39 Burst results for "Deutsche Bank"
Monitor Show 07:00 11-06-2023 07:00
"Pop culture is always evolving, and those changes impact our lives in ways that are both visible and not so obvious. I'm Lucas Shaw, and I cover the business of pop culture for Bloomberg. My job is to uncover how entertainment is changing and explain what that means for you, because context changes how you see things, how you change things. Context changes everything. Start exploring my coverage and more at Bloomberg .com. The trend has been moderating. It's good news that we have a strong labor market. We are in a pretty good position with respect to productivity. We expect the market to continue to rally until year end. This is Bloomberg Surveillance with Tom Kean, Jonathan Ferro, and Lisa Abramowitz. Let's get your week started. Live from New York City this morning. Good morning, good morning. For our audience worldwide, this is Bloomberg Surveillance on TV and radio. Alongside Lisa Abramowitz, I'm Jonathan Ferro. Your equity mark is positive by 0 .2 % on the S &P. Let's embrace the happy talk. After the biggest week of gains of the year so far on the S &P 500, Brett Ryan, Deutsche Bank, the Fed is done. Max Kettner, HSBC, Goldilocks is back. Yeah. Is this happy talk really driven by something fundamental or just what you talked about earlier? Recency bias, which is basically the new plastics. It's recency bias. It sounds painful for you, Bramo, but I'm with you. I think a lot of people right now are frustrated with the idea that we're constructing a one -year forecast based on the previous week's price action. This is such a frustrating moment. Can I just say that? That honestly, every week we have a new narrative. It's been what narrative ping pong that we've been talking about all year and suddenly people are changing their outlooks on a dime as every swing in price seems to happen. And is it happening on technical reasons? Is it happening on fundamental reasons? It is a nuanced picture with data giving you conflicting signals and people are taking it and just writing whatever narrative they'd like. We can have some healthy debate here. Barclays believe the Fed is.
Fresh update on "deutsche bank" discussed on The Dan Bongino Show
"Know what time it is. Yes, sir, it is. It's a good coffee A Deutsche Bank executive told a court in New York on Tuesday Tuesday that it's not unusual for loan clients to overstate their net worth and that bank the does its own due diligence in determining eligibility for loans. Hey, right. This gets worse. This is just the beginning. Just to be clear, proving to you the left will do anything and fall for anything because they're legit morons. You've got a case in New York where Donald Trump is accused of defrauding these banks on loans. Another executive testified that the bank had benefited from its business relationship with Trump Wait, read it straight though. Another executive testified that the bank had benefited from its business relationship with Trump and had wanted to continue that relationship, all of which runs against Attorney General Letitia James' civil fraud case against Trump. Quote, there was no one harmed by alleged overstatements of his word. That's a quote from the piece. Not only does the bank say, listen, we were not defrauded. hey, They said, we actually like doing business with Donald Trump. We would have done more business and there's no allegations whatsoever anywhere that anyone was harmed by this overstatement of the word, which a Deutsche Bank executive said is quite common and they do their own due Wait. Listen, it's a serious time now. Jokey time, funny time, sarcastic is a serious time. Folks, you need to understand the republic is on life support right now. This pains me tell to you this, but I need to. This is for Donald Trump. There is no scenario either here or in the infinite possibilities of the quantum world that Donald Trump will get justice. He will That's not. not good. I really don't telling like you that. Matter of fact, it really pains me to tell you that. There will be no justice for Donald Trump. He will not get justice from the Department of Justice. Ironic, right? He will not get justice from New York state. He will not get any justice in Georgia. Donald Trump will get his day in court, but Donald Trump will never get his supporter of another candidate with Democrat or Republican. That's fine. That's the United States of America. You're allowed to support whoever you want. You're certainly welcome on the show. Donald Trump will never get justice. He is an existential threat to grifters, losers, and zeroes, who their entire, not only their lives, but the livelihoods of their kids, their wealth, their assets, and their future name and reputation are linked exclusively to swamp -like connection in this kind of sinewy thread of people who exist in the undercurrent of the dark swamp that are all making a living off of people like Donald Trump not getting elected and their friends and family keeping power. He is a threat to all that. They will do whatever they can to take this guy out. There will be no justice for him. The only justice he will ever get is through winning an election. That is it. I want to just debunk one nonsense talking point being used against him too. I'm not attacking any other candidates in the Republican side because I just don't believe in unnecessary Republican on Republican primary violence. Primaries are good They are. However, I think this one's gotten a little ridiculous. The vitriol directed at both camps. It's fine. It happens. Jim and I kind of behind the scenes can talk about this all day, but I'm not going because I know you don't want to hear it. I'm going to tell you, they're coming for you next. They're coming for you next, all of you. You need to recognize that this war against this guy, whether you love him or hate him, is very real. And if you allow this to If you allow this to continue without taking a bold stance against it, I don't even care if you mention in my name, it's not my business what you do with your campaign. But if you don't understand the perils of this police state we win, we're running in right now, and how critical a win is, then you just don't deserve the presidency. Nothing's going to stop these people, folks. The republic is on life support right now. We are barely a constitutional republic anymore. Barely. We are holding on by the thinnest of threads, and the only way to get this thing back is going to be to elect a republican president. And just on that attack, it did a year four thing. Oh, we can only run for four years. That is not a, that's a feature. That's not a glitch. That's a, personally, I find that to be a ridiculous attack. Good. Finally, we'd have a president not concerned with reelection who has four years to actually clean the mess up. That's not an attack. You may see it that way. I can assure you that is not going to persuade a single voter, especially on the Trump side, that sees it as a feature, not a bug. All right, I got more coming up, including part one of what I said before about why I do this. Thanks for watching. Anything you tell them, no matter how dumb will they believe, including a tweet from the Biden Harris team where they contradict their own point in the tweet. And yet no liberal in the comments I know of actually picked up on the fact that there's a contradiction built into their own tweet. I'll see you next
A highlight from Bitcoin ETF Fakeout + Monetary and Jurisdictional Sovereignty with Jerz, Tone Vays, and the Caf Bitcoin Crew - October 16th, 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, everybody. Yeah, we're early. We started early. Why did we start early? Well, there's rumors swirling around on the interwebs that the the BlackRock iShares spot ETF has been approved. So we are going to cover this live and see what we can figure out as more comes to light. I have not seen a source yet, an official source. I see people on Twitter saying it. So we're going to find out what's going on with this. So where do we hear this? Where did this come up from? Thus far, it was Will Clemente. He's he has a post that he dropped approximately nine minutes ago. And he says the BlackRock iShares Bitcoin spot ETF has been approved by the SEC. I do not know where he is getting the information from. He says he's waiting for an official SEC statement. So I guess we're going to find out. Mickey, I see you bringing you up. Dombay, see you bringing you up. All right, by the way, the Bitcoin, the price of Bitcoin in United States dollars has spiked up to 29 ,000. It's come back down to 28 as I speak. So it's a $1 ,000 spike that lasted not long at all. less Looks like than 10 minutes, probably less than that. Morning, Dombay. Good morning, Mickey. How are you guys doing? What's up, guys? Can you hear me? Yep. What the hell is going on, man? First of all, sorry for being late today. All I got my time zones mixed up, but I'm in San Salvador. Bitcoin, so little rumors that the ETF has been approved. That's the rumor. I haven't seen any official statements yet from the SEC, but Will Clemente put it out as a tweet. He's a fairly credible dude. I'm not sure he's going to. I mean, who knows? It's Twitter. So the purpose of us starting early today is to figure out what the hell is going on and see if we can find some sources that back this up. Oh, so I didn't miss it. You guys just started early. Yeah, started early. Jacob, I'll call you on the side. Okay, sorry. Thanks, man. Mickey, good morning. What's up? Yes, I was just trying to figure out what the hell was going on. And then noticed you guys had started early. So it popped in. All right. Everybody's job as of this moment is to find official statements that back up this rumor. The Benzinga news desk is reporting this coin. What the hell is the name of it? Coin. Drop the tweet in here. Oh, it's Cointelegraph is reporting this as well. Some people are saying it's fake news. One like guys like, dude, this is really irresponsible. Maybe he just wanted to test and see if he could blow up a bunch of shorts. As of now, still rumors, something else that's happening. Apparently, Fox Business is projecting a possible crash not seen since the Depression, the Great Depression hitting in 2024. Let's see what that's all about. Can't wait. You can't wait for a depression like No, the crash. So you could buy the dip, man. Oh, well, you're assuming that Bitcoin goes down with it, right? It will initially. So I suppose you would have to be pretty you'd have to be just ready to roll. Because I don't think that would last. I think it would be a momentary dip. This is just my opinion, not financial advice, whatever. They get to take it for what it's worth, take it or leave it. But if there is a dip, I think it's not going to last very long and you should be ready because I've observed dips hit. They'll they'll last for a very short period of time. I've seen dips last 10 minutes and then they're gone. Other dips last a couple of hours, maybe, but definitely want to be ready. I see Alpha Zeta in the audience bringing you up. So so people are who are joining are up to speed on what we're talking about here. There is rumors floating around that the the ETF has been approved. So we're trying to establish the veracity of that. So everybody's mission at this moment is scouring for official sources that back this up. Colman, I see your request sent you an invite. Good morning, Hafa. How are you doing, man? Thanks for joining us, by the way. Good morning. I'm going to be here for just a few minutes. I have to hop off, but you know, given the news, just wanted to join, see if I can help in anything. We don't know if it's news yet. So far, as far as I can tell, it's a rumor. Do you know that it's news? Do you have some information? No, exactly. It's a rumor. The only thing I saw so far was the Cointelegraph news. I saw a couple of other sites posting something, but it just seems like they're repeating the same thing that Cointelegraph put out there. So hard to know. I tried to find on the SEC if there was anything, can't find anything. So I don't know. For now, it's looking more like it's unconfirmed than anything else. But let's see. We'll know soon. It looks like Eleanor Tarrant from Fox just tweeted BlackRock has confirmed that it's false. Their application is still under review. Well, there we go. Mystery salt. Thanks, Coleman. Appreciate that, man. All right. I suppose we could leave the topic as it is because there's going to be a while before people catch up to that. Coleman, can you repeat that again? Who was it that talked to BlackRock and confirmed that it is still under review and not approved? Eleanor Tarrant. She's with Fox Business. She posted a tweet about five, six minutes ago that says BlackRock has just confirmed to me that this is false. Their application is still under review. All right, got it. Take a note, sir. still While we're here and have Hoffa, we'd love to hear kind of your thoughts, Hoffa. We've discussed this before on the show. You know, ever since the announcement was made that BlackRock was even putting in an application for an ETF, like that was pretty big news in the space. And so we went through various different scenarios. Hoffa, for those of you who don't know, is CIO at Swann. Very, very smart guy. In my opinion, possibly the smartest guy in the company. Worked with Merrill, worked with Credit Suisse, I think, or Deutsche Bank, one of the two. Deutsche Bank and Goldman, yeah. Also, Goldman. This guy was coding at the age of seven. Very smart guy. Do you want to break down kind of what your thoughts are on what the possibilities are when this thing does get approved? If it does get approved, like in comparison, for example, to like GLD. For those of you who don't know, GLD was an iShares BlackRock baby, I believe, or it was SPDR. Either way, State Street, SPDR, either way, it went from basically a dead start to billions, many billions of dollars in a very short period of time. Should something like this get approved? Like, what are we looking at here? And does it change anything? Is it significant? Does it even matter? Yeah, so, you know, first and foremost, thanks, Alex. You're too kind. I doubt I'm the smartest guy at Swann. You know, there are a lot of very smart people here at the company. But that being said, a couple of things. I think, you know, before saying anything regarding the ETF, let's, you know, the price action today just be a reminder to everybody that plays around with leverage that you are going to get burned, right? One way or the other, people, their leverage out there, if you look at the liquidations, the short liquidations are just massive today. And I bet some of the loans as well, because people are starting to read this news, thinking that the market is going to go up, right? And they're leveraging on the upside. You are going to get burned. There is, as we say time and time again, there is no alternative. The best thing to do is to buy Bitcoin on leverage, put it in cold storage, leave it there and you just wait. It is as simple as that.
Fresh update on "deutsche bank" discussed on Bloomberg Markets
"Bridge Bank, a division of Western Alliance Bank, member FDIC. Bridge Bank, be bold, venture wisely. Babes, what are you doing? What? I'm just mowing the lawn. No, it's blazing hot and dry out here. You Smokey remember Bear says avoid using power equipment when it's windy or dry. Where'd you this? learn Oh, it's on SmokeyBear .com with many other wildfire prevention tips. Right. Thanks, Honey Bear. Because remember, only you can prevent wildfires. Brought to you by the USDA Forest Service, your state forester, and the Ad Council. Whether you're an in -house counsel or in private practice, Bloomberg Law gives you the edge with the latest in AI -powered legal analytics, business insights, and workflow tools. With guidance from our experts, you'll grasp the latest trends in the legal industry, helping you achieve better results for the practice of law, the business of law, the future of law. The difference is Bloomberg Law. Learn at BloombergLaw .com. Markets, headlines, breaking and news 24 hours a day at Bloomberg .com. On Bloomberg Television and the Bloomberg Business Flash. This is a Bloomberg Business Flash. Hey, I'm John Tucker, the Bloomberg News. Remember this Bloomberg Business Flash? Lots of red on the screen right now. We have seven of the 11 major industry groups in the S &P 500 lower right now. Treasury year two yields, which are more sensitive to FedMoves. Rising 9 basis points to $463. The Dow Jones Industrial Average down 154 points. That's a decline of 0 .4 percent. The S &P 500 43 points lower. That's down nine tenths of a percent. And the Nasdaq 100 right now Now down 279 points. That's a decline of 1 .75%. George Saravellos at Deutsche Bank says, you know what, the everything rally we have seen does not have news. The last three, four months have been great for my massive perspective because you've had this bond the and next is going up at the same time. I think that's going to be very difficult to repeat itself for next year. Spotify right now up 7
A highlight from SEC WON'T APPEAL GRAYSCALE BITCOIN ETF RULING & CALIFORNIA PASSES CRYPTO REGULATION!
"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 talking about the grayscale SEC Bitcoin ETF situation. Yesterday, Friday, October 13 was the deadline for the SEC to appeal the court's ruling in the grayscale case. Now, we know the three judges destroyed scumbag regulator Gary Gensler and the SEC calling their denial of the grayscale Bitcoin spot ETF as arbitrary and capricious. But what can you expect? We're dealing with a scumbag corrupt regulator that is Gary Gensler, who is on puppet strings being controlled by Elizabeth Warren and the Wall Street incumbents who want to destroy crypto startups like grayscale, Coinbase, Ripple and others so that they can come in and take over the market. So the fact that the SEC did not appeal and we're past the deadline, obviously, is a good sign. It's bullish. It means the SEC does not see a way to win this. They are pretty much kowtowing here, right, which they have to the courts are ruling here. And even the folks at Bloomberg, James Safert, who I've had on the podcast, said, look, it's being reported here and confirmed by Bloomberg News that the SEC won't ask the court to reverse its decision on the Bitcoin spot ETF as it relates to grayscale. So what's going to happen next? It's going to be the SEC and grayscale are going to have their conversation started where they're going to discuss, I guess, how they're going to approve this and what else grayscale needs to do. Obviously, we're all waiting for this Bitcoin spot ETF approval to happen. I think the SEC is going to approve multiple at the same time. If they were to approve the BlackRock ETF ahead of everybody else, you know the game is completely rigged. We have some sense it is rigged, but if they do that, it will be really blatant. So I think they're going to approve multiple at the same time. However, this is my opinion. Look, we got world conflict happening. We still got inflation. We still got the Fed raising rates. Liquidity is low. We're still in the quantitative tightening cycle. I don't think now is a good time for this ETF to be approved, honestly. I think next year when things calm down, maybe near the Bitcoin halving would be a good time. The conflict ramps down, dies down. People are not as focused on it. Just normal human life and things go back to normal to a certain degree. Maybe the Fed is ramping down rate hikes or they have paused completely. They start QE. Liquidity is blowing back in. I think that will be the ideal scenario, but we'll see what happens. Maybe I'm wrong and they approve it sometime this quarter and maybe it does well, but we'll see what happens. The one thing I want you all to expect though, there's not going to be capital flowing in overnight into these ETFs. I think they have to be fully, the groundwork has to be set up. The marketing has to be there. Once again, people essentially wouldn't want to be focused on investing. Right now, people are not really focused on investing. I'm talking about the general public. Just keep that in mind. Now, speaking of the SEC, we have an update here as it relates to Coinbase versus the SEC. Paul Grewal, chief legal officer at Coinbase given updates on their response to the third circuit and it says here the TLDR, the SEC's unilluminating update is mere bureaucratic pantomime and confirms that nothing short of mandamus will prompt the agency to take its obligations seriously. We respectfully request an order to the SEC to act on Coinbase's rulemaking petition within 30 days. We appreciate the court's careful consideration of this matter. So remember the SEC filed their response and it was a bullshit letter. It pretty much was nothing in it. It was just a delay tactic. So I appreciate Coinbase putting the pressure. That's what we got to do. And we saw the judge already in these cases with Coinbase versus SEC is calling out the SEC saying like, what are you guys doing? What's a security? What's not a security? You approved Coinbase to go public. You knew what their business was. So what are you doing now? It's not like they're charging fraud on Coinbase. They're just saying you're selling unregistered securities, yet they won't say what is a security and what's not. Even the scumbag regulator, Gary Gensler, before Congress, can't even answer what's a security and what's not. It's ridiculous. We're dealing with a government agency that is funded by our tax dollars that doesn't abide by the law, that are hypocrites and liars. Even Judge Sarah Netburn in the Ripple lawsuit said the SEC lacks a fateful allegiance to the law. It's pathetic. But we got to keep putting the pressure on this corrupt scumbag bureaucrat and he will be exposed. He lost in the Ripple case. He lost in the Grayscale case. And I believe they're going to lose here with Coinbase. So I appreciate Coinbase, you know, putting the pressure and we got to keep doing the same thing. Contact our representatives, share the facts on social media and expose these lies. Now some good news, folks. And this involves Governor Gavin Newsom out of California. Now, whether you love Gavin Newsom or you hate Gavin Newsom, that is one thing. Let's put it to the side. That's a whole other conversation. But folks, California, they passed a crypto licensing bill, which is really good, folks. Gavin Newsom signed this yesterday. So here's the headline. Governor Newsom signs crypto licensing bill in California. Governor Gavin Newsom on Friday signed into law a measure that would regulate California's crypto industry, home to nearly a quarter of the blockchain companies in North America. This is being reported by Bloomberg Law. But I'm going to jump to another article here, which gives the full details because Bloomberg wants me to pay to read, which is annoying. So according to the report by Bloomberg Law, this first law aims to establish basic regulations for crypto companies operating in California, making them obtain state licenses and meet specific requirements related to reserves, disclosures and audits. The law also covers assets backed crypto currencies like USDC and USDT, so stable coins, making it mandatory for them to keep complete reserves, which would impact algorithmic stable coins that rely on different mechanisms to maintain their pegs. This crypto regulation bill was passed in August 2023, a year after Governor Gavin Newsom vetoed a prior version of the crypto bill stating that California needed a more flexible approach. So, folks, this is great, great news. It is logical, reasonable things. There's no overreach here. If you are a centralized exchange or a stable coin issuer, you have to have your reserves. You have to provide audits. You have to make sure you're abiding by the laws. We don't want any more FTX or Celsius things, no commingling, no lying, no pulling customer funds to go trade it, right? Like these idiots, Caroline Ellison and Sam Bankman Fried and even a scammer, Alex Mashinsky. No more of that nonsense. The industry needs to raise its standards. All exchanges decentralized need to be audited, whether it be monthly reporting or quarterly reporting it, sending it to the licensed agencies in the States and it's being reviewed, right? I think we can all agree with that. You can be a very pro -crypto person, very much into decentralized exchanges and defies, but we can't ignore that there's going to be centralized entities in the market. They need to abide by the law. They have to follow these best practices. We can't have what happened last year happen again. That was ridiculous, right? So this is a great move, great bill. And it's sad that the States have to do this and the federal government is not doing it, right? But the good thing here is that the States moving ahead will force the hand of the federal government because it's not just California. It's Wyoming, it's Texas, it's New York and many more are passing comprehensive regulations. So this is a really great move, really happy to hear about this. And obviously there's a lot of crypto companies in California, some like Ripple and others. So really, really big crypto regulation bill here, folks. And here's what Tim Grayson, who is an assembly member in California, tweeted out. He said, today, California is taking the necessary step to regulate a market that is volatile risky and in some cases deliberately rigged against everyday consumers. Thank you to Governor Newsom for helping ensure that our state leads in fostering responsible innovation. Folks, this is huge, huge, huge, huge. I can't, once again, I'm not endorsing Gavin Newsom here, so please, please don't get me wrong because California has a whole lot of problems and other things happening. But as it relates to crypto, this is a really great move. And I think game theory is going to play out. Other states are going to follow suit and follow the direction of California, which is one of the largest states, folks. So a move in the right direction. Now I want to highlight a great, responsible and safe exchange that is Uphold, which is a sponsor of this podcast. I've been a user of Uphold since 2018, so I can vouch for this platform. I've interviewed the CEO, the CFO and many folks over the years. They have 10 plus million users, 250 plus cryptocurrencies, and they're available in 150 countries. You can also trade 37 fiat currencies and precious metals on this platform and easily switch between crypto, fiat and precious metals. It's pretty cool. It's a unique platform. And once again, I can vouch for it because I use it. I use it for trading and much more. So if you'd like to learn more about Uphold, please visit the link in the description. Now, folks, as we're talking about crypto regulations, we know Elizabeth Warren has her anti -crypto army. She's corrupt. She's, you know, three peas in a pod with Gary Gensler and Brad Sherman. We know she's been doing all kinds of nonsense. Well, there's news coming out here. Ryan Selkis said rumor is John Donenberg, Liz Warren's COS, is heading to the White House to replace Bharat Ramamurti. Bharat responsible was for making the admins deep crypto hostility. So talking about the Biden admin, some in D .C. told me to wait and see Biden soften with Bharat gone. If Donenberg is in, that won't happen. So we'll see. Here's what Caitlin Long, who's battling the Fed right now, said. She said, yes, as Novogratz, Mike Novogratz said, Senator Warren is driving the Biden administration's bus on crypto policy. Biden cut that deal with her long ago. And that's why she gets to a place or gets to place her people at the White House in key agency positions. This was an open secret in D .C. And it's now no longer a secret. P .S., where is the press on Biden's Warren deal to let her pick White House economic staff and financial services appointees? This has been an open secret pretty much since Operation Choke Point 2 .0 began in January. And I haven't seen it reported yet. Any ideas? Ryan Selkis and Nick Carter, she said, and Novogratz, I think you said in an interview on stage at Mainnet that Warren's senior staff didn't agree with her. Let's hope John is among those you are alluding to now that he's at the White House. Folks, we shall see what happens. My hope is that Biden overall losing popularity and with different things economically and, you know, Elizabeth Warren going crazy over crypto and the industry fighting back and Gary Gensler taking losses in court, you know, take some wind out of her sales. It's Senator Elizabeth's sales here and take some power away from her. And maybe the people Biden has around him, you know, who are anti -crypto get kicked out. You know, we can see next year is a election year. So we'll see what happens. Maybe things soften up. The Bitcoin spot ETF gets approved. You know, I think we're moving maybe out of the eye of the storm with this operation choke point. We'll see. You know, I think the court law losses for Gary Gensler really help the causes here. Even with Caitlin Long, the court denied the Fed's request to throw out her lawsuit against them. So the lawsuit is proceeding. It's going to discovery. So these anti -crypto people are getting exposed. And, you know, we hope Elizabeth Warren, her corrupt ass gets exposed as well. Now, the IRS is also putting out some crypto tax rules, which the industry are trying to push back on. So here's the headline. Coinbase tax had calls on IRS to revise crypto tax rules. The IRS is proposed tax rules hinder digital asset growth by exposing restrictions that question their utility. Coinbase is VP of tax wrote Thursday. So great to see the industry is pushing back in a letter disclosed on Thursday. Lawrence Zlakten, if I'm saying that right, a Coinbase's vice president of tax criticized the proposed regulations for imposing an unprecedented, unchecked and unlimited tracking on the daily lives of Americans. In August, the IRS issued a 300 page proposal that revises the definition of a broker in accordance with the Infrastructure Investment and Jobs Act, including crypto exchanges, which provides guidelines on tax compliance for both the brokers and their clients. Now, many of you may recall the infrastructure bill situation with this, and we're still fighting this. So I'm glad the industry is pushing back. And, you know, these things are not set in stone fully yet. So we have an opportunity to push back and we're seeing more pro crypto governors and congressmen and lawmakers and so forth, even presidential candidates. So we got to keep pushing. We got to keep fighting. And, you know, where we need to rally and call up our representatives and send letters and emails and tweet and whatever we got to do, we will do that. But good to see that folks at Coinbase are pushing back. Now, we've got news here that Taurus expands crypto footprint after Deutsche Bank linked up. So the crypto infrastructure firm Taurus that partnered with Deutsche Bank last month is set to announce more large partnerships with banks soon, exec says. Now, I remember recently Deutsche Bank said they were going to launch crypto custody and they were they're doing this with Taurus. So Switzerland based Taurus, which offers infrastructure to issue custody and trade crypto tokenized assets and NFTs is opening offices in London and Paris. The firm says it expects more of the region's banks listen to this folks to wade into the crypto space as the regulatory environment becomes more clear. Folks, that's music to my ears. And they're talking about the EU here, right? Because both the EU and the UK have passed crypto regulations. Now, if only we could have that in the United States. Right. Where where are the members of Congress? Where's the federal government on this? So the expansion is part of a bid to better serve institutions that will soon have to comply with the Markets and Crypto Assets Regulation, the MICA law, the European Union Parliament passed the framework in April with implementation expected next year. So great, great news, folks. Very bullish. And let me give you some more details. So Jurgen Hoffbauer from saying that right previously towards his global head of strategic partnerships will lead the London office. He spent more than 10 years at Bank of America, where he served as head of sales for Europe and Middle East and Africa. Folks, a lot of the legacy banking TradFi folks are coming to crypto and they're helping to build out the crypto infrastructure for institutions. And of course, you know, they know there's money to be made here. They know this is the future and they're doing it. And this is why we have to be patient. This is why we dollar cost average. We study the market cycles. We look at what these big players are doing, not what they're saying, but what they're doing. And we are positioning ourselves to take profits as the value of our tokens rise. Right, folks? So we have to exercise patience. Taurus raised 65 million dollars in a February funding round led by Credit Suisse. Deutsche Bank also took part in that round and German megabank linked up with Taurus last month to build out their digital asset custody and tokenization services. Wow, folks, I hope you see what's happening here. And this thing is global. It's not specific to United States. So while Elizabeth Warren acts the fool with the clown Gary Gensler here and delaying and causing all kinds of nonsense, the rest of the world is moving forward. And the great thing about this market, it's borderless. You can be in any part of the world. I've said many times you have a smartphone, you have Internet access and you can be part of the asset class. You can buy a fraction of Bitcoin, Ethereum, XRP, whatever it is. You can put as little as 10 bucks in each. Right. And you are part of the asset class. And that's something they cannot stop. They would love to. They would love to gate keep it like they have historically and put the borders and say, oh, you have to go through Wall Street and you have to be an accredited investor. Right. They would love to stop that so they can control it. That's why they're fighting so hard. That's why this corrupt Elizabeth Warren. This is a big thing for her. That's why Gary Gensler is doing all the things he's doing. They want to control it, but they can't. The disruption is at their doorstep. They can't stop this thing. They're going to put up roadblocks. Don't get me wrong. Like they're doing, they're slowing us down to causing a bit of confusion. But this train has left the station. They ain't going to stop it. Now, got some news here that Texas County settles lawsuit over wrongful seizure of fifteen thousand dollars from Bitcoin ATM. The lawsuit also aimed to have the court recognize Bitcoin Depot as the lawful owner of the seized money. So I've interviewed the CEO of Bitcoin Depot and this is an interesting case here. So authorities in McClellan County have settled a lawsuit with Lux Vending operating as Bitcoin Depot following the wrongful seizure of fifteen thousand dollars from one of its Bitcoin ATMs. The lawsuit was dismissed after the county acknowledged the funds were improperly confiscating following a scam that targeted an 82 year old Crawford woman. Local media reported Thursday the scam was reported by the elderly victim who was deceived into withdrawing fifteen thousand dollars in cash and depositing it into a Bitcoin machine. This reportedly followed her falling victim to a ransomware attack initiated by a malicious email link. Legal action had originally been filed against the county investigators for allegedly violating due process. They had obtained a warrant to seize the funds from Bitcoin Depot kiosk located at a court recognized Bitcoin Depot as a as the lawful owner of the of the seized money. McClellan County Sheriff Parnell McNamara, who had previously stood by his the actions of his officers, declined to comment on the lawsuit's resolution or on Judge Scott Felton's admission that the funds had been seized erroneously. KWTX News reported. So interesting case happening here. And, you know, one of the layers here I want to highlight is that crypto is becoming a big part of society in the mainstream and the average everyday things that may occur, whether it be crime, whether it be just different things in life. Right. That happens that we don't control or had nothing necessarily to do with crypto that it's popping up in cases and all forms of regulations and law now need to be developed around it. So that's a great sign of adoption. I'm not saying what happened to this lady is a great right. Obviously, that's another issue with malware and scammers and elder abuse and all these things. But in the sense of adoption and this being part of the society, just as the Internet became part of a society and there were bad things that followed that, but obviously a lot of great things. Right. Same thing is happening here. So it's pretty, pretty interesting. I like to look at these things from a psychological macro societal human behavior standpoint, because it also tells a story of the direction we're headed. And are people moving away from this or are they adopting it? Is it becoming more prominent in our daily lives? And I think we're seeing that for crypto and block chain. Now, I just want to end it here by highlighting one of the partners of the podcast that I and it's a platform I use, Merlin, which allows you to track your crypto exit strategy in a very easy and safe way. Merlin allows you to tie in all your exchanges and ledger data. It does not capture your seed phrases or anything like that. It simply just takes a snapshot of your account and allows you to set your exit strategy. Which price points? I've been doing stuff like this on spreadsheets. It's super tedious and manual. And I've always been looking for some sort of solution. And Merlin is that solution, folks. So I'll be using this for the next bull market. So let's say for my XRP or Ethereum or Bitcoin, I'll set certain price points. Hey, I want to take 30 percent of my chain link or XRP at this price and I can set it in the Apple. Let me know right away, folks, on which exchange it hit that price and I can go right away and execute accordingly. So this is something that will make your life easy and you don't have to be constantly refreshing on coin market cap or, you know, going back and forth between a spreadsheet. So this is one of the reasons I'm highlighting it as a partner, because I'm using this platform and it's great. It's easy, it's safe and that you can plug in, uphold, you can plug in ledger, Coinbase, whatever it is. It is a great platform, folks. So be sure to check out Merlin. Link will be in the description. Go check it out. You can get a 30 day free trial, see if you like it and go from there. Thank you all for listening. Thank you for your support. Hit the thumbs up button, hit the five star rating on the podcast platform and I'll talk to you all later.
