acquired for a total cost of roughly four and a half billion dollars at an average individual price of twenty nine thousand six hundred and seventy two. So they're roughly at their break even point. Interestingly enough, now Saylor was MicroStrategy's chief executive when the company first bought Bitcoin, but now serves as its executive chair after stepping back from the CEO role last year. The MicroStrategy stock is up more than two hundred and ten percent since August 10th. So keep that in mind. And that since 2020, the day before it made the announcement to purchase Bitcoin, MicroStrategy is currently priced at three hundred and eighty four dollars per share, according to Market Watch. And it hasn't been an entirely smooth ride. However, keep in mind, MicroStrategy is down more than 70 percent from the three year high of eleven or one thousand three fifteen, which it hit on February 9th of twenty twenty one, referring to the stock right as Bitcoin was in the midst of that ascendant bull run. And in June of twenty twenty two, MicroStrategy faced concerns it would receive a margin call on a Bitcoin backed loan, though those fears never materialized and seemed to be nothing more than FUD. And in a margin call, a trader or investor is required to put up more funds to avert the closure or liquidation of a leveraged position. And I think when those FUD rumors were coming out, Michael Saylor said unless the Bitcoin price dips all the way to three thousand, we are not getting liquidated because they had more assets to back it. So it was nothing more than FUD at the end of the day. But very interesting. I think MicroStrategy will continue being one of the largest huddlers of Bitcoin in the world. They're second in line to Grayscale, which controls over four hundred thousand BTC. And at this time being there's no spot Bitcoin ETF in the United States. The next best closest thing is to owning MicroStrategy stock. And of course, Michael Saylor is very bullish on that. Now, let's discuss the latest regarding the PayPal stablecoin, which is titled PYUSD. They've been announcing some plans for DeFi. And we also had some analysts recently come out predicting due to the launch of the PayPal stablecoin because their audience is so large, hundreds of millions of people that use PayPal on a regular basis, active users, that it can send the Bitcoin price to a quarter million dollars per coin. That was a prediction from Charlie Shrem. I covered a few episodes ago. If you missed that, be sure to check that out. Now, an insider from PayPal says the firm's new stablecoin will ultimately launch on DeFi platforms sometime in the future. In the new interview on the Unchained Pod, Jose Fernandez, PayPal's senior vice president of blockchain, crypto and digital currencies, told the host Laura Shin that the firm intends for their stablecoin, which was launched earlier in the month, to be available on crypto exchanges and compatible with the DeFi ecosystems, quoting them here. I think DeFi will be a part of the first wave in the sense that we want to go where crypto users are using stable coins today and DeFi as a use case for that. So as of today, you can only get the PYUSD on the PayPal wallet. We are ramping up the product, but definitely the intention is that it will be available in the main exchanges. And when the distribution is available, then the folks will be able to use it for the traditional use cases. The Ponte goes on to share that their stablecoin is already compatible with Ethereum wallets as it is technically an ERC20 token, ultimately meaning on the Ethereum blockchain, and that it's fully backed in compliance with New York regulations. Quoting him again, the stablecoin PYUSD is an ERC20 token. It's deployed on the Ethereum blockchain and it can be sent outside to wallets that enable ERC20 tokens. Now, there is definitely an aspect of it that has to do with being fully backed and regulated as a stablecoin. As you know, we are issued out of New York. Paxos is the issuer and the token is approved by the New York Department of Financial and Security New York has very clear and strict requirements in terms of KYC, know your customer, and anti -money laundering provisions that require the ability to be able to have the right control in place. So there you have it. And to watch this entire interview, they did check the show notes below the video in the description. I will give you a little disclaimer. I do not trust PayPal as far as I can throw them. I had a lot of people ask me, where can I get the stablecoin? It seems currently only available on PayPal, but I wouldn't be holding it. I'd prefer the real thing, which is Bitcoin the only decentralized crypto asset because PayPal, just as they can freeze your funds and freeze your PayPal account. They've done that to me before in the past, probably like a decade ago back in the day. They could also freeze your stablecoin the same way because all it is is a digital version of the dollar. So that's not so enticing or exciting to me. But the reason it's fruitful and bullish for the entire industry, it can help usher in that mass adoption, considering PayPal has hundreds of millions of active use active users. That's why this is a pretty bullish story. But anyways, now let's talk about the ticking time bomb, followed by one hundred and eighty thousand dollar prediction from Fundstrat at the time of the halving less than nine months away. And then I'll be sharing the latest and greatest from the one and only Jack Mallers and why you should own a Bitcoin and why the Bitcoin price is trending towards seven figures. Let's break it down. And yeah, if you're just joining us, make sure to say hello in the live chat. Don't be a stranger, as this is a live and interactive show. But yeah, let's break this story down. As you can see, while he followed analysts as Bitcoin is gearing up for a historic move to the upside, now that has rarely seen the indicator has flash. This anonymous analyst known as Credible Crypto shares that Bitcoin is going through a period of record low volatility or a compression phase, which he says will ultimately lead to historic expansion. Send it. Let's go. He shares a chart, which you can see here, along with fellow analyst tech dev who points out that Bitcoin's three week chart is approaching compression levels that previously signaled the start of the bull markets since 2012. Quoting credible here, historic compression leads to historic expansion. Imagine looking at this chart and thinking, yeah, ten thousand dollars incoming, a ticking time bomb till bear extinction. BTC. That's what's up. Now, while many Bitcoin bulls have lost confidence due to the Bitcoin uneventful price action, credible says Bitcoin is simply consolidating, which should be considered bullish, quoting him again, seeing a lot of if we are so bullish, why aren't we moving up? The bulls don't have the strength to push the price higher. This is bearish. But when the price is moving sideways, it means that neither bears nor bulls are in the driver's seat. Consolidation is, by definition, neutral buyers and sellers have reached an equilibrium. Now, nine out of ten times consolidation structures resolve in the direction of the trend that preceded them. We have been in a very clean, obvious uptrend since fifteen thousand dollars. So by default, then one should expect this consolidation over the last month to resolve to the upside. And he continues, your default stance on Bitcoin here should be bullish, in my opinion, unless we start breaking bullish market structure. For example, the first and lowest timeframe level of the bullish market structure that matters is twenty four eight marked, as you can see here in this chart. So there you have it. How many of you agree with credible crypto aren't currently bullish, even though the price action seems boring and continues to trade sideways? Let me know your honest thoughts in the comments right down below, which leads us to our next story of the day. That's Fundstrat's prediction of one hundred and eighty thousand dollar Bitcoin price by the time of the next halving, keeping in mind that halving is scheduled to be sometime in April 2024, virtually meaning less than nine months away. Let's break this down and shut up to Tom Lee over at Fundstrat. So I actually shared this in a tweet here this morning. Fundstrat investor note says Bitcoin could hit one hundred and eighty thousand before the upcoming block reward halving in April of twenty twenty four. And also interesting, an Indian analyst thinks that World War Three had already begun expecting the BRICS economic bloc to merge with the Shanghai Corporation Organization. And also it is shared that the financial services company attributes this projected five hundred and twenty one percent Bitcoin price hike from the current levels to the rising demand fueled mainly by the anticipated approval of a Bitcoin ETF, which I know is on everyone's mind. We know there's literally hundreds of