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FOMO HOUR: Markets, News and More!
Recorded: June 5, 2025 Duration: 0:57:39Space Recording
Short Summary
In a dynamic discussion, key highlights included JP Morgan's groundbreaking partnership with BlackRock to accept Bitcoin ETF shares as collateral, Circle's impressive IPO valuation, and a surge in corporate Bitcoin holdings, reflecting a robust trend of institutional adoption in the crypto space.
Full Transcription
Thank you. Yo, yo, yo, yo, yo, yo, yo, yo. Can you guys hear me?
What up, what up, what up?
What's up?
What's up?
Let me get some thumbs ups.
Let me get some what ups.
Let me get some GMs.
Let me make Rug Radio co-hosts.
Let's get Marriott up in this bitch.
Let's get some R up as well.
Okay.
There you go. There you Okay. There you go.
There you go.
There you go.
Let me remake the coasting.
There you go.
Did it work?
There you go.
What's up?
What's up?
What's up?
What's up?
Okay.
Now we're just in the space.
I'm not.
I'm not here in the space.
You're not?
Check, check.
Check, check. No, it's good works fine
Yeah, looks like it works. All right, perfect perfect perfect. We're good. We're good
We're perfect. What up M low. What up cookie? What a bell for it. What a PP. What a bongo?
Daily midgy what up Lindsay?
What a per deep what up a guy what a Harry Krishna what up are you what up, Ikigai, what up, Harry Krishna, what up, Ari, what up, C, Foss, OX, Finn,
let me some retweets in the house, let me some greaves.
What's up, what's up?
It's the summer.
We are vibing.
All right, all right.
All right, Sims.
Let's kick it, baby. Thank you. Yo, yo, yo, yo, yo, what up?
What up?
Good morning.
Good morning.
Good morning.
Thursday.
Yeah. Thursday at that. Another beautiful day to have a beautiful day. I got my co-host in the house, Tyler. Tyler, Tyler, good morning. How are you doing today?
I'm good. I've been thinking about this week. I feel like it's been a little bit of a boring week.
I feel like I'm just waiting for something big to happen,
and this hasn't come yet.
But I've got this feeling that something bigger is coming down the pipe soon.
So I'll be anxiously awaiting, but still feeling good in the meantime.
Yeah. I mean, look, it's just one mean look it's uh it's just one of those
right it's just one of those you gotta you gotta i feel like we're kind of gonna have to to wait it
out here uh brunes june yeah rune june let's go bongo rune june let's check in on our runes hold
on where's the cue the the crying girl dancing mean hold on let's let's let's look at our runes. Hold on. Where's the cue? The crying girl dancing.
Hold on. Let's,
let's,
let's look at the runes board here.
Pups down 9% today.
20 million.
Right.
it's back to twin.
Cause when it,
when I put my tweet out and it went to a mere 34 million,
mind you,
it's down from 1 billion.
I was told I was the bottom thing though.
And it's a damn kill shot right there. How am I puppets doing though? the bottom thing though. And it's a, damn, kill shot right there.
How are my puppets doing though?
I like them though.
Okay, .04.
I feel like all he goes to this has been on hold
and it's waiting for Bitcoin to pump.
Oh wait, Bitcoin's been pumping.
That's enough.
It didn't move the entire run from
77k to 105
that's not nice
that's not nice
anyways
today on the show
we'll do markets, we'll do topics
it'll probably be a quick show today, looks like there's not
too much going on
we'll do the Yeet giveaway at the end of the show
make sure you sign up, Yeetcom sign up uh to uh yeet.com use the code uh fomo hour to sign up and every single day
monday to friday we give away some money uh to a lucky winner we'll have three winners on friday
so be fun we'll pick one person give you a code so make sure you sign up. Oh, it says Yeet code. There's no code. There you go.
And then last but not least, this show is powered by Wallet Connect.
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Tyler.
Tyler, Tyler, Tyler.
You tell me what's next.
Where's Mando?
I was with Mando last night.
He left early.
The great Mando left his cage, his dungeon.
He doesn't leave his house.
Before we dive in, were you at the Tonight Show?
I was. I was. It it was funny shout out to benny that was uh that was something he he hosted this like tonight show
thing for nfc lisbon um and uh and it's just just hilarious it's just like did you see they pied
snowfro live on stage oh i haven't haven't seen the highlights. Oh my God, dude.
They like fucking pied the shit out of him in front of everyone.
I'll find a photo after this and I'll show you.
But it was funny.
They were doing, it was Ovi and Mando doing an interview.
And Mando with like the t-shirt gun.
It was hilarious.
And then it was me doing like mean tweets segment talking about just like
fun panel style and then i stayed on i didn't know i was gonna stay out for that he um he brought
four gallerists and i think he's like stay here okay i stayed on stage and it was a game of guess
the value of the artwork uh and it was like eight pieces of art and I won. Yeah. Yeah.
Take that, trad artists, galleries.
Take that, gallerists coming into the space thinking you know everything.
Beat you at your own game in front of everybody.
It was crazy though, Tyler.
It was so packed.
There was people standing up. It was like a full house.
It was like a couple hundred people there for that Tonight Show type thing.
So it was cool.
Shout out to Benny.
We love you, Benny.
We love you, Redbeard.
It was a lot of fun.
I loved it.
And with that, Tyler, let's see what you have for us today.
For daily NFT and crypto analysis.
Tyler D on FOMO.
Our cause to KitKat.
Great ambassadors.
All right, folks.
Crypto Majors. Even down a touch here today. All right, folks. Critical majors.
Even down a touch here today.