Fresh update on "deutsche bank" discussed on Bloomberg Surveillance
"The good stuff. Will labour the market hold up? Look to Friday. Based on these estimates, it will. 3 .9 % unemployment, 180 000 payroll's on growth. And Tom, that looks pretty good, doesn't it? And Pishon, yes, this is GDP. I mean, there's a lot of fancy work, OECD, IMF, global slowdown and all that. And to me, the zeitgeist this weekend was, well, maybe with the consumer the way they are, we're not going to see recession. Maybe Tony looking Dwyer for that, but just maybe not the gloom slowdown that gets you to the bear market call. warned Alerian about this going into the weekend. He said, extrapolating out the euphoria, the understandable euphoria of the last month or so, Tom, maybe that's a mistake. You did something over the weekend that I quite liked. I think we should do this. The economist of the year. We should have the equity strategist at the end of the year. Let's do the economist of the year right now, because there's a lot, but the economist of the year is the guy that delivered optimism and a belief in the American experiment out of this terrible pandemic. Guy named Neil Dutta at Renaissance Macro wrote a brilliant essay for Business Insider with nuances carrying forward his optimism. I pulled out a quote from that, TK. Lisa, what do you make of this? If 2023 was about the hard work of stabilizing the economy, Neil Dutta for Renaissance Macro says then 2024 is about enjoying the fruits of that labor. This is something that is a tension point for me, because if you enjoy the fruits of that, that means disinflation, a maybe 2%. How? And this to me, I think is the biggest question. How is that given some of the increasing optimism around the numbers that we've gotten and the fact that people are still spending money. Is that disinflation? Does it really warrant five rate cuts that are currently priced into the US market next year? I read Mike Wilson's note carefully, as a leader of the bear market cautious, one of the guys out there saying forget about the bull market. But the answer is, is there a bear market call right now? I really couldn't find it except for one guy over at JP Morgan is I don't think he's in the new building they're building, you know, 4200 with a downside over bias at JP Morgan in the investment bank. That's the call. There's different parts of JP Morgan we should say. is This the investment bank, this is the research team led by Marko Kalanovic and and Debravko as well. Look, the call stacks up, whether you disagree with the number, the logic kind of makes sense. And Lisa and I were talking about this on Friday. Sure. What is the bet in the market right now? Now, JP Morgan is essentially saying the bet in the market right now is a near perfect soft landing. Right. And ultimately, they're sir, pushing back against what's price because they don't think it's going to be that great. Well, and Dan Morris kind of alluded to this, that it sort of heads you in, tails you, you I lose or something like that for equities when it comes to totally mess that up. But this idea that, you know, when it comes to the payrolls report, if you get an upside surprise, it's going to be bad for equities. And if you get a downside surprise, that's going to be bad for equities because essentially, they're pricing in a block. So only a number that comes exactly in line with expectations can confirm. Backed up on the 10 year inflation adjusted yield. Never did I think, John, we get so abruptly under 2%, 1 .9 X percent, we backed up to 2 .04%, I guess waiting to see if we get more dovishness out there. Huge, huge turnaround for bonds. So let's go through it together. The two year at the moment, 461. It's up seven basis points today, but think about how much lower it is compared to October, mid October, 526 on a two year pushing those levels on a 10 year back in October through 5 % back down to 426, even with a six basis move this morning. So that's a turnaround for fixed income. Elsewhere in equities, we're negative a third of 1 % on the S &P 500. 100. And what And do you do with the Euro TK the Euro 108 67 slightly negative, forget the Fed call. You've got to pair it with an ECD call. Call of the morning. George Saravellos, Deutsche Bank. He He said based on the data right now, they should be cutting next week at the ECB doesn't think they will thinks they should call of of last week, Jeff, you being my melon. He thinks time we go back to parity on the euro next year. I just think these are some of the dynamics. And I do agree that you've got to parse together the major banks, even Bank of Japan and And that that soap opera is well right now on the what do you doing is Dana Korea, co CIO group president of invest net. It's one thing to talk economics, finance, investment. It's another to say, Okay, this is what you should do. Dana, I've got to go to your wonderful full paragraph on the magnificent seven. You've got some enthusiasm, but you brilliantly show that the 28 % of market cap and yet they only deliver 17 % of earnings. Why do we own them up to our eyeballs? Well, you know, is that the nature of growth, right? The multiples are certainly higher. And let's face it, in the last several years, they have proven to be truly defensive and defensive as a play as well as, you know, the bull run coming from them. So it's really hard to argue yourself of out the magnificent seven at this point and all sorts of problems in terms of active managers. We have, you know, hundreds of active managers on our platform and, you know, even to the extent that now when trying to diverge from the index, you have problems because magnificent seven is so big in there. So certainly my remarks are not to say that you're going to dive past the magnificent seven that has not gotten anyone anywhere. But I would say focusing even more on them is not the place to be. Okay, Dana, I'm going to rip up the script here. This is too important. Are you tilting then in helping people with a balanced portfolio, passive investment? Well, you know, we are very much believers and we actually have a lot of research on active and passive investing that, you know, that both need to be in the portfolio. I know that's a, you know, not as fun of an answer, but the bottom line is that passive investing is, has gotten to be so low cost that the average investor is very hard for an active manager to outperform passive on a regular basis and beat their fees fees as well. That being said, we know that there are certain style factors that work. There are certain strategies that that work. And, you know, if you're sticking only with passive and you're in an advisory relationship, you want to outperform the fees that are attached. You want to outperform tax. So we think both need to be in the portfolio. certain asset classes might be better for active, particularly quantitative than others. Right now. I'm looking at a in a bond market that really has a mystery baked into it, which is can the Fed really cut rates by more than four times next market is baking in. Do you lean against some of what some people are calling the euphoria of a soft landing, the Goldilocks forever that we heard from Max Kettner. I do, get but it's in getting the portfolio, you want to be in the portfolio, you want I genuinely believe that we just, it happens with a lag. And, you know, you talked about that on a, have a, you know, a broadcast like this. And the expectation is that you're talking about something that's happening any moment. Right. But, but But the fact of the matter is we had massive increase in interest rates that just haven't totally hit the economy yet. We have indications from, you know, proxies for short rates that, that it's actually tighter than the Fed funds rate would would suggest. So I do think that, you know, the market has the decent chance of slowing down next year. Does it mean it's a massive crash? No, not necessarily, but I don't, you know, advocate kind kind of chasing after stocks and not being balanced in the way that you go to the market, which is what we kind of
Monitor Show 23:00 10-12-2023 23:00
"Interactive brokers clients earn up to 4 .83 % on their uninvested, instantly available USD cash balances. Rates subject to change. Visit ibkr .com slash interest rates to learn more. Presentations of the assets and liabilities were broadly accurate. He is one of six current and former Deutsche Bank employees who are potential witnesses in the state's case. And that's it for this edition of the Bloomberg Law Show. I'm June Grosso and you're listening to Bloomberg. Broadcasting 24 hours a day at Bloomberg dot com and the Bloomberg Business Act. This is Bloomberg Radio. The U .S. is doing everything it can to bring Americans taken hostage by Hamas in Israel home. That's what President Biden told a roundtable of Jewish leaders at the White House today while speaking on the war. He added that the U .S. is committed to ensuring Israel has what it needs to defend itself. The president called Hamas's attack on Israel over the weekend the deadliest day for Jews since the Holocaust. At least 22 Americans have been killed in the conflict and 17 are missing. It's not clear at this time how many Americans are being held hostage. Secretary of State Antony Blinken is heading to Israel. He told reporters today that he'll meet with Prime Minister Benjamin Netanyahu and other senior Israeli officials when he arrives Thursday. We're determined to make sure that Israel gets everything it needs to defend itself, to provide the security of its people. Already significant military assistance requested by Israel is on the way. That's on top of everything that we've been doing for years. Blinken added that he expects the number of Americans killed in the conflict to rise. The United Auto Workers strike is now in its 27th day. This comes as UAW members are currently on strike at 43 different facilities across the country. Union President Sean Fain had been adding more plants to the strike as negotiations with the big three automakers continue. But last week he decided to not add to the picket line. Union workers say they want a 40 % payback.
Fresh update on "deutsche bank" discussed on Bloomberg Surveillance
"With any sort of heartfelt meaning that he was going to push back which the market took is an undying uh dovish call for rate cuts starting in march so next week they've got a tool to do something about this don't they they've got the summary of economic projections tk's favorite thing they have of the dot plot the dot plot for 2024 to signal they're not going to cut anytime soon except in the dot plot apparently there's rate cuts isn't there there is but it's later next year and it's not that many it's versus the say six rate cuts that people are talking about now next year priced in for the federal reserve at one point i mean it's definitely 100 basis points of rate cuts that we're at next year do they push back against that and if they do does anyone care i mean we're saying powell had a chance to push back he sort of tried to and people like you just don't buy it not working fx is harder because you have to make two calls on a two -year at the front just end make one policy call on the federal reserve in the fx market on the euro against the dollar i'm going to make two policy calls and last week we started to think about the ecb cutting much sooner than the federal reserve tom the euro down one oh away george 68 cerebellus the deutsche bank was aggressive on that he said that the garden company will get out front and do what the bundesbank is worried about would you say oops and cut rates he said they should come next week yeah he said they should should yeah rights next he wants to tell us to tell everyone that doesn't mean he thinks they will cut rates thinks next they week he should i think we're going to go to the jobs report on friday and the answer is okay you get a shock down that really changes the debate but to the morgan stanley goldman sex parody or rather should i say divide it's all about the labor economy claims on thursday yeah you know 222 000 that's still low that's a fully employed number a payrolls on friday as well for looking unemployment still south of four percent think in our survey right now median estimate is about 180 that can change going it's the number let's get you up to speed on the top stories under savannas this morning israel expanding his campaign across southern gaza with with another ground offensive expected the military aiming for hamas leadership as another truce between the two site appears out of reach u .s. forces getting involved over the weekend after reports of attacks on three commercial ships traveling in the red sea no casualties were reported but u .s. military officials say hootie rebels backed by one are to blame your next story this morning accidental petroleum in talks the by driller crown rock as consolidation grows in the u .s. oil market the deal expected to be valued and more than ten billion including debt crown rock is one of the largest private oil and gas producers in the Permian basin just last month of course struck a deal tom to buy pioneer and chevron agree to take over hass yes in line there's no question about that this is a kid out of texas tech a chemical engineer out of texas tech he worked for exxon and then he did just like you see in the movies he went out in his own and bought up half of west texas north texas i don't even know where it is on the map and the answer is it's worth a lot of money apparently it's the battle bramo to get scale in the Permian basin and the little nugget in our story this morning and i'm sure some of you have heard this before but the fact the Permian yields more oil now than a rock on the opec committee cartel it's just amazing well and this actually goes to something that rbc capital is talking about the analysts over there that we've moved more back into an oil market determined by supply and not demand shocks necessarily and if it's supply you take a look at the us and some other non -opec members and they are basically offsetting a lot of the cuts to production you're seeing from the other opec plus members so when you take a look at that two questions one antitrust is sort of interesting and two how awkward does it make it for u s energy officials to go over to cop twenty eight and to talk about reducing fossil fuel emissions and the taking high road on that when the u .s is accelerating production at a rate that is exactly counter to what we're seeing in the middle east got the number right in front of me on the bloomberg d o e t c r u d remember that one for bloomberg uses thirteen point two million barrels a day t k thirteen point two million barrels of oil produced in this country every single day do we have a national energy policy they don't speak about it they don't that piece of it anyway there isn't a national energy policy and many would say that's why you're quoting those numbers is because we didn't have a answer it's a really interesting debate what else do we have this last story tom swiss drugmaker roach looking to join the rush into weight loss drugs rush agreeing to to pay three point one billion to come up therapeutics which is developing drugs to compete with the same rush pic among the first companies to test the glp -1 drug but had to stop more than a decade ago after patients quit due to nausea saw that last week as well i think with Pfizer the weight loss market is expected to reach 100 billion by the end the of decade and the year -to -date gains in pharma basically you've either got it or you haven't novo has it eli lily has and they're up big time and everyone else tom struggling to catch up in in in the heart of the matter is who's going to pay for it i mean get i the whole efficacy of it in the national john you've been very good about this the diabetes and heart disease and that but okay is this a new government program we're going to have to slosh out eight thousand a year i'm guessing for a drug we spoke with sam fazelli uh... last week and he was basically saying a flimberg intelligence has worked out uh... with pharmaceutical research for a long time first place a lot of these drugs have been around for a long time the technology of them and they have not found material side effects over the long term of usage which raises this question at what point does it become national policy to reduce health care costs yes that will mean insurance will pay for it it'll also mean that health care costs will go down other ways it's going to get really interesting which is the reason why everyone is willing to bid up for this yeah well there's the drugs and john there's also the bramo method which is run 15 miles a day you know that's one method that's one this is also tom about addiction and i think we're only just sort of scraping the surface around the addiction side of all of this so this use case can go beyond obesity tom perhaps to alcoholism maybe even gambling addiction as well the use case for these drugs i think is only just starting to be explored tom this can make make a big change what strikes me though and we've talked about this before you have to use it indefinitely indefinitely yes so of course cost needs to come down drastically to make what hope to see will continue this do our study this i should say we do this with doctor for zelly who's truly world thrilled -class to have sent for zelly with us at bloomberg right now this is a joy sitting with here in new york when he sees a joins global strategy at credit sites as well in the heart of your note is what i thought about the most this weekend and go to lawrence mcdonald with a great insight this year the cash on the sidelines jaw -dropping when yields come town do they all exit the money market fund to buy apple i don't think that they all exit the money fund market to buy apple but there's an awful lot of yield left in the corporate credit markets in high old even in leverage loans maybe inequity is that as definitely be bought and you don't need to see all of that money come out of money market funds i mean we've had a trillion dollars going to retail money market funds this year alone just a drop in that bucket is absolutely going to drive spreads tighter you are pro in brambo the world these are questions lisa should be asking i'm going to front runner here right now where in the spread market is the thing that identifies it tip point when that money moves though one
A highlight from BLACKROCK TO INVEST $17.7 TRILLION IN XRP, BITCOIN, & ETHEREUM?!!
"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, folks, huge news coming out about BlackRock and Wall Street ready to enter the crypto market. So here's the headline from Forbes. BlackRock Insider primes crypto for a huge seventeen point seven trillion dollar Wall Street earthquake that could be about to hit the price of Bitcoin, Ethereum and XRP. Let me give you the details here. A former BlackRock managing director has predicted it's only a matter of months until the U .S. Securities and Exchange Commission approves a long awaited Bitcoin spot ETF, giving funds that manage seventeen point seven trillion dollars worth of assets. The green light. Here's a quote from that BlackRock manager. The SEC will probably approve all spot Bitcoin ETF applications at the same time. I don't think they want to give anybody the first mover advantage. Former BlackRock managing director Stephen Schoenfeld said this week at the London conference, it was reported by Decrypt. Schoenfeld gave the SEC three to six months until it approves a Bitcoin spot ETF. Last month, one point five trillion dollar manager, Franklin Templeton, filed with the SEC for a Bitcoin spot ETF, joining a flurry of applications that was kicked off by the world's largest asset manager, BlackRock in June, and includes Wall Street giants Fidelity and Vesco Galaxy, Wisdom Tree and many more. Schoenfeld pointed to a recent decision by the SEC to delay until early next year at the latest on a handful of prominent Bitcoin spot ETF applications as accelerating the process. Instead of completely rejecting the whole list, they've asked for comments, which is a marginal but significant improvement in the dialog, Schoenfeld said. So he's absolutely right. And folks, I think you and I, who have been following this closely, know about this, right? There's a flood of capital that's going to come into this market and we're going to see new all time highs in the next bull market. And it's going to go to Bitcoin, you know, initially, like we've seen historically, and then the liquidity flows to the alts. It goes to Ethereum, to XRP, as mentioned here. So we are in a whole new paradigm right now with these Wall Street folks coming in and look, they've shown us what their plan is. Their cards are on the table, right? Let me just quickly recap what has taken place so far this year. Obviously, BlackRock and Fidelity and Franklin Templeton and all these folks have filed for Bitcoin's spot ETF. But it's important to note that BlackRock is heavily invested in Bitcoin mining companies. They're some of the largest shareholders of some of the most public Bitcoin mining companies. They also are holding USDC reserves for Circle. Charles Schwab, Fidelity and Citadel launched the crypto exchange earlier this year called EDX Markets. It's an institutional crypto exchange. PayPal, of course, launched a stablecoin on the Ethereum blockchain. Deutsche Bank will start offering crypto custody to institutional clients. Both Citibank and JP Morgan are working on deposit tokens on private blockchains. MasterCard launched a CBDC program with participants which include Ripple, ConsenSys and Fireblocks. Visa, of course, expanding their usage of USDC stablecoin on Solana and Ethereum. So all signs are pointing to adoption, folks, and institutional tradfi, real world adoption, not just rumors, but they're actually building and launching products. They're filing for their patents and applications. So the next bull market is going to be incredible. There's going to be a ton of capital coming in and I'm expecting it to be one of the biggest bull markets we've ever seen, if not the biggest, because I don't think there has been this level of capital waiting to come in with these ETFs. Right. You think about the retirement accounts and all the different capital locked up in different investment products that, you know, they can't really touch crypto directly, but through an ETF, they can. So that would be a game changer. And like I said, Bitcoin will pump like we've seen historically go to new all time highs. Liquidity will flow to alts. The alts pop off new all time highs as well. So I'm diversified. I hold Bitcoin. I hold XRP Ethereum in different alts. So I'm excited for the next bull market. Here's some other incredibly bullish news that is along the lines of institutional investors coming in with a lot of capital. Billionaire backed Hong Kong crypto VC pours $100 million into blockchain fund. The Titan fund will focus on early stage startups in gaming, metaverse and NFTs, and will prioritize equity investments rather than digital assets. So CMCC Global, a blockchain focused venture capital firm backed by Hong Kong billionaire Richard Lee, aims to provide support for entrepreneurs building companies in the industry called the Titan fund. It has a particular focus on early stage startups operating in the blockchain verticals of infrastructure, fintech and consumer applications such as gaming, metaverse and non fungible tokens. The Titan funds investments will be directed towards equity investments in blockchain companies. Block .one served as the anchor investor, pledging $50 million. CMCC Global, the fund's initiator, also contributed a 15 % general partner commitment. Other notable investors include Richard Lee's Pacific Century Group, Hong Kong's Jebson Capital, Winklevoss Capital and Animoca Brands co -founder Yat Sui or C if I'm saying that right. The Titan fund will empower great entrepreneurs to build the next wave of Web3 and blockchain powered fintech applications, Gemini co -founder Cameron Winklevoss said in a statement. Folks, this is huge. I mean, look at the amount of capital is coming in and they're investing in both the tokens. Now, not everybody is investing in the tokens. Some are, and some are investing in the equity aspect, the companies that are building the infrastructure for the tokens to be adopted, right? For the different blockchains to be adopted. So it's all bullish news around. And the fact that they're doing this when the markets are down, when the macro economic outlook is not great right now, but they know it's just a matter of time when those things are going to flip. We're going to be back in the bull market. Everybody's going to forget about now and the hard times and the fear and the uncertainty, right? It's funny how human emotions work, but this is why you have to look at the charts, have a macro outlook and understand the market cycles. We are in that transition phase right now between bear to bull market. We are certainly not in the realms of that bottom zone of the bear market. We are out of that. Clearly Bitcoin rallied this year, but we're not in that bull market where euphoria is starting to build. And for those of you who have experienced that before, you know what I'm talking about. So the Bitcoin halving is kind of my marker on the timeline for when I think the bull market starts. So that's what I'm anticipating looking at. And that's why I'm dollar cross averaging. I'm paying attention to what these big investors have been doing, like the amount of capital they're raising and so forth. So we just got to be patient, folks, like I said, dollar cross average and be patient. Now, quick word from our sponsor, and that is Uphold, which makes crypto investing easy. Uphold is a platform and exchange I've been using since 2018. They have 10 plus million users, 250 plus cryptocurrencies, and they're available in 150 countries. I've interviewed their CEO and many other folks so I can vouch for this platform. They also have precious metals on the platform that you can trade and also 37 fiat currency. So really unique platform. If you'd like to learn more about Uphold, please visit the link in the description. Now we got news here that Fairblock raises $2 .5 million for fully private blockchain transactions. The Fairblock team has recently secured $2 .5 million from investors to bring conditional encryption blockchains. to Folks, just further proof, right? Once again, keep in mind the economic outlook right now in the crypto market. There's nothing major happening right now with the price, but these companies are raising capital. People are giving them money. Why? Because they expect to make a return on their investment. They know that the current market cycle will be over and will be back in the bull market and there's going to be future adoption when you look at the S curve adoption model, right? So Fairblock is hoping to make conditional decryption, pre -execution privacy, a reality. Conditional decryption refers to allowing users to set conditions to that enable protocols to execute transactions without revealing any on -chain information before execution. Unlike zero knowledge technology, Fairblock is designed so that information is only encrypted or decrypted under certain conditions. It does so through advanced cryptography, including identity -based encryption and witness encryption. The company is also looking into fully homomorphic, if I'm saying it right, encryption or FHE, which will enable computations to be performed on fully encrypted data. Payment Momeni, Fairblock's co -founder, told Blockworks that the team had secured $2 .5 million in pre -seed funding to build this infrastructure. Folks, this is the building out phase for massive adoption for the next billion people and for a whole bunch of other use cases. And as you can imagine, what that's going to do to the prices of the tokens over time, you know, it's going to be incredible. So we have to be patient as these things are being built out. As always, go back and look at the 90s and the dot -com boom and, you know, there were boom and bust cycles there. But as the winners started building out their technology and getting more adoption, their valuations, of course, rose and increased significantly. So that's how we got to look at it, folks. Now, Stuart Eldorati, chief legal officer at Ripple, weighed in on the SEC's brief in the Coinbase case, which we covered in yesterday's news. He said, there's so much wrong with the SEC's brief in the Coinbase case that I don't know where to begin. Let's start with the SEC claiming without citation or support that digital assets have no innate or inherent value while collectible baseball cards do. So, you know, the SEC, they continue to look like fools. And we saw Congressman Richie Torres call out Gary Gensler about the Pokemon card situation. I think that caught Gary off guard where he's like, you know, is a Pokemon card security? What about a tokenized Pokemon card? And Gary's like, oh, I need more information. So, you know, the SEC, they're making things up as they go. But we know the game. The game is to slow this down, kill those pesky crypto startups, which, you know, are taking the market and making all the money while BlackRock and all these guys have to wait for regulations and have to wait for an ETF, right? That's a game. Allow the Wall Street folks to come in and take over. So, it's just roadblocks being put up to try to slow down the disruptors while the incumbents come in and catch up. Now, something interesting also coming out of the SEC, they're suing Elon Musk. So, there's going to be a probe into the purchase of Twitter in 2022. We'll see where this goes. And if it has legs, but this could bog down the SEC a bit because I'm sure Elon's going to fight back and we'll see where it goes because Elon's obviously trying to do things with crypto and Twitter and payments and much more. But we have to get more details. Now, finally, Matt Hamilton, who used to work at Ripple, and now he's, I think he works with Filecoin if I'm not mistaken, he met up with Kyle Samani. Now, those of you who don't know who he is. He's the co -founder and managing partner of MultiCoinCap. And I covered this over the years that these guys were spreading a lot of FUD about XRP back in the day. I think they were shorting as well. And I think they had insight into what Bill Hinman and the Ethereum folks were doing and that Ripple was going to get sued. So, they were shorting. They put their shorts in and they were spreading their FUD. Well, Matt brought the XRPs not a security t -shirt from the Ripple proper party and gave it to Kyle. You may say, well, why is that important? Well, years ago, Kyle back, I think it was in 2018, 2019, the man was walking around with a Ripple t -shirt saying hashtag XRP the security. So, once again, he and those guys were shorting XRP, I believe. And they knew they had some inside information. Will they get held accountable? That is to be seen. Probably not. But Matt said he had a good conversation with Kyle and we'll see how things progress, folks. Obviously, there's something fishy going on with these guys. Also, the other partner who blocked me, I think he's an Indian guy. I forgot his name, but he's also one that was just going around making neurons. You could see there was an agenda. We want to tell everybody XRP is a security. Now, why would you care about that? Unless you had a financial benefit and also in both ways. One, I'm going to short a competitor to Ethereum. And I'm probably going to go long on Ethereum. So, they were going around doing these things. But that's the news, folks. Let me know what you think. Leave your thoughts and comments below. Let me know what you think about this Forbes article on BlackRock and Wall Street. There's certainly a lot of capital waiting to come in and I'll talk to you all later. Bye.