trillions of dollars in the total addressable market, much of which can be come in pouring directly into BTC. So let's break down some more of these numbers. Fundstrat's and Pharrell's projections follow the mid -July forecast from the banking giant Standard Chartered. And guess who is the primary shareholder of Standard Chartered? You guessed it, BlackRock fam. They predict one hundred and twenty thousand dollar Bitcoin price by the end of next year in twenty twenty four. Now, Pharrell's analysis points to a Bitcoin ETF potentially adding an extra hundred million dollars in daily demand. I honestly feel that is conservative, but hey, now why the impending halving will slash the daily mining rewards down to a mere twelve million, quoting them here with a spot Bitcoin ETF launch daily demand will reach one hundred and twenty five million while the daily supply is only twenty five million. The implicit equilibrium price would need to increase so that the daily supply matches the daily demand. Now, equilibrium analysis suggests a clearing price of one hundred and forty to one hundred and eighty thousand per BTC before the halving in April of twenty twenty four. And moreover, Fundstrat envisions the possibility for a BlackRock Bitcoin ETF to become one of the most monumental ETF launches ever. Let's go. Possibly outstripping the QQQ ETF's thirty six billion in first year inflows. I think we crush it personally. The firm is of the opinion that Bitcoin ETF assets might outshine precious metal ETFs one hundred percent. Now that's a market worth two hundred and thirty billion dollars and eventually become a category worth more than three hundred billion. That's a given, right? However, approval for a spot Bitcoin ETF could enable manipulation akin to allegations about precious metal ETFs like gold and silver. A physically backed Bitcoin ETF is expected to boost crypto adoption as well as the prices. There is a chance it could mimic the gold and silver and allowing leverage of fictional supplies Bitcoin to manage futures positions, a .k .a. through derivatives. Now, when the price rises too fast, this imaginary Bitcoin supply could be dumped to tamp the global prices down. But for a while now, Fundstrat has been prophesizing a leap into the six digit territory as far as the Bitcoin price action, though these bold predictions have yet to materialize. Also, keep in mind, back in May of twenty twenty one, David Grider, the firm's chief digital asset strategist, confidently asserted that the target Bitcoin price of one hundred thousand per coin remained intact. Send it. He further envisioned Ethereum scaling to ten thousand per coin, reflecting on the broader crypto landscape. Grider's perspective from two years prior foresaw the entire crypto economy accelerating towards a staggering five trillion dollar milestone. So there you have it. Let me know if you agree or disagree with Fundstrat and their analysts that the Bitcoin price is likely to hit that target of between one hundred and twenty twenty four. That Bitcoin halving in April of twenty twenty four, that would obviously be the calm before the storm. And could you imagine the BlackRock Bitcoin ETF virtually being approved pre halving? That's going to send Bitcoin to a whole new stratosphere, in my humble opinion. I predict that we hit the peak cycle high in twenty twenty five, just considering the history doesn't necessarily repeat, but often tends to rhyme. And I remember the Bitcoin halving of twenty sixteen. It was the year following in twenty seventeen. We hit the high for that cycle of roughly twenty thousand. Then like clockwork four years later from the twenty sixteen halving in twenty twenty, we had the next halving and the following year Bitcoin hit the current all time high of sixty nine thousand. Hence, I'm predicting a multiple six figure Bitcoin price by twenty twenty five. Let me know if you agree or disagree in the comments below. And like I said, I'll read everyone's comments out loud at the end of the show. And with that being shared, fam, now let's discuss our final breaking story of the day. Jack recently Mallers did a podcast episode on his new podcast, Shout Out to Jack. I transcribed it because I find it very valuable. He was also interviewed on CNBC and talks about how hyperinflation will send the Bitcoin price to a million dollars. So here's some of the highlights and my transcription from his interview I have to share with you and then we'll dive into our live Q &A. So here we go. Here's what Jack Mallers had to share in this interview. If silver is going to 1000 X, I will walk into my kitchen right now and I will melt all of my silverware and I will sell it at market. If gold is going to rally, Elon Musk will find more on Mars. This is a super important point. Bitcoin is the only monetary instrument in the history of our species that is fixed. It does not matter how much more demand comes into the asset class because no one will ever be able to make more than it. There are two things I can guarantee you in my life. Number one, that I'll die. And number two, there will only ever be 21 million Bitcoin. And those are the two things that I could only value, which is my life and my Bitcoin. So it is the only fixed supply asset. It is not that complicated. It's going to go up because everything else can be issued more. The only thing that is clear to us and clear to our customers is that you cannot hold and save in dollars anymore. I think there is going to be a new era of the US dollar where inflation will enter and normalize 5, 6, 7, 8, 9, 10 percent. The days of 2 percent inflation are over. The Fed really blew this thing up. You can call it inflation because the CPI is low to nonsense, right? Like the government is going to tell me how the dollar is inflating based upon a basket of instruments like my Netflix subscription or my Caesar salad doesn't actually tell me how well the dollar is doing or how much it's being devalued. Miami real estate does. Bitcoin does. Bitcoin is up over 50 percent this year. You're telling me the dollar isn't inflating. You're out of your mind. I am not listening to that. The Fed and the whole monetary system is based on trust and they constantly, they constantly break that trust. Preach. It would be the equivalent to there's a fire outside of my house. I smell the smoke and someone tells me, no, no, no, no. It's a bunch of teenagers putting on a bonfire. OK, but I hear one police siren. Are you sure it's a bonfire? Yeah, yeah, yeah. It's a bonfire. Now I hear 10 sirens, 100 sirens. My whole community is running out. I'm not going to get up and look outside the window and see what's going on. I don't believe them for a second. You have to be absolutely crazy to believe the Federal Reserve right now. They are full of it. And I don't have to because I own Bitcoin. There is no one that can deflate my instrument. I get to hold it, save in it. I know the monetary policy. I sleep like a baby, like the baby face that I am. I think you are crazy to believe the Fed and these swap lines and treating these assets at par. It is a gimmick. It is a scam. Very powerful words coming from Jack Mallers. Let me know if you agree or disagree. And as you can see, this post is going viral over on X. So be sure to share it and repost it. I greatly appreciate that. Now for some other thoughts regarding predictions coming from Jack Mallers as well. When he was speaking with CNBC's Power Lunch with Kelly Evans, the strike CEO discussed the role of Bitcoin in the ongoing banking crisis. And Mallers is convinced that the Bitcoin price will hit one million dollars per coin fueled by global hyperinflation. According to Mallers, the Fed has tarnished its name by printing more money to save the banking industry, despite claims to reduce inflation to 2 % as I just shared with you. And as such, Mallers expects the Bitcoin price to continue with higher demand and Mallers reiterated the fact that there will only ever be 21 million Bitcoin units, despite the increase in demand. Now, notably Mallers bashed the altcoin industry for being centralized with founders holding massive coins at the expense of the secondary market. And as such, Mallers thinks that altcoins are suitable for speculation and should ultimately be used to accumulate more BTC. Quoting him again here, my overall opinion is that the name of the game is to accumulate as much Bitcoin as possible. The alts are interesting, but a lot more speculative. I use them to accumulate more BTC. So there you have it. Let me know if you agree or disagree with Jack Mallers and his thoughts, what he had to share. Do you think that global hyperinflation will likely send the Bitcoin price thriving to seven figures per coin? Let me know your honest thoughts in the comments right down below, and don't forget to check out cryptonewsalerts .net for the full premium experience with video and to participate in the live Q and A. And I look forward to seeing you on tomorrow's episode. HODL.