So Bitcoin 104.3 ETH down at 2590, down about half a percent from yesterday.
So down the most, down 3% at 150.
From a macro perspective, not a whole lot going on.
I think Trump and Z met.
I think there's a bit of uncertainty ahead of some trade data coming out,
but I haven't really seen a whole lot on the macro front.
Macro crypto, however, a couple big headlines in the last day.
So one, JP Morgan announced they will begin accepting BlackRock's IBIT ETF,
those Bitcoin ETF shares, as collateral for loans, and they will
take those into account when evaluating their client's net worth. That was a very massive
update. We'll have to dig into the updates from there. Circle was the other big piece of news on
the day. They have upped their IPO to $31 per share. I think that puts them at $6.9 billion, circulating $8.1 billion FDV
ahead of live trading, which is expected today, but I don't think it's live just yet. So I'm not
sure the exact time those shares will start trading, but that is a lofty valuation.
In treasury news, man, these headlines just keep coming. Similar scientific, another 185 Bitcoin. They now have 470 in their treasury.
Treasure Global announced plans to invest 100 million in Bitcoin and ETH for its corporate treasury.
And then this K-Wave Media, it's a Korean stock that jumped 140% after they revealed plans to allocate $500 million towards Bitcoin, lightning node operations, and infra investments.
So another day, another three headlines from the crypto corporate treasury front.
These things keep rolling in.
An interesting headline out of California,
their assembly passed this new act,
which would permit the seizure of unclaimed crypto after three years of inactivity.
This is crypto held on central exchanges.
They also have some provisions
for how owners would reclaim those assets.
So that caught a little bit of thud on the timeline.
Then we had Brian Armstrong
that the rising debt has become a bigger issue
on the timeline.
Elon has been speaking out about it quite loudly on X.
This is like Brian Armstrong to say
that Bitcoin is positioned to become
the world reserve currency if the U.S. does not reduce its deficit.
And with this spending bill looking like it's going to pass, it does not seem like that is the case.
In token airdrop and protocol news here, MoonPay obtained a bit license and money transmitter license in New York.
Now it can operate across all 50 states.
World Liberation airdropped $4 million worth of their USD1
stablecoin to $85,000
wallets, $47 each. Not a huge
stimulus, but still something.
3Jane, this is
an interesting new protocol. They raised $5.2
million from Paradigm for
no collateral on-chain
loans. So going a little
bit further out the risk curve on the
lending department, Infinex began
season one of its Yepron campaign
on Kaido. 100 million new patrons
up for grabs. Then MegaEth
shared a teaser for this new Euphoria trading
app came. It seems to be the new, most
hyped app coming on.
MegaEth. Rounding this out,
AI was down 6%,
9.5 billion overall market
cap largely on the back of Farcoin, which has been going south.
I'm seeing it down 13% at 90 cents.
Memecoin leaders were broadly red.
Doge and SHIB down about 3%, Pepe down 6%.
SPX continues to outperform.
It's looking like the strongest horse in the memecoin game right now.
We also had LaunchCoin rebound yesterday.
It briefly hit $170 million. I think back around $ coin game right now. We also had LaunchCoin rebound yesterday. It briefly hit $170 million.
I think back around $140 million right now.
KLED, now the number
one token of the ecosystem
tokens there. It hit $25 million yesterday.
We saw Mixi and Mask,
some of the top Slonimem movers.
And NFTs, a couple headlines, the
Aeons tied to SPX. They're the top mover.
They're at 45%, 1.2 ETH.
Those Supermots, the Supermot 15 top over that 45%, 1.2 ETH. Those Supermots.
The Supermots 151 up 50%. Over 2.5 ETH.
Holy shit.
Wait.
Actually?
Yeah, the Supermots.
God damn.
What's the exact price here?
You guys, you and Bernie have been talking about them.
It's like fucking .2 ETH.
I don't own any.
Very sadly.
Wait, didn't you buy a bunch?
I bought a bunch of the Bad Buns.
Oh, Bad Buns.
Okay, sorry, sorry.
That's a different thing.
Okay.
Yeah, the Super Mario with those Pokemon N-A-T's.
Oh, yeah, yeah, sorry, sorry, sorry.
Yeah, that you like.
Yeah, yeah.
It's a small bunch.
So it's only 151, so it's a little bit easier to go up there.
But they're continuing to have longevity.
World of Women jumped 40% yesterday.
I think their new CEO, I don't know if she was announced
or if she just spoke yesterday, but B, she went live to the NFC Summit.
And apparently she was compelling
because people are buying World of Women NFTs again.
And then Canvas adds to his x copy he swept 1.2
million dollars on three x copy pieces over on gandhi uh so he is keeping the art market alive
very much so interesting that's it i uh i didn't know about the whole new world of women
ceo thingy yeah i didn't know until i saw New World of Women CEO thingy.
I didn't know until I saw that the NMTs were pumping and I tried to find out why.
Interesting.
Man, 2021 was not real, dude.
I'm convinced that it was like...
I'm just convinced that it's like a glitch in the matrix at this stage.
I mean, we were trading these things for like,
like world of women.
We're just using that as an example.
I'm not,
because you're talking about it with like 10th,
12th.
Yeah.
I was going to say 15.
How high did those?
They went pretty high.
Like Azuki went to 36th,
dude.
What's the other one?
Clones went to like 30 ETH.
Wow.
It was quite the bubble.
Four Apes, 150.
I don't even think that's my latest meme coin bubble compares to this.