Donald Trump Jr.: Bank Witnesses Signed an Affidavit, Saying No Fraud
"Property for loans and the judge put in the court document a number so ridiculous to anyone forget about being a Florida resident anyone who has sense any of real estate at all I mean this has got to be I go you guys have to be thinking yourself what what the hell do we have to do they're never gonna stop yeah no it's like listen I've been in real estate for a time long before I started screaming about politics because I was firsthand witness to all of the insanity going on that I had to start getting involved and fighting back that's what I did for 25 years I was going through it with the lawyers last night I'm like but I don't understand and they're like we don't either we've never actually seen this before I mean imagine they're saying you know we defrauded banks that were paid back in full with interest I didn't like there's no allegations there's no allegations from the bank there's no victim Dan there's not even a victim the banks gave sworn testimony that of course we do our own valuations you know we're Deutsche Bank and I get trillion dollar bank yeah oh yeah we're just gonna believe what every person tells us I mean any one of your listeners who's ever bought a home or an apartment or anything there's a third -party appraiser in the tiniest of transactions think you that goes away on hundreds of millions of dollars of transaction no the scrutiny is so much but you know and those by the way those bank witnesses signed the affidavit under oath of course we did it it doesn't mean that we there's no victim they say that he just ignores it he chooses to just ignore that and says summary judgment no jury we're just going to say no jury and we're going to say we agree with everything that the Attorney General has said without actually hearing from any of the people we're just going to agree with everything that person the who literally campaigned on taking down Trump prior to ever seeing any of the evidence but ran campaign a on taking down Trump she can say whatever she wants and I'm just going to agree 100 % with everything that they say no jury
Monitor Show 07:00 09-22-2023 07:00
"With Bloomberg, you get the story behind the story, the story behind the global birth rate, behind your EV batteries' environmental impact, behind sand, yeah, sand, you get context, and context changes everything. Go to Bloomberg .com to get context. This is Bloomberg Radio. We still think rates are somewhat too high over the long run. As long as the politics lets the U .S. be exceptional, you can have higher yields and a stronger dollar. Turning to the U .S., we are a lot weaker than consensus with U .S. growth. Inflation expectations are fairly well behaved for consumers. What we're seeing is the lagged impact of fairly aggressive monetary tightening really starting to bite. This is Bloomberg Surveillance with Tom Keane, Jonathan Farrow and Lisa Abramowitz. This is Bloomberg Surveillance live from the city of London for our audience worldwide. Good morning. Good morning. Alongside Tom Keane and Lisa Abramowitz, I'm Jonathan Farrow, your equity market positive here by 0 .2%. It's been a rough, dicey couple of days in this market. Let's put it all together. Biggest one -day loss on the S &P 500 in about six months, yields we haven't seen for more than a decade, cycle highs on a ten -year, on a two -year. This morning in today's session in Asian trading, we went through $4 .50 briefly on a ten -year. We come back about a basis point, $4 .48. TK, putting it all together, what a ride it's been over the last few trading days. I'm going to go away from the equity market. I really take issue with the worry and the doom and gloom on equities. It's barely a pullback here with a VIX at 17 .12, I believe, as a level. You think we had a 20, a 22, a 25 VIX. We got nothing. It's been resilient equity markets with the bounce back today. In the other areas, you're right, John, in foreign exchange, I can tell you it's an interesting study. It's not one or two pairs. It's like 10 or 12 pairs you can study. Sara Velles with us from Deutsche Bank.
A highlight from "DO NOT Buy Bitcoin Now! Here's WHY..." | Gareth Soloway
"I'm back and we're one day before the FOMC Bitcoin still at 27 ,175 now Gareth says Gareth Soloway He says that Bitcoin can get back to $30 ,000 But then he also says that even though Bitcoin can get back to 30 ,000. He wouldn't actually buy it. Listen to this Now interestingly enough, let's talk about how high can price rally right? So, I mean, let's let's talk about it So if you're someone who's saying wow, do I buy Bitcoin now? Honestly the answer is no now But he does think you can go back to to $30 ,000 So listen, what we're gonna do is we're gonna get Gareth on the show a bit later on He's gonna talk to us about what he meant when he said he thinks Bitcoin can go back to 30 ,000 level But he wouldn't actually be buying Bitcoin right now and that's ahead of the FOMC now. Remember it's a big FOMC why because we haven't heard from Jerome Powell since the 25th and 26th of July, so we haven't heard anything from Jerome Powell since the 25th and 26th of July and Remember that since the 21st and 26th of July we've had two very big inflation readings So the big question is what is Jerome Powell going to do tomorrow? Is he going to engineer a soft landing that is one thing that he could be doing or or or is he going to Fly the plane like that plane that got lost I think what we need to do is we need to spend some time talking about this because honestly Honestly, honestly, honestly I Mean, how can anyone? Lose an 80 million dollar plane even the Biden administration. Like how can you lose an 80 million dollar plane? No one can lose an 80 million dollar plane. Not even the Biden administration So this we've got a lot to talk about today. We're also gonna talk about finance We're gonna talk about finance in the SEC. They did go to court yesterday There was a little bit of FUD that came out of the court case yesterday Usually as you know, I don't really pay attention to the finance FUD But this time it's coming from the same people that warned me about Celsius and they were right So I took the side of Celsius and they were right So as I said, I don't usually pay attention to finance FUD because I think it's like usually just bat And I think there's too much finance FUD But I do think we need to talk about what came out of the hearing yesterday. So listen, I'm back We've got a huge show today one day before the FOMC. Let's go guys I Mean we have to laugh we have to laugh Not only did they lose a plane But then like to make matters worse they want us to help them Find the plane now. I mean, this is a true story They lost an 80 million dollar plane and they want us to help them find a plane That's the type of discussion that I usually have with James like I lost the soundboard James. Where's the soundboard? I lost it on the way to work. Anyway, we'll talk we'll talk about the plane later. There's a lot to talk about Listen guys, I'm back. I'm back in the studio. We've got a lot to discuss today Got a big show ahead of the the FOMC Also, I want to talk to a little bit about Asia I want to talk to you about Binance I want to talk to you about altcoins because we are getting bounces in the altcoins as you can see right here on the bubbles But it seems like it's stuff going up one day and down the next day Which means that there's no new capital coming in we know that and what that also means is that we're getting Asset money rotation between between one place or another and then also as a city later on gathers Garrett's coming on the show So we've got a lot to talk about we're a lot we're gonna be here together But let's talk about remember if you haven't yet subscribed the channel help us because one of the things that I realized in Singapore Was the bigger our channel the bigger the guests we can get on the channel the more attention they pay their pay to us And so when you guys subscribe to this channel when you like this content And we get the content out there and you subscribe to the channel That helps the channel grow that helps us bring more bigger guests onto the channel. That's why we need you I'll bring you the highest alpha per minute show in the world every single day and You will just like the content and then everything's fine. Everything works. It's a symbiotic relationship. Anyway, let's talk about Where we are right now Let's go to the charts what we can see when we look at the charts is that Bitcoin is above 27 ,200 one day before the FOMC meeting now, I heard rumors earlier That the reason why Bitcoin was actually rising is because the mount gox trustee may be forced to delay the distribution of the mount Bitcoin 2024 till that was actually written up by the blocks I heard the rumors much earlier today and then the block wrote something about it They're saying Bitcoin bounce may be due to mount gox delay rumors, but still targeting 22 ,000. That's a fan manager called QCP bitcoins price is largely due to rumors of delay that mount gox may drag their payments into 2024 that's actually exactly what I heard earlier today. So it could be that we may not be getting the mount gox Bitcoin hit in the market. Now you ask yourself. Why would that happen? So you very simply why would that would happen mount gox was hacked in 2014 this this this story took place in 2014 The liquidator like the FTX liquidator earns money on The longer this drags out the more the liquidator and it's almost like think about it like a lawyer Okay so the more this thing drags out the more money that the liquidator makes and it looks like the liquidator is going to continue to Pressure the side of the year now, let's go back to the charts because I want to show you something back on the chart So then if you remember but Kyle dupes said something very interesting. He said look when we get this death cross What will happen after the death crosses, but Bitcoin will go down But then Bitcoin will go up back to the price of where the death cross happened, which is twenty seven thousand seven hundred so so far Kyle's little I don't know if you want to call it a prediction is is actually playing out and playing out exactly like said Gary says we can actually go even to 30 ,000. I actually think that both of them are wrong I think that we may at some point soon this year this this month this year We will break that 30 ,000 everyone. I've been saying it for a while I don't know if you remember but I did say at the beginning of September when everybody was completely bearish about Bitcoin and everyone said oh September's gonna finish down because it finishes down every single September. I said no guys I think September's gonna finish up so far. I'm up five point five two percent So so far it feels to me like like like like I'm gonna look I'm gonna Get this but you must realize what's actually happening here James. What what's for lunch? Scacra doesn't talk but he's chewing here. I can hear the chewing going in my one ear and out and out over there Anyway, what we are seeing here is you need to look at the open interest on Bitcoin and what you realize is that the open? interest is just Completely tracking the price which means that price goes up open interest goes up price goes down open interest goes down That's what's going on here, which means it's just short term Ups and downs so to speak that are happening in the market and it's not real volume or real buying coming in So we still I'm still not convinced that this is the pump that's gonna take us over 30 ,000 But I am convinced that bitcoins gonna go north of 30 ,000 end of September Maybe even early October and I think shaldino shares the same the same sentiment as me because he's just opening lungs and lungs and Lungs and you should I think today you opened another long on the show. Did you guys did you guys watch Sheldon show today? scarecrows Scarecrows don't talk but the children open along yes or no scarecrows He opened us a line along. Okay, so say he did open a lot the guys got big big big kahunas I think the same thing was happening with alts when I look at the alt coins It looks like we're just getting a shift from one old coin to another old coin So yesterday roll, but was up today roll, but is down yesterday rune was up today rune is down and that's exactly what's happening There's no big moves. Let's just quickly check on the one hour time frame. No big moves. No big moves in all coins it's basically just a rotation of Many the good thing is that the fundamentals of Bitcoin and I said I don't say this likely but the fundamentals of Bitcoin have actually Never ever ever been stronger and what I mean when I say the fundamentals of Bitcoin have never been stronger So there's two parts of the fundamentals. The one part of the fundamental is the research So what does the research say? What are the fundamentals behind it? The other part of the fundamentals is something that is unique to Bitcoin and unique this asset class Which is the on -chain data because if you look at other asset classes, they don't really have on -chain data Bitcoin has on -chain data So, you know like when we say fundamentals we can actually just go to the chain and we can just say look Well, what is it? What does the chain say? What is the the data on chain say and here this is where it gets a little Bit exciting so it gets very exciting. The first thing is long -term The supply held by long -term holders up to the highest that it's ever been so you can see the percentage Supply that is held by long -term holds the Bitcoin never ever ever been higher that is Also evident here where you can see that 80 % of all Bitcoin have not moved in the last six months so what we're seeing here is long -term holders keep growing and then when they lot they hold they They hold for forever because it hasn't moved for more than six months What we also see is we see the short -term holders have been capitulated. They're out of the market. We don't see them anymore They were here. They they were good tourists and then we said bye -bye and they were just sending their money back to exchanges When I look at the unchain The unchain data right now and I said I don't say this lightly the unchain data right now looks the most positive that's ever been because the coins are sitting with the people who ain't gonna sell the Coins and when I say anchor solid coins, they holding the coins for for six months plus The sentiment is also very good. And I saw this tweet by Chris Paniski and he He shares the same sentiment that I shared in Asia He was struck by how incredible and what the buzz is that happened in a token 2049. You can see his his These guys are killing my ears Thanks guys. Thanks for thanks for destroying my eardrums. I used to have eardrums now they're gone Anyway, that's his version of what happened at token 2049, but he's been around for a while He says contrasting token 25 20 49 to the first bear market conference. I went to inside Bitcoin in April 2015 the worlds are completely different and that's true because Even though from a pricing point of view, we're in a bear market I'm gonna show you something very very very interesting about where we are in the market The other thing that's happening now, which we haven't seen in Bitcoin for for for a long time Since I got into Bitcoin people have been promising me that the institutions are coming into Bitcoin. It's always been the narrative It's like look we've got to prepare ourselves got to prepare us off Because you know what the institutions are coming in when the institutions come in The price of it coins gonna go to the moon and every time the institutions never came in They launched a Bitcoin futures and bang the the price collapsed So I've always been hearing since I got you That the institutions are coming into Bitcoin when the institutions come into Bitcoin They're gonna bring all the money with him But it's been this letdown because it like as much as I've been hearing about it The institutions just haven't come but they just didn't arrive now the institutions are undoubtedly undoubtedly undoubtedly here So we have got Citibank. They are now Unveiling their own Separate blockchain which is going to which which they're going to start piloting you got this is old news But you got the LSE looking to tokenize assets in the line the stock exchange As your as you will recall if you saw my video about token 2049 in Singapore I thought hey said big bull market he predicts and if you go watch that video see what he said But he basically how he breaks down why the bull market is gonna happen in 2024 he also breaks down that AI is gonna be the narrative that's gonna lead it and then he says, okay Well, then you need to you need to be buying file coin Then a German banking giant will be able to hold a number of crypto currencies for its clients So you can see what's going on here. You can see exactly what's going on Yeah, this industry is becoming more and more institutional Deutsche Bank one step closer to launching a digital asset custody service You've got Japanese banking giant Nomura launching a Bitcoin adoption fund for institutional investors You see what's going on here the institutionals the institutions are here are finally actually getting here but we are in a very very very unique time now because this is What Michael Saylor described when I interviewed Michael Saylor last time you'll remember it if you watch the Michael Saylor discussion This is what he said about where we are now about the unique time that we are now in In the cycle able to pick up the phone and call your broker and buy 50 million dollars worth of it Right. So we're at that stage where we know it's coming but We really haven't plugged Wall Street into the asset yet We're in this in between period which in my opinion is the best time to be it's like, you know the future No one else can act on it. If you if you have a crypto account with a crypto Exchange to buy Bitcoin right now So so you hear what he's saying he's saying if you we know they're coming they just it's like it's like it's like this Imagine a concert, you know, the concerts gonna start everyone's waiting at the door, but the gates aren't open yet You know when the gates open everyone's gonna come in and go to the car the concert you have the inside information But they can't act because the doors are still closed. That is where we are. Now. The institutions are coming in this morning I saw that blockchain capital Which is one of the original og funds in crypto, these are like, you know, these are two brothers original og og og funds in crypto raised 400 and say five hundred and eighty million dollars for two new funds now if you read where did they get their money from? most of the firm's limited partners are traditional institutional investors including University endowments So they've got five hundred and eighty dollars from all of these sovereign wealth funds and guys I mean if you were here in 2017 and you were here in 2018 and you were here in 2019 and notice it you look You know in next year or in two years time you're gonna get five hundred and eighty million dollars Given to two brothers in the United States Who have got a good track record and the money's gonna be given to them by institutional university By university endowment private foundations the writing's all over the world. All you have to do is You just have to Act because it's inevitable. It's completely completely completely inevitable And I know like a lot of you may may be sitting here and going yeah But you're not crypto is full of scams and you know, you know We spoke about keeping our customers happy and how every time we get the big names in crypto coming into our into our industry We destroy them, etc, etc You need to remember that every single technology goes through the cycle and I want to read you something which I saw earlier today which made me smile and and again affirm that I was in the right direction so Visa seemed like a disaster when it was first launched the kind of people who attack new things would have been all over it from From the Wikipedia article it says listen to it says they're talking about visa However, the program was riddled with problems as Williams who had never worked in a bank's loan department had been too earnest and trusting in His belief in the basic goodness of the bank's customers and he resigned in December 1959 22 % of the accounts were delinquent not the 4 % expected the police departments around the state were confronted by numerous incidents of of a brand new crime called credit card fraud Both politicians and journalists joined the general uproar against Bank of America and its new fangled credit card Especially when it was pointed out that the card holder agreement held customers liable for all charges even those resulting from fraud Bank of America officially lost eight point eight million dollars in on on the launch of Bank of America card But when the full cost of advertising and overheads were included the bank actually lost around 20 million dollars I mean if you change the word credit card there and you replaced it with the word blockchain you'd say hell them This is exactly what's going on here.
A highlight from BIG CRYPTO NEWS!! CITI BANK TOKEN & JUDGE DENIES SEC GARY GENSLER IN BINANCE US CASE!!
"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 or wherever you get your podcasts, make sure you hit that five star rating and review. It helps support the podcast and it doesn't cost you anything. Well folks, we've got big news coming out of Citigroup today. They have officially launched a token that will be used for deposits and the transference of money. Let me give you the details. Citigroup launches deposit city token services for institutional customers. This product will be based on a private blockchain controlled by the bank, converting customer deposit into digital tokens that can be sent instantly. Customers do not need to set up their own digital wallets and can be accessed through the bank's existing systems. This was reported by Bloomberg. This is huge news. There's many layers to this story. First it is further validation of this asset class and technology. And this technology is disruptive folks. And disruption is at the doorsteps of the banks, whether it be Citigroup, JP Morgan and many more. And they are trying to build their own versions, right? If the old system is working so perfectly, why are they trying to build blockchains and use blockchains and build tokens? Why? They know this new technology, this new asset class is the future. This technology is here to stay. It has many benefits. It will leave the old system in the dust. Folks, disruption is happening. Another major move here by a bank. And it's once again, further validation with technology. The other layer is that just about a week ago, reported on September 7th, JP Morgan was reported that they were building a deposit token themselves for settlements. JP Morgan is reportedly developing the infrastructure to run a new deposit token, allowing settlements between banks for corporate clients. Pretty clear what's happening here, folks. They know, especially with the likes of Ripple winning the lawsuit and XRP getting the clarity and not to mention CBDCs and stable coins and PayPal building their stable coins. This technology is here to stay and it's moving at a rapid pace. And look, I've been on record saying that I believe the TradFi incumbents, such as Citi, such as JP Morgan, Goldman, and these guys, weaponized Gary Gensler and the SEC to go and try to kill the stable coins, kill Ripple, kill whatever payment or crypto startup, right? Because Gary Gensler and the SEC are controlled by these TradFi incumbents. I had Caitlin Long on the podcast talking about the bias towards the TradFi incumbents, right? And we know how the political system works with campaign donations and much more. So it's pretty clear what's happening here. If you sit back and you look at the timeline, you look at the parallel of these things that are actually happening, right? We're not saying that we're not fabricating something here. It's clear what's been happening. It's clear what Jamie Dimon was saying since 2017 and what his bank was actually doing, right? Watch what they do, not what they say. Folks, first they ignore you, then they laugh at you, then they fight you, and then you win. It's pretty clear that this tech is so disruptive. They're scared of it and they're trying to build their own versions. But the problem is these wall gardens that they're building on private blockchains, no one's going to trust it. Why would another bank want to trust your token that you control the blockchain, you control the nodes, and much more? There are going to be private blockchain systems, don't get me wrong, right? Citi may launch its token and within its own different branches move money and settle instantly, but don't expect JP Morgan to use their coin and vice versa. So this is what's happening. They're not going to be able to disrupt the market with cross -border payments and all the different blockchain systems that are out there, which provide more of a free market, trustless permissionless setup. So very bullish folks for the crypto asset class that these banks are so scared. They're trying to launch their own tokens. And once again, JP Morgan is trying to do the same thing. And as mentioned, this is being reported by Bloomberg and they're calling it Citi Token Services once again. Let me give you a quote here from Shamir Khalik, global head of the company's services division. The development of Citi Token Services is part of our journey to deliver real time, always on next generation transaction banking services to our institutional clients. Oh, but I thought the traditional way of doing things was working. I thought crypto and blockchain, all these things are scams and a Ponzi. I guess not. The move is the latest by an established banking giant to offer so -called tokenized deposits or transferable digital coins that can represent a claim against banks. Crucially though, these tokens are processed on blockchain reels, meaning settlement is instantaneous. Yep. Folks, I'm so glad I'm here early. I'm paying attention. I'm researching, I'm dollar cost averaging and I'm hodling. Now a great way to dollar cost average in is using Uphold, which is a great crypto exchange. They are one of the sponsors of this podcast. I've been using Uphold since 2018. They have 10 plus million users, 250 plus crypto currencies, and they're available in 150 countries. You can also trade precious metals and 37 national currencies where you can easily transfer between crypto to different Fiat currencies to precious metals. That's a pretty unique feature to Uphold. If you'd like to learn more about this platform, please visit the link in the description. Well, folks, we've got big news around the SEC versus Binance. The judge declined the SEC's request to inspect Binance US. So if you recall, there was news that the SEC rips into Binance US over a shaky asset custody asked court to order inspection. The regulator asked a US court to reject Binance's half -hearted objections to its motion seeking depositions and inspection and communication from the exchange. This is another big fat L for scumbag regulator Gary Gensler, and this is being reported by Bloomberg. Here's the headline. SEC fails to win immediate inspection of Binance US software. Regulator says it is not getting enough access in lawsuit. Magistrate judge didn't grant expedited discovery requests. So the SEC says it has been struggling to get information from Binance US since it sued the American exchange along with its international affiliate Binance Holdings Ltd and its chief executive officer Changping Zhao in June. So Gary is taking loss after loss after loss. And I think a big blow is coming with Coinbase. I think Coinbase has a strong case and just like the grayscale situation, a lot of legal analysts are saying, yeah, we think Coinbase is going to walk away with a victory. Now, it may not be a full victory, kind of like the ripple situation where the SEC did win on some grounds, but it will be the lion's share of the win, or if you were to count up the numbers here, and that is what we're looking for. And you may say, well, Tony, why are you bashing the SEC and Gary Gensler so much? Don't they have a job to do? You're absolutely right. They do have a job to do, but we know, and this has been confirmed by the crypto industry as well as members of Congress and other regulators, even SEC Commissioner Hester Peirce and Mark Ueda, the SEC and Gary Gensler have not been acting in good faith. They have not been abiding by the law. So this government agency, which is supposed to have integrity, which is opposed to abide by the law, are themselves not doing that. Well, you have Judge Sarah Netburn rip a lawsuit saying the SEC lacks faithful allegiance to the law. What a burn. What a statement, right? That a government agency is being called out by the judicial branch and you lack faithful allegiance to the law. And even Bill Hinman and his conflicts of interest with Ethereum. And the list goes on and on and on. Gary Gensler is a puppet on strings doing the bidding of the incumbents when he's supposed to be a neutral party just looking to protect investors and they are attacking good actors. So it's not like they are just going after bad actors and that's the end of it. They're attacking good actors. And it goes back to what we were talking about at the beginning of the podcast. Citibank and all these banking incumbents have weaponized Gary Gensler to kill the startups that are disrupting them. The other aspect is Gary Gensler is not working with Congress to provide clear regulations, right? And he's flip flopped over the years. He's a big hypocrite. He's a liar. We've seen him lie many times. And he continues to say there's hucksters and scammers and so on and so forth in the industry. I tweeted about it today. You have some of the biggest names entering the crypto market, such as BlackRock, Franklin Templeton and many others filing for Bitcoin spot ETFs. Earlier this year, Charles Schwab, Fidelity and Citadel launched a crypto exchange called ADX Markets. PayPal launched a stablecoin. Deutsche Bank just reported last week they will offer crypto custody. Mastercard launched a CBDC program. Visa expanded their use of USDC stablecoin on Solana. So Gary clearly tried to distract and attack the startups while his Wall Street TradFi buddies come in and take over and look at the facts, right? I just listed out a whole bunch of big names that are coming in. And remember, Gary met with Sam Beckman Fried and FTX officials, didn't do anything. Big collapse happened there. He didn't do anything about Celsius or three hours capital and a whole bunch of other things. He didn't stop Terra Luna or anything like that, right? He just sat back and waited. And I think that was part of his strategy. I think he knew of the things that are happening, but he let them collapse so that they would hurt the market, right? Let the flush out all these startups who look, they're not established like the banking incumbents. And then what happened this year? Oh, I'm going to go after the good actors. I'm going to go after Coinbase, right? I'm going to go after this company and that company and NFTs and many other projects. So it's pretty ridiculous what's happening. But guys, we will win the war. We've seen historically that the disruptive technology will progress. It will get adoption. And if these folks don't get on board and it looks like they're trying to with their tokens, they will get or have their blockbuster moment. Now, speaking of further adoption, blockchain capital raises $580 million for two new funds. Venture capital's firms, record funding comes as space is teeming with exceptional innovators, despite bear market execs says. So the capital keeps coming in investments into the crypto industry. These companies and these funds are investing in both the companies, building the infrastructure, as well as the tokens are very, very bullish. Despite all that happened last year with FTX and Celsius and so forth, there's looking beyond that. They're looking at the future and the horizon of the adoption of this technology and much more. So one is the San Francisco based companies, six early stage fund in line with such funds it has previously launched, while the other is its first so -called opportunity fund. The $580 million marks the company's largest raise in its 10 year history, according to blockchain capital executives, Spencer Bogart, Bart Stevens, and Jason de Piazza. Such funding coming during a bear market reflects our investors trust in our long -term perspective, they said in a Monday blog post, adding that innovation often thrives during tough economic times. Despite the downturn in liquidity prices, we see a space that is teeming with exceptional innovators and founders, each aligned with the first principles of open source innovation, credible neutrality, and censorship resistance, Stevens told block works. The firm's first opportunity fund was conceived as a post dislocation investment vehicle. According to blockchain capital, Bart Stevens, it was designed with a high conviction concentrated mandate to pursue financing opportunities at the later stage. Very bullish news here, my friends. And here we got some more quotes. We felt generalists and newcomers misjudged the opportunity set he added. In contrast today, the fundraising environment for late stage crypto companies is barren, creating a unique and compelling opportunity for targeted capital that understand web three technology. Pretty incredible folks. And this is a lot of capital and more is going to keep coming, right? We're just seeing some of the biggest trad fi names entering a lot of capital being raised by different funds and new funds popping up and they're going to invest in the market and we're going to see continued growth and the S curve adoption keeps moving higher and growing folks. It's happening day by day, week by week, month by month, year by year. Now we got news here in New York financial watchdog proposes strengthened crypto guidelines. The New York financial or the New York department of financial services published proposed guidelines on Monday aimed to strengthen how firms list or delist coins. It also proposed guidance on adding coins to the state's green list. So we're seeing states move in the direction of trying to figure out regulations while the federal government continues to drag their feet. Obviously we got two bills in the house and shout out to patch McHenry and those folks who have been trying to get things through. Even Senator Cynthia Lummis and Christian Gillibrand in the Senate also have a bill, but we need Congress to act, right? Things are moving really slow. They need to put the guardrails in place, but we're going to see a lot of states do this. And I think as they do this and with their grassroots movements and much more, it's going to put pressure on the federal government to eventually act. So I think this is a good thing. However, the devil's in the details. New York can sometimes be very heavy handed. They obviously have the ridiculous bit license, which they should get rid of. But I think that's Wall Street's gatekeeping to allow only companies that they want and much more. So it's tough for a lot of crypto companies to get that bit license in New York. So we shall see what they come up with, but let me give you some details. Since joining DFS, I have made it a priority to ensure the department's regulatory and operational capabilities keep pace with the industry developments to protect consumers and markets. And why DFS Superintendent Adrian Harris said in a statement on Monday, and why DFS has been active in regulating crypto in the state for years, having launched its bit license regime in 2015. A slew of firms have virtual currency licenses in the state, including Coinbase Incorporated, and according to its site, although some firms close up shop in the state. So let's see what they come up with and all the details as it comes out, and we'll have some of the legal experts review it. But I am for regulations. I think they're important. Now, I don't believe in draconian regulations. I believe there's a balance. You allow innovation to flourish, but you protect consumers. That's the balance. But we got to keep our guard up and push back on anything that's draconian. Finally, Malta, they seek to change their crypto rule book to get ready for MICA. So the EU MICA regulatory framework was passed. The EU and the UK are ahead of the United States right now. The country's financial watchdog wants to align its framework with the EU wide rules set to take effect in 2024. So once again, EU and UK ahead, and it looks like these countries and the European Union are going to look to align to this. So this absolutely makes sense. Now, this law and this regulation is not perfect, right? And there's still some fine tuning that's needed, but it's a really great start. And I'm glad they were able to get things through because it just once again shows crypto is not dependent on the United States. This in technology the digital world that we live in and everybody on the internet, it doesn't need the United States land and borders to operate. It can operate from anywhere. Now, obviously I say that, but the United States is the world's largest capital market. So matter of capital raising and funding and so forth, that is certainly a big factor for the United States, but for these projects to launch and to build and to grow, they don't need the United States. And living in the United States, I'm worried that the US is in danger of losing some of these companies and a lot of jobs and economic benefits, but hopefully they can get it right sooner than later. And this EU MICA bill will take effect in 2024. And I think we can expect to see other countries align with it. And that is really great because there's not going to be different rules for different countries, at least in the EU, they can online and provide clarity to the different businesses operating in the EU. So this is good news, I think all around. Well, folks, that's the news. Please let me know what you think about the Citibank token, the SEC taking another big fat L, the judge striking down their requests in the Binance US case. And what do you think about all these items? Leave your thoughts and comments below, hit the five star rating on the podcast platforms, and I'll talk to you all later.