Northwest Newsradio
"cnbc" Discussed on Northwest Newsradio
"CNBC it's not going to be doing that, at least not yet. Amazon came out pretty clearly said that this is something not they were going to do soon, but they did leave the door open for the future. And that is enough itself to keep the carriers under pressure. CNBC's Deirdre Bosa wholesale food prices going down. Food prices hitting a two year low in the month of May. The nominal FAO food price index signs of deflation here after food prices posted an all time high about a year ago. That spiked a direct result of Russia's invasion of Ukraine. May's number more than 20 percent off of that level. Corn, wheat, grain, all significantly down, although the cost did rise in May, as did sugar. And the question is whether or not the food makers, the manufacturers will actually pass on some of these savings to the consumer. CNBC's Melissa Lee and Carl Quintanilla. BBB has given bees some new life, right? Yeah. Well, Bed Bath and Beyond is pretty much gone. It owned Bye Bye Baby and the name could go on in maybe even some of its stores. We've confirmed that there's two different bidders who have expressed an interest to buy Bye Bye Baby. The first one, it's an unnamed bidder. They're an independent operator of the company. They want to keep about 75 % of the 120 doors open and they actually want to keep it running. The other bidder is Baby List. This is a ETC online retailer. They are basically an online baby registry and they just want to buy the trademark and the domain. CNBC's Gabrielle Fomruge. On today's watch list we get economic data on the services industry plus factory orders. No big earnings today. Fortune releases
Northwest Newsradio
"cnbc" Discussed on Northwest Newsradio
"To combine with Hulu. Discovery plus is now being pushed into HBO Max, light sheds rich Greenfield on CNBC. U.S. theaters busy over the weekend, investors must be feeling good about the movie industry. Yeah, Hollywood is bullish, and so are analysts that are watching, especially with the big numbers that Disney did with its live action remake of The Little Mermaid. It could be a good summer for movie makers and theaters because a lot of big films are coming out. Disney with an upcoming Indiana Jones sequel in addition to The Little Mermaid plus the Pixar film, it could be the biggest winner this summer according to a note by cowan, which says that Warner Brothers discovery has the most potential variants with the flash and Barbie, both which have gotten a lot of advanced buzz. Meanwhile, Sony has its Spider-Man sequel, paramount has its Mission Impossible and then universal is fast X launched just last week. ComScore's Paul daguerre benian notes that there are 20 more wide release films said for release this summer than last summer, so he is bullish on the potential for the box office to top that key $4 billion number CNBC's Julia borsten. On today's watch list, earnings today from box GameStop and HP and Hewlett Packard enterprises, economic data coming today include the S&P case shiller home price index and the latest on consumer confidence. 22 pass now, North Korea has notified neighboring Japan that it plans to launch a satellite in the coming days. Correspondent Lawrence Brooks reports. Experts claim Pyongyang is attempting to put its first military reconnaissance satellite into orbit. Japan's defense minister yasukazu amada says he's ordered the self defense force to shoot down the satellite if it enters Japanese territory. Japan's coast guard says it received a notice from North Korean authorities that the launch window was from May 31 until June 11 and the launch may affect waters in the yellow sea East China Sea and east of the Philippines Luzon island. The coast guard has issued a safety warning for ships in the area due to the risk of falling debris, North Korea's satellite launch plan comes amid heightened tensions on the Korean Peninsula. I am Lawrence Brooks. So spaceship brings in investigators and a rash of recent horse fatalities and Korean War veteran finally returns home. Those stories and more when America
Mike Gallagher Podcast
"cnbc" Discussed on Mike Gallagher Podcast
"You one 806 5 5 mic, 806 5 5 6 four 5 three. A little mic on Twitter at radio Tucker, Mike. If I stay. Midnight at the way this is my Gallagher. Hey, Mark. These are the same people that go out there and criticize Ben Shapiro and call him racist and everything. Even though he's a Jewish, they would call him racist just for go on against Soros too. So that's the big deal. Let me explain. Keep on trucking. God bless you. We'll remember somebody in the, I think it was the Los Angeles times called Larry elder, the black face of white supremacy. I mean, these people are beyond goofy. Tracy Annie luck, dog, got it. Nobody called in with a $44 $4400 contribution to get us to a hundred. Well, if not, it'll take a whole lot of 20 $5 donations, but we might still get there today. Maybe it just takes an army of smaller donors to get us to a hundred kids, but we can do it. Come on, go to Mike online dot com at the top of the page. He's the angel tree banner, and maybe we'll just keep the phone lines open while I tell you about Elon Musk and why they're calling him an anti semite. Maybe we'll just keep those phone lines open $4400. We'll get us to a hundred kids and you'll get to guest co host the show for an hour with me. Tax deductible donation. I was sure somebody would sign up. So please, please, please consider making the donation. If you're willing to go to just call 806 5 5 mic, Tracy is eagerly awaiting your call. I admit I'm just a little disappointed. Elon Musk sat down with CNBC. Maybe one of the most important things you'll hear today. First of all, here's a smart guy, the new CEO of Twitter, the CEO of Tesla runs CEO SpaceX. He's an entrepreneur. Guy's brilliant. And he sat down with CNBC. Listen to what he said on CNBC with a reporter, David Faber, about election interference, and the Biden election. You do some tweets that seem to be, or at least give support to some who would call others conspiracy theories. Well, yes, but I mean, honestly, you know, somebody conspiracy theories have turned out to be true. Which ones were like the Hunter Biden laptop. That's true? Yeah. Yeah. So that was a pretty big deal. There was Twitter and others engaged in active suppression of information that was relevant to the public. That's a terrible thing that happened. That's like an interference. But that's election interference, of course it is. Now, this is why the left is lighting their hair on fire over this guy. Because he's calling him out. He's pointing out suppressing a story that was damaging to Joe Biden. Forget hunter, this troubled guy. His dad knew what was going on. And everybody knows it. He was election interference. The Democrats want to scream about Trump and the Russians and collusion and election interference. What did they do to Trump? How did they assist Joe Biden? But then it gets interesting. You see, Elon Musk has called out George Soros. Elon Musk has criticized George Soros on Twitter, saying that he is engaged in destroying civilization. And listen to this exchange when the reporter challenges Elon Musk's criticism of the billionaire activist who funds radical progressive district attorneys and prosecutors to harm American communities. But how do you make a choice? You don't see, I mean, in terms of when you're going to engage. I mean, for example, even today, Elon, you tweeted this thing about George Soros. Well, I'm looking for it because I want to make sure I quote it properly, but I mean, you know what you wrote, but you basically reminds me of my videos. Calm down, people. This is not like medical out of it. You said he wants to erode the very fabric of civilization and source hates humanity. Like, when you do something like that, I think that's true. That's my opinion. Okay. But why share it? Why share it? Especially, I mean, why share it when people who buy teslas may not agree with you, advertisers are on Twitter may not agree with you. Why not just say, hey, I think this. You can tell me we can talk about it over there. You can tell your Friends, but why share it widely? I mean, this is freedom of speech. I'm allowed to say what I would absolutely are, but I'm trying to understand why you do because you have to know it's