Yeah, I don't know. my latest meme coin bubble compares to this like do you think the q4 last year like like wave going to five bill pepe to seven a few memes a few runners like the shark cats and the pop cats does that even compare
to the insanity that the nft cycle was the ai meta maybe came close and there was a year in november
december where you could kind of just throw a dart with those ai tokens and they were going to
20 to 50 but i don't know like the the golden age 2021 2022 i mean you you could net something
for like 0.1 eth and it could be two to five eth in an hour yeah and then those art blocks i mean the art block summer some of
those collections were coming out at 20 to 30 eighth floors fininza's went over 100 yeah
ringers went to 100 squiggles went to 15 or 20 i believe oh yeah that that doesn't surprise me
squiggles to me is like the least surprising like I think that's going back to 28th, down the line.
But you got to have a 10-year plan on these.
Wow.
No, excuse me.
You mentioned World of Women.
So, like World of Women, cool cats.
And this is words that remind me of 21, you know, moonbirds.
I know we'll talk to Spencer tomorrow.
But it's –
The runes run coming will be bigger.
Man, Bongo, you got, what do we do with Bongo?
Like, what do you, we got to save the kid.
And he's such a nice guy.
I met him.
He's the nicest person ever.
What was the red guy?
Red guy never went high enough, as a matter of fact.
It was like two weeks.
Was the red guy all the time like two and a half weeks?
Yeah, two and a half weeks.
Yeah.
Maybe a touch higher.
Maybe a touch higher.
What is it at now?
Like 0.4?
By the way, most undervalued collection.
If you look at the token, it's still over $100 million, which is barely dipping, actually.
And Ovi shaved his head.
Did you see that?
The guy's got no hip.
I did.
I wasn't sure if it was real.
I didn't recognize him.
He came to say hi to me last night.
He's like, yo.
And I'm like, oh, shit.
That's my homie.
They had two times.
They're saving some time every night.
Less time spent on hair care.
Tell me about it, dude.
I've been tying my hair.
It's so fucking hot.
Dude, I'm fucking...
I just tie it.
That's the secret.
Anyways, all right, look.
Let's talk about Circle.
Before we get off that,
so I think there's a lot of people comparing
like OpenSea to PunkFun
and the other side launch
being the top of NFTs.
Right.
But did we have the explosive bubble yet in memes
to make this the top moment?
That's what I struggle with.
Because you look back at 2022,
you had Apes at 150 ahead of ApeCoin.
Azuki was 30, 30 to 40.
Coming off of the back, they just they just did the
check your wallets moment i believe that was march i was there uh where everyone's got airdropped
twenty thousand dollars like i don't think we've had that like these are some of the reasons why
we know that or maybe not as recently I mean of course we had the
Trump mania that was three months ago
that feels like a past cycle at this point
so why like we're entering
I don't know
I guess that's what everyone's talking about
all the time this cycle is so weird
it's like up down
up down up down up down
I don't know I guess guess Trump token, yeah.
The Trump token is...
That was it.
That was the moment, no?
I believe that that was a blow off top.
And then maybe...
You could tell me that we're just into sending rollercoaster loops from Trump.
And I could buy that argument.
Yeah.
But that does not mesh with Pump Fun Token being like the blow off top.
I don't think, by the way, after yesterday's conversation especially,
and it was a great one, shout out to Jason, of course,
I think we had a good talk, all four of us on the show.
If you missed it, go back and listen to yesterday's show.
It was really good.
I do not think PumpFun, by all means means is going to be a blow off top moment.
First reason is because everybody says it is.
Second reason is I don't see it.
well,
the reason you're building a lot of money,
but if they manage to do this,
right.
And it's even better for their business to do a fat airdrop as well, which I believe they will do per the leaks, right?
So Cyrus's tweet that you mentioned yesterday.
This could be a big one.
The other thing Jason mentioned that we didn't have to talk about, because we were talking about a lot of things.
We didn't really talk about their future plans.
I do think he's got plans.
I don't think he's just taking this as his exit check and and right i mean if he wanted to do an exit check he would have like he's already made so
much fucking money these guys i think they're four right uh the founders they've all made i mean
you know they made 600 million dollars right in the year so so yeah but yeah, we'll see. Um, yeah, Melania was Melania.
That's different.
Diego, too soon.
Too soon.
I mean, Trump.
Okay.
The Melania token, which was tied to the scammers there.
Right.
Wasn't it tied to like Hayden and all those guys that, that was like, I'd argue that Libra
was more of a blow-off top slash moment,
top moment than Trump.
That was like...
That was a fuck you
moment, you know?
So, yeah, Milano wrecked everything.
Milano wrecked
absolutely everything. So anyways...
Silver lining. I wanted to
talk about this a little bit, debriefing from Mark Ambo.
Go for it.
His market outlook very much mirrors kind of like my golden bull run thesis.
I think it's similar to what Mando has spoken about.
You as well, that we've, well, I don't want to put direct words in your mouth,
but golden bull thesis, we're breaking out of a four year cycle.
We're going to grind up higher for longer with shallower pullbacks, 15% to 30% corrections on a longer multi-year run up for Bitcoin.
That's been pretty much my working thesis since the ETFs got approved about a year ago.
I think we've seen our first potential evidence of that with the run to all-time high in the Trump pump, 30% correction to 77, and then a quick recovery.
So I don't think we're going to see the 70% pullback on Bitcoin.
I think you got to separate alts.
No, but Bitcoin is in the league of its own now, Tyler, right?
Bitcoin is in the league of its own now, Tyler, right?
Sure.
But I think if Bitcoin is going to grind up higher for longer
with 15% to 30% corrections, we're going to have faster cycles.
And it's hard for me to think, oh, this is the ending moment of anything.
So I think you can even play this out to memes.