A highlight from 1403: This Will Send Bitcoin to $1,000,000 - Max Keiser
"In today's show, I'll be breaking down the latest technical analysis, as well as breaking news just in. The former SEC and Federal Reserve Bank of New York, Norman Reed, announced as the new CEO of Binance US? Like, what? Serious? We'll also be discussing the latest from Max Kaiser, who recently shared, we helped boost El Salvador's bonds 90 % this year. We can help Javier Malay escape the IMF, central banking terrorist, and get Argentina's economy rocking. Hope to be landing in Buenos Aires soon. Let's go. He also says that President Bukele plus Bitcoin have reinvented the nation state. Governance is being redefined in the Bitcoin age. A true meritocracy and universal economic freedom is rising in El Salvador. Socialist ideas are on their deathbed. Can the Bukele model of Bukelenomics be exported to another country? We will go to Argentina and discuss this with Javier Malay. Can't freaking wait. Also breaking news, Mark Cuban loses $870 ,000 worth of Ethereum in his MetaMask hot wallet with a hack. Rough. Also in today's show, Gemini legal team accuses DCG, the digital currency group of gaslighting Genesis creditors. We'll also be discussing BitGo and Swan unveil plans for a Bitcoin -only trust company. That's right, the trust company will target institutional investors in the United States as asset managers line up for the Bitcoin spot ETF. Send it. We'll also be discussing Bitcoin price all -time high will precede the 2024 halving according to this latest prediction by Bitcoin. Quitting him here, no, Bitcoin is not going to top before the halving. Yes, it is going to reach a new all -time high before the halving. No, Bitcoin is not going to 160 ,000 because the magnitude of every pullback is large. This means it will peak after the halving in 2024. And yes, the target price is around $250 ,000 per Bitcoin. I'll also be sharing the latest predictions from Max Keiser with the Bitcoin price action I recently transcribed his most recent interviews. We'll also be taking a look at the overall crypto market, all this plus so much more in today's show. Yo, 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 YouTube channel at cryptonewsalerts .net. Again, that's cryptonewsalerts .net. Welcome everyone just joining us. This is pod episode number 1403. I'm your host JV, and it is stat stacking Saturday. So let's get it. It's September 16th. So you already know we're halfway through the September before October. So let's bring it. Let's start with our market watch. As you can see here on the screen, we're back in the green. Bitcoin up a half a percent for the day trading back above 26 ,500. We also have Ether trading above 1600. And checking out coinmarketcap .com, we're sitting just above that trillion dollar milestone with roughly 22 billion in volume in the past 24 hours. Bitcoin dominance is 48 .9%, and the Ether dominance is 18 .6%. And checking out the top 100 crypto gainers of the past 24 hours, TonCoin leading the pack up 17 .5 % trading at $2 .42, followed by ThorChain up 9 .5%, trading at $1 .91, followed by Flow up 8 .5%, trading just above 46 cents. And checking out the top 100 crypto gainers for the past week, we have a sea of green, which is a beautiful omen for the altcoin market. We have coins such as TonFlow, Rune, and Ave all pretty up between anywhere from 8 to 13%. And yeah, so there you have it. How many of you are currently bullish on the king crypto, and how many of you are anticipating a further dip? Let me know your insights. And at the end of the show, I'll be reading everyone's comments out loud as we do each and every day in the Q &A session. Now, let's dive into some technical analysis from Glassnode, one of my favorite analytics platform. The past few days have been relatively positive for the price action for the king crypto, which has been increasing since Tuesday, September 12th. At the time, Bitcoin is sitting just above 25 ,600. Now in this prediction, the co -founder of the popular crypto analytics resource, Glassnode, outlined that the US CPI jumped by 0 .6%, which led to some fluctuations of the Bitcoin price. And indeed, the core CPI, which excludes more volatile sectors such as food and energy by design, has noted a yearly increase of 4 .3%. But interestingly, the CPI itself clocked in at 3 .7%, while the estimations were for it to be 3 .6%. So initially, the news didn't really have any impact on the price, which beyond the expected initial turbulence, settled at where it was trading just before that. So here's some price predictions coming from the Glassnode co -founder. He pointed out that crypto reclaimed the support above 26 ,000 and is now eyeing a potential break beyond 27 ,000. This would help it escape a multi -week range. He went on to share, risk signals nose dive into the 60s around ,400 27 and 28 ,200. But this climb seems poised as a step before tackling the psychological barrier at $30 ,000. So there you have it. Let me know if you agree or disagree with the analysts. And are you currently more bullish or bearish on the King crypto for the short term? Please do let me know. And breaking news just came in before I went live. And I'm like, it's hard for me to even accept this, but this is what it says. Former SEC and Federal Reserve Bank of New York, Norman Reed, is announced as the new CEO of Binance US. You can't make this stuff up. Folks, what is the SEC doing? Now, Max Kaiser recently tweeted, I'm sure you know, there was a Tucker Carlson interview with the pro Bitcoin presidential candidate of Argentina, who's currently winning the polls for the presidency. And fantastic, almost 400 million views within the first day. Max went on to share, we help boost El Salvador's bonds 90 % this year. Facts. We can help Javier Malay in Argentina escape the IMF central banking terrorists and get Argentina's economy rocking. Hope to be landing in Buenos Aires soon. So the million dollar question, do you think Max Kaiser will orange pill Javier Malay? I sure hope so. He even recently tweeted here, President Bukele plus Bitcoin have reinvented the nation state. Governance is being redefined in the Bitcoin age. A true meritocracy in universal economic freedom is rising in El Salvador. Socialist ideas are on their deathbed. Can the Bukele model of Bukele -nomics be exported to another country? We will go to Argentina and discuss this with Javier Malay. And quoting El Salvador's fearless leader, Bukele, old ideas and institutions crumbled and a new generation is called on to remake the world based on the human right of financial freedom. Preach. Now, Max also shared in regards to this headline, Janet Yellen says Ukraine aid is the best boost for the global economy. Now this is hilarious and also sincere at the same time. Bitcoin monetizes war and violence by being finite and uncomfortable as this ugly, what? Illustrates money monetizes war by violence by turning humans into disposable garbage central bank Ponzi scheme. Preach Max Kaiser. Greatly appreciate all the work you're doing. You're truly doing God's work. You and Stacy's a massive shout out. Now let's discuss the latest with the hack from Mark Cuban. Now this is alarming, but at the same time, it's Meta Mass. I've been telling you guys to stay away from the Meta Mass wallet for quite some time. And also they didn't hack Bitcoin. They hacked Ethereum. I personally don't trust Ethereum or Meta Mass. So interestingly enough, so to read this story, let's break this down. Check this out. Nearly $900 ,000 worth of Ethereum was reportedly drained from one of the hot wallets belonging to investor in Dallas. Mavs owner, Mark Cuban, the man that once said Bitcoin has no intrinsic value and that bananas are more valuable. Yeah, right now, independent blockchain sleuth was the first to spot the hack September 15th at around 8 PM. So that was last night after they highlighted suspicious behavior. What one of Cuban's wallets that the 65 year old had an interacted with for roughly five months as he shared here on X LMAO did Mark Cuban's wallet just get drain wallet inactive for 160 days and all of the assets just moved. And according to the transaction history on Etherscan, several batches of assets such as USD coin, USDC tether, and Lido staked Ether were suddenly withdrawn from the wallet within a 10 minute window. Now adding complexity to the matter, another 2 million worth of USDC was also withdrawn and sent to a different wallet, leading Woz to suspect that Cuban may just be moving some assets around. However, a few hours later, Cuban confirm to DL news that he had gone on metamask for the first time in months and vaguely suggested that the hacker or hackers may have been watching and waiting for the moment to pounce. Cuban added that he had transferred any remaining assets to Coinbase custody, essentially confirming that the $2 million worth of USDC transaction was indeed him. But in terms of the hack, members of the community were quick to point out that the opposed to the hackers watching Cubans activity, he must have done something that led to the security breach. Some suggested that Cuban may have mistakenly signed a malicious transaction while others asserted his private keys were compromised given that the funds were directly transferred out of his wallets. What do you guys personally think chat? Please let me know in the comments below. This is not the first time Cuban has been taken a hit on the crypto market. Back in June of 2021, Cuban Lawson unspecified amount of capital on what he called a rug pull after the algo stable project called iron finance imploded amid a supposed bank run. So there you have it. Mark Cuban has a bad track record in crypto. Just pointing out the obvious fam, how many of you guys think that it was a legitimate hack? Let me know your thoughts or how many of you think he maybe have just moved it around and don't want to claim it. Who knows? I mean, there's infinite possibilities. No one really knows, but I'll be keeping you posted with the latest developments. We all know Mark Cuban is a multi -billionaire. So obviously a $900 ,000 loss is not going to affect him. He's not going to lose any sleep over it. But what if you were to get hacked worth of $900 ,000 of crypto? So again, red alert, be very careful with wallets such as MetaMask. Just saying. Now for the latest between the digital currency group in Gemini with the ongoing saga as it continues, lawyers representing Gemini Trust have pushed back against the plan proposed by DCG for the creditors of Genesis Global in the filing yesterday, September 15th in the US Bankruptcy Court for the Southern District in New York. New York, where you at? The legal team accused DCG of gaslighting Genesis creditors through contrived, misleading and inaccurate assertions and a recovery plan. Now the plan filed in Bankruptcy Court September 13th, three days ago, claimed unsecured creditors could have a 70 to 90 % recovery with a meaningful portion of the recovery in digital currencies, while Gemini earned users would expect an approximately 95 to 110 % recovery for their claims. This seemed like a red flag when I initially read the story. I'm like, how are they going to get back 110 %? Does that make any sense? So now I'm starting to understand maybe they were gaslighting. What are your thoughts, chat? According to the legal team, DCG was attempting to bait the Gemini lenders into accepting the deal that would allow the company to pay less than it allegedly owed. Lawyers called on the firm to significantly improve the terms of the loans provided to Genesis and not use Genesis' bankruptcy proceedings to cover for justifications of the recovery plan, quoting them here, to distract the Genesis creditors from the inconvenient facts of its facially inadequate and inequitable proposal, DCG touts proposed recovery rates that are total mirage, misleading at best and deceptive at worst, said the filing yesterday, September 15th. Make no mistake, Gemini lenders will not actually receive anything close to the real value in terms of proposed recovery rates under the current agreement. In principle, so a bunch of more shenanigans, to say the least. The legal battle involved entanglements with crypto exchange Gemini and DCG over the Gemini Earn program. How many of you have lost crypto from Gemini Earn? I'm curious. Please let me know in the chat, fam. Financed in part by Genesis, Genesis halted withdrawals as we know November of 2022 in the wake of the FTX collapse, citing unprecedented market turmoil at the time and filed for bankruptcy later on in January of this year. According to the court filings by Gemini, Genesis owed more than $3 .5 billion to its top 50 creditors at the time of their Chapter 11 bankruptcy filing. The crypto exchange filed the claim in May, aimed at recovering more than $1 .1 billion worth of assets for roughly $232 ,000 Earn users and filed a lawsuit against DCG and their CEO, Barry Silber, in June alleging fraud. Barry was not the only architect and mastermind of the DCG and Genesis fraud against the creditors. He was directly and personally involved in perpetuating it, said Gemini co -founders Cameron and Tyler Winklevoss back in June. The US SEC filed a civil suit against Gemini and Genesis in January for allegedly selling unregistered securities through the Earn program. The two firms filed a motion to dismiss the case in May, but it is still ongoing at this current time. How do you think this is likely to play out? I just hope that the investors get their money back as they deserve because we all know with lawsuits, the biggest losers are always the investors. The biggest winners are the lawyers and the courts. That's just facts. So we'll see how this plays out as well. And again, they're attacking and going after all of the yield programs for crypto with Gemini Earn being a pretty large one. Why? It undermines the banks, right? If you can earn a five or 10 % yield putting your cryptocurrency on their platform, it basically tells you that why would you even waste your time with fiat currency in your bank when you're losing more than the actual appreciation of interest because the interest is virtually nothing while you're losing 20 % in inflation on an annual basis. It just makes no sense. So it seems if I had to guess, that's why they're attacking all of these yield programs. But what are your thoughts, chat? Please do let me know. I'm going to read those comments out in a little bit. Now let's discuss the latest with Bitcoin Trust. That's right, BitGo and Swan unveiled plans for their Bitcoin -only trust company. This is breaking news as well. The US may soon have a Bitcoin -only trust company according to plans disclosed by BitGo and Swan yesterday, September 15th. The joint venture is pending regulatory approval, the company said in the statement. Now I love the word joint venture because hey, JV, just saying. The forthcoming entity will handle similar activities of a trust company, including Bitcoin custody, administration and management on behalf of its beneficiaries. And according to Corey Clipston, CEO of Swan, the solutions intends to offer Bitcoin custody without the risk of having other altcoins under the same roof. As you know, Swan is Bitcoin -only and they're pretty much anti everything, not Bitcoin. Quoting him here, for years, we have heard from major clients, partners and other Bitcoin companies that they would prefer a Bitcoin -only software and services stack that is focused strictly on the best custody and leverages of Bitcoin's unique features. The companies are in contact with state regulators about the plans, but have yet to file regulatory approval. Clipston told Cointelegraph we're evaluating acquisition options first, he disclosed as he announced here through the Swan Bitcoin team on X. As part of our long -term vision to advance Bitcoin adoption, we're announcing a major step forward for Swan and the entire Bitcoin ecosystem. BitGo and Swan announced plans for USA's first Bitcoin -only trust company. Let's go USA. BitGo offers digital asset security and custody, supporting over 700 cryptos as per its website. And in contrast, Swan's business is fully dedicated to the king crypto, allowing users to only invest in Bitcoin via a one -time and reoccurring purchases, with custody of records held at Fortress Bank and Bakkt, while BitGo acts as a cold storage for Custodian. Now, didn't Fortress Trust just go bankrupt or get acquired by another company? Was it Ripple? You guys let me know in the chat. I know there was something major with Fortress Trust. Now, the new venture will target institutional investors such as asset managers, pension plans, and family offices, along with governments and company treasuries. It will offer cold storage, fraud prevention, anti -money laundering, and know -your -customer protocols, amongst other Bitcoin -related services. Institutional investors in the crypto space are at a fast -growing market in the US, especially as the world's largest asset managers seek regulatory approval, which includes BlackRock, the largest. For a spot Bitcoin ETF, we also have several large Wall Street players offering crypto custody solutions to institutional investors, which include the Bank of New York, Mellon, as well as Deutsche Bank, quoting them here. We believe there is a high likelihood that several ETFs are approved in 2024, and thus a new round of entrants to the Bitcoin market seeking mature, reputable, technology -proficient partners for a range of needs, explained the Swan CEO. The SEC delayed decisions on the spot Bitcoin ETF product. Analysts predict the regulatory regulator may postpone a decision until early 2024 as the deadline fast approaches, quoting them again. Our teams have worked closely together for nearly a year on stronger, qualified custody models. Early in 2023, we recognized the opportunity to establish a Bitcoin -only custodian, combining the unique capabilities of each company and supporting the innovators that will be at the forefront of pushing Bitcoin adoption, noted the CEO of BitGo. So there you have it. I am curious, by a show of hands chat, how many of you have purchased or acquired Bitcoin using Swan Bitcoin, and how many of you are familiar or ever used BitGo? Let me know in the chat. Now let's break down our next breaking story of the day, and that's the Bitcoin halving, which should be on everybody's mind, because it's only six months out, estimated to take place sometime in April of 2024. Now guess what? What if we hit a new all -time high pre -halving, because that's what this prediction suggests. Let's break this baby down, shall we? Bitcoin has a $250 ,000 target for after its next block subsidy halving, but a new all -time high will come sooner. Let me know if you guys agree. That is the latest Bitcoin prediction from BitQuant, the popular social media commentator who sees a rosy future for Bitcoin. In his latest post on X on September 15th, synonymous central banker and Bitcoiner revealed a pre -halving target of 69 ,000. That's what makes this individual interesting. He is a central banker and a Bitcoiner. I didn't even know that was a possible combination, fam, just saying, but he wrote, no, Bitcoin is not going to the top before the halving. Yes, it is going to reach a new all -time high before the halving. Now Bitcoin has just over six months before the halving, the event that cuts the miner rewards, as we know, per block by 50 % every four years. Analysts argue that the resulting emission restrictions have a cathartic impact on the Bitcoin price performance, acting as something of a springboard in advance of Bitcoin seeing new all -time highs. But for BitQuant, the analysts, that alone is not bullish enough. Not only will Bitcoin beat its current record set in 2021, which we all know the current all -time high is 69 ,000, before next April, it'll go on to hit $250 ,000 per Bitcoin after the next halving cycle begins. That's what he says here. No, Bitcoin is not going to 160 ,000 because the magnitude of every pullback is large. This means it will peak after the halving in 2024, and yes, the target price is around 250 ,000, which is outlined right here in the chart. Let me know if you agree or disagree with this crypto analyst, BitQuant. Now, market participants are highly divided when it comes to how the Bitcoin price action will play out into the halving and beyond. Some agree that the higher levels are possible by April, but plenty of conservative voices obviously remain, especially bears, right? Last month, Bitcoin investor and author Jesse Myers dispelled any idea that Bitcoin will be trading at six figures between now and then, and in a subsequent interview, meanwhile, Philby Philby, the co -founder of Trading Suite, decent trader, gave a pre -halving Bitcoin price ceiling of 46 ,000, quoting him here, assuming no Black Swan event, around 35 ,000 by the end of the year, and possibly as high as 46 ,000, sometime pre -halving in quarter one of 2024. So there, you freaking have it. And as he shares here, I'm going to read you his particular post on X coming from Bitcoin. Again, this is the central banker slash Bitcoiner. He says, no, Bitcoin is not going to the top before the halving. Yes, it is going to reach a new all -time high before the halving. No, Bitcoin is not going to 160 ,000 because the magnitude of every pullback is large. This means it will peak after the halving in 2024. And yes, the target price is around $250 ,000 per coin. So there you have it, fam. Again, let me know if you agree or disagree with the analysts and where do you feel the Bitcoin halving, which is around the corner, is likely to take us. As you know, the two most bullish catalysts in the market, Bitcoin halving as well as spot Bitcoin ETF. I hope they both get approved and take place. We already know for certain the halving will take place, but there's a 95 % chance of the spot ETF approval in the United States, according to top ETF analyst, Eric Balchunes of Bloomberg. Now for the moment you have all been waiting for, the latest from Max Kaiser. I recently transcribed, actually today, his most recent interview in Bitcoin price predictions, very powerful words to share. So let's break this down. So first and foremost, he says, the world is a very different place and everyone will say nobody saw it coming, but it is clearly been brewing now for many years. And it's like every single day you can just see the catastrophe inching toward the abyss. You know, it's we're at the zero line preach. He also says it is a global fiat money game and you see different countries where fiat money regimes are collapsing in real time, right? Facts. Argentina, you know, the countries like this or like Lebanon recently had a complete collapse or a central bank collapse. That's right. And inflation is definitely an indication that your fiat money regime is in dire straits and inflation is breaking out in a big way. It is not going to return to where it was before this latest inflation break inflation and the collapse of fiat money is here. Now people are feeling it right now. And the quality of life all over the world is being impacted by it and it's being impacted in the United States. You know, people can't buy a home. People can't afford food. The economy is starting to ramp back up again. So it's playing out right now. And there is nothing that can be done to stop this inflation because the economy is completely out of control. So even the interest on the debt in the United States is now over one trillion dollars. So I think it is the biggest line item on the budget, bigger than the military. What we were told for decades was, oh, you know, it's trickle down economics or what you have, what not. I mean, and he goes on to share with Bitcoin. It's kind of the end of price discovery because everything will be priced in Bitcoin preach. eventually Everything goes to zero against Bitcoin. And so for someone like myself, who has been following this for 40 years, finance markets, technology, Bitcoin is the holy grail. It is the end all. I would say my compatriot in all of this is the one and only Michael Saylor. When you hear Michael Saylor talk, he talks about the aesthetics of Bitcoin, the beauty of Bitcoin. And he speaks about it in a way that I think carries the torch from the Max and Stacey from 2011. He started buying it, I guess, when it was 10 or 12000 a coin or so in 2020 era. So we were from 2011 to 2020. I think he's kind of carried the torch from 2020 in a lot of ways and introduced Bitcoin to massive pools of capital. I am surprised that more companies haven't followed his lead, giving up the break in inflation we have had exactly as Michael Saylor predicted, the melting ice cube, as he called it at that time, is exactly what happened. Well, I guess we can say now we're in a new era where BlackRock and those other major institutions are now looking at Bitcoin. So his work on the institutional level, I guess, is now bearing fruit. Three years later, I see in the Middle East, they are starting to recognize Bitcoin. So that's a huge pool of capital. I think all of that oil money will find its way into Bitcoin and be a huge catalyst for the prices. It is a natural way for the oil industry to diversify their portfolio because Bitcoin is essentially energy and the energy eventually gets priced in Bitcoin. And there is a marriage between these two in a big way. So I think that's kind of the answer. I have always been fascinated by price discovery in markets and the architecture of how markets work under the hood. And Bitcoin is such a pristine, perfect money. And I think it is something that humans have been searching for since forever. And now we're seeing it change society on a really fundamental level with the introduction of Bitcoin. And a lot of people are freaking out because of it, because it destroys the status quo. And a lot of people who have been waiting for it to come along have had the faith that humanity can be saved. They see Bitcoin in those terms. So you have this split going on, which is very exciting. So it just continues on and on. And you cannot, how could you not be interested in it? I think the people who were into it earlier and just walked away just never got it from the beginning. Once it's characterized as an asset class, we have nothing to do except position ourselves in this asset class. Either we are going to be a small position or a big position, but we cannot ignore it. We cannot not have a position. Now check this out. So even 1 % of that multi -hundred trillion dollar funds available moves the needle on Bitcoin and it moves it up considerably. He's referencing the 700 trillion dollar plus total addressable market. And he continues, so if we get into the 5 to 10 % range, then you start to really see it raise ahead to the seven figure type predictions that people have been making, including myself, because Bitcoin is an asset class preach. And on the flip side, we have what we saw in the gold market, which is the ability to control the price discovery and manipulate the prices. It's real through the derivatives markets. So the price of gold has been lagging inflation for 20 years because the governments around the world don't like gold making their fiat money look bad. That's right. So they make it easy for the huge funds to manipulate the price of gold and to scalp it, to continuously skim profits off of gold, which is what they do almost every single day. You can watch it and see it. That's pretty clear. And they are very good at keeping the price of gold and silver down. There's something like for every ounce of silver, there's probably 50 ounces worth of derivatives floating in various exchanges around world that are used to keep the price of silver down because governments don't want gold to race ahead and draw capital out of their fiat money scam into gold. He's preaching. Now with Bitcoin, we have the ability to pull our private keys, which is not really available with gold. Technically people can take delivery of gold on these exchanges, but there has never been an organized attempt to do so. We tried to do it a few years ago with crash JP Morgan, buy gold and silver because after the 2008 financial crisis, when JP Morgan ended up buying Bear Stearns effectively for nothing, they inherited this huge multimillion short silver position that Bear Stearns was managing at the behest of presumably the government. The government likes to stay involved. And so I did some calculations and it became clear that if this short position was not covered, the price of silver could go to 60 to $70 an ounce, and it would bankrupt JP Morgan Chase. Take that Jamie Dimon. So we started this crash JP Morgan buy silver campaign, and we got the price of silver from $15 up to $50. So we got it up to $50 level. And then the Fed of course came in, they changed the laws overnight to make it possible for these banks to have and carry a much greater short position and silver. So they printed up a lot of paper, silver derivatives, and they stopped the run on their bank. And the price of silver went back down to $15 or so. So we've seen that it is possible to force capitulation in that silver market. But at the end of the day, because the ability to pull private keys is not like it is Bitcoin, I don't think it'll ever succeed. Whereas with Bitcoin, you can pull your private keys. Now, I mean, he is speaking facts right here. Warren Buffett and his own words has said, derivatives are financial weapons of mass destruction. The central bankers are using it to manipulate the markets. That's what they're doing with silver. That's what they're doing with gold and precious metals. And Max makes a great point. They don't want the gold and silver prices to rise up. It undermines the US dollar. They're trying to keep a strong dollar, right? So that's why gold has been pretty stable at like $2 ,000 and unable to really climb much above it. I think it's been pretty stagnant virtually for the past decade. So with the dollar inflating from them continuing to print trillions of dollars, the fact that gold isn't just continuously going up, it proves that the market is manipulated. You also got to consider as well, there is no scarce asset like Bitcoin. Bitcoin has a finite limited supply of 21 million coins. Yeah, gold may be rare or scarce, but they dump a new supply every year into the market. They can control it. They could invest more into discovering more gold. As Jack Mallers pointed out, Elon could maybe discover more gold on Mars. Who knows? Bitcoin, you can't say the same thing. Bitcoin is perfect money. It's incorruptible. It's unconfiscatable and the list goes on and on. So if you had the choice to put your wealth somewhere, what asset class would you choose to put it in? Let me know, fam. And don't forget to check out cryptonewsalerts .net for the full premium experience with video and to participate in the live Q &A. And I look forward to seeing you on tomorrow's episode. HODL.