got a, it puts you in the middle of the partisan divide in the country. It makes you a lightning rod for criticism. I mean, do you like that? You know, people today saying he's an anti semite. I don't think you are. No, I'm definitely. I'm like, I'm like a pro semite. If anything. I believe that probably is the case. But why would you even introduce the idea that? That that would be the case. I mean, we don't want to make this a George source interview. No, God, no. I don't want to at all. But even came up with the annual meeting. I mean, you know, do your tweets hurt the company? Are there Tesla owners to say? I don't agree with his political position because, and I know it because he shares so much of it. Or their advertisers on Twitter that Linda ocarina will come and say, you gotta stop, man. Or, you know, I can't get these ads because of some of the things you tweet. When Elon Musk said, yeah, that's true. I called out Elon Musk. That's my opinion, and the interviewer says, why share it? Why should the head of a platform like Twitter, which is all about free expression, share your opinion? And then I'm astounding and he pushed back hard on the criticism of George Soros and here after a 12 second pause, this is what Elon Musk said. You know, I'm reminded of. The scene in the princess bride. Great movie. Great. Where he confronts the person who killed his father. He says. Offer me money. Offer me power. I don't care. So you just don't care. You want to share what you have to say. I'll say what I want to say. And if the consequence of that is losing money, so be it. Okay. Gosh, how much do you love that? I'll say what I want to say, and if the consequence is losing money, so be it. That's called courage that's called guts and why is he being called an anti semite over the subject of George Soros. I want to break this all down for you, and incidentally, if you want to chime in on this, feel free to join us. 806 5 5 might. One open line, 806 5 5 6 four 5 three. Wait until you hear what The Washington Post says about Elon Musk and George Soros. Wait till you hear what the left is saying about Elon Musk. They hate free speech and they loathe a guy like him who's fearless..
Bloomberg Radio New York
"cnbc" Discussed on Bloomberg Radio New York
"Kushner and a curious day in markets today, Doug, you mentioned a lot there are the bounce off the 200 day moving average is one thing bostick's comments about a possible pause this summer. And CNBC's reporting of Dan Loeb taking a purchase of shares in AMD also got a little bit of attention. And then also just that yesterday, stocks hit a 6 week low. It was a surprising day. Yeah, I don't think you can underestimate the degree to which the American economy is facing inflationary pressure. More worrisome than perhaps the data on first time jobless claims, unit labor cost in the fourth quarter, Brian, rising at an annual rate of 3.2%. That was nearly three times the preliminary estimate. We have really yet to see any softening in the labor market despite all the aggressive tightening that we've had from the fed and today treasury secretary Yellen was saying, the fed simply will have to reduce the heat of the jobs market. Yeah, it's really tough to say though whether or not we'll get a follow on. We had one month data. It seems like we'll get a follow on that inflation isn't going down anytime soon. But you know, you'd want to have more than one month. So I think that's why some people are thinking, well, if the economy is this strong, as it apparently is, there's some question about that. But until you get a second month, they're not throwing in the towel. In fact, a rally today really gets your attention is, what is the market trying to tell us? I wanted to mention as well, the Broadcom story it adds to invidious comments earlier and that also makes it interesting for a sector that had been troubled. We had the socks up about 1% today. Yeah, and also after the bell we heard from HP enterprise, a strong forecast for the current quarter. So if you're talking not only about semiconductors, but information technology more broadly, some positivity. Yeah. All right, it's time now for global news. U.S. Secretary of State Antony Blinken says he was very direct in his short meeting with Russian foreign minister
Northwest Newsradio
"cnbc" Discussed on Northwest Newsradio
"Edinger covers Monday business. Wall Street opens this morning after stocks notched their worst week of the year last week with the Dow and the red for the year now, Friday's plunge came as bond yields rose on the back of a new inflation report that showed inflation went up in January. It was a hotter than expected inflation rate and the personal consumption expenditures report. Investors are worried that inflation will go up. Economists tell CNBC, no one ever said inflation would go down in a straight line. Is it on the way up or is this just part of the oscillation as we go down? I think there's a lot of expectation that this is the oscillation part and that the market it had wronged the idea that we're going to have this linear or smooth ride down an inflation. It's going to go up and it's going to go down hopefully the trajectory is still down. CNBC senior economics reporter Steve liesman. And the January PCE report means to many investors rates have to keep climbing. This just further reiterates that the fed has to keep going. And probably has to break demand in order to solve this problem. SoFi's Liz young on CNBC. The fed meets again on interest rates in about a month on March 21st. Credit card debt starting to keep people from putting away money for a rainy day. A new bank rate survey found more than a third of those asked. Say their debt is now bigger than their emergency funds. Jessica, how's the spring home buying season looking? Yeah, you know, just two weeks ago, people were pretty optimistic. But now some real estate professionals tell CNBC. They're getting a little worried mortgage rates inching very close to 7% again. That's causing a split for the kind of home. That's selling. New home sales are moving quicker because they're built to sell and existing home sales have declined because sellers want to stay with the rate that they have. I think it's a little bit of gridlock in certain areas. Brown hair is Steven CEO best Friedman on CNBC and she adds, it really does take a lot to motivate somebody with a 3% mortgage to sell their home and go into a 7% mortgage in the new one. People have to be motivated because of a new job or want to go to a new place. So I think people are not going to be motivated unless they can really get crazy prices for their home. Heading into the weekend, the average rate on a 30 year fixed home loan was 6.88%, according to mortgage news daily, we're going to see if that ticks even higher today. Also on today's watch list, durable goods orders, and pending home sales for
Northwest Newsradio
"cnbc" Discussed on Northwest Newsradio
"18.3 million borrowers were behind on a credit card payment. Friday business with CNBC's Jessica edinger. Stocks open on Wall Street this morning after a sell off yesterday on higher than expected inflation numbers. The Dow fell more than 400 points for the second time this week, a January inflation number came in hotter than expected. This time the PPI the producer price index, which measures inflation at the wholesale level. I think the big thing is you'd had a reversal in energy. Let's start there. That's the obvious thing. Got a 5% change in the energy prices. Do you have some relief on wholesale prices for finished consumer foods? Whether or not that's shown up necessarily at the supermarkets unclear, but those were down 1%. I think you just got to understand that what the fed has been trying to tell folks is that it's not a straight line from here until low inflation. There's a lot of bumps along the way. CNBC senior economics reporter Steve leisman. Tesla turmoil, it's recalling more than 350,000 vehicles, saying self-driving software may cause crashes. Home builders started construction on fewer homes last month. Home construction dropped more than expected in January, despite two months of gains in home builder sentiment, single-family starts more 27% lower than the year before housing completions are now outpacing starts, which means the supply situation is going to drop going into