I don't think memes end because fun does a token.
There's always going to be a casino.
We're going to continue grinding up. We're going to continue having metas.
The meta is probably going to be different each
time.
But none of this
is just going to... I don't know. I struggle to see
how... Well, you and I are also like permables.
So, you know, we also
fail to see the other side a lot.
But I agree with you.
Generally, like I'm a line.
I've held every single coin of mine.
My four coin Pepe
position is still on.
It's down a lot, but
I don't think it's...
You know what I mean?
It's like, just...
I think we're seeing a beginning of June
fake out here. I think we're going to run
in June. My thesis stands. I never changed my thesis. My thesis, we're going to beginning of June fake out here. I think we're going to run in June.
My thesis stands.
I never changed my thesis.
My thesis was we're going to have a good month of May.
Even though we dumped the last two days,
we had a good month of May.
Mando brought up yesterday that the Solana memes are all up like 4X from their lows.
And he's right.
Like all of them.
At least the big ones,
like even Whiff, Mudank, etc.
He mentioned.
And now we're just having a little, you know,
little sell off, but I, I, I don't think, you know,
I don't think we're going to, we're going to have a,
we're going to have that moment, but yeah,
we'll see on the pump fund side. The other news circle.
I mean, that's a big one.
So they raised the ET,
the IPO price by 20% on the back of being 25X oversubscribed.
So they're raising $6.7 billion.
Is that what I'm seeing?
Valued at $6.9 billion.
And that is outstanding shares.
$8.1 billion.
Fully diluted.
This is low.
Or high?
I think it's high.
But originally their plans were to sell 24 million shares at $24 to 26.
And now it's 32 million shares.
So they upped the number of shares by, what's that, 33%.
And they also upped the share price by 30%.
This is quite the jump from where we thought this was going to come out.
When we first started talking about circle IPO,
I think we were, we were talking about like the $5 billion mark.
So now it's significantly above that.
And like when I was looking at some of their financials,
it was a little more comfortable for me around
$3 billion from a buy standpoint.
And I'm not a buyer
at $8 million on this, I got to say.
And we can try to pull up their financials a bit.
I just sent you one that Matt Seigel posted a while back.
I think the problem with Circle is that they've been growing their revenue quite well.
They look so funny in the video.
Are you seeing the video?
I haven't seen the video yet.
Yeah, I'm watching it.
Yeah.
I mean, shout out to them.
Huge day, huge moment.
Going public, IPO-ing, it's a huge deal.
Yeah, it is.
And they've been building towards it for a long time,
and it's a good product.
I use USDC almost every single day.
Yeah, me too.
And I'm rooting them on.
But just thinking about this from a trading perspective here,
an $8 billion FDV
open, 6.9.
I think it very well likely pumps on
IPO day just because it was 25x
oversubscribed. People are going to see that signal.
They've got the buzzy stablecoin.
It's a stablecoin.
You can just say that. You want the
elevator pitch? Stablecoins.
I mean, look at these numbers, man. They're not...
They're good.
Shout out to Bruce Patron here with the great thread on Circle Statistics.
Yeah.
They've been growing quite a bit.
Their fees have been growing as well, which is what hurt their financials.
In the last report, their income is actually down year over year,
despite some pretty significant
revenue growth, which is what
caught me off guard.
Revenue is 1.67
bill, 15%
year over year. That's 24 though,
not 25.
Yeah, net income down.
Net income, yeah.
Maybe 40% year over year.
Wow. Maybe they're able to fix that.
I haven't been digging in super closely to their operations.
46X multiple PE.
Yeah, feels a little high.
PE is high due to 24 net income drop
from rising distribution costs,
1.01 billion, 60% of revenue, signaling profitably pressure.
What does he say? The key risks are, I'm curious.
The?
On the next post.
Coinbase dependency, true story.
Paid 900 million in 2024, over 50% of 1 billion distribution costs.
Coinbase holds 20% of USDC, up 5% in 2022.
Rising costs, distribution costs may hit 70% 20% of USDC up 5% in 2022. Rising costs. Distribution
costs may hit 70% of revenue
by 29. Whoa.
Tether's lead.
Yeah. I mean, yeah. Tether is just fucking massive.
And new entrants, which is true.
I mean, even the Trumps, right? USD1.
And you
talk about banks also
that are going to get into stable coins and nation
states, etc.
And then the last one is interest rates, reserve income.
This is a good thread.
Yeah, those are really good risks.
I think I would agree with all of those.
Very well documented.
They've been fortunate that rates have stayed higher.
I'm looking at the rates right now.
I'm looking at the rates right now.
So we're 70% to either get two cuts or three cuts here by the end of the year,
which is fewer than we had a few months ago projected on this show.
So the rates are going to be decently high, which is good for Circle.
That's part of how they make their money.
The competition is steep.
And our good friend Jeeves, he talks about USDG.
That's another
consortium that's been spun up.
It's got some huge names
in it that's building a stablecoin.
There's so many.
I kind of feel like Circle
is reading the market and knows
that this is a good time
that this is a good time.
to go get that back.
Dude, obviously.
To go get that back.
With all that said,
I'll be following closely.
I think it could be
if it sells off
the $3 to $4 billion,
maybe it's interesting
for a short-term trade.
I mean, I don't trade stocks,
though you can trade them
now on Kraken, right?
There's a lot.
How many stablecoin companies are there?
There are over 200 stablecoin projects globally.
Tether, Circle, MakerDAO, Paxos, PayPal, Ripple.
There's so many.
Why am I in government?
Why am I in government? Why I'm in government? It's true.
Why I'm in government?
Why I'm in government?