A highlight from ELIZABETH WARREN RAMPS UP ANTI CRYPTO PLANS WITH SEC GARY GENSLER - DEUTSCHE BANK CRYPTO CUSTODY
"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've got big news that Senator Elizabeth Warren has added nine new co -sponsors to her anti -crypto bill. They're all Democrats, those co -sponsors. This has not changed the trajectory of the bill as most of these co -signers were expected. This is being reported by Taylor Barr of the Digital Chamber of Commerce. And you know, it's not a surprise that they're all Democrats, but these Democrats got to get their act together. Many of them are not going to be reelected because of this stance on crypto, in addition to other political issues. And I'm not here to say Democrats are worse than Republicans or Republicans are better, right? I'm pretty much an independent and I look at who's the best candidate from that standpoint. But the Biden administration and many Democrats are really, really screwing themselves over. Now I want to be fair, there are many Democrats who are pro -crypto, right? We've seen Richie Torres, Ro Khanna, and a bunch of others who have been doing a great job. The problem is Senator Elizabeth Warren's voice tends to drown out many of the other Democrats. And she has a large following, right? Because of other issues that she covers. But we know she's corrupt and she's been doing a lot of backdoor dealings with scumbag regulator Gary Gensler. We know she sends him the questions and answers ahead of hearings. We know she's been working with him to try to get the crypto market in a mess. We saw that Promethium was a plant by Gary Gensler and the SEC. And I think Elizabeth Warren certainly helped with that. Elizabeth Warren also contributed to the bank runs that were happening early in 2023. It started with banks that were pro -crypto, of course, and then that domino effect happened where you had a whole bunch of different banks started collapsing. So I don't trust Elizabeth Warren. I don't think ultimately she's going to win anything here against crypto. The most she may do is slow us down. But crypto is going to outlast her and corrupt scumbag regulator Gary Gensler. But we do have to make sure that we keep fighting and we spread the facts. This is why I always tell you guys, contact your representatives, use Twitter and social media to your advantage, make content and much more. We can drown out all of her tweets and all of her things about crypto. And we see the narratives around Gary Gensler collapsing, his false narratives, and he's getting exposed in court. So the more Gary Gensler takes defeat, the more Elizabeth Warren's going to lose wind in her sails to back Gary Gensler and to say, oh, you see all these crypto things are all scams when the courts are disagreeing with Gary Gensler and the SEC. But we've got to be vigilant. We've got to watch out here. She's certainly not giving up. She's up to something. But we're ultimately going to win the war, folks, and crypto is going to outlast both her and Gary Gensler. Now speaking of Gary Gensler, some of you may have seen this video and it's hard to convey this on the podcast, those of you listening on Spotify and Apple and Google. But Gary was interviewed by Brooke Masters, who is a journalist at the Financial Times. And Gary was stating his false narratives and lies, right? He was saying, crypto, these guys don't abide by the law, there's hucksters, there's scammers, the same old bullshit, talking points. But surprisingly, the journalist, the interviewer responds saying, they seem to be finding some sympathetic judges, referring to the SEC's recent court losses to Ripple and Grayscale. Then she said, so you got to watch out there. And if you saw Gary Gensler's face, I mean, those of you watching the YouTube video, just look at his face. This is going to become a meme. He just, he didn't say anything in response to her. It was like this awkward silence and his face just tells it all like, he was not expecting that. And I'm sure it cut him deep. But even, you know, journalists and mainstream media are recognizing this guy is blowing out hot air. Like you can say all those things, but the reality of the situation is you just took a big loss with Grayscale and the judges are ripping you apart. And you took a big loss in the Ripple lawsuit, and it looks like the SEC is going to take a loss in the Coinbase lawsuit. So once again, the optics and narratives are falling apart, and this is what I've been telling you guys. A big part of politics is optics. And he can shout on the top of the hill that, oh yeah, there's all hucksters, scammers, and it's all securities, but the courts are disagreeing and that's where we're going to win. Now, quick word from our sponsor, and that is Uphold, which makes crypto investing easy. Uphold is a great platform that I've been using since 2017. They have 10 plus million users, 250 plus cryptocurrencies, and they're available in 150 countries. Another cool feature is you can trade precious metals on this platform, as well as 37 Fiat currencies. You can easily swap between those respective asset classes, Fiat, precious metals and crypto. So it's pretty incredible. No other exchange offers this type of functionality. So if you'd like to learn more, please visit the link in the description. All right, folks, we also got news here that John Deaton, yes, our friend John Deaton, who has been fighting on behalf of the 75 ,000 XRP holders, well in the library appeal, remember library is now appealing the ruling, given that there's updated case law with Ripple, John Deaton has filed his notice of appearance on behalf of Amicus Curae Naomi Brockwell. So if you remember Naomi Brockwell, she served as Amicus Curae, where she was stating that how she was using the library platform to earn LBC tokens and much more. I was also, you know, using the platform the same way. We know the SEC unfairly attacked the library here, but it's all, you know, the bullshit from Gary Gensler just attacking the market, not providing any guidance, not trying to work with the market. And even, you know, commissioners at the SEC, such as Hester Peirce and Mark Ueda have been dissenting on all these actions. So it's pretty clear what's happening. Now yesterday, we talked about the SEC attacking Stoner Cats NFTs, which was founded by Mila Kunis and Ashton Kutcher. And we know it's just unfair, right? We talked about it. It's like, well, you can't release artwork anymore. What about baseball cards and sports cards, right? Are those all securities now? It's just ridiculous. Well, Stuart Eldoradi, chief legal officer at Ripple, he weighed in on the SEC's decision saying, I don't know all the facts here, but I do know that a settlement to avoid a crushing SEC process without admitting or denying anything is binding on no one. A cynic would call it a PR stunt. What matters is that when seriously challenged in court, the SEC continues to lose. He's absolutely right. But folks, as we've been talking about for years now, the ultimate goal here is Gary Gensler has been weaponized. He's a puppet on strings so that he can come in and kill these crypto startups so that his big Wall Street buddies and banking cartel buddies can come in and take over. Here's another prime example, Deutsche Bank to hold crypto for institutional clients. Well, look at that, folks. Gary says there's only hucksters, scammers, and fraudsters in this market. Does that include Deutsche Bank? Does that include BNY Mellon, Fidelity, BlackRock, JP Morgan, Goldman Sachs, right? All of them are getting involved in crypto in one way or the other. So let me give you the details here, folks. Deutsche Bank has partnered with Swiss crypto firm Taurus to provide custody services for institutional clients, cryptocurrencies, and tokenized assets. Taurus said in a statement on Thursday, the partnership means Deutsche Bank will for the number cryptocurrencies of for its clients, as well as tokenized versions of traditional financial assets, a Deutsche Bank spokesperson said, folks, see what's happening. Always watch what they do, not what they say, right? If you were only listening to the talking points of Elizabeth Warren and Gary Gensler, you may be scared, right? Let's say you're not well -researched, not well -versed. You don't listen to the Thinking Crypto podcast, right? And you're not paying attention and you're passively looking at this. You may catch some headlines from Gary Gensler and Elizabeth Warren and you're like, oh my gosh, man, it sounds like there's a lot of scams going on in this crypto market. I better not get involved. But we know, folks, watch what they do, not what they say. As Gary and Elizabeth Warren are saying that, in parallel, BlackRock, Deutsche Bank, Fidelity, all the big institutions are getting involved, right? The facts are right in front of our face. You've just got to look at the entire market holistically and pay attention to what's happening and who are making moves, who's investing, who's raising capital, and much more. So, crypto trading is not the bank's immediate plans, this spokesperson said. Deutsche Bank said it aimed to offer crypto trading in a World Economic Forum paperback in 2020. But, folks, let me give you a prediction here, which I think would be 100 % accurate, right? Just in a matter of maybe three to four years. They will all offer crypto trading. This is going to be, what is it, the 12th sector? If I'm not mistaken, I'm getting all my sectors together, right? Of the S &P. Crypto will be trading on stock markets. ETFs will be the thing. It's coming. We've seen the maturation and the growth and the adoption.
A highlight from 1401: FIDELITY: Bitcoin Will Hit $1 Billion Per Coin By This Date
"In today's show, we're going to be discussing Bitcoin ignoring the CPI and FTX as the price action hit us a September high of $26 ,600 as the bulls are back in control. We'll also be discussing the court approving the sale of FTX digital assets, meaning the assets will be sold off weekly with special handling for Bitcoin and Ethereum and insider affiliate tokens. Also breaking news just in, Congressman Tom Emmer launches an anti -surveillance state act with 49 Republicans in a new push against CBDCs, central bank digital currencies. Also the SEC chairman Gary Gensler says crypto is a field rife with fraud, abuse, misconduct. It's daunting. We'll also be discussing breaking news, $800 billion asset manager Deutsche Bank partners to offer Bitcoin custody for institutions. Let's go. It virtually means that the bank can now hold crypto directly for its clients. Also in today's episode, we'll be discussing, can the Bitcoin price achieve fidelities? $1 billion price target by 2038. That's right, the $4 .5 trillion asset manager is predicting that one Bitcoin will eventually be worth $1 billion per coin. We'll also be taking a look at the overall crypto market, all this plus so much more in today's show. Yo, 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 YouTube channel at cryptonewsalerts .net. Again that's cryptonewsalerts .net. With that being shared fam, welcome to everyone just joining us. This is pod episode number 1401. So let's fricking go. Today is September 14, 2023 and the crypto market is back in the green. Shout out to everyone out there in the live chat. It's good to see the entire Bitcoin fam. So yeah, let's kick it off with our market watch. As you can see, Bitcoin is trading back above $26 ,600. We also have Ether trading back above $1 ,600 and virtually most all the major cryptos are in the green minus BNB barely in the red. And checking out coinmarketcap .com, the current crypto market cap sits just north of $1 trillion with $28 billion in volume in the past 24 hours, but the Bitcoin dominance at 49 .2 % and the Ether dominance at 18 .6%. So yeah, checking out the top 100 crypto gainers of the past 24 hours. We have Axly Infinity leading the pack trading at $4 .73 up 11 % followed by ThorChain up 5 .5 % trading at $1 .65 followed by Conflux up a modest 5 % trading just above or I should say just shy of 12 cents. And checking out the top 100 crypto gainers for the past week, we can see virtually everything is in the green minus a handful including Scamcoin FTT down 5%. Axly Infinity leading the pack here as well up 12%. And as you can see, the alts are pumping. That's what's up. How many of you took advantage of this recent price dip? Let me know. And how many of you are gonna be hodling into the next Bitcoin halving, which is roughly six months out around the corner. Holla at your boy chat. I appreciate the interaction. At the end of the show, I'll be reading everyone's comments out loud. And how you doing today for Christ's sake? Holla at your boy. Don't be a stranger. And with that being shared, now let's dive into today's Bitcoin technical analysis. Check out the charts and what is popping with the King crypto. Here we go. Bitcoin hit new September highs after the September 14 daily close as markets digested macroeconomic as well as crypto. Industry news, which you can clearly see here in the Bitcoin one hour candle chart. Now data from Cointelegraph and TradingView tracked the Bitcoin price highs of 26 .5 over on Bitstamp and Bitcoin had shaken off the higher than expected US CPI the day prior, which we covered here in the show, maintaining that 26 ,000 support. Subsequent confirmation that the defunct exchange FTX had received legal permission to liquidate its remaining assets likewise failed to dent Bitcoin's comparatively solid intraday performance. And a little later in the show, I'll be sharing that ruling directly coming from the courts in regards to the FTX assets being sold. Now coming up to the range highs and once we flip these levels, we can look to finally get into a safe position and long since popular crypto trader, Crypto Tony and fellow analyst, Dan Crypto Trade suggests that the overall Bitcoin market dynamics have changed versus the period of weakness seen around the monthly close. Quoting this gentleman here, market feels different this week. The dips are being bought up relatively quick and while the price keeps sweeping highs, it keeps crawling itself back and leaving the lows untouched. The spot bid is also stronger than the past few weeks, might be wrong, but I am optimistic. Let me know if you agree to disagree with the analyst and additional analysis predicts that the longer term Bitcoin price breakout should US regulators approve a Bitcoin spot ETF or which we all know is inevitable over the coming months. He also says that BTC .d is still holding on the previous range high, which is the Bitcoin dominance chart and in the CHOP region, but ultimately says, I think this would go higher in case of a Bitcoin ETF approval one day. Yeah, that's right. They can only push it back and delay it for so long. I believe the next day they have to acknowledge it is in October and more than likely Gensler and the SEC is gonna push it back till next year. That's just my two Satoshi's. Let me know your thoughts, fam. Now more cautious was Trader Sku who referenced the on -chain volume prime to cool once more after the relief rally, quitting him here. The daily structure looks fairly good here and decreasing volumes. So could definitely be looking towards a relief rally before lower as the commentary read, noting the Bitcoin was still holding the key 25 ,000 level. Now with Bitcoin up just 1 % month to date at this time, Bitcoin is nonetheless on course for its best performing September and years. As we know, it's usually September, pun intended. According to data from monitoring resource CoinGlass, the last time Bitcoin gained in September was all the way back in 2016. That's like holy moly, seven years ago, fam. That year was its best on record at a modest 6 % while its biggest red September bear month was two years prior when it lost a whopping 19%. Talk about total bloodshed, right, fam? Now in 2022, Bitcoin shed 3 % before climbing another 5 % in October, which is a popular month amongst the bulls who informally referred to it as Uptober. So hopefully, God willing, we have another Uptober here right around the corner as we're already halfway through with September. With that being shared, fam, let me know your thoughts and outlook on the current landscape of the crypto market. Do you feel we're likely to correct lower or do you think we'll continue rising back towards that $30 ,000 level psychological resistance? Let me know, chat. And now let's break down our next story of the day and discuss the latest judgment coming from the courts regarding the FTX asset sales. Here we have it. This is just in, the Delaware Bankruptcy Court approved the sale of FTX digital assets. We have Judge John Dorsey who made the ruling at a hearing yesterday, September 13th. Major changes were made to the draft order authorizing the sale the previous day. Now as you know, there's been a lot of FUD of people talking about all the assets, billions of dollars worth of crypto is gonna get dumped and it's going to wreck the market. Well, there are some caveats, so it's important I share them here. FTX will be allowed to sell the digital assets excluding Bitcoin, Ethereum, and certain insider affiliated tokens in weekly batches through an investment advisor under pre -established guidelines. There will be limits of $50 million for the first week and $100 million in subsequent weeks. There will be an option to increase the limit with prior written approval of the creditors committee and ad hoc committee or to raise the limit to 200 million weekly with the approval of the court. So they can't dump it all at one time which is good for the bulls, right? Now Bitcoin and Ether and insider affiliate tokens can be sold through a separate decision by FTX. After 10 days notice to the committee and the US trustee, the US trustee is appointed by the US Department of Justice. Now I'm curious what those insider affiliate tokens are. If I was to guess, I'd guess FTT, that scam coin, Bankman Fried created out of thin air and I'd also throw Solana in there, but what are your thoughts, fam? Let me know. Those sales will also be conducted through an investor advisor. Information about the sales will be subject to professionalize only and confidentially restrictions with a redacted version accessible to the public. The sales will be subject to written objection by the committees and the US trustee. And in that case, the sales will be delayed until the objections are overcome or the court orders a sale. Quoting Bak Ubu here, FTX adapts crypto sale plan to address the US government concerns. FTX, the bankrupt crypto exchange is making changes to its proposal for selling billions in crypto assets. That's right. And I just broke down ultimately what you need to know. The conditions on the latter sales were added in the draft submitted September 12th, a couple of days ago. They were regarded as cautionary moves to ensure the market stability during the influx of FTX assets. Some observers noted that the sales will represent only a small portion of the trading volume and may not have a heavy impact. But according to a recent shareholder update, FTX has $833 million worth of Bitcoin and Ethereum collectively. FTX can enter into hedging arrangements using Bitcoin and ETH with the private approval of committees and can use them for staking according to the guidelines. The FTX token, as we know, is FTT, cannot be sold without further court authorization. Well, good for them. Glad to hear they're not authorized to sell their scam coin and dump it onto the market. That's definitely a good sign, wouldn't you think? Now let's break down the next breaking story of the day. Gotta give respect and credit where it is due. We have US Congressman Tom Emmer who made a very strong anti -CBDC stance and we know that's the central bank digital currencies which the central bankers are gonna be rolling out and I know their pilots have already began rolling out around the world. So let's discuss this anti -CBDC push because I'm all for anti -CBDC. That's why I promote Bitcoin every day here on the pod. Bitcoin is the antidote to the CBDC. Let me know if you understand what I'm saying. Now Congressman Tom Emmer is leading the reintroduction of the bill that aims to prevent the Federal Reserve from creating a digital dollar. God bless him. Emmer says on the social media platform X that if it isn't designed to emulate cash, then a CBDC would dismantle the American's right to financial privacy while also emboldening the administrative state. Facts. The majority whip says that the new bill attempts to prohibit the Fed from issuing a retail CBDC while protecting innovation and any future development of true digital cash. This bill puts a check on unelected bureaucrats and ensures the US digital currency policy upholds our American values of privacy, individual sovereignty and free market competitiveness. The administration has made it clear. President Biden is willing to compromise the American people's right to financial privacy for surveillance style CBDC. I don't believe in compromising American rights. That's the bottom line. If not open, permissionless and private like cash, a CBDC is nothing more than a CCP, which we all know stands for, right? Style surveillance tool that will be weaponized to oppress the American way of life. Preach. I couldn't have said it any better myself. I stand by what he is saying because I know it's fact. Now while official, the concrete plans for the CBDC haven't been released by the US government as opposition has already formed, which is a good sign. We also have US candidates who are running for the presidential election next year in 2024, including current governor of Florida, Ron DeSantis, who is running as a Republican. And we also have Kennedy Jr. who is running as a Democrat who are both pro Bitcoin and anti CBDC. So we must stand strong and oppose these weapons of financial mass destruction, which are better known as CBDCs. So again, much respect to the congressmen and those making this push. Now last month we also had Ohio Republican Warren Davidson said the CBDCs pose an existential threat to the Western civilization and was committed to fighting against them. Davidson said that he wants to prohibit the CBDCs because they threaten other digital assets like Bitcoin and impede the development of the beneficial financial technology. Facts, quitting him here. Central bank digital currency poses a serious threat, tall digital assets, as I said, at flyover FinTech. Many people wrongfully conflate even Bitcoin with a CBDC. Ignorance is bliss, huh? At least most agree that CBDC is evil, the financial equivalent of the Death Star. Great reference to Star Wars there. Don't become an accomplice to anyone designing, building, testing, developing, or establishing CBDC. Banning a CBDC is essential to the American's FinTech future. So there you have it. What are your thoughts on CBDCs if they roll out, which more than likely they're going to eventually at a theater near you, are you going to participate in them, is the million dollar question. What if they give you a stimulus and they promise you, we're gonna give every American $5 ,000 of this digital dollar, AKA CBDC, central bank Ponzi scheme currency. What are you gonna do about it? I say just say no to Bitcoin, or I'm sorry, just say no to CBDCs and fight it with the antidote, which is Bitcoin, by simply stacking stats today and preparing yourself so that you can fight the tyrants who are trying to take over our country. Just saying, fam, let me know if that resonates with you. And with that being shared, now let's break down our next story of the day and discuss the latest with Mr. Gary Gensler, the chairman of the SEC and what they recently shared with Congress regarding cryptocurrencies and enforcement. Here we go. The chairman of the SEC, everyone's favorite huckster, Gary Gensler talked about cryptocurrency during his testimony before the US Senate Committee on Banking, Housing, and Urban Affairs on Tuesday, two days ago. Reiterating his views that most crypto tokens are securities, Gensler told the lawmakers without prejudging any one token, the vast majority of crypto tokens likely meet the investment contract test. Given that most crypto tokens are subject to the security laws, it follows that most crypto intermediaries have to comply with the security laws as well, quoting the chief right here. In terms of crypto, I've been around finance for 44 years now, and I've never seen a field that is so rife with misconduct. It is just, it's daunting. He further described the crypto industry right now. Unfortunately, he says there's significant noncompliance and it's a field which is rife with fraud abuse as well as misconduct. Now the Senator Bill Hagerty asked Gensler during the hearing what the SEC needs to see from issuers to approve a Spot Bitcoin ETF. Wouldn't you say that's a great question? Following the recent court ruling in favor of the grayscale investments, now the court found that the securities regulator, denial of grayscale Spot Bitcoin ETF app, was arbitrary and that the SEC Chairman Gensler replied with the following, we're still reviewing that decision. We have multiple filings around Bitcoin ETF products, so it is not just the one you mentioned, but there's multiple others. We are reviewing them and I am looking forward to the staff's recommendations. So there you have it. How do you feel this will likely play out regarding the regulators and crypto choke point 2 .0 as it continues? Do you think it'll keep pushing innovation outside the United States? Or do you feel that it's just a matter of time and Gensler's no longer gonna be able to push back these deadlines for the SEC approvals? Because we all know once the Spot Bitcoin ETFs get the green light from the regulator, it's game on. There's literally trillions upon trillions of dollars right now sitting on the sideline just waiting for that freaking approval. And if it wasn't for the SEC, we'd already had a Bitcoin Spot ETF a decade ago because that's how long they've been denying them, right? In fact, the very first Bitcoin ETF application was submitted by the Winklevoss twins of the Gemini exchange literally over a decade ago. And while they keep approving these futures ETFs which aren't in the investors best interest, but to keep pushing back the Spot ETFs which benefit everyone makes no logic except they're doing what they do because that's what they do and let's leave it at that. And with that being shared, fam, now let's break down the latest breaking news regarding Deutsche Bank. This is big news coming from another major institution and then I'll be breaking down the $1 billion fidelity price prediction for the King Crypto. That's right, they're saying that one Bitcoin will eventually be worth $1 billion per coin and then we'll dive into our live Q &A. So yeah, here we go, breaking news just in. The German bank, Deutsche Bank, was one of the handful of companies to invest in a $65 million Series B fundraising round for tourists in February of this year. The company offers enterprise -grade infrastructure to issue managed custody and trade, cryptocurrencies, tokenized assets, as well as NFTs and other digital assets. Let's go. Now according to Taurus' co -founder, Lamin, the partnership underwent a thorough and very detailed due diligence process before the German bank decided to use its infrastructure services, quoting them here. It started end of 2021 and ended somewhere in 2022. We won the deal a couple of quarters ago and as previously reported, Deutsche Bank has been brewing plans to offer crypto custody and trading services to its clients over the past three years, since 2020. The bank most recently applied for a digital asset custody license from Germany's financial regulator, Baffin, in June of this year, as it continues plans to offer its customers access to crypto markets as well as assets. Now brain, aka, confirm, whoever that is, the agreement is global in scope with tourists providing custody and tokenization tech in line with the local regulatory requirements. Let's get it. Good stuff. And I appreciate the live chat right now. I am tuned in and checking you guys out. Much love. Any questions, feel free to drop them. And again, at the end of our premiere story with Fidelity, we're gonna be reading those comments out loud. Anyways, announcing the partnership, Deutsche Bank Global Security Services head, Paul Maly, said that crypto space is expected to grow to trillions of dollars of assets and is likely to become a priority for investors and institutions. Preach, that's a given, right? Meanwhile, Deutsche Bank's asset management arms, DWS Group, had reportedly been in discussions to invest in two different German -based crypto firms in February of this year. This includes crypto exchange -traded product provider, Deutsche Digital Assets, and market maker, platform, Tradius, Deutsche Bank Singapore, and Memento Blockchain also recently completed a proof of concept called Project DOMA, which stands for Digital Asset Management Access, which allows for the management of digital funds and tokenized securities. And founded in Switzerland in 2018, Taurus' Series B round was led by Credit Suisse and included the likes of Deutsche Bank alongside Arab Bank Switzerland, indicating major interest from traditional financial banks. Let's go. The announcement of its Series B round also clearly outlined Taurus' aim to serve tier one banks in Europe. And they also told Cointelegraph that the platform serves close to 30 banks, with most deals going beyond cryptos to including tokenization of equity debt as well as other products. Deutsche Bank is set to offer customers crypto custody options through a partnership with the cryptocurrency infrastructure platform, Taurus. Now obviously, this is a major, major deal when you have a $800 billion asset manager, such as Deutsche Bank, partnering to offer Bitcoin custody for institutions around the world. The bank can now officially hold crypto directly for their clients. So there we have it. Another one bites the dust. And now for the moment you have all been waiting for. Let's discuss this $4 .5 trillion asset manager, Fidelity, which I believe, correct me if I'm wrong, is the second largest asset manager in the world, next to BlackRock that controls over 10 trillion in assets under management. They're predicting, their head of global macro, Julian Timmer is predicting that the Bitcoin price hit $1 billion per coin. So let's break this down, shall we? And then we'll dive into our live Q &A. Here we go. Fidelity's prediction for Bitcoin. We have Julian Timmer, director of global macro at Fidelity, put forth the notion that Bitcoin, the king crypto, has the potential to reach a value of $1 billion per BTC in roughly two decades, specifically around the year 2038. So there you have it. Right now we're in 2023. So what is that? Roughly like 15 years out. To supply the forecast, Timmer employed a combo of models and charts with particular focus on the stock to flow model and his own demand model. These analytic tools form the foundation for his primary prediction. And speaking of stock to flow, massive shout out to Plan B, creator of the Bitcoin stock to flow model. Now he believes, along with the stock to flow, the data, which doesn't lie, that the Bitcoin price is subject to hit between 100 ,000 and a million dollars after the halving in 2024. Let me know if you agree or disagree with the stock to flow prediction. And now we'll get back to this analysis from Julian Timmer of Fidelity. The above demand model employs Metcalfe's law, and according to the numbers of its users, grows linearly, the network's value, or interfiends, the Bitcoin price, grows geometrically. This means that the utility of the adoption of Bitcoin are expected to grow more rapidly compared to its network of users, exchanges, ATMs, and participating retailers. Therefore, this model predicted that the Bitcoin price will reach $1 million, which is seven figures, by the year 2030. Now I'd also like to throw out there, we also have Cathie Wood of ARK Invest predicting a $1 million Bitcoin price by the year 2030. In fact, if you've been following my show, then you know her bear case scenario is over a quarter million per BTC in 2030, her base case is over 600 ,000, and her bullish case is $1 .48 million per BTC. There's other big analysts and financial institutions as well, just as bullish as Cathie Wood. So I just wanted to throw that out there that there's others in agreement with Jurien Timmer thus far on this Bitcoin price prediction. So yeah, in contrast, Timmer's stock to flow supply model noted the event of significant price surges during each halving event. Consequently, when considering this model in conjunction with the other factors, it foresees a Bitcoin price range of $1 million to $10 million for Bitcoin defined by the year 2030. Timmer's demand model is more inclined towards reflecting the bottom of the Bitcoin price. But on the other hand, the stock to flow model seemed to provide a better approximation for the peak of Bitcoin. However, it's worth noting that the disparity between these two models widened significantly beyond the year 2030, which is where things get interesting. The reason behind this gap is expected to be the changing value of the dollar, as many, many economists are anticipating the crash of the dollar in which Jurien Timmer is as well. So Timmer proposes that the value of the dollar undergoes fluctuations over time when compared to other traditional assets. For instance, if just $1 was invested into the stocks during the 18th century, its present -day value would be roughly $4 billion. You mean to tell me $1 invested into stocks in the 18th century is now worth $4 billion? That tells you everything you need to know about fiat currency, folks. Now similarly, Timmer implied that if $1 million was invested today, it can grow to $1 billion in just a span of 20 years. This further revealed that the purchasing power of the dollar has significantly reduced due to factors like inflation and depreciation, and let's not forget, money printer continued to go. Just saying. Thus, Timmer's statement implied that keeping a fixed amount of dollars for many years may lead to a reduced purchasing power due to the assets' changing value, and over the last few years, an increasing number of are companies taking over the $1 trillion market cap, and as a result, it's foreseeable that in the next two decades, the concept of a trillion -dollar valuation will become more common. Yes, right, so much that individuals themselves could be worth a trillion dollars or even more. The scale of numbers may even reach the quadrillion range. Like, whoa, so is this milestone still achievable for Bitcoin is the million -dollar question. So despite Bitcoin's historical growth, it had recently faced a significant setback. Bitcoin's network activity had diminished, and it had fallen behind in comparison to Cardano's network, for example, the number of active addresses in the Bitcoin market had experienced a notable decline when compared to the levels seen in 2021, but we also gotta note that we're currently in a bear market, past couple of years. We hit the cycle peak back in 2021, and we soared. Remember COVID era? Bitcoin dumped all the way down to like $3 ,500 range, and within a year, by the end of the fourth quarter of 2021, we hit that all -time high, which is the current high of $69 ,000. So this just goes to show you how fast Bitcoin can climb during a bull market, and we know the past couple of years have been bearish as all hell, right, especially 2022. We had the collapse of Terra Luna. We had the collapse of FTX being the second largest crypto exchange at the time. There was mass contagion. Everything was impacted. We dropped to a new cycle low of 15 ,700, but I think the bottom is past us. What's your thoughts, chat? Do let me know in the comments so I can read those out loud here in a little bit, but let's finish up this prediction. The higher network activity, like increased transaction volume or active addresses, is viewed as a positive indicator for the growing adoption for Bitcoin. This can create a sense of confidence amongst investors, potentially leading to the rise in demand and positive effect on the price action, and although Timur's prediction may be considered far -fetched and lacks empirical evidence, it doesn't completely dismiss the possibility of Bitcoin reaching such levels. The concept of de -dollarization has gained stature, shifting global attention towards alternative currencies. The shift in focus is expected to drive the demand for assets like golden crypto, such as Bitcoin, and with BRICS pushing for the fall of the dollar, the BRICS currency and Bitcoin are expected to garner continued momentum. So there you have it, fam. What are your thoughts surrounding this whopping $1 billion price prediction for the king crypto by the year 2038? Do you think it's realistic? And before we even got to that billion prediction, what about $1 million by the year 2030? Do you think this is realistic? Do you think this is a pipe dream? Do you think this is conservative? What's your honest thoughts? And where do you feel the dollar is likely to go over the course of the next few years? Do you think it will not even be in existence and will be replaced by the digital version, which is the CBDCs, central bank digital currencies that Congressman Tom Emmer and many others are warning you about? Let me know your honest thoughts. And don't forget to check out cryptonewsalerts .net for the full premium experience with video and to participate in the live Q &A. And I look forward to seeing you on tomorrow's episode. HODL.