spring. As for multi-family apartments, the number of apartments currently under construction is the highest since 1973 CNBC's Diana oleck now. If you're going home shopping over this long holiday weekend, note the average rate on a 30 year fixed home loan is now higher. It's pushing 6.8% as of yesterday, according to mortgage news daily. Okay, well, now we can all go get a new car because the list is out. Yes, everybody waits for the consumer reports list. It's top car picks for this year is out and one automaker has more of its models on the list than any other. Toyota, they have four of the ten vehicles, no surprise they are the leader in hybrid sales here in the U.S. this year, 7 of the ten are either hybrids or electric vehicles. These are the models that are the best in these categories, and they're in a range of prices between under 25,000, up to 55,000. CNBC's Phil lebeau. Now consumer reports says the top picks include the Toyota Corolla hybrid, the corolla cross, the Camry hybrid, and the Lexus hybrid. Others on the list include the Ford maverick hybrid compact pickup truck, the Kia Telluride, the Nissan leaf, the Tesla Model three, the Subaru forester and the Hyundai Santa Fe hybrid. On today's watch list, no big economic reports, we do get earnings from AutoNation AMC networks and Mercedes Benz, new in theaters, Disney's hoping to break president's day weekend records with ant man and the wasp, quantumania. All right, CNBC's Jessica edinger with Friday business. 24 passed a near total abortion ban remains in effect in this state and job opening in the Biden cabinet. Those stories when America and the morning returns after these messages. Science proves quality sleep is vital
Bloomberg Radio New York
"cnbc" Discussed on Bloomberg Radio New York
"Long hard downhill ride for peloton Chair's plunging on a CNBC report that the company is temporarily halting production of its big ticket items including its signature bike due to a drop in consumer demand In November peloton slashed its sales forecast sending the stock to its worst route ever so I took a jury of Evercore with us now What's your reaction to this Well hi thanks for having me Well I think that we just as level said we have an inline rating on belt on top We have been on the sidelines since we initiated in April And our first reaction is that there are two a lot of things that are going on with but do key things that we want to focus on One is that they are facing the opposite of what they face during COVID What they had done of demand during COVID and they were struggling to keep over the demand now It's just complete opposite They have built this capacity They have built they've got a ton of inventory and they're seeing diminishing demand at a because the economies are going to reopen And people are going to go back to the gym and be there is a lot of competitive pressure And their products are not necessarily the most price friendly product They are great value They satisfaction rates are high but they do face a ton of competition So in an environment where markets are reopening where their cost structure is really high where they are still have generating losses and where the competitive pressures are high and on top of that they may actually raise prices because now they're going to start charging $250 by the end of this month for green $350 per trade So that does price even further for consumers But I think this is just a perfect stock storm for Bella dawn Also on top of go ahead What do you think the demand trajectory is going to be going forward given that we're hopefully coming out of a pandemic There was a big spike in orders through the pandemic but going forward a lot of the people who were going to buy a bike Maybe I already bought a bike Exactly And that is our point I think that there are two sides of this If you talk to someone an investor or anyone who is really bullish on ballot on the idea is that the market is very large and that there should be ongoing demand and they just saw a pull forward that they will benefit from on an ongoing basis The fundamental question for both on is really how big is the market And how big is their competitive moat We think that they have competitive advantage is diminishing because if you actually look at a Nordic trap new tread launches they are very competitively priced They are warranty is just as good or even better than fellow Don's dimensions are the same basically almost the same product with a better value And so the question is going to be well and not only is market penetration and the important question but also competitive dynamics And then the other question is okay how many households are really going to buy a connected device for connected fitness device That is affordable And that is the key question And we think that the market is smaller than what some of the out there are thinking Interesting All right sweater cause you're Evercore Thanks for weighing in We'll continue to watch what happens there Coming up the Senate moving forward with major antitrust legislation going after big tech What could it mean for companies like alphabet apple and Amazon Adam covach with the chamber of progress with us to discuss next This is Bloomberg.
The Erick Erickson Show
"cnbc" Discussed on The Erick Erickson Show
"Banks are turning people down at this moment. There is clearly something financial happen in the waters out there. And i'm not sure what it is but i. I talked to a lot of finance guys lot of them. Listen to the show. I'm always amazed. At the demographic people listened to the program and a lotta finance guys. Didn't they chime in occasionally stuff. I've said that they referred me to stuff. It's been very various. I think you name the subject. I've probably have a listener. Who's an expert in but the finance guys are overwhelmingly. Telly mean now a. I'm not a finance guy. i've just related. What they say that that things are not good in the market right now. Things are destabilize to the point that a lot of them just are not themselves comfortable in the market and when they're not comfortable in the market i am definitely not comfortable in the market within. They're concerned with finances in the market. I think we should be concerned with finances in the market it's it's just become unsustainable and if if my if let's see where are we now. We're at two thirty in the afternoon. And yeah the the the dow for you those of you listening to live to twenty seven. Pm on wednesday. September eighth the dow is down. Eighty-five points nasdaq is down ninety. Four points the s&p. Five hundred is down eight points. The the markets are just reacting. The dow is followed for the third straight day here. Cnbc the dow jones industrial average fell for a third day on wednesday as investors reassessed the economic growth outlook following a smooth ride in the market. So far this year the dow fell one hundred points. The s&p five hundred dipped twenty-five hundreds of a percent. The technology heavy nasdaq is down point. Six percent after closing on tuesday the thirty stock average is in the red for its third trading day in a row on tuesday. The dow fell more than two hundred sixty points at friday's losses after a disappointing august. Jobs report september's outlook also remains clouded by the corner virus delta variant. You got there. Were just all sorts of underlying fundamental problems. Right now the market you've got the shortages you know I'll tell you what's shortage sports drinks. Have you been to your local grocery store. The gatorade and powerade has been gone from the shelves and my local grocery. And i have just tried one of multiple. They're gone and it's nationwide production shortages the microchip shortage. The costs are up. The cost of beef is up. The cost of bread is up. The cost milk up. The cost of eggs are up. Costs are up. inflation is up. it's hitting people in the pocket book and now they're tried by the mule various the military at some point. My kids go to rush one of these variants in a college fraternity. The way they're going we got the alpha we're were down to the delta were in the m- you were where does the the sigma chi variant. Come in the kappa alpha variant boy. That's going to be one heck of a variant right there. The the sas variant you that will make you feel intoxicated but things are not going well..