What do you think of their Circle IPO?
Let's see what ChatGPT is.
Yeah, what are the robots after this?
I've been using ChatGPT a lot lately.
How many of you use Google still?
Do you use Google?
I don't use Google anymore.
Sometimes, but generally, I... I don't Google shit.
I mean, if I was
Jeremy Allaire, I would also fucking raise a billion dollars
right now. I can take my money in LeBron, dude.
TTMR.
No-brainer.
No-brainer.
The IPO's success is encouraging. It's essential to monitor
how Circle will perform in the coming weeks.
Yeah, I mean, it's probably going to dump, and then it's probably going to pump, right?
It always does that.
Remember?
Ask if it's a buy or a sell.
Is this a buy or a sell?
Oh, come on.
Come on.
Okay, reasons to consider.
You have the real answer.
We got to train the models.
Come on, give.
Come on, man.
Give me a real answer.
In one word.
Buy or sell.
Let's see.
Come on.
I'm sorry to assume.
Well, my eyes are male, so I'm assuming that.
Not assuming it's gender.
It's thinking. It's thinking hard
It's good news
Chad GPT
I love it
I'm like come on man
That's so funny
Sam Altman
Sam Altman says bye
Sam Altman says bye
Okay
I will put my life savings in.
Hold up.
He's like,
you're the friend that's like,
anyways,
what else is you around in the box?
Should we talk about this Magic Eden Trump drama here?
We glossed over it yesterday, but we had Jason on,
so we had no time to talk about it.
Yeah, so a little bit of drama.
Magic Eden came out and announced that they're partnering with the Trump team
to launch this Trump-branded crypto wallet along with a trading app,
and it looks like that trading app is going to be powered by Slingshot,
which is a very good trading app and it looks like that trading app is going to be powered by Slingshot, which is a very good trading app.
I've been using Slingshot and I think it's one of the best on the market.
Where this gets more interesting or where the drama
comes in is that the Trump team came out and said, we are not a part
of this. And this was Donald Trump Jr. and Eric Trump as well.
I think Magic King came out and clarified they're partnering with the Trump meme coin team,
which I think we're starting to come out to learn perhaps is
a different group. I don't know the inner workings of
these two groups.
It's not a huge surprise to me that Eric Trump, Donald Trump
Jr. are not claiming to be a part of the Trump meme coin team, even though perhaps they endorsed it in the past.
So that's not a huge surprise.
I'm kind of reading the tea leaves here.
It did make me think, are they distancing themselves from that Trump meme?
That's what you raised.
It's true, right?
They endorsed the meme prior.
They did, right? I don't want to say something stupid.
I'm pretty sure they did.
We know that Trump did.
Well, Trump did because he posted on real Donald Trump.
I thought that his kids did as well.
And he's retweeted this a few times.
And then they came out
strongly against this right after.
The World Liberty Founders all tweeted, posted on Instagram, et cetera.
Then Don Jr.
They had Barron coming to Twitter.
That Barron X Spaces account that he made to come on my Twitter space.
How sick is that?
The Barron made a Twitter page just to come on my Spaces.
It's fire.
Anyways, and they came out against this very strongly, very strong. Like
this is like, they were straight up like, no, we did not do this. Right. What do you make of this?
And then the other wrinkle is that they said that we are building our own as a part of world
Liberty financial. Yeah. Not authorized. Be extremely careful. And he runs the brand. He says, I run
at Trump and I know nothing about this project.
Yeah, it makes me wonder
is the Trump meme coin team even authorized
to give this the green light?
So it's,
it's a messy situation.
I'm curious,
you know,
how the,
the Magic Union War Room team has been kind of responding to this over the
last 36 hours or so.
Like,
are they still going to move forward with it?
Like,
is it going to be flat out branded the Trump wallet?
The other part of me was wondering,
like,
is this similar to to the whole RTR
situation where it seemed like
the Trump team... Oh my god.
He said RTR.
And perhaps walked away at the last
minute. That was one of my initial reactions
to this. Maybe they were
a part of this and then it ended up coming out
and they didn't like the way it looks
and now they're distancing themselves.
I don't know. I don't have any of the actual insight.
They got community noted and everything.
Yeah.
Damn.
So that's a little bit of a blow, right,
to at least any momentum for this.
Curious where this goes.
They got the page later, right?
Magic Eden has a wallet wallet They have a trading app
I guess it's just
Trying to expand their offerings
Are you joining the wait list for the Trump wallet Tyler?
I'm not
I'm content with the wallets I have
Look we'll see.
But the page got deleted.
Like the Trump wallet page.
Where is it?
I feel like the whole thing is up in the air right now.
I would not bet this problem comes to life.
This is not great.
What a timeline, dude.
I saw it the other day.
I was just like, oh my God.
I wanted to double down
because we didn't talk about it yesterday.
But anyways, what else is new, Tyler?
There's a few other things I'm sure we can cover.
It was a lighter day at the risk curve news,
so I think we can talk about the bigger headlines.
I really thought that it would be Morgan news.
So they're going to allow trading
and their wealth management clients to use crypto,
specifically starting with the BlackRock iShares, ETF shares as collateral for loans.
And they're also going to consider those crypto holdings when assessing overall net worth.
Similar to how when they're going through an underwriting process, how they're evaluating the stocks that you hold, your cars, other assets, they're now going to start underwriting crypto as well.
And they said this is going to apply globally,
spanning multiple levels of wealth.
So this is a huge deal.
I can speak from firsthand experience,
just having gone through the mortgage application process in the U.S.
When these lenders look at you, underwrite you,
they historically, they just throw crypto out the window.