A highlight from Michael Saylor: Bitcoin to $5 Million is Inevitable | EP 824
"It's all going to zero against Bitcoin. It's going up for everyone. Bitcoin! You're against Bitcoin, you're against freedom. Yo! Welcome to Simba the Bitcoin Live, we're your number one source for the peaceful Bitcoin revolution cover breaking news called dramatic warfare will be your guide through the separation of money and state today is September 14th 2023 another day in Bitcoin another day on the Bitcoin roller coaster they don't call the Bitcoin roller coaster for no reason there's ups and downs we hit 25k we're back to 26 ,697 but if you zoom out if you zoom out in the grand scheme of things if you believe in the meme 21 million divided by infinity or infinity divided by 21 million I think it is we all know we're early but there's something I want to talk about today specifically there was a very famous spaces that Michael Saylor did and I think he did it with some some legacy media people there's a huge spaces and there was three things that he said needed to happen in order for Bitcoin to 10x and then during that spaces he even said if these thing if these three things happen Bitcoin will inevitably hit five million dollars per coin now what were those three things first thing was the changing of the FASB rules right with the accounting the fair value accounting rules and that happened not too long ago we broke the news I wasn't there I had some swan duties that day but Opti and I think it was Rustin were holding it down so we covered that and then number two was large banks right I'm not talking about like small banks or you know these these Bitcoin crypto focused banks I'm talking about large banks offering institutional custody of Bitcoin of digital assets for their clients check that off that's happening you have banks all around the world whether it's Panko Santander the news that came out today which is I wanted to cover this is Deutsche Bank is applying for a license to custody digital assets for their customers and then there and the third thing which has been like the big news of this year is the BlackRock spot Bitcoin ETF or now I would even I wouldn't even call it the BlackRock just a Bitcoin spot ETF those are the three things that Michael Saylor said needed to happen in order for Bitcoin to just go parabolic into this five million you know etc etc and those things are basically already happening like the FASB check that off right that was a huge does a massive deal so check that off the list that doesn't start that doesn't start going into action until the year 2025 then you have so that's the FASB ruling then you have banks large banks cussing Bitcoin check that off the list as well really the only thing out of those three things is the BlackRock spot ETF or sorry the spot I keep saying BlackRock maybe it's a Freudian slip the spot Bitcoin ETF how long will Gary Gensler be able to delay this he got absolutely hammered in in Congress there was a hearing this week so yeah I mean this is pretty crazy and it's really interesting if you've been here for a while you know Opti and I are class of 2016 Opti's class of 2017 but it's the same epoch really you know one of the narratives that existed when Bitcoin was falling you know it fell from 20k back down to 3k and one of the coping narratives all the way down was the institutions are coming the institutions are coming the institutions are coming I think you could say without a doubt that the institutions are here you can't deny that now the thing is do the institutions have the necessary infrastructure to onboard on to Bitcoin and I think that's an open question but you can't deny that the institutions want exposure to Bitcoin that's undeniable right we broke the news the other day that BlackRock had a lot of micro strategy had a lot of exposure to public to publicly traded Bitcoin mining companies as well right so it's some very interesting stuff now here's the thing though right so yes this number go up whoop -dee -doo but remember the revolution is individuals taking back financial sovereignty by taking Bitcoin into self -custody so just because you're buying a Bitcoin spot ETF for BlackRock's Bitcoin spot ETF do Charles Schwab or Robin Hood or whatnot that that isn't real Bitcoin that's paper Bitcoin that's an IOU the only way that you get true real Bitcoin is by you know buying Bitcoin earning Bitcoin mining Bitcoin and taking that said Bitcoin into cold storage right and then preferably the step after that is stop trusting someone else's copy of the blockchain run your own run your own node the one I recommend personally because it's the one I use is start 9 they're freaking awesome so definitely check them out if you're interested in running a Bitcoin node but yeah it's a very interesting times that we're living in but uh you know I don't think I've ever been so bullish how you doing Opti and we're in the the simply Bitcoin merch today bro you're modeling I love it yeah yeah it's uh it's raining right now it's it's officially hoodie season so you're raining but you're inside yeah whatever I feel like wearing a hoodie today if it's nice it's comfy I'm wearing this all the time get yourself one at simply Bitcoin calm yeah man it's hey let your boy live for once geez yeah crazy you're not in uniform bro you you went from collared shirts to hoodies what happened you're regressing well suits coming soon I had a conversation with Chris yesterday I missed that episode man I love Chris shout out the coin shout out our boys over a Bitcoin mag but yeah crazy uh crazy developments and we really talked about it yesterday as well pretty pretty extensively on the show of how it is undeniable that the institutions want your Bitcoin there is so much institutional investment and there's just so much capital waiting on the sidelines for everyone for to get a shirt into Bitcoin you know like all the biggest asset managers well not all of them but many of the big asset managers of the world are looking to get exposure to Bitcoin we're seeing huge banks do the same thing and it just goes to show you that you guys are early and we are on the precipice of an amazing bull run as far as I'm concerned and now is the time to be stacking sats it's still what 26k so like we got the best opportunity ever and I know everyone is losing their mind because this bear market's been so long but this is where legends are made anyways on today's culture I saw this a couple tweets from Tom Luongo and if you guys aren't familiar with him he's a great I guess you call him like he is kind of low -key a gold bug and I know he's kind of maybe loosely understands Bitcoin but he created this meme in and I really wanted to touch on it today because it kind of changed my views on what we've been talking about we're always talking about you know the normies out there or in the not so nice way you know the sheeple out there and he coined this new phrase about like the masses comfortable are our wolves and I really want to cover this because I think it does change the framing and it's a little more positive view on what's going on in the world and we talk about it constantly that people need to feel pain and once they feel that pain and they wake up man shits gonna get really crazy and it really does feel like this is where we are right now so you know just prepare yourself it's it's you know are we on the precipice of a global recession who knows are we you know are we currently in a depression I don't know the official numbers are lying to us but we know that inflation is higher than they want and your purchasing power is going down the drain and I have these conversations with a bunch of my Bitcoin friends and we're all feeling the same thing it's like man dude things are getting more expensive and it's only a matter of time until people start to ask what the hell is going on right now and this is why we keep planting the seeds here on the show you know in personal conversations with people in real life and it's like we have built the foundation for people to protect themselves to get on the exit boat get on the safety net which is Bitcoin so get on the Bitcoin standard guys get on the Bitcoin standard that's right just get on the Bitcoin standard get on the life raft and you know you be watching the world around you doing doing its thing but you know that your future your family's future your wealth your time your energy your work is protected by the largest decentralized computing sorry I'm laughing at the chat you guys are wild breath the Bitcoin numbers is your Bitcoin in cold storage really secure is your seed phrase really secure stamped seeds do -it -yourself kit has everything you need to hammer your seed words into commercial grade titanium plates instead of just writing them on paper don't store your generational wealth on paper papers prone to water damage fire damage you want to put your generational wealth on one of the strongest metals on planet earth titanium your words are actually stamped into this metal plate with this hammer and these letter stamps and once your words are in they aren't going anywhere no risk of the plate breaking apart and pieces falling everywhere titanium stamp seeds will survive nearly triple the heat produced by a house fire they're also crush proof waterproof non -corrosive and time proof all things that paper is not allowing you to huddle your Bitcoin with peace of mind for the long haul stamp your seed on stamped seed that's right ladies and gentlemen don't put yourself in a position where you have to explain to your grandchildren while you lost your generational wealth because you decided to store it on paper store your generational wealth on titanium one of the strongest metals on planet earth you could scan the QR code on your screen right now to take you directly to stamp seed website use promo code simply get 15 % off at the time of recording the Bitcoin price is twenty six thousand six hundred and forty sats per dollar three thousand seven hundred fifty four block height eight hundred thousand eight hundred and seven thousand six hundred fifty blocks to having thirty two thousand three hundred and fifty having estimate April 22nd 2024 total lightning Network capacity four thousand seven hundred seventy six Bitcoin capacity value a hundred and twenty seven million US dollars realized monetary inflation 1 .75 % the market capitalization of Bitcoin five hundred and nineteen billion dollars with a B Bitcoin versus gold market cap four point zero seven percent very very very nice all right good numbers overall you know I love my favorites that I always tell you guys this is the realized monetary inflation of Bitcoin 1 .75 % that number is going to continue to go down forever so it continues to take fiat currencies absolute school even if they get it to their targeted Holy Grail 2 % inflation you know it's not even gonna come close anyways I do have some ways you got my favorite number is block height cuz that number is going up forever Laura that that that number just it just makes an all -time high every ten minutes the matter what next block it's almost like a coin walk next block anyways here's a clip I have two clips for you guys here's a clip from SEC chair chair Gary Gensler and he said some interesting things at the hearing we're gonna play you some clips of this hearing as the days go by though so let's check out this clip and I have another one then we'll talk about it and help protect Americans from the crypto abuses that cost consumers billions if they were to live up to the investor protection built into their current laws it would help investors but right now unfortunately there's significant non -compliance and it's a field which is rife with fraud abuse and misconduct and help protect Americans from the so I I want a friend two things right I agree in a way and I agree in the sense that it is full of fraud it is full of abuse it is full of misconduct now the initial part and help protect Americans from the crypto abuses that cost consumers billions I'm gonna reframes that right from the crypto abuse that cost consumers billions fine you could say shit coins you could say this what about from the governmental inflationary abuse that cost people all around the world millions if not billions of dollars why is that never talked about and that brings me to one of Tucker's episodes that he did in Argentina he did an episode about a 10 -minute episode covering what's happening in Argentina he's gonna cover he's gonna interview Javier Maly Javier Maly is he is he's a hardcore Austrian economist libertarian he wants to end the central bank you know he wants to cut down on the administrative state all of that stuff he said some pretty crazy stuff not gonna lie Tucker's gonna interview him tomorrow but what was really interesting about Tucker's opening monologue which we're going to cover extensively tomorrow is he said the quiet part out loud the invade and inflation is deft politicians aren't productive the way that they raise money is through direct taxation but they could only do that for so long until people revolt so they do that through the hidden tax of inflation we must continue to chip away at this like you know peacefully of course but Chico chip away at this move the Overton window start get start getting people to ask the question what is money why does my money lose purchasing power is it necessary for my money to lose purchasing power that's when people are gonna start asking really big questions and remember they do not have a response to this anyways talking about shifting the Overton window here's Joe squawk five years ago you would have never have believed this we did have a a Bitcoiner who was a writer for Forbes and he got a bit upset when I said that the legacy corporate media changed their tune because of the black rock spot ETF and he said no that's not true I was working at Forbes from before okay I take his word for it he's a cable are news you trying to tell me that the interest from black rock to launch a spot ETF has not influenced their change of tune whatsoever I don't know about that anyways here's Joe squawk it's about a one -minute clip and then we'll talk about it and move on to crypto if you'd indulge me for a second because we always have these crypto conversations and there seems to be this thing happening I don't know Joe we were talking about $25 ,000 with Bitcoin meanwhile black rock and all these folks all the folks that we thought were never gonna do this are now doing it and yet it's not moving at all well it's moving today well I mean sure 26 this is 26 it was for when when we started saying it wasn't going anywhere 4 ,000 oh okay but so but the question is is this now a risk on a risk off thing what do you how do you even correlate this to what's happening with the Fed because for a long time used to talk about crypto in regard to the Fed so I think crypto settling as part of the ecosystem I think people have recognized it is not the new global currency people have also recognized not going to disappear tomorrow is becoming institutionalized and I think actually if I were a crypto person I think this maturation process is a good thing where it moves from day to day is I can't really comment on that I still think it's outperformed every asset one year five year and ten year I mean I think I think he's pretty jaded a little bit right like you know it's going to zero at 4 ,000 and mind you like Pete Russo does a great job doing this but like he goes back in time and finds like original posts of people which is why it's so important to zoom out when in doubt of people posting a Bitcoin isn't going anywhere and Bitcoin was at like $100 Bitcoin was at like $200 at the time right so like when in doubt zoom out obviously Joe is completely converted he's like why have we been talking about the short -term volatility when we started when we started covering this it was literally at $4 ,000 it's at 26 ,000 at the at the you know depths of bear market he gets it I mean and this is actually one of the things that has helped me orange pill as many people as possible it hasn't been me saying the bitcoins better money it hasn't been me saying like oh look you know separate money from state hasn't been me saying you know it's a deflationary currency blah blah blah blah blah blah you know it's been the biggest converter of people you plant the seed you say Bitcoin right they ignore you for like a couple of years and two three years later pass number goes up and all of a sudden you get that text from that friend that you haven't talked to you in a long time and he's like hey about that Bitcoin thing ng you is the biggest converter of people it is the biggest orange pillar in my opinion is the most effective way and clear you could see that with Joe right he was like hmm yeah I mean we started covering this was at 4k I don't know why you're talking about the short -term volatility what the hell's wrong with you anyways why are you pulling that up Opti oh it's from wine it's from wine anyways why what's why you know all the disgrace you've ever done and all the controlling calling me why it might be the worst no I'm just trolling love you wine anyways first and foremost you know shout out the Joe Kernen absolutely love to see him just constantly battle the corporate BS FUD around Bitcoin and and I say this all the time you know like number go up love it or hate it is the fundamental thing driving all a Bitcoin adoption there's that and then on the negative side all of the crazy stuff coming out from you know the bureaucrats out there we covered the g20 stuff where they're trying to roll out a digital ID CBDC central bank digital control mechanisms and these two things together are in my opinion the driving forces for Bitcoin adoption it's like you we say it all the time and and the memes been catching on Nico I don't know if you've been seeing it on Twitter but Bitcoin is slavery it's starting to catch on and people are starting to notice that it's not even hyperbolic anymore but anyways starting with the first video I totally agree with that congressman or whatever like crypto is full of fraud like what a hundred percent agree hence why we're Bitcoin only like there's Bitcoin and there's shit coin and it triggered the thought in my mind about I think I brought it up last week it was the idea I forget what video it was but we played something on in the numbers about the the scene versus the unseen consequences of economics and it's very clearly visible the scene consequences of crypto scams and it very easily noticed and you know it's always rolled out as like the detriment to the whole Bitcoin industry and those are the scene consequences obviously there's been a lot of people getting rug pulled getting you know losing their their life savings because of shit coin scams and so it's very easily an emotional thing you can roll out so people are like ah let's protect the little guy but as we've going to cover and I really thought you were gonna play that Tucker Carlson video that you put on your Twitter I'm sick dude I mean so I was divided I was divided about what I wanted to make the show I was like I was like are we gonna make it about Tucker are we gonna make this about the sailor I think the sailor thing I was I was much more excited about the sailor thing it's a little little thing came out in my head I'm like holy cow the three things that Michael sailor said needed to happen for Bitcoin to hit five million all of those things have happened they've all happened right so I was like we have to cover this we will cover Tucker tomorrow's really actually made a thumbnail for everything it was awesome but I guess I guess you know we'll put we'll put a pin on that thought but tomorrow remember we're gonna be talking about the unseen consequences of money printing and that always gets obfuscated it always gets lost on people because it's not like a linear connection you know like you you gotta you know there's some nuance to this and most people can't think past like 20 seconds you know ADHD or whatever like we're all being inundated with so much dopamine from from social media that we either tune out or it just like it doesn't seem like it's important and and I can see people in the chat saying the same thing that we always hear is like once you start talking about Bitcoin once you say the B word people instantly tune out and it's only a matter of time until people wake up to what's going on here so you know plant those Bitcoin fundamentals into people's minds without using the B word usually helps and and goes a long way and then you find like hey you know have you heard about Bitcoin here's the pill take it but yeah man it just it just goes to show that the world is waking up and every metric that I'm seeing is pointing towards the fact that I think in 2025 more people are going to wake up to the scam that is Fiat and of course the safety boat that is Bitcoin and hey we're here for it so I'm I am super excited yes yes hold on hold on Arthur you can buy our merch with Bitcoin if you so want to yeah exactly go and go click scan the QR code it'll take you directly to the website and you could you could pay you pay in Bitcoin I think a lot I think wine set up the lightning yeah yeah yeah we got you got we got you guys back we got you guys rep some simply Bitcoin merch anyways so yeah man it's a really really exciting stuff alright guys let's jump into the news we got a lot to cover today before we get into news actually right now we are currently sitting pretty at 70 likes help us maintain our streak let's break a hundred likes within the out first hour of the live stream so if you're enjoying the show make sure to smash that like but it smashes mess mess wait wait wait can we do a legacy smash the like button Nico something like that anyways guys let's get to the news the daily news I want to give a shout out to our sponsor foundation devices it's self -custody done right they built a premium grade hardware wallet called passport right here in the u .s.
A highlight from 1368: Michael Saylor - Should We Trust BlackRock with Bitcoin?
"In today's show, I'll be breaking down the latest technical analysis as Bitcoin trader reveals important Bitcoin price zone as the bulls hold on to $29 ,300. Also breaking news, Sam Bankman free jailed for tampering with evidence. I'll be breaking down all these recent details just announced as well as the SEC punts on ARK 21 share spot Bitcoin ETF as well as PayPal US dollar stablecoin will have a massive impact on Ethereum. We'll also be discussing one catalyst which can trigger the next upward move for Bitcoin predicts Glassnode co -founders as well as Michael Saylor predicting that BlackRock Citadel Fidelity will send the Bitcoin price to a million dollars per coin. Also Michael Saylor, who was recently interviewed by Natalie Brunel on the Coin Stories pod was asked, should we trust BlackRock with Bitcoin? You'll be surprised to hear what he had to say. We'll be discussing all this plus so much more in today's show. Yo, 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 joining us the pod episode number 1368 I am broadcasting simultaneously right now on YouTube and rumble. Make sure to make some noise in the live chat. Let's kick off today's show with our market watch. We can see many of the cryptos currently correcting back in the red. We got Bitcoin trading at roughly $29 ,300. We have ETH down a quarter of a percent trading at $1 ,842 and checking out coinmarketcap .com. The current crypto market cap sits at $1 .17 trillion with $23 billion in volume in the past 24 hours and checking out the top 100 crypto gainers for the past week. We can see a mix of C, you know, red and green. We have some of the biggest losers including Hex and XDC and GMX with some of the top gainers Shiba and Rune and checking out the crypto greed and fear index. We're currently rated a 51 which is neutral. Yesterday a 53, last week a 54 and last month a 64 in greed. So there you have it. We have Bitcoin facing a new battleground as the bulls and bears fight for control of a sideways market and part of his latest analysis on August 11th, Dan Crypto Trades flagged the key level to reclaim the Bitcoin price support and with Bitcoin price breakouts continually failing both the Bitcoin bulls and bears are caught in a strongly contested range. This is the culmination of various trips above and below the current spot price making the midpoint the level to watch out for next. Now the status quo has recently remained the same since mid -June 28 .5 as fundamental support 31 ,800 as resistance and quoting him here, pretty clear that the 29 .5 to 29 .7 region is an area that is strongly contested by the bulls and the bears. It's an important area to keep watching and an accompanying chart showed Bitcoin nonetheless fighting to return to above that range low with little significant historical support lines between 28 .5 and 29 .5. Now the analyst thus ties in other perspectives from recent weeks. These likewise focusing on 28 .5 or slightly lower as a downside target and focusing on the short term Bitcoin price events fellow trader Sku highlighted just how frantic the mid 29 zone currently is for Bitcoin quoting him here, Bitcoin and now they're puking the bag. Now also continuing Sku described the spot price action on the four hour timeframe as we despite holding above various exponential moving averages as he shows here, tight price compression here, likely a 5 % plus price reaction is coming from here. So there you have it. And now for some breaking news which just came in right before I decided to go live and that Sam Bankman freed his, I guess his, what is it called? His bail was revoked and he was sent to jail for allegedly tampering with evidence. So let's discuss this as there's so much breaking news coming in. Exciting times. So here we have it. Sam Bankman freed jailed for tampering with evidence. United States district judge issued the ruling Friday afternoon on prosecutors request to revoke SPF's bail after they accused him of trying to intimidate a witness and a run up to his trial. Freed was previously serving house arrest in his California home. The freed use of the private VPN while on house arrest was also brought into question. Prosecutors say that freed shared confidential documents belonging to Caroline Ellison with the New York Times. This activity was part of an ongoing media strategy at the ruling judge said that all things considered, I'm going to revoke his bail. Bankman freed who has pleaded not guilty to multiple conspiracy and fraud charges is set to go to trial in October. His case is widely regarded as one of the biggest cases of fraud in US history. You can't make this stuff up, folks. How many of you are actually pretty excited on this news seeing Bankman freed's, you know what I mean, bail be revoked and be sent to jail? Let me know your honest thoughts in the comments below. As more news comes, I'll be sharing it all for you to keep you up to date with what is happening if anything new comes in. And now for our next breaking story of the day, it's the SEC punting the ETF of ARK 21, which is Cathie Wood of ARK Invest. We'll be breaking this down, followed by the latest with PayPal and the stablecoin, all the latest news surrounding that, followed by what's likely Bitcoin's next big move. And we'll also be discussing the one million dollar price prediction from Michael Saylor, as well as Michael Saylor's thoughts on BlackRock. And if he trusts BlackRock with Bitcoin, it's very interesting to hear his response to Natalie Brunel when he was recently asked this question on the Coin Stories pod. And of course, we'll be ending the show with our live Q &A, which we do each and every day. So yeah, now let's break down this next story of the day and shout out to everyone out there in the live chat. Much love, much respect. The US SEC has delayed a decision on approving or disapproving the spot Bitcoin ETF proposed by ARK Invest. And in August 11th notice, the SEC opened the 21 day comment period for the ARK 21 shares Bitcoin ETF to the public following a publication in the Federal Register. The latest delay for the regulator determining whether to approve or disapprove a spot crypto ETF in the United States. Now ARK originally filed to list ETF back in May, giving the SEC a maximum of 240 days, which would be until January of 2024 to reach the final decision. Quoting them here, the regulated market of significant size test does not require that the spot Bitcoin market be regulated in order for the commission to approve this proposal. The precedent makes clear that an underlying market for a spot commodity or currency being a regulated market would actually be an exception to the norm. Now ARK Investment Management is one of the many firms in the US applying to get a spot crypto ETF listed on a regulated exchange. We also have BlackRock, the largest asset management firm in the world, notably sent in its own application back in July. And a number of other firms also amended existing apps to include crypto exchange Coinbase as a surveillance sharing partner following reports that the SEC officials could be more open to accepting an ETF under those conditions. So there you have it. In a previous episode, we discussed, I believe it was Novogratz, predicting that a spot Bitcoin ETF is likely to get approved in the United States within the next four to six months. What are your thoughts? Do you think it's likely to be approved potentially this year or first quarter of next year before the Bitcoin halving scheduled for April of 2024? Let me know your honest thoughts in the comments right down below. And now let's break down our next story of the day and discuss everything with this PayPal stablecoin. Even Charlie Schramm is bullish. He said this can send the Bitcoin price to $250 ,000 a lot sooner than anticipated. But it all could also obviously impact the rest of the crypto market, including Ethereum. Bloomberg Intelligence crypto market analyst Jamie Kautz predicts PayPal's new stablecoin will have a huge impact on Ethereum. Kautz says that there is a massive growth potential for Ethereum, even if just a small percentage of PayPal's existing customer base adopts the stablecoin, which aims to keep a one to one peg to the U .S. dollar and is built upon Ethereum. Quoting him here, the PayPal announcement is not priced in. PayPal has four hundred and thirty five million active accounts versus Ethereum layer one and layer two active addresses at one million. If one percent convert a dollar balance to the PayPal stablecoin, which is P .Y .U .S .D., which would be four point three five million and begin to use it, then the ramifications for the Ethereum ecosystem and ETH, the asset are massive. I mean, numbers don't line as outlined here, you can see the current active users and addresses. Now, Kautz also said that the bullish he is bullish on layer one smart contract platforms after the expansion of layer two projects had less of an adverse impact on ETH's financials than he expected, as he shows here. The dual surprise of faster layer two adoption and less than expected cannibalization of the layer one financials has our confidence in Ethereum's potential to accrue more value than alternative layer ones over the cycle. The analyst says that each sideways price action doesn't tell the full story of all that is going on within the ecosystem, including network developments and increased Ethereum stake and quitting him again, flat price, mass and proven value accretion. Number one, network is back on growth trajectory, driven by growing layer twos and less severe monetary tightening. Number two, mostly deflationary, despite the bear market. And number three, despite cooling activity, ETH stake accelerated up 38 percent in just three months. And according to Kautz, ETH's accumulation is increasing during the stalled crypto market. As outlined here, while activity is down, investors are nonetheless demonstrating aggressive accumulation behavior. The total number of non -zero balance addresses exceeds 100 million, with over 1 .7 million wallets containing at least one ETH. Now, Kautz notices that each network is generating 3x the amount of revenue compared to the fourth quarter of last year, as shared here. Depending upon your framing, the dollar value of the network GDP slash revenue, while down significantly from 2021, has increased 3x from the fourth quarter 2022 low and is now outpacing the price. Layer one generates approximately 6 million in fee revenue per day. Eighty percent is burnt, which is a buyback, and the rest is paid to validators. So there you have it. Are you also bullish on the news of this stable coin coming out by PayPal, considering they have over 400 million active users, which can help usher in massive adoption for crypto, including the King BTC? Let me know your honest thoughts in the comments right down below. And now let's break down our next story of the day. And that's Michael Saylor, actually, before we get to Saylor's million dollar prediction and his thoughts on if he trusts BlackRock with Bitcoin, first, we've got to discuss the latest from Glassnode Analytics with the next big move for Bitcoin. So first, let's break this down. And again, say hello in the live chat. Let me know where you're tuning in from. And if you have any questions at the end of the show, we'll be reading everyone's comments out loud. The co -founders of crypto analytics platform Glassnode are forecasting that one catalyst can kickstart the Bitcoin next rally. Glassnode co -founders Jan and Jan, who share the handle, tell their 55 ,900 X followers that if the relative strength index indicator falls below 37, it can trigger a Bitcoin rally. Send it. The RSI indicator scales from zero to 100. And a reading of below 30 is typically considered bullish, while a reading of over 70 is typically considered to be a bearish sign. And according to Glassnode co -founders, there are potential buyers waiting below and around the 28 ,500 support level as shared here, Bitcoin's potential retest of 28 ,500 bottom indicated by the RSI. The bears are holding sway with RSI between 37 and 50. Sub 37 RSI can trigger a strong reversal and demand shows up between 28 ,500 and 27 ,800. Is this the catalyst for the next upwards move? Let me know your thoughts. Now, turning to alts, the Glassnode co -founders say that unless a surprise catalyst comes up, the alts are only likely to rally after the summer as they struggle amid a dip in the Bitcoin price as shared here. Despite Bitcoin's bullish move past 30 ,000 this week, will it continue? Altcoins struggle except for standouts like Solana. We have TonCoin and Hedera showing gains of 6 to 9 percent overnight. As Bitcoin dips, altcoins will feel the pressure unless the surprise catalyst emerges. We are waiting for that strong push, possibly post summer. So there you have it. Let me know if you agree or disagree with Glassnode analytics and how many of you are currently bullish on the King crypto. Let me know your thoughts in the comments right down below. And when do you think we'll break past the current annual high of 30? What is that, 32 ,000? Let me know. Do you feel it's likely to happen sooner than later, or do you think we could continue some sideways trading action until the end of this year? Let me know your honest thoughts in the comments right down below. Now let's break down our next story of the day. And that's Michael Saylor's one million dollar Bitcoin price prediction as a result of all of these recent ETFs, which can soon be approved by the SEC. Here we go. Michael Saylor actually shared this a few weeks back on the which one was it? The Altcoin Daily podcast. And I transcribed it for you so I can read it for you right here. Here's what Saylor had to say. It looks like a spot ETF will probably get approved. There is massive political pressure to approve one. The circumstances have changed and now there is a way for the SEC to approve it without backtracking on its previous legal and policy guidance. Certainly there has are a lot of Wall Street entities that have a vested interest in seeing this happen. If you're an institution, one way to get Bitcoin exposure is to buy the underlying asset. But there have been challenges with finding the right exchange to buy it on and custody arrangements. So a simpler way to do so simply by the spot ETF. There are trillions of dollars of capital that is required to invest in a security that trades in these compliant forums. And that is understating the obvious. There's tens of trillions of dollars. So there is a lot of capital that can't buy the Bitcoin or self custody of the Bitcoin. They don't want to do charter. Maybe it's against the tax code. Maybe when they raise 10 billion dollars from public investors, they raise it to invest in securities, but not interested in property or commodities. So the spot ETF availability is a major milestone for institutional adoption. The approval of a spot ETF is a major milestone in regulatory clarity, which is tantamount to an endorsement. The engagement of Fidelity, Citadel, Black Rob Schwab, I mean Schwab is synonymous with Wall Street, 100 years of Wall Street. So what you have is Wall Street coming together to offer securities and exchange services and indirectly custody services for mainstream investors. And if we look out about 12 months and if I was saying, what are the key milestones that drive mainstream Bitcoin adoption? Well one of them clearly is a spot ETF. The second is the designation that Bitcoin is an asset class, the recognition of it as a legitimate commodity. It's a big deal. When Jerome Powell says it's not going away, when Gensler and the head of the SEC and CFTC both say it's a digital commodity, digital commodity might not sound like much, but when you go down the next round, like is it a Ponzi scheme or is it a scam or tulip bulbs? The difference between tulip bulbs and digital commodity is a zero versus one. I have said before, and I'll repeat it again, if it's not going to zero, it's going to a million dollars. It is either nothing and if it's nothing, then it's getting scrubbed out and banned. And of course we now know that it's not getting banned. There is no way that Fidelity, Citadel, Black Rob, Charles Schwab, Deutsche Bank, Credit Agricole, Banco Santander, all decide they're interested in this. They are not endorsing a tulip bulb, right? Once you go from zero to one, then the question is, well, it's an asset class and if it's not going away, well, what's it worth? Well it's worth 1 % of the assets in the world. So 1 % drives it up by a factor of 10 to 20. So there you have it. Let me know if you agree or disagree with the Giga Chad and his $1 million price prediction, which I feel is inevitable, especially once that ETF is finally approved as there's literally hundreds of trillions of dollars in the total addressable market, which can start to pour into the King crypto. Now for Michael Saylor's latest from his interview on the podcast with Natalie Brunell when he was asked, do you trust BlackRock with Bitcoin? And Saylor had a very, very intriguing response. So let me break this down for you. Actually transcribed this just this morning and I posted it on crypto Twitter right here and it's already getting a lot of traction. So yeah, when he was asked this question, he responded, Bitcoin fixes everything. And if we think about what that means, we need to be prepared for Bitcoin to infuse everything. The right way to think about it, Bitcoin is going to be a base layer and there's going to be layer twos like lightning to move things fast. And there's going to be layer threes, which is custodial, like the cash app, like Coinbase, like Fidelity, JP Morgan, Bank of America, Apple, Google. There's going to be custodial layer threes and they're going to exist to provide functionality or utility. And there are technical reasons to trust a third party. The best way to think about Bitcoin is Bitcoin offers sovereignty and integrity and empowerment, not just to the individual, but also to the family, the clan, the village, the city, the country, I mean, the county, the state, the province and the country, the company, the institution, the agency, the group, the community organization, every one of these entities all have their own agency and we don't want them to not have access to this. Bitcoin makes your country better, makes your company better, makes your family better, makes your community better, makes your school better, makes you better. Preach is going to make everything better. But there's different types of rappers we need to put it in. So we shouldn't be afraid of those things. Someone said, well, aren't you afraid these big organizations are going to buy Bitcoin and centralize it? I said, it's like asking me if I am afraid that someone in Japan is going to speak English and if that's going to undermine the English language, if Samsung is the biggest company in Korea and they start speaking English and they build support for English into their products, does that corrupt the English language? No, it actually makes it much better. They are going to use it differently. What's the likelihood that Samsung can change the definition of love or change the meaning of 100 different words by adopting it? Not likely. So I think it's a protocol. The protocol is going to infuse everything and we shouldn't be afraid of all the different ways that people choose to integrate, wrap, embed or execute with Bitcoin. There is no one right answer and the marketplace will determine the right mix of integrations of Bitcoin. So there you have it. Very powerful words coming from the GigaChad. Let me know if you agree or disagree. I also get the point of what he is sharing, regardless if we can trust BlackRock or not. This is excellent for mass adoption. And I love that analogy and metaphor he shares with, you know, is Samsung the biggest company in Korea? And they started speaking English. Is that going to undermine the English language? Absolutely not. And the same thing with Bitcoin adoption. So shout out to the GigaChad. Michael Saylor also thinks that the SEC crackdown can boost the Bitcoin dominance to 80 percent. And I'd love to know your thoughts. Do you feel that this cycle, the Bitcoin Dom, can climb to 80 percent? 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 &A. And I look forward to seeing you on tomorrow's episode. HODL.