The Peter Schiff Show Podcast
"cnbc" Discussed on The Peter Schiff Show Podcast
"That gold has lost its luster. That gold has proven over these past ten years because it got to nine thousand nine hundred in twenty eleven and here. It is ten years later and it's barely above eighteen hundred. This supposedly means that gold is dead right. Because we've had this big pullback from an all time record high because we've had a bear market now gold is dead. It's not an inflation hedge. And what are the reasons that they claim that goal is dead is because crypto killed it. It's like hey. Why do you need gold as an inflation hedge when you got bitcoin or other crypto currencies or nf tease. They're actually talking about nfc's as a way to hedge against inflation. Hey just by some tech stocks just by some momentum growth stocks just by meam stocks just by high p e companies just by companies with not by brand new startups in. It never made a dime and say that's an inflation head so apparently there's all these other things that people can use the hedge inflation and they're not using gold. No that's not true. They're not using these things to hedge inflation. They're buying these other assets predominantly because they couldn't care less about inflation. They're not even worried about inflation. They're just trying to get rich. In these speculative assets there not inflation hedges. It's when people really begin to fear inflation when they realized that the fed is all talk. And there's no action behind their words right they have those stick. They're just speaking loudly when they figure this out. They are gonna want an inflation hedge and they will buy gold and they will buy silver and these prices are gonna go way up but the fact that these regulars these hosts on. Cnbc are so convinced. That goal is dead. Gold has proven that no longer hedge. That is exactly what you would expect here from. Cnbc just before a major goal rally. Does you know they're going to get this wrong. They're going to get fooled by every bubble. They're going to buy into any head fake that the market is going to throw at you. And that's exactly what this is and that show reflects the public opinion and the public opinion is generally wrong so if cnbc is telling you gold is finished. That has been replaced by crypto. You know that goal is just getting started and in fact. If you're holding onto crypto that's yet another reason to sell. And i know as i'm doing this podcast all the bitcoin. Geyser feeling very excited because bitcoin is back above fifty thousand. Although i think that you guys are even more excited because ethereal rose above four thousand although as i'm recording this where slightly blow were thirty nine and change and you know all the people who try to argue that. Bitcoin is better than gold. That.
The Peter Schiff Show Podcast
"cnbc" Discussed on The Peter Schiff Show Podcast
"Gold only sees dollars. All we get is dollars. We never touch the bitcoin. And i'm sure to the extent that united wholesale mortgage actually rolls. This thing out. That's exactly what's going to happen. You're going to be paying your mortgage by selling your bitcoin. And of course there will be some added transaction. Costs there because you're selling your bitcoin before you pay your mortgage a lot of people who already owned. Bitcoin probably don't want to sell their bitcoin to pay their mortgage. They probably want to use their fiat currency to pay their mortgage. So i don't think you're gonna see a lot of time. Bitcoin holder lurs suddenly deciding that they want to sell their bitcoin so they can pay their mortgage so again. I think it's more of a publicity thing you know. Cnbc really hype this thing up constantly. Don't even really understand what they're saying. Because i was listening to a discussion about it and one of the anchors was talking and they said you know. I'm wondering what united wholesale is going to do with the bitcoin. Are they gonna keep them or are they going to sell them and turn them into fiat. She didn't know what they were gonna do. And then they speculated that you know if they turn around and sell them for fiat that it would then make it a taxable event for mortgage pair because now the bitcoin would have been sold but it shows you how little they understand about the taxes that apply to bitcoin over there on cnbc. Because it doesn't matter what the bank does with your bitcoin..
The Peter Schiff Show Podcast
"cnbc" Discussed on The Peter Schiff Show Podcast
"So it's about a goose egg for those two months but look at imports imports for may were originally reported. As being up point eight that was revised to up one point. Five percent this month in june imports exploded by one point. Five percent so the game imports is five times as big as the gain in exports. Meaning that right. The trade deficit is getting much worse. Look at the two months between may and june exports were flat. No growth imports on the other hand. Were up two point six percent. We have a massive increase in imports. No growth in exports. This is like a company that is hemorrhaging red ink. These merchandise trade deficits are losses. We are operating at a huge loss. And how is it that we're able to finance these massive deficits well. It's because foreigners are willing to trade the stuff they produce in that we consume for financial assets because the world is willing to invest ninety one billion dollars buying us bonds banzer us stocks or stuff like that. But how much longer can we continue with these massive massive trade deficits now. We're looking at annualized trade deficits well above merchandise trade well above a trillion dollars a year. Remember we have budget deficits that are in the multiple of trillions. So we've never been faced with a situation where we've had a twin deficit problem this enormous now. I know no one cares about these numbers you know where. The trade deficit came out this record number. Cnbc didn't even cover it. They didn't even bother to break to mention this record deficit. Because i know nobody seems to care. Once upon a time the merchandise trade deficit was the single most important economic number. That was released every month because people cared about it. In fact the main reason that back then people blame the nineteen eighty-seven stock market crash on the catalyst for that crash was a trade deficit. We had an explosion in the merchandise trade deficit. We had an all time record. High trade deficit of seventeen billion right. That was an outlier..