My specific lender didn't even want to look at my income
because it was just in the crypto sphere.
So they didn't want to count my monthly income
as a part of trying to figure out
what kind of loan we would be qualified for in all of this.
It just felt absurd.
But that's just been the reality of the game.
Yeah.
And now that is changing.
And I think it's also very notable that it's coming from JP Morgan,
which is led by Jamie Dimon, who's been one of the most vocal.
Biggest hater.
Compared Bitcoin to a pet rock that has no utility.
Well, guess what?
This is real utility.
You can start to use your crypto holdings or Bitcoin as collateral.
That's a big deal.
I think one of the immediate impacts of this
is it makes it easier to hold Bitcoin on a longer time horizon.
Yeah, definitely.
It's an interesting pivot, right?
On the JP Morgan front.
It really feels like
JP Morgan, the bank, has been leaning
more into crypto, really, for the
last year, year and a half.
It has accelerated under the Trump
administration. Whereas
Jamie Dimon is still like the dinosaur
when it comes to crypto.
He is vocal about them.
He doesn't like it.
But behind the scenes,
the operations have been moving forward.
I feel like it's clear they're making plans for this.
And they're starting with I-Bit.
I feel like this is a clear signal
that it's going to be more than just I-Bit.
I also think for this,
they're not taking custody.
I still think they're going to get into the custody game.
I think it's too big.
Yeah, interesting. Mando with the band game. I think it's too big. Yeah. Interesting.
Mando with the band though.
Hey guys.
How are you?
Boom.
Yeah.
Boom.
Yeah.
Sorry.
A little bit late.
You're good.
We're good.
We're good.
We're good.
We're just talking about,
we kind of debriefed last yesterday's pump fund chatter.
We went deeply into the circle IPO just just now as well and now onto this
now onto this jp morgan news i mean what do you think i mean jamie demon demon diamond diamond
he's been yeah a big hater now it looks like it's kind of a flip here
yeah he's not going to change his view, I don't think. But profit, you know, view's never gone in the way of profit at a bank.
So I think it's highly likely that what Tyler just said is correct.
It's difficult for one person's view to get in the way of what is clearly emerging asset class.
Also, Jamie Dimon, there's been a ton of rumors rumors over the last years.
You know,
these are,
he's looking for a successor.
He's probably on the way out anyway.
So like,
not that he doesn't work unbelievably hard,
but you know,
I don't think he's,
how old is Jamie diamond?
It must be in his late sixties.
yeah,
he might run for office
there's been talk of and all this sort of stuff
so like
yeah he's definitely going to find the next
20 years of JP Morgan let's put it that way
gotta give him credit
though he's cooking over there
I think JP Morgan makes a
fuck ton of money right what's JP Morgan like
he has been
he's probably the best known CEO of a bank in the world.
Yeah.
They've been good.
How much money does JP Morgan make?
Let's talk to our friend here again.
JP Morgan makes an absurd amount of money every year.
We're asking.
We're asking.
One of the more first ways.
We're going to ask ChadGPT, Mando.
We've been playing with ChadGPT
during this show a lot.
ChadGPT is set to buy Circle IPO.
Tens of billions of dollars.
Let's see.
They're huge. They're the number one US bank,
but there's four China banks.
2023, they made $240 billion in revenue, which was a 54.7% increase from 2022.
Net income was $50 billion, which is a 38% rise from the previous year.
Yeah.
They are, I mean...
Look at the stock.
In banking world, they're kind stock in banking, in banking world.
They're kind of catching up with Goldman Sachs.
Who list of the banks making the most money?
Let's see.
It's difficult because you have some of the biggest banks in the world and the biggest banks probably make the most money.
True, true.
True.
PNP Paribas, massive bank.
Yeah. Oh, wow.as, massive bank. Yeah.
wow.
China.
JP's second.
Yeah.
Definitely up there.
In that profit.
The Goldman Sachs wouldn't be on any of these lists.
okay.
Well,
it'll be further down,
but per person in the organization,
they make very high levels.
Interesting.
Wow. USA. USA. Interesting. Wow.
USA.
USA.
USA.
I'm embracing this.
I'm a Chase customer,
so I'm hoping they go full into crypto.
That Sapphire Lounge hits, you know?
Love it.
Anyways, so that's that. That's a big pivot. Circle IPO, um, anyways. Um, so, so that's, that's a big pivot. Uh, circle IPO. It's good. Actually,
by the way, quickly, do you have any thoughts on the circle IPO personally? Like it's like,
they raised the price by 20%. I didn't think they'd get it that high. I think, um,
it seems high to me now, but maybe I'm wrong. It's always difficult. Like
where things price is often just dependent on
buyers and sellers and often like crypto like it's clear that wall street doesn't want crypto
exposure here you know like uh in stocks so circle suddenly becomes this stock to actually own
have crypto exposure sometimes things can trade at a mean look at Microsoft actually right there's two X book that tells you people want to have
crypto exposure so I think I think part of it is to do that okay um speaking of
traditional markets we're gonna flip the SPX we're to flip the S&P? I mean, Tyler, it appears that you have been accumulating the hottest coin of this latest run.
Yeah, I'm happy to disclose.
Murad Inc.
Nobody's allowed to talk to you about Murad anymore.
I wanted to bring that up.
Let's bring it up, Tyler.
Well,
first, the news here, SPX
is green
for a billion dollars
on a day where everything else is red for the most part.
All the majors are red.