"deutsche bank" Discussed on The Breakdown
"To fin twit and Deutsche. Like I said, it's not super clear to me the extent to which there are specific reasons to be concerned about them as opposed to others, other than the fact that it would be really bad if it failed. And there's almost a temptation to see it as the next domino if only for historical parallelism. Finance a lot, for example, wrote so far we've had two investment bank failures in 2023. SVB is total assets for 200 billion, Credit Suisse was 700 billion. Deutsche bank is 1.4 trillion, so that would be a Merrill Lynch scenario leading to the collapse of numerous other large institutions. Now, one of the other phrases you'll see a lot on Finn to it right now is two big to save. Daniel the call, the chief economist that tresses says, Deutsche Bank is not too big to fail. It is too big to bail out. Tetragrammaton says most G sibs have assets worth many times more than the GDP of the country they reside in. They're definitely too big to save, but the G 20 pass legislation back in 2010 to ensure government backstop, including bail ins, would rescue GCPs at any cost. Marcus Agrippa Rite of Deutsche Bank defaults the Eurozone and European Central Bank under Christine Lagarde is going to have a hell of a headache. Deutsche Bank debt is so large that there won't be another bank coming to the rescue as there was with Credit Suisse. Now, as we try to parse out what's actually going on here, I think there is one thing that we have to keep in mind. The last decade, and especially the last few years, were characterized by speculative fever to the upside. In other words, people betting that things were going up anything was going up and probably going up way more than they probably should in a rational market environment. We're now starting to see speculative fever to the downside where shorts pile on and in many cases actively use the tools of social media to turn their case into self fulfilling prophecy. First guac of market news aggregator tweets, short interest and Deutsche Bank stock has doubled in the last two weeks to 360 million. Short sellers have made over 100 million betting against Deutsche Bank stock in the last two years. Now, ultimately, short selling is an incredibly important part of price discovery and healthy markets. But how short sellers and short selling in general interacts with tools of mass citizen communication is still worth thinking about. Even if that's only to filter or apply a lens to how we view dire doom predictions that get made on Twitter. Allow Deutsche Bank was not the only major financial institution under pressure heading into the weekend. The market for credit default swaps on Charles Schwab surged higher on Friday now sitting 20% above previous highs for the year and 40% higher than their level earlier this month. Schwab customers removed 8.8 billion from money market funds over three days in the wake of the Silicon Valley bank collapse, placing the money into government backed bonds instead. Mike Peterson a Schwab spokesman said at the time, quote, those shifts from one category to the other happen all the time. This one is larger but as part of a broad industry trend and is not unique to Schwab. On Friday, Schwab's CEO walked bettinger told The Wall Street Journal that, quote, there would be a sufficient amount of liquidity right there to cover if 100% of our banks deposits ran off without having to sell a single security. Other analysts, though, are not so sure. Porter Collins, a portfolio manager at seawolf capital, claimed that Schwab quote mismanaged the balance sheet. Collins, who notably has an open short, said that, quote, the problems that they made a big rate bet and it's gone the wrong way on them. According to last year's financials, Schwab had more than 11 billion in unrealized losses on its hold to maturity bond portfolio, exceeding its tangible common equity of just over 6 billion. While most of those bonds are government backed and therefore eligible for fed liquidity programs, such a large mismatch could still be a serious test of those fed facilities. You're definitely seeing some folks on Finn twit get panicky, known as dollar tweets, Charles Schwab showing signs of potential distress has 7.13 trillion USD under management across all subsidiaries. This would truly be a black swan event. However, others presented the other view. Joey politano writes just for context on this because people are acting panicky, 80% of deposits at Schwab's main partner bank are insured compared to 5% of silicon valley bank before its collapse. Much more of Schwab's losses on held to maturity securities, the kind that help bring down Silicon Valley bank are already incorporated into regulatory capital components and ratios too. Obviously, there's a level of withdrawals that no institution can survive, see Credit Suisse. And bank runs are hard to predict sociological phenomenon, but maybe discount forecasts from people who say, quote, unrealized losses on deposits, instead of quote unrealized losses on assets. And speaking of Joey politano, he also updated us about a resolution from an earlier part of the banking crisis. This morning he wrote, Silicon Valley bank has a buyer, first citizens. They're taking over all deposits and loans, though not 90 billion in securities and other assets. Branches of SPV will open as for citizens on Monday. The FDIC estimates the failure of SPV will cost the deposit insurance fund $20 billion. The FDIC said Silicon Valley bank had a 119 billion in deposits as of March 10th, the day it was put into receivership and it had a 175 billion as of its last regulatory filing on December 31st, which means about 56 billion in deposits were pulled out during the initial run. For citizens will gain all deposits in 72 billion of Silicon Valley bridge bank assets at a discount of 16.5 billion. Now, the market liked the news this morning. Regional banks were up in general and first citizens specifically was up 44%. Now, one last end note to a story from before, you'll remember how the last phase of chaos in the Credit Suisse story was kicked off by the Saudi national bank chair, the leader of CS's largest investor, saying that they would quote absolutely not be investing more into Credit Suisse. That was widely attributed to triggering or at least exacerbating a run that would ultimately kill the bank, which in turn obviously hurt that investment. Well, that bank chair is resigning for quote unquote personal reasons, according to a statement today. Life comes at you fast. Anyways, guys, that is the story of where banks are right now. I really do think it's important. Not to be glib or pollyannish about the real issues that these banks are facing. But to also take each situation on its own terms and merits. To understand that by virtue of these being publicly traded stocks, there are incentives for people to want more turmoil and more failure. And to just incorporate that into how we're thinking about everything. In the same way that it would be silly to just assume and accept every mainstream media narrative presented to you about banks or anything else. I think there is a real risk of over correcting and assuming that everything the mainstream media or government says is just a priori false. But over the next few months, I'm sure we'll get a chance to see who is closer to correct. Until tomorrow guys be safe and take care of each other. Peace
Is Credit Suisse the Next Banking Domino?
"Right Friends, today we are talking about the same thing that everyone in traditional markets is talking about, which is Credit Suisse. Bloomberg's headline Blair's Credit Suisse and fight to win back confidence as shares plunge. And that headline has recently been updated to the even scarier Credit Suisse ignites global market route as banking fears return. So what's going on is Credit Suisse the next domino is it a big nothing burger? Is it something totally different, but it doesn't matter that it's totally different because all people here is bank failure and they get scared, let's dive in. So Credit Suisse has been looking shaky for a while. It's in the midst of a larger restructuring process by which its investment banking division will be spun out and the bank will focus just on its wealth management division. This is actually its second big strategic pivot in the last two years and obviously in the world of banking, that sort of bobbing and weaving isn't necessarily something investors get too excited about. To say nothing of course of depositors. Now right now, the specter of Silicon Valley bank is hanging not only over Credit Suisse, but the whole banking sector. This is despite the fact that Credit Suisse's leadership says there's no comparison, and that the bank trying to get back to profitability after changing its strategy has nothing to do with the extreme liquidity issues of smaller U.S. banks. However, this morning markets were further roiled when the chairman of the Saudi national bank, which is Credit Suisse's biggest shareholder, said that they would not be investing any more money into the beleaguered bank. The chairman of the Saudi national bank said that the biggest reason is just regulatory and statutory reasons that prevent them from boosting their share beyond the just under 10% they own now. Now as prosaic that might be, it obviously still wasn't good news. CSS shares were down as much as 29% hitting a new all time low. They're one year default swaps are also in a distress zone currently sitting around 18 X, the one year CDS for UBS, and 9 X for Deutsche Bank. Now, all in all, there are two big and quite different interpretations of what's going on. Investor in China perma bear, Kyle bass writes the recent collapse of SVB, signature bank, and silvergate bank was a warmup of larger things to come outside of U.S. borders. Credit Suisse's 5 year insurance against default has gone parabolic this morning, given their capital structure they now have three weeks or less to be sold.
Market Analysis Report 09 Feb 2023
"10 a.m. Thursday, February 9th, 2023 market analysis report February 9th, 2023. Coinbase CEO psyched rumors of U.S. crypto staking band kraken faces SEC probe over unregistered securities Deutsche Bank's DWS in talks to invest in two crypto firms.
"deutsche bank" Discussed on Bloomberg Radio New York
"I'm going to Deutsche Bank, jumping on for us on a training floor over at Deutsche Bank Tom. The Deutsche Bank center, which replaces us. For those of you worldwide, there's an iconic set of two towers at the south's West End of Central Park, the Time Warner center. Which is now 6 iterations of Deutsche Bank. The Warner Brothers discovery center, I guess is what we would call it. And for Deutsche Bank to move, I believe, uptown here, which I've heard is really worked out well. There's real plus plus to that. If you live on the upper west side, for that matter. It's fantastic. Yeah, you can walk. I'm not sure many other people do. We haven't. There's sometimes it's like the 59th street bridge. It's had like 5 names. It's a 59th street bridge. You just want to stick with that. You're all positive. Paul Simon and Simon Garfunkel told me that's what I told you. I do, yeah, of course. That's a music. Louise. I did not. Futures, look at them, John. They just won't give it up. I mean, there's a real deterioration of their 1%. What a beautiful partnership this is. As we shut this one down, yields are just a little bit harder three things. Shut it down. In 5 minutes, jobless claims come out. I'm not. I'm going to go to the other studio. Great lineup in the next hour on Bloomberg TV. Michael constitution of Richard birthday. Sacred so credit sites. Moffett nathanson, you think I get expended in the other studio. Can there is really important. That's an important conversation with Richard Branson. And likewise, with Michael nathanson too. He's okay. It's actually all right as well. With Mona we need to talk about. Do you remember a year ago, everyone said Chinese stocks on investable? And now all of a sudden what? What a change. What a difference I say, a running mate. Yeah, enjoy the eggs Benedict. Thank you. So fresh orange juice is wow freshly squeezed if you want. Like the
"deutsche bank" Discussed on Bloomberg Radio New York
"With Alan ruskin of Deutsche Bank, the past for Jerome Powell, into 2023. Well, I think they tried to steer the market to where they think rates should be. And obviously they've got a little bit of a problem right now because the markets are very persistent in its thought process that the fed's going to be cutting rates in 2023. I think the intriguing aspect of what you have right now is that we thought the fed would probably lose control or could lose control of the back end of the curve because back in heels were too high. And QT would maybe push yields higher. And we've got exactly the reverse problem. With healed more consistent with a 3% funds rate than a 5% funds rate. So the market's not really listening to the fed, it's not the worst problem the fed could have, that I think a fed is still trying to steer the curve higher in terms of healed. Alan, do you see them being successful in doing so? Not at this meeting necessarily. I think the odds are that the 2023 and 2023 dot is between four and three quarters and 5%. It looked like it would maybe be a bit higher than that before CPI, but I think I'd probably as a reasonable guesstimate of where that median dot will be. That's not far from where the weather market effectively believes the peak will be anyway. It's really the discrepancy, I think, is in the rate cuts that follow very soon after. The market thinks this is going to be more of a traditional cycle. You catch more of this in other conversations on today's Bloomberg surveillance podcast. Subscribe to Apple, Spotify, and
"deutsche bank" Discussed on Bloomberg Radio New York
"Ad console On the latest edition of the Bloomberg surveillance podcast, a conversation with Matt was Eddie of Deutsche Bank on the shock of disinflation. No doubt, you know, you look at the headline numbers, you look at core, better than expected decelerations in a number of items. I think interestingly, we didn't mention it yet, but rent and OER were actually strong. They rebounded and bounced back up .8 .7%. Those are the sticky items we know are going to be there. I think in terms of the market certainly doesn't look at nuance at this point and I think rightfully so because it's a lower print. But if you think about some of the nuances here, Mike mentioned, you have medical services inflation in the CPI very, very weak. That's something that sticks with us throughout the rest of the year. But it's a completely different story in PCE. And so I think a big question and kind of story over the next year will be PC and CPR are going to converge a lot. They're converged a lot because you have different measures of healthcare inflation in the two of those. And disinflation in both of them, but it's going to be less disinflation in the metric that the fed looks at. And the metric that the fed targets. How do you think champ and pound navigates this one tomorrow? It's one where obviously they can step down to 50 basis points. I really do think that they want to step down to 25 basis points as quickly as they can. And so data of this nature allows them likely to do that in the February meeting if we get another data point like this. And that really then allows them to calibrate policy the best that they can. If there is a path to a soft landing, going to down to 25 basis points in February, helps to optimize that. I think they also want to avoid this kind of stop start tightening cycle that they may have to do, meaning pause only to re hike at some point. I think they can avoid that the best by stepping down to 25 basis points at the February meeting. This type of data helps that. Catch more of this in other conversations on today's Bloomberg surveillance podcast. Subscribe to Apple, Spotify, and anywhere else you get your podcasts. Please listen anytime. I'm Bloomberg dot
"deutsche bank" Discussed on Bloomberg Radio New York
"A conversation with mount lisette of Deutsche Bank on the shock of disinflation. No doubt, you know, you look at the headline numbers, you look at core, better than expected decelerations in a number of items. I think interestingly, we didn't mention it yet, but rent and OER were actually strong. They rebounded and bounced back up .8 .7%. Those are the sticky items we know are going to be there. I think in terms of the market certainly doesn't look at nuance at this point and I think rightfully so, because it's a lower print. But if you think about some of the nuances here, Mike mentioned, you have medical services inflation in the CPI very, very weak. That's something that sticks with us throughout the rest of the year. But it's a completely different story in PCE. And so I think a big question and kind of story over the next year will be PC and CPR are going to converge a lot. They're going to converge a lot because you have different measures of healthcare inflation in the two of those. And disinflation in both of them, but it's going to be less disinflation in the metric that the fed looks at. And the metric that the fed targets. How do you think champ and pound navigates this one tomorrow? It's one where obviously they can step down to 50 basis points. I really do think that they want to step down to 25 basis points as quickly as they can. And so data of this nature allows them likely to do that in the February meeting if we get another data point like this. And that really then allows them to calibrate policy the best that they can. If there is a path to a soft landing, going to down to 25 basis points in February, helps to optimize that. I think they also want to avoid this kind of stop start tightening cycle that they may have to do, meaning pause only to re hike at some point. I think they can avoid that the best by stepping down to 25 basis points at the February meeting. This type of data helps that. Catch more of this in other conversations on today's Bloomberg surveillance podcast. Subscribe to Apple, Spotify, and anywhere else you get your podcasts. Please listen anytime. I'm Bloomberg dot
"deutsche bank" Discussed on Bloomberg Radio New York
"With Matt lizette of Deutsche Bank on the shark of disinflation. No doubt, you know, you look at the headline numbers, you look at core, better than expected decelerations in a number of items. I think interestingly, we didn't mention it yet, but rent and OER were actually strong. They rebounded and bounced back up .8 .7%. Those are the sticky items we know are going to be there. I think in terms of the market certainly doesn't look at nuance at this point and I think rightfully so, because it's a lower print. But if you think about some of the nuances here, Mike mentioned, you have medical services inflation in the CPI very, very weak. That's something that sticks with us throughout the rest of the year. But it's a completely different story in PCE. And so I think a big question and kind of story over the next year will be PC and CPR are going to converge a lot. They're going to converge a lot because you have different measures of healthcare inflation in the two of those. And you're going to see disinflation in both of them, but it's going to be less disinflation in the metric that the fed looks at. And the metric that the fed targets. How do you think champagne? Navigates this one tomorrow. It's one where obviously they can step down to 50 basis points. I really do think that they want to step down to 25 basis points as quickly as they can. And so data of this nature allows them likely to do that in the February meeting if we get another data point like this. And that really then allows them to calibrate policy the best that they can. If there is a path to a soft landing, going to down to 25 basis points in February, helps to optimize that. I think they also want to avoid this kind of stop start tightening cycle that they may have to do, meaning pause only to re hike at some point. I think they can avoid that the best by stepping down to 25 basis points at the February meeting. This time data helps that. Catch more of this in other conversations on today's Bloomberg surveillance podcast. Subscribe to Apple, Spotify, and anywhere else you get your podcasts. Please listen anytime. I'm Bloomberg dot com. I learned patience for my adoptive dad. All he had to say was. Hey, you got this. Just breathe. Hey. We're pretty good. Yeah. I have to
"deutsche bank" Discussed on Bloomberg Radio New York
"With Matt lizette of Deutsche Bank on the shock of disinflation. No doubt, you know, you look at the headline numbers, you look at core, better than expected decelerations in a number of items. I think interestingly, we didn't mention it yet, but rent and OER were actually strong. They rebounded and bounced back up .8 .7%. Those are the sticky items we know are going to be there. I think in terms of the market certainly doesn't look at nuance at this point and I think rightfully so because it's a lower print. But if you think about lots this year, Mike mentioned, you have medical services inflation in the CPI very, very weak. That's something that sticks with us throughout the rest of the year. But it's a completely different story in PCE. And so I think a big question and kind of story over the next year will be PC and CPR are going to converge a lot. They're going to converge a lot because you have different measures of healthcare inflation in the two of those. And disinflation in both of them, but it's going to be less disinflation in the metric that the fed looks at. And the metric that the fed targets. How do you think chairman navigates this one tomorrow? It's one where obviously they can step down to 50 basis points. I really do think that they want to step down to 25 basis points as quickly as they can. And so data of this nature allows them likely to do that in the February meeting if we get another data point like this. And that really then allows them to calibrate policy the best they can. If there is a path to a soft landing, going to down to 25 basis points in February, helps to optimize that. I think they also want to avoid this kind of stop start tightening cycle that they may have to do, meaning pause only to re hike at some point. I think they can avoid that the best by stepping down to 25 basis points at the February meeting. This time data helps that. Catch more of this in other conversations on today's Bloomberg surveillance podcast. Subscribe to Apple, Spotify
"deutsche bank" Discussed on Bloomberg Radio New York
"Center stage, including UBS, Deutsche Bank, and Credit Suisse, Bloomberg's April roach joins us for more. Good morning, April. Morning. All right, April, so this is a big one. What can we expect from Credit Suisse's planned update on its strategy review this Thursday? Yes. So the bank is reported to be considering the sale of its U.S. asset management operations and also its peculiar products business. The investors will be keen to find out if the comprehensive strategy review will include any details on the future of either of these units. But the big question really is whether the bank will need to raise additional funds via capital increase, which could result in the dilution of Credit Suisse's stock. So all in all this hotly weighted announcement really could see a significant reshaping of Credit Suisse business. Concerns and the strengthening of the U.S. dollar expected to impact Deutsche Bank earnings for also getting this week. Yes, so Deutsche Bank also due to report this week. And U.S. dollar gains are actually expected to support fixed income trade and results in Euros for Deutsche Bank, the company earns more from fixed income in comparison to its peers with a 25 to 30% top line exposure. And last month, Deutsche Bank said it was on track to reach the top end of its 2022 revenue guidance as higher interest rates more than offset the impact from our economy. But investors will also be looking at bonuses when it comes to Deutsche Bank as the European Central Bank has put more pressure on lenders to exercise restraint. Our April, let's think about Barclays. I mean, how important is cost control management going to be for the bank? Yes, so for Barclays, cost control will definitely be in focus with the UK bank likely looking to reinsure investors. It can maintain its 16.7 billion pound cost outlook for the year and that's especially after the recent expensive paperwork blunder in the U.S.. But analysts say that Barclays should be able to achieve the top end of its 2022 net interest margin guidance and the strengthening of the dollar could also feature with Barclays results with a potential revenue beat. But finally, there may be questions on how rising UK mortgage rates and the potential for high expected credit losses could impact the bank's results. I mean, the full year guidance is certainly 16.7 billion pounds. Is that going to be achievable for the bank? Well, analysts say that it should be achievable and that Buckley should be able to maintain it with the announcement of its third quarter results. So yes, we should see that they will be able to keep this guidance in place. Okay, great stuff, April roach, thank you very much for taking us through some of those big corporate names that we are watching out for later today. Just to give you a reminder of the main corporate headline that we have from this morning and that's from Phillips, which is announced it's going to cut 4000 jobs globally as it starts to restructuring program. That's going to cost them around €300 million in charges in the coming quarters, but they're going to start that workforce reduction immediately the company says, so that is the latest edit Phillips this morning, of course, plenty of corporate companies reporting this week. It's going to be a very busy week on the earnings front. So plenty to watch out for there as well and that is something that we will be covering not only a quest right the morning as we get those headlines, but in the London rush with Charles cable at 8 20 this morning a little bit earlier than usual as of course we're keeping a main focus on the political situation here in the UK as well. Coming up next on the program though we will be talking more about what's moving markets this morning. We'll be looking ahead to what we might hold at major conference hosted for the London metals exchange and of course the ECB decision we've got U.S. GDP out there as well and what whether this calm that we've seen restored to the guilt markets may be restored or may continue as we are potentially
Donald Trump Jr. Responds to New York AG Letitia James' Filiing
"Tisha James has her friends in the media caller She's filed a very long document that is really grotesque And I wanted you to have an opportunity to respond to that since you're named in it for crying out loud Well I'm named so much that even after a full day of testimony when I believe they had 12 lawyers from the attorney general's office because New York is not going into enough of a hellhole They needed to have 12 attorneys from the attorney general's office on the other side of the table against me This is what's going on I'm named in like the last paragraph of this thing because apparently there was nothing wrong with my testimony I refuted all of those things But again you know it's a good soundbite to name Donald Trump Jr. So you do that right It doesn't have to do with the law right They can say well Trump over valued the asset and Deutsche Bank One of the largest financial institutions just blindly took his word for it I mean the whole premise of it is insane Deutsche Bank lent money to my father the loans were paid back They made millions in interest I'm trying to figure out who's the victim that the attorney general is so zealously trying to defend You know they say there were things that were overvalued but one of the assets I believe was the old post office our hotel in Washington D.C. it was valued to my recollection at a $125 million We sold it a few months ago for $400 million So was that undervalued Do we get some sort of credit for that Or do they only play the soundbites that they magically come up with You saw Mar-a-Lago and Mark you've been there They said should be valued at $75 million No way For 450 million that's a third of the size If they can make up whatever they want and because it's New York there's no accountability that no one cares Everyone's happy that their weaponizing these offices no different than the FBI did when they used the hostage rescue team
"deutsche bank" Discussed on Bloomberg Radio New York
"We are united not least because we have a significant amount of challenges that we face together, she faces as the new prime minister, whether it's inflation, relative unions, NHS backlogs, or indeed the challenges overseas, and so we don't have a choice. We have to come together as a party. I think we will come together as a party and I think she will make every effort to unify us and move us forward as a country. She certainly has my support. We do that and it's critical that my colleagues get on board with the new administration and new government as we try and make lives a little easier for people in this very different the new administration, new government as we try and make lives a little easier for people in this very difficult time. I mean, Gareth, there's a note out from Deutsche Bank and the team there that's making rounds here in the city today, warning of a potential balance of payments, crisis potential currency crisis, even talking about an IMF bailout for the UK. It's a dire situation that the Conservative Party and the conservative government have left us in would be the argument. And this is clearly a boon for the opposition. Well, just look at what's causing the surging inflation. We've got a high inflation in 40 years. I sit on the treasury slack committing, we have expert witnesses, the Bank of England governors and presidents on Wednesday for Brexit has Brexit Brexit hasn't helped. Has it? It's exacerbated that. No matter who you are, what they will tell you is that this inflation is global in nature and it is important. It has been driven largely by surging global energy costs that have been exacerbated in a certain circumstances driven by the war in Ukraine. And so you look around the world, you'll see surging inflation everywhere. So I think it's a bit rich to our opponents to lay this their labors and the government because all governments are facing this challenge. What we're focused on now is how we make life a little easier in these very difficult times and that's what I'm confident the new partners will do. Gareth, thank you so much for being with us. Thank you for your time. Appreciate it. It's a very busy day and lots of hair, Gareth Davis is the conservative MP for grantham and Stamford. I think it's going to be very interesting because we're going to get the labor perspective actually on this. A very shortly Rebecca long Bailey the former shadow Secretary of State for business energy and industrial strategy is a current labor MP well-known
"deutsche bank" Discussed on Bloomberg Radio New York