710 WOR
"cnbc" Discussed on 710 WOR
"They've signed Larry Kudlow. He'll be doing a four o'clock show every day, and it will repeat at seven in Lou Dobbs Old time period. So that will be remembered. Cutler was on CNBC for years at seven o'clock. It was conservative show and CNBC is so left wing and Larry Kudlow was a big show of the great Show of United. Since they took it off the air. It was too conservative CNBC. So They got the liberal Shepard Smith. They hired him for a lot of money to come to a seven o'clock show at CNBC. Total ratings disaster a complete and total disaster. You got great Kelly reports every night. Newsmax. Now that has become the dominant show at seven o'clock, beating Fox business beating Fox News. So that's the show, too. To try to go after. Hey, we'll take some calls in a minute. 803 2107 10 0 I mentioned you know the subway benches that was initially situation. They took the subway benches away. And what happened at somebody in the empty admitted it was so the homeless couldn't sleep there. Yes, Exactly. So my guess was on Twitter or something like that. And then what's the deal? It wasn't politically correct. So now this is all a big lie. They took him away. Now this is it's just temporary. We're just cleaning them. Yeah, 180 years have never cleaned the benches before. Why would they pick the pandemic to start the claim? So they claimed. It wasn't politically correct to take the benches away. They were clearly him and bringing him back. But let me just point out. Don't ever sit in those subway benches. They're made of wood. Well, you know, a couple times. Some news organizations have tested the benches and it was a majority of them tested positive for bedbugs. Don't sit in the subway benches because there are homeless sleeping out of there are all kinds of people sitting on him and it's wood. That's where bedbugs live in wood. So don't ever sit on a subway bench. I don't care how they disinfected cleaned it. Wait a week and you test him again. You'll find bedbugs in more than half of them. Hey, check out the Web page. We love Tom break. I love Tom Brady. Some people aren't so crazy about Tom Brady. But You got to admit he's the greatest quarter. But would you agree now he's the greatest quarterback in history. He's one more Super Bowls in any quarterback in history. Yes, yes. Still won't give it to me. Oh, I hate this word goat. They keep using this term goat. He's go. He's the goat means greatest of all time. But he's the greatest quarterback of all time. And how does he do it? Especially at the age of 43? That's the most remarkable thing. Well, here's the Secret Watch. This video explains to you what it's all about. It's actually pretty inspirational. This one minute video take a look at it. Tom Brady. It's up on the Web page, Go to 7 10. W o r dot com slash marks. 7 10 w o r dot com slash Mark Live on C SPAN to the historic.
News Radio 1190 KEX
"cnbc" Discussed on News Radio 1190 KEX
"Journey and similar artist now search for journey on my heart radio. All your favorite music all your favorite stations, all free Another update less than 30 minutes from now and any time at 11 90 k x com What you're about to hear a fusion of entertainment and likewise, just Glinda weekend. It's science man. It's science. We want to talk a little bit about Kobe and The report that came out yesterday on CNBC that yes, One mask is good. Two masks are better, but three masks. Maybe the secret number. Well, I'm gonna tell you a little story is called the $15 minimum wage. And I'm gonna show you show you how this all works. We do that in 60 seconds Glenn Beck program. New Year. New hobbies. New traditions, Whether it's following along two directions in the kitchen, listening to an audiobook while learning to knit or powering through a new workout with a pumped.
C-SPAN Radio
"cnbc" Discussed on C-SPAN Radio
"Warren commented on the situation on CNBC's closing bell. The first part of this is we all see what's happening with games Stop. There are rich people on both sides of this people who are trying. It appears to manipulate this market and that's what we don't know The details have for a long time. Now the S E C. Has pulled back and not made sure that we have an honest market. The whole point of having a start market is so that people across this country around the world can invest in businesses helped create that capital accumulation. So businesses have the money they need to grow and to prosper. Instead, what has happened is it's turned into a casino so that market manipulators come in, and they drive markets up or down and make a profit on it. It's called the game of fication of the market and all of a sudden The billionaires and some hedge funds are yelling because they're not the ones the only ones who make money when the manipulation works, But remember, the other half of this, They're going to be a lot of people who are gonna lose money around this a lot of money that they can't afford to lose. This is why we need an SEC that has clear rules about market manipulation and then has the backbone to go in and enforce those rules. Senator Elizabeth Warren, Democrat on CNBC, incoming chair of the Senate Banking Committee, Sherrod Brown said that he'll hold a hearing on the state of the stock market and What's happening with the game Stop stock and other of the targeted companies mentioned that there was some bipartisan criticism to the limited trading on the trading apparat Been Hood represented Alexandria Cossio Cortez, a progressive Democrat. Well, Robin Hood's move unacceptable, she wrote on Twitter. We now need to Nome or about Robin Hood's decision to block retail investors from purchasing stock while hedge funds are freely able to trade the stock. As they see fit as a member of the Financial Services Committee. I'd support hearing Ah, hearing if necessary, and then Senator Ted Cruz Republican who doesn't often agree with the congressman, a Casio, Cortez replied. Fully agree. Also today, ah in the economy, the Commerce Department, saying the economy grew it a 4% annual rate in the final three months of 2020. But all of last year the economy shrank 3.5% that hasn't been seen since World War.
News Radio 1190 KEX
"cnbc" Discussed on News Radio 1190 KEX
"Just got broken up with Uh, took me a minute. Uh, kind of fine. Yeah. Um, so the house is currently debating impeachment. And then they're gonna have a vote. Everybody expects it to pass. The only real drama is how many Republicans vote Yes. It might be an indication of how many Republican senators would vote. Yes, And is there are there enough Republican senators to remove the president? CNBC had a reporter today say, saying, they're talking to people in the Republican Senate who believe they have the 17 to boot him. CNBC a CNBC said, huh? The business reporting is usually a little more sober than the NBC and MSNBC report means a lot. Although I believe there would be like, you know, there's a tipping point. If you're kind on the fence, and you have, though. All those guys you're gonna vote. Yes, well, the number Yes, That's what true enough I was about to offer. You bet that the Senate doesn't take it up it all really that Mitch drags his feet till after the inauguration than the Democrats say We're gonna wait 100 days like Representative Cleaver's successful The earliest they can get started is the 19th which is the day before Biden becomes president. Right? Why is that? Something to do with the way the Senate works. All 100 of the Senate runs on tubes. Yes, and they have to warm up because when they wrote the rules out with bird feathers and dipping it in ink that it took a long time for things to get from one place to another. They can change that. But it would take all 100 senators to agree. That's why it is the world's greatest deliberative body. Hopefully, getting things done unless you get Yeah, exactly Well, but it's designed to be that way. Everybody has cooled off by the time they get down to voting on something. It's actually brilliant design, but it's a little frustrating at times, although again I say it just won't be taken up in and as of Inauguration Day, it'll be behind us. But I thought this that's absolutely brilliant. Thomas Sowell, the think of the philosopher, read the first chapter of his book, A conflict of Visions. You will understand Politics a lot better. Um, The rest of it will just give you headaches because it's too smart anyway. Hey, writes a column and I'm going to jump around a little bit just so I'm not reading it you for the next 10 minutes. But it's absolutely worth reading in its entirety, and we'll post it. Armstrong getting dot com and just a few minutes, But he starts with it is amazing how many people seem to have discovered last Wednesday that riots are wrong when many of those same people apparently had not noticed that when riots went on for weeks or