So it is
outperforming. This is probably the best
looking chart in memes. I think that's
pretty objectively true at this point in time
I mean it mirrors that what the fart coin chart looked like two weeks ago
No, fuck yes, it was terrible again
It's wildly erratic. I saw it went down 88 cents now. It's back at 93 cents. It's all over
About the right job
What I just erect is up only. Oh, that looks good.
Fuck me, dude.
This is like my most solid position. Are you about to handle up on this?
Ovi's speaking.
Oh, he just spoke.
Yeah.
Yeah.
By the way, yo, yo, yo, yo, yo, yo, yo.
I tried the new flavor yesterday.
What the fuck?
Good or bad? I think it's definitely the best menu. Dude, it's amazing. Hmm. What the fuck? Good or bad.
I think it's definitely the best.
Dude,
it's amazing.
Wow.
I just remember because I had quite a few drinks yesterday.
So I kind of forgot that I tried the right drink,
during the show and sitting next to Mando.
That's the one thing I think I always said,
like it's blue, but it's actually got
a great flavor. It's got nothing. The branding of
it, the packaging has nothing
to do with the flavor,
which I do think maybe he
should change that because I know it was shipwrecked,
but maybe for the future cans of
this taste.
But then if you don't want to tell the boy how to run his thing
because he's killing it.
So the taste has nothing to do with the branding, but the taste is the best.
So my personal three, and I'm curious what you guys think in the chat.
And for those of you, I think you haven't tried it yet, but Mando, you have tried all three.
Number one, shipwrecked number two, lime number three, apple.
Yeah.
I think I would just put number one as, as shipwrecked yeah and then the other two like
sometimes like i'm like oh i really like the apple and then sometimes i really like the uh
the lime the great lime yeah great fruit feels good at all times of day you know yeah that's
good people are great fruit yeah you should try it. The apple, I've not found.
I like the apple to drink.
I don't like it as a mixer.
I didn't like it as a mixer either.
It's kind of the opposite for lime.
I like lime as a mixer more.
Yeah.
There you go.
There's something for everyone.
Anyways, let's get back to the SPX conversation.
Rob was right.
He was perhaps the most villainized person during the last meme cycle.
Whereas all he did was tell people to believe in his coins and stick to their beliefs
versus everyone else who was preaching hyper-rotation.
He took his talents to TikTok.
Killing it.
And it looks good.
I like the...
This is good.
You know what you're going to get.
He has got a uniform style.
You can say that.
I'm going to go become the must-up Murat of
fart coin on TikTok.
I don't know if he's...
I don't know if we're actually pulling in
TikTok buyers or not.
Yeah, I don't know. Do you think that's the reason this is happening?
No, no, no, no, no, no. I saw Jez buy as well.
He's got all the whales buying for sure.
Here, look.
Well, a big part of it too is, I mean,
here, SPX, US, EC.
If we're going to have an ETH season,
if we're going to have an ETH season,
people are naturally going to bet on ETH betas.
Yeah, but the ETH betas are down.
You're looking at the East Beaters, man
Only really Rect and SPX are doing well
It's kind of
Not that great out there
I think they're all going to bounce with this one massive cup
He is the one that's doing well
Pepe is expensive, man
I know it's been a great trade
But I'm not interested in buying
Pepe at $5 billion
I'm just not
I've been buying SBX.
Mog is $350 million.
Yeah.
That seems...
Versus those two that we just mentioned, Pepe and...
I think you're just handling here.
We're pulling a Tyler special.
Cup, handle, boom.
I've been most surprised at that one.
Like rec seems strong.
SBX seems strong.
Pepe.
Yeah.
It's expensive.
So it's very difficult for like really push on without doge pushing on.
Like you need,
yeah,
you need those.
You need,
you need the main mean rally.
You're right.
Like Pepe to really rally.
Yeah.
But,
I don't really know what else I'd buy on these apart from, apart from more graphs. So that was those, those back to really rally. Yeah. But I don't really know what else I'd buy on ETH,
apart from more graphs of that.
What's Doja?
Doja's back to 18 cents?
Yeah.
It's been bad, you see, for the top names.
Yeah, you're right.
You're right.
SPX, man.
SPX.
What was the low on SPX? 240. Okay, so front coin 250 mil bottom two wow it's same thing is exactly that's funny that's
the exact same thing as far coin same thing yeah I think we're meant to wait
yes similar to far coins people's targets are high like people yeah their
holders are irrational.
They've been holding for a long time.
They're not buying in for a 2x.
Yep.
This is true. We'll see.
I mean, I'm patient. This is one of the rare times where I'm seeing a massive
drawdown in portfolio value and I'm
not freaking out.
It was scary and then
you do wake up like, fuck. You know, like freaking out. Like it was scary. And then like you, you do wake up like fuck,
you know,
like that feeling,
but I'm not like panicking about this.
Even Mando told me I'm going to be fine.
So I think your position,
like where I said yesterday,
I still think it's true.
I do think that,
that you always,
you always are just all memes or nothing.
And I think that has very wild run-ups
and can have very wild rundowns.
Like there is some benefit to owning ETH
rather than ETH beta, you know,
or there is some benefit of owning Solana
rather than maybe Solvita at times, you know, like.
Now you wonder why I have bipolar disorder.