"In the area and residents have been told to stay in their homes for three days. Over in the U.S. now where the fed is expected to approve another 75 basis point rate hike today as the Central Bank looks to inflict more pain on the economy to get inflation under control. They expected rate rise comes ahead of U.S. GDP data on Thursday that could show the U.S. economy contracted for a third straight quarter putting the country into a technical recession of course you can follow it on our tea live blog from 7 p.m. London time. Okay, there are top stories. Now over in Frankfurt, Deutsche Bank says it's cost to income ratio is going to be below target for the year, in spite of beating analyst estimates this quarter. Anna Edwards has been speaking to the CFO, James von moltke. She started by asking him about their second quarter earnings out today. We're very pleased with the fic performance. In that, you had extremely strong macro product performance. So FX and rates, especially, but also emerging markets in our case. Very strong, and you needed to navigate a difficult market environment. So risk management was a key feature of the performance. Credit or financing was solid as well in the quarter and credit was the weaker point, but all in all at 32% up, we're very pleased with that performance. Is it sustainable? Look, the trends, there's no reason to think the trends from the first half won't repeat in the second. That said, the market needs a direction. And that hasn't been as present in the late June, early July period as the rest of the year. I think the markets are awaiting the next set of Central Bank actions, including today from the fed, and then we'll see how the tone develops from here. Your guidance around targets, it evolves. We committed to some targets. You've changed others. You say it's more going to be more challenged, more challenging to deliver on some of your targets. How would you like the market to receive that message? That the environment remains difficult. We see some of the challenges that lie ahead in the second half we've reflected that in our outlook. We're going into this from a position of strength, though. Our cost income ratio at 73%, again, is dramatically changed from three years ago. But we're recognizing also in the guidance there. That we've had some setbacks in the first half of the year that we're out of our control and we continue to see pressure in the second half of the year on expenses. But I think the important thing is the company is delivering on its strategic plans that we laid out three years ago. Okay, but that movement on the cost income ratio, removing the previous target, replacing it with another one, should that leave the market with the impression that costs may be beyond your control out of control at Deutsche Bank. Not at all. Look, we're controlling costs extremely carefully. We're looking at every Euro that we're spending. But I think the message is one of continued investment where it's needed. We're looking at IT investments control investments and our decision is being to sustain those investments. We think they're important for the future. And while our path to 70% at the beginning of the year was quite clear, some of the setbacks that have been out of our control have shifted that. And again, we need to recognize that the outlook going into the second half is tougher. But I wouldn't say at all costs are out of our control quite on the contrary. Is it safe to say, do you see no signs of recession in Germany, no signs that your clients are preparing for a recession, James? Look, the environment is worsening, hence our own outlook for the firm. We do see a softening of economic conditions in the second half of the year. And potentially a recession at this point a modest recession in Germany in a slowdown in Europe. So that's something we're preparing for and obviously our clients are preparing for as well. Deutsche Bank CFO James von moltke speaking to Bloomberg's Anna Edwards to Caroline, we've heard from Credit Suisse and Deutsche Bank this morning, interesting, I think, to compare and contrast the two. Because both banks have been on a bumpy ride in recent years, but they're at different stages of the journey, Deutsche, of course, is in the final year of this deep overhaul, but Credit Suisse is just starting to start this strategic overview. It's really trying to persuade investors that it's taken the right steps to draw a line under the series of scandals. I say that I've really just nicked it from the tea live blog. Brilliant insights there on both the banks. I wonder whether you get a bit of pushback from Deutsche Bank on that and the severity of the crises that have hit both of those European banking names. But yeah, fascinating interviews with top bosses. We'll be talking though next about gas prices across Europe, this is Bloomberg. Meet
"deutsche bank" Discussed on Bloomberg Radio New York
"We've got a double weight in cash right now in camp had all year. We've got a 6% allocation in cash. That's the highest allocation we've had in cash in the 20 years I've been et cetera. Wow. Okay, that's a really important statement, folks. And I really want to emphasize folks by perspective to go to 6% is a huge deal. It's not like you saying I got to be 80% in cash as a trader or that. What signal will allow you to deploy cash to equities? Is it just simply the market rolling over in a new sense of bear? So from a stock market perspective, we think that there is more weakness coming over the course of the next quarter or so. We think the S&P 500 could be down around the 3500 level. But we want to see inflation peak and start to roll. We want to see this difficult second quarter earnings season behind us. We want to see the fed downshift from 75 to 50s. We think all of that is going to take place somewhere in that late August to early October time frame. So I've sort of got that period circled to my calendar, hoping to see some positive signposts. Sure, Lana, thank you so much. And next time you use a floaties at the park down in Texas. Mister Orlando is with Federated. That was just brilliant folks frying out one view in about a moderate use of cash as well. Paul, why mister Orlando was talking about equities, Alan ruskin, of Deutsche Bank, puts out a stunning note. I'm going to call it a midyear review. I don't know if that's true or not. And within it is his call and I'm going to say the Deutsche Bank call which focus land up is talked about looking out not a week, but looking out two years or three years to stunning. Dollar weakness. I mean, they just say at some point, somehow this ends and for example, Euro, one O four, one of 5 is their low, the autumn of this year, and by 2025, the Euro explodes to a one 35. That's a huge that's a huge, huge, three year moves. I guess, you know, as Thomas, we talk about it. We've had strategists and currency strategies here, you know, really over the last several years. And you kind of just start the conversation is give me a bare case for the dollar. And boy, it is tough to find one, but now, you know, it's interesting now we've got this rates rising here, but the rising across the world, but that would be an interesting, interesting move. I mean, it really challenging move for the global economy. And for companies, these global companies out there. Paul, you've lived this. I'm going to suggest that most of your work on the street was domestic, but the international call am I right is essentially a dollar call? It is. I think it has been as you listen to and read the research from the folks like Gina Martin Adams and Bloomberg intelligence. That's been a big key part of her call for years here. And the dollar has been, it's been stout. And the question is here, if you look at that Deutsche Bank note. And I noted reversal. And to Matt, was Eddie Ellen ruskin says, quote, economy likely decelerates sharply. These are stunning midyear notes. Thank you, Ellen, ruskin for that from Deutsche Bank, as well. Thank you, fill Orlando. That was brilliant. With our news in New York City, miss Michael
"deutsche bank" Discussed on Bloomberg Radio New York
"Hi, everybody. Asian equity futures are looking pretty solid this morning most of them are higher hang seng index futures are up 8 tenths of a percent China futures are up. Australian futures are up futures though are just down a little bit suggesting maybe a hundred odd .75 to a hundred points of downside at the open. So here's the sexy story that I just referred to China's property slump is a bigger threat than it's lockdowns. So you're right, that's an assertion, but here's the backup. It's the worst decline on record, and it could hold growth below 4% for the rest of the decade. An index that tracks apartment and how sales as opposed to year on year declines for 11 months now. That's a record since China created a private property market back in the 1990s. The demand for services and commodities generated by housing construction and sales accounts for about 20% of GDP and that represents a very big drag on growth. This year, by the way, looking at growth globally, Deutsche Bank CEO sees the probability of a global downturn at 50%, Citi says likewise, says that U.S. junk rated bonds indicate 50% chance of recession, risk premia on some of the lowest rated debt are closing in on 1000 bps, and that's considered a distress levels. That said, our U.S. stocks ended up kind of flat for the day was a choppy day of trading with very wild swings. The S&P 500 did snap a two day rally, but essentially held on to the big games over that period. And a big drop in oil were down to $103 41 cents a barrel. That is a check of markets. Headline news with Ed Baxter in San Francisco. All right, thank you, Brian, as a brick summit opens. China's president Xi Jinping has slammed sanctions for weaponizing the world economy. Meanwhile, president Putin says trade with India
Trish Sits Down With KeyCity Capital's Charlie Dombeck
"I'm joined. Again, on the program by my friend Charlie DOM, great to have you back, Charlie from key city capital, who, by the way, has been predicting this, thinking that we were heading in this direction, maybe not as soon as it's happening, but at Charlie, you've been warning about this for quite some time. Give us your reaction to the GDP numbers. Yeah, so in the pandemic, in the early stages, we saw GDP decline, but we expected a recover. We got the recovery. This is a little bit different. We have been talking about this event since I have been working with you on your show. It was a bit unexpected by the markets, but not unexpected by us. And I believe we are in the early stages of an economic correction, potential economic recession. And here's the thing, we have not even experienced the significant interest rate increases at the Federal Reserve is poised to enact. And 13 out of the last 16 times the Federal Reserve increased interest rates, we ended up in a recession. And now you have major banks around the world predicting potentially very severe economic recession coming forward. Yeah. I mean, that was a new report out of Deutsche Bank, just this week. A couple of weeks ago, they said maybe it would be a mild recession. Now they're talking about a major recession. I don't know how the fed manages to move rates that much higher and not actually cause an economic
"deutsche bank" Discussed on Bloomberg Radio New York
"Gas price moves that we've seen is that it does begin to filter into longer term inflation expectations We tend to see that particularly for the consumer And so when you look at this inflation picture with wages rising as they have been with the breadth of the price gains that we've seen and ultimately if inflation expectations do begin to rise I think that really kind of undermines the last data point that we could have about this being a temporary transitory story and really we'll tell the fed that they need to move a lot more aggressively They need to get into a restrictive sense much sooner than they currently anticipate Matt let's wrap things up What you predict for this year for 2022 stack that up against what will actually get today including banishing reduction because you guys have Deutsche Bank had thrown out some big numbers Yeah so we think that you'll get 6 hikes from the median dot today We are at 7 rate increases I think there's a very real risk that they move by 50 basis points at the upcoming meetings We were expecting 50 basis points at this meeting before certainly the events that have happened in Ukraine So I think we'll get some messaging that suggests that the market is correct in pricing that risk premium member the next Several meetings Beyond that we think you get the balance sheet on wind We expect about an 800 billion of unwind this year more than a trillion of unwind next year as 1.9 trillion together Which we think is an equivalent of three or four rate increases That I think is a big unknown We've got a lot less guidance from the fed on that So we'll see how much we get there But I think we'll get the continuation of this hawk as messaging from the fed but a continuation that I think will continue to move in a hawkish direction We need to see more than 6 rate increases And we think that you're going to need to see very material balance sheet reduction If Deutsche Bank and the Deutsche Bank center with some massive numbers Matt thank you They told you banks no longer the Time Warner center Tom It's Deutsche Bank now Trying to support their effort I think we did this I get over there once a year It's on 59th street So we're still calling it the time on a center Anyway we'll park that awkward part of the conversation Lisa these are some big numbers Banishing reduction pushing 2 trillion It might not even get started until the summer Yeah and Priya misra was coming up of TV securities things that we are not pricing in balance sheet reduction and then it could start as soon as May I just wonder what they're trying to go for given all of the discussions beforehand John that this is an untried strategy They have a sense of what rate hikes do not so much when it comes to the balance sheet reduction They're going for credibility They're deepest deepest fear and professor summers gave them some slack today on this is the pressure to maintain credibility That is a number one thing or reclaim it Because some people think they've lost it And if you want to reclaim credibility you have to signal the willingness to take this to a restrictive stance By the forecast today And if someone of the indicative of the where the terminal rate is as Mike McKee said where's the terminal rate Tom Kane ELISA brama said Jonathan farrow counting you down to that fed decision about 18 minutes away Up shortly Priya misra of TD and Michael ferroli of JPMorgan.
"deutsche bank" Discussed on Bloomberg Radio New York
"Hour alongside Julian Manuel have ever caught and bob doll as well looking forward to that conversation Can I leave you with this quote From Christian saving of Deutsche Bank we are very concerned about the increasingly intense war for talent and the wage developments in our industry It is also clear that we can not and do not want to avoid this competition Let me tell you TK the people working at those banks they're not concerned at all Allison Williams did some great work on this yesterday We'll have it for you into this week and next week as well on bank global compensation as well He is one of the great philanthropists of New York City and of course Blackstone front and center now in the debate on investment in real estate here Our finale massacre Thank you Tom John gray thank you so much for joining us Of course Blackstone's president and CEO John you just have come off of a quarter in which you brought more money in in three months than you often do in a single year How does this continue into the new year with all the troubles we're seeing in the economy Well Chanel it's great to be here I just want to take a moment and talk about this quarter in the year we had which were amazing and the best in our firm's history We had a 155 billion of inflows as you noted in terms of record levels AUM up 42% And it just reflects the fact that we continue to deliver for our clients We had our best performance in our history And we continue to broaden our platform investing with retail investors insurance And.
"deutsche bank" Discussed on Bloomberg Radio New York
"Green spanning page where he's the Oracle chairman Powell is not the Greenspan Oracle Izzy and how do you measure descent Sure I think in terms of official descent it's going to be difficult given that we don't have really any official decisions You can imagine a world in which some officials would be dissenting to the fact that they're still doing QE at the moment And I think several weeks ago it was a real possibility that they could have ended QE abruptly as of this meeting But we did seem to get pretty clear guidance from both chair Powell and your president John Williams that kiwi is likely to continue through March I think the bigger scope or the greater sense that you could get in terms of distance would be later this year And it'll depend on what happens with the inflation environment You do have a very hawkish voting block within the committee If inflation does not show evidence of dissipating do they want to move by 50 basis point steps Do they want to move every meeting which we see as a real risk And will the center of the committee allow them to kind of move in that direction So I think that there will be greater sense of descent risk as we go further down the road particularly if inflation does not show evidence of declining Matt what do you judge that market conditions have moved the fed from a very easy monetary condition into something that feels tighter I think it's always a difficult one You know we focus on broad financial conditions I think that's certainly how the fed would tend to think about it I think they would tend to downplay moves that are somewhat isolated to equity markets that is a lot of the moves have recent bin recently been But if I were to look at these gauges we're looking at a world with -60 basis points on real ten year yields If you go back to 2018 when we had a lot of market volatility that then pushed the fed in a more devastation we were at plus 1% real yields ten year real yields We have financial conditions broadly speaking that remain easy So far credit has not really responded to some of the volatility that we've had in equity markets And so from a fed credibility perspective and given where they are monetary policy I think they simply just have to continue with the messaging that they've had They want to tighten financial conditions pal said moving to a somewhat less accommodative stance And that should be the message certainly in the coming meetings and coming months But certainly this afternoon here in 20 minutes The numbers that you've come out with the team at Deutsche Bank are just huge $560 billion in balance sheet reduction for the second half of this year You're looking at 1 trillion more in 2023 Matt where are these numbers coming from Where are you getting them from Because that seems to be the consensus at the moment as well There's a lot of uncertainty I think on exactly how you get there because from the fed all we know is that they've said it's going to be earlier and faster We don't know when QT will start We don't know the maximum caps that they're going to set We don't know how they're going to deal with their build portfolio which is above 320 billion And so there's a lot of uncertainty out there Our baseline at this point is that they tell us more about the caps in May that they announced QT in July they begin in August and that they allow that build portfolio to run down pretty rapidly Don't subject that to the caps We see maximum caps at about a 100 billion Those are I think the key data points that we're hoping to get clarity on probably not specifically at this meeting but over the coming weeks and by the March meeting hopefully getting greater clarity on the market's perspective I match tremendous work on the balance sheet over the last few months really enjoyed the research Matt le eddy there alongside Peter hooper over at Deutsche Bank That was numbers Let's just sit on that for a moment The numbers that people are talking about are just monster figures 1 trillion next year lease the 560 billion at the end of this year the back half That seems to be the consensus view that's built up over the last couple of months The question now is what's the impact on Marcus Is it lead to actually higher long-term yields or actually the opposite as Stephen major over HSBC was talking about earlier today I've been thinking a lot about this If they remove accommodation does that mean that we are closer to the end of the cycle and a potential downturn which seems to be some possible indication from the yield curve Take how you've talked about this a few times You've called it an experiment you've said This is truly original How original is this moment Stunningly original I can't convey how this is not in the textbooks and also John that's moving moment by moment You've got the idea that inventories today ex autos showed a huge build in inventories that from top or celli and John moments ago with Brent crude $90 9 cents a barrel Daniel Jurgen and the team at IHS published and they are adamant the supply log jam has not broken Let's take that word broken Let's say breaking Lisa you asked a little bit earlier this morning There's something break It's worth mentioning that the fen hasn't done anything yet They're still doing QE and we have had tons of volatility to kick off the year We have although not in the markets they watch most closely We have not seen massive credit disruptions and the hiccups that we've seen have been people trying to get ahead of expected actions Lisa.
"deutsche bank" Discussed on Bloomberg Radio New York
"Found it 7 30 a.m. here in London good morning I'm Caroline hippie Now in a moment we're going to delve into what to expect from Rishi sunak's budget the second of the year the first perhaps not to be entirely dominated by the pandemic Joseph silk will be joining me from the think tank bright blue Also though lots of earnings to get through this morning Deutsche Bank for example Santander DWS European futures though aren't looking that positive for the start of trading are currently down on the esox 50 features by three tenths of 1% S&P 500 more boy in up a tenth of 1% for futures there We also had Wall Street hitting a new record high yesterday although the response to big tech earnings actually was pretty mixed Also Ozzy inflation has been in focus this morning Ozzy bond yields and the Aussie dollar have climbed after core inflation beat estimates U.S. and Chinese tensions escalating China Telecom being banned by the FCC suicide 300 is down one and a half percent right now So those are the markets this hour Let's go to our top stories now Deutsche Bank did hold on to market share gains in fixed income trading in the third quarter but it missed out on big gains in equities because it exited that business Revenue for the bank as a whole and net income was slightly better than analysts expected Investment banking revenue fell 6% from a year earlier for Deutsche Bank Now this underlines really the urgency for the CEO Christian saving to come up with alternative sources of growth He's been relying on the boom in fixed income for much of his turn around so far As for the tech earnings I mentioned Google's parent Alphabet reported quarterly sales that topped estimates but YouTube and cloud computing both disappointed Meanwhile Microsoft's cloud computing business helped it to top earnings estimates for an 11th quarter in a row revenue climbed 22% for Microsoft It managed to line up a steady stream of deals for its Azure software and they just lastly Twitter reported sales and user growth in line with estimates a sign that the company's ad business is managing to weather apple's new limits on consumer data collection And when it comes to the budget in Britain Chancellor Rishi sunak is promising to start preparing for a new post COVID economy as he sets out of the budget and spending review at lunchtime today more than a dozen measures already been prayer announced including an increase to the minimum wage and an end to the public sector pay freeze about 31 billion pounds of public spending bubba's James Wilcox has more details The Chancellor is set to try and walk a tightrope in his budget later today Rishi sunak's circus act He's trying to trim government spending while also helping families who face a winter of rising bells and energy costs A lot of what sunak plans to say is already in the press An increase in the minimum wage and 31 billion pounds of spending on the NHS and infrastructure So much is already public The Chancellor was called to parliament yesterday to account for the leaks But like with any circus act the performance is crucial And what matters are the final numbers when soon act speaks later today In London James Wilcox Bloomberg daybreak cure Right there's a few of our top stories We're going to come back to the budget with our guests in just a moment but firstly let's get the world news headlines.
"deutsche bank" Discussed on Biz Talk Radio
"Everybody's had to work from home. Some right. That's the new trend, right? Some people are going to continue working from home forever because companies like Well, I can have my sales people work from home and I'm gonna have to have an office. I could save all kinds of money. Millions of dollars. I mean, maybe maybe show a lot of in some cases they are, but this is really sped up the process that was coming anyway. I read an article that is sped this up by about eight years. Faster than it would have if we were just in regular 2020, and none of this craziness that happened. So if you occasionally work from home, you're probably not gonna like this next story economist at Germany's Deutsche Bank. Says government should impose a 5% per day tax on people who voluntarily work out of their house. Their argument is that you're contributing less to society, but you still enjoy all the benefits, whatever that means. CNBC contributor. Guy Adami disagrees. And so do I. Here's what he said. Maybe Deutsche Bank should take into consideration the lack of traffic on our roads and the lack of stress that's going to put on our infrastructure. Maybe I should get a rebate because I'm not going in and out of the Lincoln Tunnel every day. Or maybe Deutsche Bank should just focus on Deutsche Bank s. So I'm not sure I understand the bank's argument, but this is a good reminder that you never know. What next crazy tax might come up or where it might come from Brian, What do you do in this situation? You got to be prepared somehow. Yeah, you run for another country. I think that's why I never Uh huh. Yeah, that's one strategy. Thankfully, we don't live in Germany. So we're good there, right? So we've mean that's the funny thing we got. People that are are storming the streets and saying how awful The police are, And you know all this and change this and so will you don't like it? You know, there is the door. You can let the door hit you were, you know, we're gonna frown on you. Not everyone. There will be many people that frown on you for saying that very thing, And that's fun, You know, but that's the thing And it's like, okay, so I don't like the way that we're doing this that we're doing. On that, Okay, It's what the country is founded on. This is the way it's been for over 200 years were supposed to change that because of what and so I guess that's the issue. I With this. It's like this is ridiculous. One charge of 5% taxes for the privilege of or Gail, right. There is no reasoning for any of this, but most taxes, they're not. I mean, how did our country survive without all the taxes that we had? I mean, 100 years ago, we didn't have all the departments of taxation that we do today. Somehow we survive some. But we didn't have all these programs to fund either. Right now. We got a program for a program for a program. This department's I'm on top of departments, and that's where we really need to be cutting that increasing taxes. We need to cut I need to cut when we don't have the money. It's just like a business businesses can't continue to spend money. They don't have They just don't they go Hey, times are tough like Delta and American Airlines. Look at the hospitality industry. Are they spending more money right now? No, they're not. They're not increasing their prices. That's what the taxation is right there. Not saying Oh, we're going to charge more because people aren't staying in our hotels. No, they're cutting expenses. They're selling assets. They're doing the right thing. That's what the government should be doing is going insane. Let's cut 25% of this program that we really don't need. It's great to have it in the good years. But this isn't a good year. We're spending way more money just for health care. And a lot of services because of covert 19 restrictions remain need. I know hate to say it. We may need to cut a little bit. My goodness, tighten up the belt straps. I mean, like real people would do. That's crazy. And it doesn't matter if you're Democrat, Republican independent libertarian politics. Yeah, and maybe maybe somebody it's across the ball aboard. I mean everything. Unfortunately, I mean, I think that's why I have like politicians that have come in and said Let's not just cut on one side, not just warfare and welfare. Let's go across the board we have to do we have to be fair and do it all the way across and and get rid of the things that are not completely necessary that maybe we didn't have 30 years ago. You know, some of these departments didn't exist, and somehow the government continue to function. Yeah, I I'm on the side of those people. Whoever is ready to cut and cut and cut and make the government work bare bones. That's the way I liked it just to see it. That's that's who. Promised those guys don't get elected. No course. Yeah, right. Yeah. Lindsay, get elected that say they're going to spend to oblivion and give everything to everybody for everything free. It's free. Your college is free. You don't have to work. You can sit at home and collect checks for free. It's wonderful. Everything's free. And you're gonna make all this money by doing nothing and that that's a productive society something. Yeah, No, that's it. That is a huge problem. If you come in and shake it up too much, though you get voted out of office. Right? Exactly right. If you actually start cutting that you've got a two year, four year term limit, you're done right? And so somebody else would come in and spend for you. So by look, I mean, when you talk about taxes, that's that's what I really want to talk about this article. His taxes are going up everywhere across the world. If you look in, you know, Europe and you look at you know some of the countries that have come before us on the debt program That's they've had in these new politicians come their taxes and people are they fight about at the beginning, and then they're okay with it. You know, just because they're you don't feel like there's anything you can do. There's nothing you can do so okay. So now I'm paying 50% tax. We've got clients have talked about it with you before. You live in the UK and they're Americans. Other tax rate over there is 50 plus percent. They're not making, you know, half a million dollars a year if they were here in us equivalent dollars they'd be making about 150 grand. Jeez, Louise. I mean, it's not couple that worked professionally, right? So they're making maybe 75. It might be 200 to go back and look at the tax return. But The ideas. They're not, You know, super high income earners like doctors or making 300 grand a year and they're paying 50% tax. Yeah. Do you understand the impact on someone's retirement if they're taking out 100 grand a year And we thought they were only going to have to pay 20% in tax. Yeah, that's her now, then. That's E mean. Well, that's like that's life changing differences. That's exactly what you're trying to avoid. By saving Right? It's like, OK, Yeah, we're gonna We're gonna net you 80 0 now because tax rate change. We're gonna get you 50. There's your lifestyle going to change a little bit $30,000 a year income and the money and we'll be less and less and less every year. Because of inflation on the money's gone and it's not able to grow inflation. Another thing. I'm just saying the money's not there to grow If you pay if you sent it to tax, you know, it is frightening. Look, let us work. We're not saying that tax is gonna be 50 50% the United States. We hope but hope not. But what we are saying is they're going up. And everybody I think with a fair mind would agree with that. If you want to avoid some taxes, pay less in taxes. This is the way to do it with a retirement blueprint. It usually calls between about 1999 and 39 99. Somewhere in there between two and four grand, basically. If you're just come off the street. We're making them complimentary three of them on the show today. If you say $500,000 or more for retirement, it will be complimentary. You will not pay that fee. 866 to plan for 866 t o p L A N and.