even months. In various cities across the country last year for too many people, especially in the media. What is right and wrong, true or false? Depends on who it helps or hurts politically, too many media people are supposed to be reporters act as if they're combatants in political wars, and someone once said that in war, truth is the first casualty that has certainly been so in the media and in much of academia as well. And then he spends a few paragraphs deconstructing the idiotic as he calls it grotesque distortion that Abraham Lincoln's name should be taken from schools and statues and then parks because he saw a black people's property. Such criticism, betraying incredible ignorance of history, or else a complete disregard of the truth. But again, I won't get into that because it's zingre illustration, but it's a little long. Then he gets into many schools are closed because the Corona virus and the teachers, unions and many schools in minority neighborhoods failed to teach Children enough math and English back when there's still open, So it is incredible that school authorities have time to spend on ideological crusades like removing names and then statues from schools. Unfortunately, too many American educational institutions from elementary to universities have become indoctrination centers and the riots that swept across the country last year. Fruits of that indoctrination and the utter disregard for other people's rights that accompanied those riots. And here's where it gets into the main point to me. At the heart of that indoctrination is a sense of grievance and victimhood when others have better outcomes, probably worth mentioning. Thomas is a black man, these better outcomes, which are automatically called privileges and never achievements. Regardless of what the actual facts are. Facts don't matter in such issues any more than facts mattered when smearing Lincoln. Any underrepresentation of any group in any endeavor could be taken as evidence or proof of discriminatory bias. But those who argue this way cannot show us any society anywhere in the world at any time during thousands of years of recorded history that had all groups represented proportionately in all endeavors. Which is a great like more eloquent illustration of why I called California. Cali Unicorn eah. For realism is going to die. They imagine some sort of fantasy land where people ride unicorns across rain bows and everybody's proportionately represented in everything. It's never existed, then I love this. In the National Hockey League. The American National Hockey League. There are more players from Canada than their players from the United States. There are also more players from Sweden than from California, even though California's population is nearly four times the population of Sweden. Californians arm or underrepresented in the NHL than women are in Silicon Valley. But no one can claim that this is due to discriminatory bias by the NHL is far more obviously, due to people growing up in cold climates that are more likely to have ice skating experience. This is one of many factors, the factors that produce cute statistics and many endeavors. Discriminatory bias is among those factors. But it has no monopoly yet who cares about facts anymore? In this age of indoctrination? Thomas Soul Senior fellow at the Hoover Institution. Stanford University. Cal una cornea, you know. That's great. Oh, and then Ah, colleague is is Posted this chart. Love this chart. It's Ah Mark Perry, who have quoted before. And of course, the website resets to the top of the page and not where I was on it. Permit me to scroll if I might This is another one of his is brilliant charts..
The Peter Schiff Show Podcast
"cnbc" Discussed on The Peter Schiff Show Podcast
"Interviewing but the minute. He started talking about inflation and a weak dollar all of a sudden. He's oh bitcoin. The guys is what do you think about bitcoin. This sounds like is great for bitcoin. This sounds like use your recommend that people buy bitcoin right now. This guy kevin. Warsh never would mention bitcoin at all. If it wasn't for the cnbc anchor drinking bitcoin into the conversation. He didn't bring golden the conversation. He immediately brought bitcoin into the conversation. Which is what every cnbc anchor is trained to do right. They have to do that. They have to ask everybody who comes on about bitcoin right. Because that's what they're advertiser needs. That's what gray scale need. They need to keep pumping up bitcoin. So they're saying oh you're saying there's going to be a weak dollar. There's lots of inflation. People should buy bitcoin so now that the guy's been asked about bitcoin. He actually said well. Yeah you know. I think is certainly feeds into the band for bitcoin. People are looking to get out of the dollar and so they can buy bitcoin so now he's kind of talking to bitcoin playbook and even brought up gold and he said you know i think gold would be much stronger than it is right now. If it wasn't for bitcoin he said if bitcoin hadn't arrived on the scene. I think gold would be much than it already is and he thinks that some of the demand that would normally go into gold is going into bitcoin and to a degree. That may be happening. I think what's probably happening to a greater degree is. Some people aren't buying gold or bitcoin. They might buy gold but they're saying well. I don't want to buy gold. Because bitcoin is the new gold. I don't really wanna buy bitcoin. But i'm worried about buying gold if bitcoin is gonna steal splendor so maybe is preventing people from buying gold. They're not buying bitcoin either. But they're not buying gold but there probably are some investors that are buying bitcoin instead of gold. I think it's unfortunate. They're gonna lose a lot of money. in fact. I think one of the reasons that some of the hedge funds may have an interest in bitcoin. Because it's moving up so much and number hedge funds day take twenty percent of the prophets but they mark the prophets to market every quarter. And so if you've got a big bubble it keeps going up even though you don't actually realize the profits by selling because if you try to sell the prophets will evaporate you can still charge your clients twenty percent of those paper prophets and put real money in your pocket while your clients are just holding fake money and so then when the bubble pops and all that paper profit evaporates and your clients have huge losses. You still have your actual incentive the money that you charged on the way up. You get to keep that. That's real money. You took those chips off the table while you left claims money totally at risk on the table and so your clients end up getting wiped out but you still end up with a pretty good payday. So there's there's some of that going on where you have an incentive for people who are managing other people's money to put other people's money at risk and then get paid as they marked a bubble higher but have nothing on the table of their own when the air comes out..
WSB-AM
"cnbc" Discussed on WSB-AM
"He is not a fan of bonds, or protecting yourself with cash on the sidelines in here, he reacts to a conversation about that on CNBC. But the question is, why did you jump off the train? That also, the question is what do you jump into what you jump off the train and the issue was, you can't jump into cash. Cash is trash. Cash is trash. I think I've heard that before some places. Hey, he said it so eloquently. I'm glad you played that. But cash is trash and they talk about jumping off the train. I mean, that sounds like a pretty hard fall to make. Why don't we stay on the train and just go to the back to the slower cars or, you know, hang out in the food, little comfort? Yeah, I mean, You don't have to jump off the train. You just need to massage the assets and protect them a little bit, but he's absolutely right. I mean, cash is trash in today's world. We get nothing for our money at the money market at the bank in short term CDs. So I don't know why investors air so paralyzed in this market. They live a bipolar portfolio world. They have highly aggressive stocks. And equities and they're happy 2019 when they've made 25 30% on that, But then they jump off the train and they park hundreds of thousands of dollars in cash. And I met with a client last week. This is an existing client that I preach. Do not have cash and will find cash management programs front Now they're nice enough to say Okay, Here's how much cash we've accumulated. But they're looking at their portfolio. We had a great year. They're like, Okay. How do we leverage in case we see another great year, So we're talking about that and I'm saying Well, it's performing. Why are we talking about our current investments? Why aren't we talking about the $227,000? You're sitting on in cash, and they look at me like a.