Just kidding. But I do think that plot coin
will it feels like it's going to be strong i do think that solana could go down to 140 area
i do i do think that and i don't think like even with bitcoin continue to hit all-time high and
maybe even like i i think that that would have very much unsurprised me
yeah we just wait you know i how do you feel about the rest of june here and then i guess
we'll get to a geek giveaway i know you gotta you also got a stop at the hour mark tyler uh but
what do you think about june here like i'm thinking we're getting a quick little fake
out first week of june and like i think we're gonna have a good month and like how do you
feel about the market generally yeah
I'm not that worried about the market here
I think like
we've said this yesterday but Bitcoin
is just hanging out around 105k
and it's
not really moving
it's going up and down 1% and every time
it moves up and down 1% the whole market
completely nukes which
apart from maybe like just the majors
maybe just ethically like even
Solana's getting hurt on that sort of move and
so the others so Bitcoin dominance
is just staying at 64%
I don't know how long that continues
for but it probably tells you that like
it's
it's dangerous to own
to own
it is what it is it is what it is but I don't think Like, it's dangerous to own...
It is what it is.
It is what it is.
But I don't think Bitcoin's going to go to like 90K or anything like that.
I think it'll stay above 100K.
You think you can shut me up by stopping my long?
You're fueling me and exposing yourselves.
Your tactics are being documented and exposed
live by me. The perpetrators
will be named. Put me in jail
or kill me to shut up.
From now on, I'm coming for
every one of you.
Wow.
Big James win.
Did he get liquidated again?
Yeah, he got liquidated again last night.
Oh, brother.
That's one guy I never clicked the follow button on.
But I still get so bad.
I've messaged him to see if he wants to come on rec radio.
Let's see if he comes on.
It would be a big interview.
I mean, what an idiot.
Yeah.
See, I'm an idiot, but I'm not that much of an idiot.
$100 million?
Like, you've got to think like 30% in cash, 30% in Bitcoin, 30% in Ethereum, and then you fuck off, right?
At least he got 300,000 followers, you know? Oh, yeah. Yeah? At least he got 300,000 followers.
Oh, yeah.
Sorry, he got 300,000 followers.
It's true.
He grew his 300K fast united.
So, beat me to that.
Would you rather have 100 million
or 300,000 followers on CT?
I had 300,000 followers on CT.
Figure it out.
Well, if you asked me a million
or 300K followers on CT,
I'd take the followers.
But 100 million?
Versus a million, yeah.
One million.
10 mil, that's where I'm starting to...
Maybe I'll opt for the 10 mil.
Anyways, let's get to the giveaway.
Wow, we said there wasn't much to talk about.
We actually covered some good topics at length.
All right.
The code was circle today.
Circle C I C R R C L E.
I'm slow today,
dude.
Jesus circle was the code raffle bought that X,
Z every morning.
If you have a yeet.com account using the formal hour ref code,
and you've placed a bet and your account is public,
be careful,
some of you are anonymous accounts.
That's why you're not being selected.
You can win some money.
Do we have money in the account?
Oh, God.
Maybe I'll check.
Let me see.
It should do.
No, we need some cash.
MP Boogie!
Let's go!
Alright!
MP Boogie, get your
ass on stage. We just need big daddy mando to top us up and
then we can we can win all right he's here let me bring him up oh there money just appeared in the
account you guys have some fucking fast deposits by the way yeah it's because you don't switch the
money you keep it in the native currency. I like that. Yeah, exactly
I was talking to Ben about this is smart. I like how you guys don't you know, you don't fuck with this, you know
Well, it's for tax reasons too, right? Yeah, exactly. I was asking Ben
I was like why do you do this is tax right because then you get charged a sale right in your country
Right, yeah
Whereas a lot of people are able to tax free gamble right in many countries. Yes, sir. Shout out to Canada for that
The only thing Canada is good for. Um, what's up MP Boogie? How you doing?
I can't hear him. Can you guys hear him?
He's here though. Whatever. He's here. That's for sure
He was on stage two seconds ago.
I don't see him on stage.
Yeah, he was. He was just on stage. I see him on this phone.
Twitter's being annoying. So worst case, we'll just play for him.
Should we do a little Plinko action?
You know what? Fuck it. Let's do some Plinko. Yo, MP, we're going to play Plinko for you.
First and foremost, congratulations. Where's my channel? You won $500?
For sure. You can't you can probably hear us. We can't hear you cuz you're offstage now. It's bugging, but he's here
I see him. So what did you do?
Is that what you did last time when the person one like one time we did two to 250 balls
I think that was a big one.
We did 250 balls.
Yeah, we can do that.
But I like the five 100s.
Let's let him pick.
Yo, Boogie, you're back.
Can you hear us?
I'm back.
Can you hear me?
Yo, what's up, man?
Congrats.
You won 500 bucks.
Here we go.
All right.
So look, Boogie, we're going to play Plinko for you.
Do you want two $250 balls or $500 balls?
We'll do the two.
Two.
Big boy.
$250.
And we want...
How do you do two balls?
Just hit...
Just click drop and then click drop again.
Just hit it twice.
Question for you.
What volatility am I supposed to put here?
I think high is fine because that's got the most upside.
High.
16 rows, right?
So I click once.
It's going to... All right? So I click once.
All right.
So I click drop twice.
Okay. Yeah. All right. Let's see.
Okay. Let's go.
All right. Come on.
Come on.
Okay.
So what does he win? He still made money here.
He won like $100.
Okay.
Well, that's that.
That's that.
See, that's why I don't want to play golf.
Yeah, we got to do more balls.
Hey, MP Boogie, congratulations.
You made about $600.
Awesome.
There you go.
Thank you for being here.
I appreciate you being a follower.
I know you listen all the time.
So really appreciate it. All right, y'all.
Well, with that, with that, with that, we'll sell tomorrow morning.
We'll be joined by Spencer, actually, to talk about his Moonburst acquisition, etc.
So that should be fun.
Friday morning, 10 a.m. Eastern Time for the episode of FOMO Hour on Rock Radio.
Let's go. Thank you. Oh, my God. Yeah.
